GMUB vs. GHYB

Last updated Apr 3, 2026

Compare and contrast key facts about Goldman Sachs Municipal Income ETF (GMUB) and Goldman Sachs Access High Yield Corporate Bond ETF (GHYB).

GMUB and GHYB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GMUB is an actively managed fund by Goldman Sachs. It was launched on Jul 23, 2024. GHYB is a passively managed fund by Goldman Sachs that tracks the performance of the FTSE Goldman Sachs High Yield Corporate Bond Index. It was launched on Sep 5, 2017.

Performance

GMUB vs. GHYB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Municipal Income ETF (GMUB) and Goldman Sachs Access High Yield Corporate Bond ETF (GHYB). The values are adjusted to include any dividend payments, if applicable.

GMUB vs. GHYB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GMUB Goldman Sachs Municipal Income ETF	0.44%	5.99%	1.08%
GHYB Goldman Sachs Access High Yield Corporate Bond ETF	-0.22%	9.38%	3.36%

Returns By Period

In the year-to-date period, GMUB achieves a 0.44% return, which is significantly higher than GHYB's -0.22% return.

GMUB

• 1D: 0.12%
• 1M: -1.02%
• YTD: 0.44%
• 6M: 2.28%
• 1Y: 5.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GHYB

• 1D: 0.09%
• 1M: -0.61%
• YTD: -0.22%
• 6M: 0.83%
• 1Y: 7.30%
• 3Y*: 8.09%
• 5Y*: 3.90%
• 10Y*: —

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

GMUB vs. GHYB - Expense Ratio Comparison

GMUB has a 0.18% expense ratio, which is lower than GHYB's 0.34% expense ratio.

GHYB

Goldman Sachs Access High Yield Corporate Bond ETF

GMUB

Goldman Sachs Municipal Income ETF

Return for Risk

GMUB vs. GHYB — Risk / Return Rank

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

GMUB

GMUB Risk / Return Rank: 74
GMUB Sharpe Ratio Rank: 82
GMUB Sortino Ratio Rank: 81
GMUB Omega Ratio Rank: 85
GMUB Calmar Ratio Rank: 64
GMUB Martin Ratio Rank: 59

GHYB

GHYB Risk / Return Rank: 72
GHYB Sharpe Ratio Rank: 71
GHYB Sortino Ratio Rank: 75
GHYB Omega Ratio Rank: 79
GHYB Calmar Ratio Rank: 61
GHYB Martin Ratio Rank: 76

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.

GMUB vs. GHYB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Municipal Income ETF (GMUB) and Goldman Sachs Access High Yield Corporate Bond ETF (GHYB). 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.

	GMUB	GHYB	Difference
Sharpe ratio Return per unit of total volatility	1.66	1.32	+0.34
Sortino ratio Return per unit of downside risk	2.21	2.00	+0.21
Omega ratio Gain probability vs. loss probability	1.35	1.32	+0.03
Calmar ratio Return relative to maximum drawdown	2.07	1.82	+0.25
Martin ratio Return relative to average drawdown	7.33	9.37	-2.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMUB vs. GHYB - Sharpe Ratio Comparison

The current GMUB Sharpe Ratio is 1.66, which is comparable to the GHYB Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of GMUB and GHYB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GMUB	GHYB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	1.32	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.32	0.53	+0.79

Correlation

The correlation between GMUB and GHYB is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GMUB vs. GHYB - Dividend Comparison

GMUB's dividend yield for the trailing twelve months is around 3.19%, less than GHYB's 7.08% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GMUB Goldman Sachs Municipal Income ETF	3.19%	3.14%	1.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GHYB Goldman Sachs Access High Yield Corporate Bond ETF	7.08%	7.00%	6.65%	6.20%	5.67%	4.46%	4.75%	5.57%	5.68%	1.45%

Drawdowns

GMUB vs. GHYB - Drawdown Comparison

The maximum GMUB drawdown since its inception was -3.28%, smaller than the maximum GHYB drawdown of -21.48%. Use the drawdown chart below to compare losses from any high point for GMUB and GHYB.

Drawdown Indicators

	GMUB	GHYB	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-21.48%	+18.20%
Max Drawdown (1Y) Largest decline over 1 year	-2.79%	-2.99%	+0.20%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.08%	—
Current Drawdown Current decline from peak	-1.56%	-1.18%	-0.38%
Average Drawdown Average peak-to-trough decline	-0.60%	-2.61%	+2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.80%	-0.01%

Volatility

GMUB vs. GHYB - Volatility Comparison

The current volatility for Goldman Sachs Municipal Income ETF (GMUB) is 1.12%, while Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) has a volatility of 2.05%. This indicates that GMUB experiences smaller price fluctuations and is considered to be less risky than GHYB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMUB	GHYB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	2.05%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	1.89%	2.68%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	3.51%	5.54%	-2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.38%	7.68%	-4.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.38%	8.35%	-4.97%