GHYIX vs. GICIX
GHYIX (Goldman Sachs High Yield Municipal Fund Institutional Class) and GICIX (Goldman Sachs International Small Cap Insights Fund) are both mutual funds - GHYIX is a High Yield Muni fund managed by Goldman Sachs, while GICIX is a Foreign Small & Mid Cap Equities fund managed by Goldman Sachs. Over the past 10 years, GHYIX returned 3.54%/yr vs 10.83%/yr for GICIX. At a 0.03 correlation, their price movements are largely independent. GHYIX charges 0.54%/yr vs 0.87%/yr for GICIX.
Performance
GHYIX vs. GICIX - Performance Comparison
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Returns By Period
In the year-to-date period, GHYIX achieves a 2.62% return, which is significantly lower than GICIX's 14.59% return. Over the past 10 years, GHYIX has underperformed GICIX with an annualized return of 3.54%, while GICIX has yielded a comparatively higher 10.83% annualized return.
GHYIX
- 1D
- -0.11%
- 1M
- 2.06%
- YTD
- 2.62%
- 6M
- 3.25%
- 1Y
- 7.16%
- 3Y*
- 5.08%
- 5Y*
- 0.86%
- 10Y*
- 3.54%
GICIX
- 1D
- 0.00%
- 1M
- 1.26%
- YTD
- 14.59%
- 6M
- 13.81%
- 1Y
- 34.84%
- 3Y*
- 24.00%
- 5Y*
- 10.25%
- 10Y*
- 10.83%
GHYIX vs. GICIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GHYIX Goldman Sachs High Yield Municipal Fund Institutional Class | 2.62% | 3.92% | 5.74% | 7.34% | -14.79% | 5.79% | 4.96% | 11.47% | 4.97% | 9.33% |
GICIX Goldman Sachs International Small Cap Insights Fund | 14.59% | 42.83% | 5.57% | 15.11% | -18.53% | 13.03% | 7.69% | 21.59% | -18.80% | 33.05% |
Correlation
The correlation between GHYIX and GICIX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2008 | 0.03 |
Over the past year, GHYIX and GICIX have become more correlated (0.29) than their long-term average of 0.03, meaning their price movements have been converging.
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Return for Risk
GHYIX vs. GICIX — Risk / Return Rank
GHYIX
GICIX
GHYIX vs. GICIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs High Yield Municipal Fund Institutional Class (GHYIX) and Goldman Sachs International Small Cap Insights Fund (GICIX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GHYIX | GICIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.43 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 2.70 | -0.29 |
| Martin ratioReturn relative to average drawdown | 7.48 | 10.01 | -2.53 |
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Drawdowns
GHYIX vs. GICIX - Drawdown Comparison
The maximum GHYIX drawdown since its inception was -35.88%, smaller than the maximum GICIX drawdown of -56.71%. Use the drawdown chart below to compare losses from any high point for GHYIX and GICIX.
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Drawdown Indicators
| GHYIX | GICIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.88% | -56.71% | +20.83% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -13.39% | +10.34% |
Max Drawdown (3Y)Largest decline over 3 years | -8.35% | -13.39% | +5.04% |
Max Drawdown (5Y)Largest decline over 5 years | -19.82% | -34.53% | +14.71% |
Max Drawdown (10Y)Largest decline over 10 years | -19.82% | -43.84% | +24.02% |
Current DrawdownCurrent decline from peak | -0.11% | -0.86% | +0.75% |
Average DrawdownAverage peak-to-trough decline | -4.60% | -10.91% | +6.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 3.59% | -2.61% |
Volatility
GHYIX vs. GICIX - Volatility Comparison
The current volatility for Goldman Sachs High Yield Municipal Fund Institutional Class (GHYIX) is 0.93%, while Goldman Sachs International Small Cap Insights Fund (GICIX) has a volatility of 4.90%. This indicates that GHYIX experiences smaller price fluctuations and is considered to be less risky than GICIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GHYIX | GICIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 4.90% | -3.97% |
Volatility (6M)Calculated over the trailing 6-month period | 2.47% | 13.18% | -10.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.53% | 15.61% | -12.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.35% | 16.59% | -11.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.39% | 16.77% | -11.38% |
GHYIX vs. GICIX - Expense Ratio Comparison
GHYIX has a 0.54% expense ratio, which is lower than GICIX's 0.87% expense ratio.
Dividends
GHYIX vs. GICIX - Dividend Comparison
GHYIX's dividend yield for the trailing twelve months is around 4.63%, less than GICIX's 7.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GHYIX Goldman Sachs High Yield Municipal Fund Institutional Class | 4.63% | 6.12% | 4.38% | 3.56% | 3.04% | 3.06% | 3.44% | 4.03% | 4.12% | 4.36% | 4.81% | 4.88% |
GICIX Goldman Sachs International Small Cap Insights Fund | 7.06% | 8.08% | 4.77% | 3.04% | 3.10% | 3.39% | 1.87% | 3.47% | 1.68% | 8.29% | 2.79% | 1.69% |
Frequently Asked Questions
GHYIX and GICIX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GICIX has higher volatility (4.90%) compared to GHYIX (0.93%). In terms of maximum drawdown, GHYIX dropped -35.88% vs GICIX's -56.71%.
GICIX currently has the higher Sharpe Ratio (2.32 vs 2.09), 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.
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