GMNY vs. GSLC
GMNY (Goldman Sachs Dynamic New York Municipal Income ETF) and GSLC (Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF) are both exchange-traded funds - GMNY is a Municipal Bonds fund actively managed by Goldman Sachs, while GSLC is a Large Cap Growth Equities fund tracking the Goldman Sachs ActiveBeta U.S. Large Cap Equity Index. GMNY is actively managed, while GSLC is passively managed. Over the past year, GMNY returned 6.16% vs 19.37% for GSLC. At a 0.12 correlation, their price movements are largely independent. GMNY charges 0.30%/yr vs 0.09%/yr for GSLC.
Performance
GMNY vs. GSLC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GMNY achieves a 1.95% return, which is significantly lower than GSLC's 5.86% return.
GMNY
- 1D
- -0.11%
- 1M
- 1.16%
- YTD
- 1.95%
- 6M
- 2.11%
- 1Y
- 6.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GSLC
- 1D
- -1.22%
- 1M
- -1.29%
- YTD
- 5.86%
- 6M
- 4.87%
- 1Y
- 19.37%
- 3Y*
- 19.26%
- 5Y*
- 11.78%
- 10Y*
- 14.65%
GMNY vs. GSLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GMNY Goldman Sachs Dynamic New York Municipal Income ETF | 1.95% | 3.79% | 0.82% |
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 5.86% | 16.17% | 9.01% |
Correlation
The correlation between GMNY and GSLC is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jul 25, 2024 | 0.12 |
The correlation between GMNY and GSLC shifts across timeframes, from 0.12 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GMNY vs. GSLC — Risk / Return Rank
GMNY
GSLC
GMNY vs. GSLC - 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 ActiveBeta U.S. Large Cap Equity ETF (GSLC). 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 | GSLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.29 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 2.05 | +0.74 |
| Martin ratioReturn relative to average drawdown | 10.56 | 8.86 | +1.70 |
Loading charts...
Drawdowns
GMNY vs. GSLC - Drawdown Comparison
The maximum GMNY drawdown since its inception was -4.00%, smaller than the maximum GSLC drawdown of -33.69%. Use the drawdown chart below to compare losses from any high point for GMNY and GSLC.
Loading charts...
Drawdown Indicators
| GMNY | GSLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.00% | -33.69% | +29.69% |
Max Drawdown (1Y)Largest decline over 1 year | -2.21% | -9.49% | +7.28% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.66% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.90% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.69% | — |
Current DrawdownCurrent decline from peak | -0.14% | -3.08% | +2.94% |
Average DrawdownAverage peak-to-trough decline | -0.90% | -4.38% | +3.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.58% | 2.19% | -1.61% |
Volatility
GMNY vs. GSLC - Volatility Comparison
The current volatility for Goldman Sachs Dynamic New York Municipal Income ETF (GMNY) is 0.63%, while Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC) has a volatility of 4.60%. This indicates that GMNY experiences smaller price fluctuations and is considered to be less risky than GSLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GMNY | GSLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 4.60% | -3.97% |
Volatility (6M)Calculated over the trailing 6-month period | 2.03% | 9.67% | -7.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.71% | 12.28% | -9.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.58% | 16.71% | -13.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.58% | 17.70% | -14.12% |
GMNY vs. GSLC - Expense Ratio Comparison
GMNY has a 0.30% expense ratio, which is higher than GSLC's 0.09% expense ratio.
Dividends
GMNY vs. GSLC - Dividend Comparison
GMNY's dividend yield for the trailing twelve months is around 3.28%, more than GSLC's 0.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 0.71% | 1.00% | 1.11% | 1.38% | 1.61% | 1.06% | 1.35% | 1.54% | 1.89% | 1.69% | 1.69% | 0.36% |
Frequently Asked Questions
GMNY and GSLC have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSLC has higher volatility (4.60%) compared to GMNY (0.63%). In terms of maximum drawdown, GMNY dropped -4.00% vs GSLC's -33.69%.
On 1-year performance, GSLC leads with 19.37% vs 6.16% for GMNY. On fees, GSLC is cheaper at 0.09% per year. On volatility, GMNY has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GSLC has performed better with a 19.37% return vs 6.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSLC is cheaper with a 0.09% expense ratio, compared with 0.30% for GMNY.
GMNY has the higher dividend yield at 3.28%, compared with 0.95% for GSLC.
GMNY is categorized as Municipal Bonds, while GSLC is Large Cap Growth Equities. Their fees differ too: 0.30% for GMNY and 0.09% for GSLC.
GMNY currently has the higher Sharpe Ratio (2.28 vs 1.59), 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.
Find the right allocation for GMNY and GSLC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer