GMNY vs. GBIL

Last updated Jun 23, 2026

GMNY (Goldman Sachs Dynamic New York Municipal Income ETF) and GBIL (Goldman Sachs Access Treasury 0-1 Year ETF) are both exchange-traded funds - GMNY is a Municipal Bonds fund actively managed by Goldman Sachs, while GBIL is a Government Bonds fund tracking the FTSE US Treasury 0-1 Year Composite Select Index. GMNY is actively managed, while GBIL is passively managed. Over the past year, GMNY returned 6.30% vs 3.82% for GBIL. At a 0.21 correlation, their price movements are largely independent. GMNY charges 0.30%/yr vs 0.12%/yr for GBIL.

Performance

GMNY vs. GBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Dynamic New York Municipal Income ETF (GMNY) and Goldman Sachs Access Treasury 0-1 Year ETF (GBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMNY achieves a 2.06% return, which is significantly higher than GBIL's 1.56% return.

GMNY

• 1D: -0.03%
• 1M: 1.28%
• YTD: 2.06%
• 6M: 2.24%
• 1Y: 6.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GBIL

• 1D: 0.00%
• 1M: 0.24%
• YTD: 1.56%
• 6M: 1.66%
• 1Y: 3.82%
• 3Y*: 4.58%
• 5Y*: 3.35%
• 10Y*: —

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

GMNY vs. GBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GMNY Goldman Sachs Dynamic New York Municipal Income ETF	2.06%	3.79%	0.82%
GBIL Goldman Sachs Access Treasury 0-1 Year ETF	1.56%	4.12%	2.30%

Correlation

The correlation between GMNY and GBIL is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jul 25, 2024	0.21

Return for Risk

GMNY vs. GBIL — Risk / Return Rank

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

GMNY

GMNY Risk / Return Rank: 72
GMNY Sharpe Ratio Rank: 76
GMNY Sortino Ratio Rank: 80
GMNY Omega Ratio Rank: 84
GMNY Calmar Ratio Rank: 59
GMNY Martin Ratio Rank: 62

GBIL

GBIL Risk / Return Rank: 100
GBIL Sharpe Ratio Rank: 100
GBIL Sortino Ratio Rank: 100
GBIL Omega Ratio Rank: 100
GBIL Calmar Ratio Rank: 100
GBIL Martin Ratio Rank: 100

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.

GMNY vs. GBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Dynamic New York Municipal Income ETF (GMNY) and Goldman Sachs Access Treasury 0-1 Year ETF (GBIL). 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.

	GMNY	GBIL	Difference
Sharpe ratio: Return per unit of total volatility	2.33	16.83	-14.49
Sortino ratio: Return per unit of downside risk	3.39	104.28	-100.89
Omega ratio: Gain probability vs. loss probability	1.49	42.70	-41.21
Calmar ratio: Return relative to maximum drawdown	2.85	191.74	-188.88
Martin ratio: Return relative to average drawdown	10.80	1,625.53	-1,614.73

GMNY vs. GBIL - Sharpe Ratio Comparison

The current GMNY Sharpe Ratio is 2.33, which is lower than the GBIL Sharpe Ratio of 16.83. The chart below compares the historical Sharpe Ratios of GMNY and GBIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GMNY vs. GBIL - Drawdown Comparison

The maximum GMNY drawdown since its inception was -4.00%, which is greater than GBIL's maximum drawdown of -0.76%. Use the drawdown chart below to compare losses from any high point for GMNY and GBIL.

Drawdown Indicators

	GMNY	GBIL	Difference
Max Drawdown Largest peak-to-trough decline	-4.00%	-0.76%	-3.24%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	-0.02%	-2.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.76%	—
Current Drawdown Current decline from peak	-0.03%	0.00%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.90%	-0.04%	-0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	0.00%	+0.58%

Volatility

GMNY vs. GBIL - Volatility Comparison

Goldman Sachs Dynamic New York Municipal Income ETF (GMNY) has a higher volatility of 0.60% compared to Goldman Sachs Access Treasury 0-1 Year ETF (GBIL) at 0.05%. This indicates that GMNY's price experiences larger fluctuations and is considered to be riskier than GBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMNY	GBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	0.05%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	2.03%	0.14%	+1.89%
Volatility (1Y) Calculated over the trailing 1-year period	2.72%	0.23%	+2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.58%	0.58%	+3.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.58%	0.47%	+3.11%

GMNY vs. GBIL - Expense Ratio Comparison

GMNY has a 0.30% expense ratio, which is higher than GBIL's 0.12% expense ratio.

Dividends

GMNY vs. GBIL - Dividend Comparison

GMNY's dividend yield for the trailing twelve months is around 3.28%, less than GBIL's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GBIL Goldman Sachs Access Treasury 0-1 Year ETF	3.74%	4.02%	4.93%	4.77%	1.37%	0.00%	0.81%	2.20%	1.70%	0.74%	0.11%
GMNY Goldman Sachs Dynamic New York Municipal Income ETF	3.28%	3.33%	1.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GMNY and GBIL in my portfolio?

GMNY and GBIL have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMNY or GBIL?

GMNY has higher volatility (0.60%) compared to GBIL (0.05%). In terms of maximum drawdown, GMNY dropped -4.00% vs GBIL's -0.76%.

Which ETF is better, GMNY or GBIL?

On 1-year performance, GMNY leads with 6.30% vs 3.82% for GBIL. On fees, GBIL is cheaper at 0.12% per year. On volatility, GBIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMNY or GBIL?

Over the 1-year period, GMNY has performed better with a 6.30% return vs 3.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMNY or GBIL?

GBIL is cheaper with a 0.12% expense ratio, compared with 0.30% for GMNY.

Which ETF pays a higher dividend yield, GMNY or GBIL?

GBIL has the higher dividend yield at 3.74%, compared with 3.28% for GMNY.

What is the main difference between GMNY and GBIL?

GMNY is categorized as Municipal Bonds, while GBIL is Government Bonds. Their fees differ too: 0.30% for GMNY and 0.12% for GBIL.

Which has better risk-adjusted returns?

GBIL currently has the higher Sharpe Ratio (16.83 vs 2.33), 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.