GICIX vs. GSDUX

Last updated Jun 4, 2026

GICIX (Goldman Sachs International Small Cap Insights Fund) and GSDUX (Goldman Sachs Short Duration Tax-Free Fund) are both mutual funds - GICIX is a Foreign Small & Mid Cap Equities fund managed by Goldman Sachs, while GSDUX is a Municipal Bonds fund managed by Goldman Sachs. Over the past 10 years, GICIX returned 9.94%/yr vs 1.89%/yr for GSDUX. At a correlation of -0.00, they often move in opposite directions. GICIX charges 0.87%/yr vs 0.39%/yr for GSDUX.

Performance

GICIX vs. GSDUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs International Small Cap Insights Fund (GICIX) and Goldman Sachs Short Duration Tax-Free Fund (GSDUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GICIX achieves a 14.40% return, which is significantly higher than GSDUX's 1.10% return. Over the past 10 years, GICIX has outperformed GSDUX with an annualized return of 9.94%, while GSDUX has yielded a comparatively lower 1.89% annualized return.

GICIX

• 1D: -0.16%
• 1M: 4.64%
• YTD: 14.40%
• 6M: 17.91%
• 1Y: 34.09%
• 3Y*: 23.39%
• 5Y*: 9.70%
• 10Y*: 9.94%

GSDUX

• 1D: 0.00%
• 1M: 0.36%
• YTD: 1.10%
• 6M: 1.36%
• 1Y: 4.04%
• 3Y*: 3.82%
• 5Y*: 1.68%
• 10Y*: 1.89%

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

GICIX vs. GSDUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GICIX Goldman Sachs International Small Cap Insights Fund	14.40%	42.83%	5.57%	15.11%	-18.53%	13.03%	7.69%	21.59%	-18.80%	33.05%
GSDUX Goldman Sachs Short Duration Tax-Free Fund	1.10%	5.14%	2.89%	3.43%	-3.82%	0.33%	2.43%	3.82%	2.47%	1.79%

Correlation

The correlation between GICIX and GSDUX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jan 3, 2008	-0.00

The correlation between GICIX and GSDUX shifts across timeframes, from -0.00 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GICIX vs. GSDUX — Risk / Return Rank

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

GICIX

GICIX Risk / Return Rank: 50
GICIX Sharpe Ratio Rank: 55
GICIX Sortino Ratio Rank: 52
GICIX Omega Ratio Rank: 53
GICIX Calmar Ratio Rank: 44
GICIX Martin Ratio Rank: 44

GSDUX

GSDUX Risk / Return Rank: 84
GSDUX Sharpe Ratio Rank: 92
GSDUX Sortino Ratio Rank: 98
GSDUX Omega Ratio Rank: 98
GSDUX Calmar Ratio Rank: 72
GSDUX Martin Ratio Rank: 61

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.

GICIX vs. GSDUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs International Small Cap Insights Fund (GICIX) and Goldman Sachs Short Duration Tax-Free Fund (GSDUX). 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.

	GICIX	GSDUX	Difference
Sharpe ratio: Return per unit of total volatility	2.20	3.16	-0.97
Sortino ratio: Return per unit of downside risk	3.04	6.41	-3.37
Omega ratio: Gain probability vs. loss probability	1.40	2.15	-0.75
Calmar ratio: Return relative to maximum drawdown	2.50	3.29	-0.79
Martin ratio: Return relative to average drawdown	9.35	12.24	-2.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GICIX vs. GSDUX - Sharpe Ratio Comparison

The current GICIX Sharpe Ratio is 2.20, which is lower than the GSDUX Sharpe Ratio of 3.16. The chart below compares the historical Sharpe Ratios of GICIX and GSDUX, 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

	GICIX	GSDUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	3.16	-0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.97	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	1.12	-0.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	1.48	-1.07

Drawdowns

GICIX vs. GSDUX - Drawdown Comparison

The maximum GICIX drawdown since its inception was -56.71%, which is greater than GSDUX's maximum drawdown of -6.39%. Use the drawdown chart below to compare losses from any high point for GICIX and GSDUX.

Drawdown Indicators

	GICIX	GSDUX	Difference
Max Drawdown Largest peak-to-trough decline	-56.71%	-6.39%	-50.32%
Max Drawdown (1Y) Largest decline over 1 year	-13.39%	-1.24%	-12.15%
Max Drawdown (3Y) Largest decline over 3 years	-13.39%	-1.73%	-11.66%
Max Drawdown (5Y) Largest decline over 5 years	-34.53%	-6.39%	-28.14%
Max Drawdown (10Y) Largest decline over 10 years	-43.84%	-6.39%	-37.45%
Current Drawdown Current decline from peak	-1.02%	-0.17%	-0.85%
Average Drawdown Average peak-to-trough decline	-10.93%	-0.85%	-10.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	0.33%	+3.23%

Volatility

GICIX vs. GSDUX - Volatility Comparison

Goldman Sachs International Small Cap Insights Fund (GICIX) has a higher volatility of 4.40% compared to Goldman Sachs Short Duration Tax-Free Fund (GSDUX) at 0.47%. This indicates that GICIX's price experiences larger fluctuations and is considered to be riskier than GSDUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GICIX	GSDUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	0.47%	+3.93%
Volatility (6M) Calculated over the trailing 6-month period	12.68%	1.01%	+11.67%
Volatility (1Y) Calculated over the trailing 1-year period	15.28%	1.29%	+13.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.54%	1.74%	+14.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.80%	1.70%	+15.10%

GICIX vs. GSDUX - Expense Ratio Comparison

GICIX has a 0.87% expense ratio, which is higher than GSDUX's 0.39% expense ratio.

Dividends

GICIX vs. GSDUX - Dividend Comparison

GICIX's dividend yield for the trailing twelve months is around 7.07%, more than GSDUX's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GICIX Goldman Sachs International Small Cap Insights Fund	7.07%	8.08%	4.77%	3.04%	3.10%	3.39%	1.87%	3.47%	1.68%	8.29%	2.79%	1.69%
GSDUX Goldman Sachs Short Duration Tax-Free Fund	3.09%	4.02%	3.04%	2.28%	1.15%	0.98%	1.46%	1.95%	1.67%	1.40%	1.32%	1.20%

Frequently Asked Questions

Can I hold both GICIX and GSDUX in my portfolio?

GICIX and GSDUX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GICIX or GSDUX?

GICIX has higher volatility (4.40%) compared to GSDUX (0.47%). In terms of maximum drawdown, GICIX dropped -56.71% vs GSDUX's -6.39%.

Which has better risk-adjusted returns?

GSDUX currently has the higher Sharpe Ratio (3.16 vs 2.20), 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.