GCTIX vs. NASDX

Last updated Jun 4, 2026

GCTIX (Goldman Sachs U.S. Tax-Managed Equity Fund) and NASDX (Shelton Capital Management Nasdaq-100 Index Fund Direct Shares) are both mutual funds - GCTIX is a Large Cap Blend Equities fund managed by BlackRock, while NASDX is a Large Cap Growth Equities fund tracking the NASDAQ-100 Index. Over the past 10 years, GCTIX returned 13.94%/yr vs 22.58%/yr for NASDX. Their correlation of 0.88 suggests significant overlap in exposure. GCTIX charges 0.75%/yr vs 0.63%/yr for NASDX.

Performance

GCTIX vs. NASDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs U.S. Tax-Managed Equity Fund (GCTIX) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GCTIX achieves a 9.95% return, which is significantly lower than NASDX's 21.38% return. Over the past 10 years, GCTIX has underperformed NASDX with an annualized return of 13.94%, while NASDX has yielded a comparatively higher 22.58% annualized return.

GCTIX

• 1D: -0.12%
• 1M: 5.48%
• YTD: 9.95%
• 6M: 10.08%
• 1Y: 26.22%
• 3Y*: 21.74%
• 5Y*: 12.71%
• 10Y*: 13.94%

NASDX

• 1D: 0.47%
• 1M: 10.94%
• YTD: 21.38%
• 6M: 19.90%
• 1Y: 42.08%
• 3Y*: 32.65%
• 5Y*: 20.44%
• 10Y*: 22.58%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GCTIX vs. NASDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GCTIX Goldman Sachs U.S. Tax-Managed Equity Fund	9.95%	15.35%	27.60%	23.80%	-20.26%	29.22%	17.53%	25.90%	-7.78%	20.29%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	21.38%	21.00%	36.91%	54.69%	-32.57%	27.32%	48.59%	38.22%	-1.21%	31.27%

Correlation

The correlation between GCTIX and NASDX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 3, 2001	0.88

The correlation between GCTIX and NASDX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

GCTIX vs. NASDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GCTIX

GCTIX Risk / Return Rank: 53
GCTIX Sharpe Ratio Rank: 53
GCTIX Sortino Ratio Rank: 50
GCTIX Omega Ratio Rank: 49
GCTIX Calmar Ratio Rank: 51
GCTIX Martin Ratio Rank: 62

NASDX

NASDX Risk / Return Rank: 75
NASDX Sharpe Ratio Rank: 84
NASDX Sortino Ratio Rank: 71
NASDX Omega Ratio Rank: 67
NASDX Calmar Ratio Rank: 80
NASDX Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GCTIX vs. NASDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs U.S. Tax-Managed Equity Fund (GCTIX) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	GCTIX	NASDX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.70	-0.55
Sortino ratio: Return per unit of downside risk	2.98	3.51	-0.52
Omega ratio: Gain probability vs. loss probability	1.38	1.46	-0.07
Calmar ratio: Return relative to maximum drawdown	2.73	3.65	-0.92
Martin ratio: Return relative to average drawdown	12.36	14.16	-1.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GCTIX vs. NASDX - Sharpe Ratio Comparison

The current GCTIX Sharpe Ratio is 2.15, which is comparable to the NASDX Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of GCTIX and NASDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GCTIX	NASDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.70	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.89	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	1.00	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.33	+0.14

Drawdowns

GCTIX vs. NASDX - Drawdown Comparison

The maximum GCTIX drawdown since its inception was -56.62%, smaller than the maximum NASDX drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for GCTIX and NASDX.

Drawdown Indicators

	GCTIX	NASDX	Difference
Max Drawdown Largest peak-to-trough decline	-56.62%	-83.16%	+26.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.98%	-11.90%	+1.92%
Max Drawdown (3Y) Largest decline over 3 years	-20.19%	-22.71%	+2.52%
Max Drawdown (5Y) Largest decline over 5 years	-25.86%	-35.33%	+9.47%
Max Drawdown (10Y) Largest decline over 10 years	-35.54%	-35.33%	-0.21%
Current Drawdown Current decline from peak	-0.12%	0.00%	-0.12%
Average Drawdown Average peak-to-trough decline	-9.81%	-34.37%	+24.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	3.06%	-0.87%

Volatility

GCTIX vs. NASDX - Volatility Comparison

The current volatility for Goldman Sachs U.S. Tax-Managed Equity Fund (GCTIX) is 3.12%, while Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX) has a volatility of 4.51%. This indicates that GCTIX experiences smaller price fluctuations and is considered to be less risky than NASDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCTIX	NASDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	4.51%	-1.39%
Volatility (6M) Calculated over the trailing 6-month period	9.61%	12.19%	-2.58%
Volatility (1Y) Calculated over the trailing 1-year period	12.68%	16.10%	-3.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.81%	23.06%	-5.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.87%	22.68%	-3.81%

GCTIX vs. NASDX - Expense Ratio Comparison

GCTIX has a 0.75% expense ratio, which is higher than NASDX's 0.63% expense ratio.

Dividends

GCTIX vs. NASDX - Dividend Comparison

GCTIX's dividend yield for the trailing twelve months is around 0.47%, less than NASDX's 2.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GCTIX Goldman Sachs U.S. Tax-Managed Equity Fund	0.47%	0.51%	3.06%	0.52%	0.71%	0.42%	0.70%	0.68%	0.10%	0.86%	0.96%	1.02%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	2.98%	3.76%	16.95%	7.61%	3.75%	2.59%	1.28%	7.09%	2.47%	1.65%	0.75%	0.85%

Frequently Asked Questions

Can I hold both GCTIX and NASDX in my portfolio?

With a correlation of 0.92, GCTIX and NASDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GCTIX or NASDX?

NASDX has higher volatility (4.51%) compared to GCTIX (3.12%). In terms of maximum drawdown, GCTIX dropped -56.62% vs NASDX's -83.16%.

Which has better risk-adjusted returns?

NASDX currently has the higher Sharpe Ratio (2.70 vs 2.15), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.