GMUB vs. GMUN

Last updated Jun 23, 2026

GMUB (Goldman Sachs Municipal Income ETF) and GMUN (Goldman Sachs Community Municipal Bond ETF) are both Municipal Bonds funds from Goldman Sachs. GMUB is actively managed, while GMUN is passively managed. Over the past year, GMUB returned 6.85% vs 4.42% for GMUN. A 0.71 correlation means they provide meaningful diversification when combined. GMUB charges 0.18%/yr vs 0.15%/yr for GMUN.

Performance

GMUB vs. GMUN - Performance Comparison

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

Returns By Period

In the year-to-date period, GMUB achieves a 1.74% return, which is significantly higher than GMUN's -0.34% return.

GMUB

• 1D: 0.04%
• 1M: 1.00%
• YTD: 1.74%
• 6M: 2.07%
• 1Y: 6.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GMUN

• 1D: 0.00%
• 1M: -0.20%
• YTD: -0.34%
• 6M: -0.18%
• 1Y: 4.42%
• 3Y*: 3.06%
• 5Y*: —
• 10Y*: —

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

GMUB vs. GMUN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GMUB Goldman Sachs Municipal Income ETF	1.74%	5.99%	1.11%
GMUN Goldman Sachs Community Municipal Bond ETF	-0.34%	5.92%	0.99%

Correlation

The correlation between GMUB and GMUN is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jul 25, 2024	0.71

The correlation between GMUB and GMUN shifts across timeframes, from 0.60 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GMUB vs. GMUN — Risk / Return Rank

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

GMUB

GMUB Risk / Return Rank: 76
GMUB Sharpe Ratio Rank: 83
GMUB Sortino Ratio Rank: 89
GMUB Omega Ratio Rank: 87
GMUB Calmar Ratio Rank: 62
GMUB Martin Ratio Rank: 61

GMUN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. GMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Municipal Income ETF (GMUB) and Goldman Sachs Community Municipal Bond ETF (GMUN). 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.

	GMUB	GMUN	Difference
Sharpe ratio: Return per unit of total volatility	2.55	2.04	+0.51
Sortino ratio: Return per unit of downside risk	3.91	2.79	+1.12
Omega ratio: Gain probability vs. loss probability	1.51	1.49	+0.03
Calmar ratio: Return relative to maximum drawdown	3.01	1.75	+1.26
Martin ratio: Return relative to average drawdown	10.74	5.36	+5.38

GMUB vs. GMUN - Sharpe Ratio Comparison

The current GMUB Sharpe Ratio is 2.55, which is comparable to the GMUN Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of GMUB and GMUN, 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

GMUB vs. GMUN - Drawdown Comparison

The maximum GMUB drawdown since its inception was -3.28%, smaller than the maximum GMUN drawdown of -4.35%. Use the drawdown chart below to compare losses from any high point for GMUB and GMUN.

Drawdown Indicators

	GMUB	GMUN	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-4.35%	+1.07%
Max Drawdown (1Y) Largest decline over 1 year	-2.29%	-2.83%	+0.54%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.37%	—
Current Drawdown Current decline from peak	-0.28%	-2.29%	+2.01%
Average Drawdown Average peak-to-trough decline	-0.63%	-1.02%	+0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	0.92%	-0.28%

Volatility

GMUB vs. GMUN - Volatility Comparison

The current volatility for Goldman Sachs Municipal Income ETF (GMUB) is 0.55%, while Goldman Sachs Community Municipal Bond ETF (GMUN) has a volatility of 1.09%. This indicates that GMUB experiences smaller price fluctuations and is considered to be less risky than GMUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMUB	GMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.55%	1.09%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	1.90%	2.00%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	2.70%	2.42%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.27%	2.95%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.27%	2.95%	+0.32%

GMUB vs. GMUN - Expense Ratio Comparison

GMUB has a 0.18% expense ratio, which is higher than GMUN's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GMUB vs. GMUN - Dividend Comparison

GMUB's dividend yield for the trailing twelve months is around 3.25%, while GMUN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
GMUB Goldman Sachs Municipal Income ETF	3.25%	3.14%	1.46%	0.00%
GMUN Goldman Sachs Community Municipal Bond ETF	3.12%	2.94%	3.22%	2.20%

Frequently Asked Questions

Can I hold both GMUB and GMUN in my portfolio?

GMUB and GMUN have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMUB or GMUN?

GMUN has higher volatility (1.09%) compared to GMUB (0.55%). In terms of maximum drawdown, GMUB dropped -3.28% vs GMUN's -4.35%.

Which ETF is better, GMUB or GMUN?

On 1-year performance, GMUB leads with 6.85% vs 4.42% for GMUN. On fees, GMUN is cheaper at 0.15% per year. On volatility, GMUB has been the lower-risk option at 0.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMUB or GMUN?

Over the 1-year period, GMUB has performed better with a 6.85% return vs 4.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMUB or GMUN?

GMUN is cheaper with a 0.15% expense ratio, compared with 0.18% for GMUB.

Which ETF pays a higher dividend yield, GMUB or GMUN?

GMUB has the higher dividend yield at 3.25%, compared with 3.12% for GMUN.

What is the main difference between GMUB and GMUN?

Their fees differ too: 0.18% for GMUB and 0.15% for GMUN.

Which has better risk-adjusted returns?

GMUB currently has the higher Sharpe Ratio (2.55 vs 2.04), 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.