GMNY vs. TNGY

Last updated Jun 6, 2026

GMNY (Goldman Sachs Dynamic New York Municipal Income ETF) and TNGY (Tortoise Energy Fund) are both exchange-traded funds - GMNY is a Municipal Bonds fund actively managed by Goldman Sachs, while TNGY is a Energy Equities fund actively managed by Tortoise Capital. Both are actively managed. At a correlation of -0.12, they often move in opposite directions. GMNY charges 0.30%/yr vs 0.85%/yr for TNGY.

Performance

GMNY vs. TNGY - 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 Tortoise Energy Fund (TNGY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMNY achieves a 1.62% return, which is significantly lower than TNGY's 12.33% return.

GMNY

• 1D: -0.17%
• 1M: 0.23%
• YTD: 1.62%
• 6M: 2.15%
• 1Y: 6.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TNGY

• 1D: -2.31%
• 1M: -2.01%
• YTD: 12.33%
• 6M: 9.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GMNY vs. TNGY - Yearly Performance Comparison

	2026 (YTD)	2025
GMNY Goldman Sachs Dynamic New York Municipal Income ETF	1.62%	4.40%
TNGY Tortoise Energy Fund	12.33%	1.81%

Correlation

The correlation between GMNY and TNGY is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 17, 2025	-0.12

Return for Risk

GMNY vs. TNGY — Risk / Return Rank

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

GMNY

GMNY Risk / Return Rank: 73
GMNY Sharpe Ratio Rank: 76
GMNY Sortino Ratio Rank: 80
GMNY Omega Ratio Rank: 84
GMNY Calmar Ratio Rank: 61
GMNY Martin Ratio Rank: 63

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. TNGY - 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 Tortoise Energy Fund (TNGY). 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.

	GMNY	TNGY	Difference
Sharpe ratio: Return per unit of total volatility	2.29	—	—
Sortino ratio: Return per unit of downside risk	3.32	—	—
Omega ratio: Gain probability vs. loss probability	1.48	—	—
Calmar ratio: Return relative to maximum drawdown	2.83	—	—
Martin ratio: Return relative to average drawdown	10.71	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	GMNY	TNGY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	0.94	-0.01

Drawdowns

GMNY vs. TNGY - Drawdown Comparison

The maximum GMNY drawdown since its inception was -4.00%, smaller than the maximum TNGY drawdown of -8.86%. Use the drawdown chart below to compare losses from any high point for GMNY and TNGY.

Drawdown Indicators

	GMNY	TNGY	Difference
Max Drawdown Largest peak-to-trough decline	-4.00%	-8.86%	+4.86%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	—	—
Current Drawdown Current decline from peak	-0.31%	-6.32%	+6.01%
Average Drawdown Average peak-to-trough decline	-0.92%	-2.20%	+1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	—	—

Volatility

Volatility by Period

	GMNY	TNGY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.02%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.74%	15.82%	-13.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.61%	15.82%	-12.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.61%	15.82%	-12.21%

GMNY vs. TNGY - Expense Ratio Comparison

GMNY has a 0.30% expense ratio, which is lower than TNGY's 0.85% expense ratio.

Dividends

GMNY vs. TNGY - Dividend Comparison

GMNY's dividend yield for the trailing twelve months is around 3.29%, less than TNGY's 3.50% yield.

Position	TTM	2025	2024
GMNY Goldman Sachs Dynamic New York Municipal Income ETF	3.29%	3.33%	1.47%
TNGY Tortoise Energy Fund	3.50%	2.59%	0.00%

Frequently Asked Questions

Can I hold both GMNY and TNGY in my portfolio?

GMNY and TNGY have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GMNY or TNGY?

On fees, GMNY is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GMNY or TNGY?

GMNY is cheaper with a 0.30% expense ratio, compared with 0.85% for TNGY.

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

TNGY has the higher dividend yield at 3.50%, compared with 3.29% for GMNY.

What is the main difference between GMNY and TNGY?

GMNY is categorized as Municipal Bonds, while TNGY is Energy Equities. They also come from different issuers: Goldman Sachs and Tortoise Capital. Their fees differ too: 0.30% for GMNY and 0.85% for TNGY.