GDOC vs. XHE

Last updated Jun 4, 2026

GDOC (Goldman Sachs Future Health Care Equity ETF) and XHE (SPDR S&P Health Care Equipment ETF) are both Health & Biotech Equities funds. GDOC is actively managed, while XHE is passively managed. Over the past 3 years, GDOC returned 0.05%/yr vs -6.55%/yr for XHE. Their correlation of 0.80 suggests significant overlap in exposure. GDOC charges 0.75%/yr vs 0.35%/yr for XHE.

Performance

GDOC vs. XHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Future Health Care Equity ETF (GDOC) and SPDR S&P Health Care Equipment ETF (XHE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDOC achieves a -7.76% return, which is significantly higher than XHE's -11.53% return.

GDOC

• 1D: 0.41%
• 1M: 1.93%
• YTD: -7.76%
• 6M: -9.87%
• 1Y: 5.18%
• 3Y*: 0.05%
• 5Y*: —
• 10Y*: —

XHE

• 1D: 0.08%
• 1M: -3.06%
• YTD: -11.53%
• 6M: -11.43%
• 1Y: -4.18%
• 3Y*: -6.55%
• 5Y*: -8.19%
• 10Y*: 5.73%

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

GDOC vs. XHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GDOC Goldman Sachs Future Health Care Equity ETF	-7.76%	10.74%	-1.66%	4.60%	-17.12%	-2.77%
XHE SPDR S&P Health Care Equipment ETF	-11.53%	-0.23%	5.08%	-6.23%	-23.34%	-6.56%

Correlation

The correlation between GDOC and XHE is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (All Time) Calculated using the full available price history since Nov 12, 2021	0.80

The correlation between GDOC and XHE shifts across timeframes, from 0.67 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

GDOC vs. XHE - Sectors Allocation Comparison

Sectors	GDOC	XHE
Healthcare	97.3%	98.4%
Consumer Defensive	1.0%	-
Basic Materials	-	-
Communication Services	-	1.4%
Consumer Cyclical	-	-
Energy	-	-
Financial Services	-	1.6%
Industrials	-	1.7%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GDOC vs. XHE — Risk / Return Rank

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

GDOC

GDOC Risk / Return Rank: 13
GDOC Sharpe Ratio Rank: 14
GDOC Sortino Ratio Rank: 14
GDOC Omega Ratio Rank: 13
GDOC Calmar Ratio Rank: 13
GDOC Martin Ratio Rank: 13

XHE

XHE Risk / Return Rank: 7
XHE Sharpe Ratio Rank: 7
XHE Sortino Ratio Rank: 6
XHE Omega Ratio Rank: 7
XHE Calmar Ratio Rank: 7
XHE Martin Ratio Rank: 6

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.

GDOC vs. XHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Future Health Care Equity ETF (GDOC) and SPDR S&P Health Care Equipment ETF (XHE). 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.

	GDOC	XHE	Difference
Sharpe ratio: Return per unit of total volatility	0.33	-0.20	+0.53
Sortino ratio: Return per unit of downside risk	0.60	-0.14	+0.74
Omega ratio: Gain probability vs. loss probability	1.07	0.98	+0.08
Calmar ratio: Return relative to maximum drawdown	0.33	-0.23	+0.56
Martin ratio: Return relative to average drawdown	0.76	-0.52	+1.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDOC vs. XHE - Sharpe Ratio Comparison

The current GDOC Sharpe Ratio is 0.33, which is higher than the XHE Sharpe Ratio of -0.20. The chart below compares the historical Sharpe Ratios of GDOC and XHE, 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

	GDOC	XHE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.33	-0.20	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.34	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.25	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.19	0.40	-0.60

Drawdowns

GDOC vs. XHE - Drawdown Comparison

The maximum GDOC drawdown since its inception was -31.01%, smaller than the maximum XHE drawdown of -49.92%. Use the drawdown chart below to compare losses from any high point for GDOC and XHE.

Drawdown Indicators

	GDOC	XHE	Difference
Max Drawdown Largest peak-to-trough decline	-31.01%	-49.92%	+18.91%
Max Drawdown (1Y) Largest decline over 1 year	-15.67%	-18.29%	+2.62%
Max Drawdown (3Y) Largest decline over 3 years	-22.51%	-32.62%	+10.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-49.92%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-49.92%	—
Current Drawdown Current decline from peak	-15.53%	-41.34%	+25.81%
Average Drawdown Average peak-to-trough decline	-15.90%	-13.27%	-2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.83%	8.06%	-1.23%

Volatility

GDOC vs. XHE - Volatility Comparison

The current volatility for Goldman Sachs Future Health Care Equity ETF (GDOC) is 4.90%, while SPDR S&P Health Care Equipment ETF (XHE) has a volatility of 5.69%. This indicates that GDOC experiences smaller price fluctuations and is considered to be less risky than XHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDOC	XHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	5.69%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	11.61%	15.34%	-3.73%
Volatility (1Y) Calculated over the trailing 1-year period	15.64%	21.36%	-5.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.79%	24.40%	-5.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.79%	22.93%	-4.14%

GDOC vs. XHE - Expense Ratio Comparison

GDOC has a 0.75% expense ratio, which is higher than XHE's 0.35% expense ratio.

Dividends

GDOC vs. XHE - Dividend Comparison

GDOC's dividend yield for the trailing twelve months is around 0.35%, more than XHE's 0.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDOC Goldman Sachs Future Health Care Equity ETF	0.35%	0.32%	0.02%	0.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XHE SPDR S&P Health Care Equipment ETF	0.09%	0.08%	0.04%	0.03%	0.04%	0.00%	0.00%	0.05%	0.09%	0.78%	0.17%	7.22%

Frequently Asked Questions

Can I hold both GDOC and XHE in my portfolio?

GDOC and XHE have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDOC or XHE?

XHE has higher volatility (5.69%) compared to GDOC (4.90%). In terms of maximum drawdown, GDOC dropped -31.01% vs XHE's -49.92%.

Which ETF is better, GDOC or XHE?

On 3-year performance, GDOC leads with 0.05% vs -6.55% for XHE. On fees, XHE is cheaper at 0.35% per year. On volatility, GDOC has been the lower-risk option at 4.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDOC or XHE?

Over the 3-year period, GDOC has performed better with a 0.05% return vs -6.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDOC or XHE?

XHE is cheaper with a 0.35% expense ratio, compared with 0.75% for GDOC.

Which ETF pays a higher dividend yield, GDOC or XHE?

GDOC has the higher dividend yield at 0.35%, compared with 0.09% for XHE.

What is the main difference between GDOC and XHE?

They also come from different issuers: Goldman Sachs and State Street. Their fees differ too: 0.75% for GDOC and 0.35% for XHE.

Which has better risk-adjusted returns?

GDOC currently has the higher Sharpe Ratio (0.33 vs -0.20), 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.