GMUN vs. GHYB

Last updated Jun 5, 2026

GMUN (Goldman Sachs Community Municipal Bond ETF) and GHYB (Goldman Sachs Access High Yield Corporate Bond ETF) are both exchange-traded funds - GMUN is a Municipal Bonds fund tracking the Bloomberg Goldman Sachs Community Municipal Index, while GHYB is a High Yield Bonds fund tracking the FTSE Goldman Sachs High Yield Corporate Bond Index. Both are passively managed. Over the past 3 years, GMUN returned 3.06%/yr vs 8.66%/yr for GHYB. At a 0.40 correlation, their price movements are largely independent. GMUN charges 0.15%/yr vs 0.34%/yr for GHYB.

Performance

GMUN vs. GHYB - Performance Comparison

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

Returns By Period

In the year-to-date period, GMUN achieves a -0.34% return, which is significantly lower than GHYB's 1.32% return.

GMUN

• 1D: 0.00%
• 1M: -0.79%
• YTD: -0.34%
• 6M: 0.02%
• 1Y: 4.76%
• 3Y*: 3.06%
• 5Y*: —
• 10Y*: —

GHYB

• 1D: 0.16%
• 1M: 0.37%
• YTD: 1.32%
• 6M: 1.69%
• 1Y: 6.90%
• 3Y*: 8.66%
• 5Y*: 4.02%
• 10Y*: —

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

GMUN vs. GHYB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GMUN Goldman Sachs Community Municipal Bond ETF	-0.34%	5.92%	0.31%	3.68%
GHYB Goldman Sachs Access High Yield Corporate Bond ETF	1.32%	9.38%	7.76%	11.25%

Correlation

The correlation between GMUN and GHYB is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (All Time) Calculated using the full available price history since Mar 10, 2023	0.40

Return for Risk

GMUN vs. GHYB — Risk / Return Rank

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

GMUN

GMUN Risk / Return Rank: 55
GMUN Sharpe Ratio Rank: 62
GMUN Sortino Ratio Rank: 60
GMUN Omega Ratio Rank: 82
GMUN Calmar Ratio Rank: 37
GMUN Martin Ratio Rank: 35

GHYB

GHYB Risk / Return Rank: 61
GHYB Sharpe Ratio Rank: 60
GHYB Sortino Ratio Rank: 64
GHYB Omega Ratio Rank: 65
GHYB Calmar Ratio Rank: 53
GHYB Martin Ratio Rank: 66

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.

GMUN vs. GHYB - Risk-Adjusted Trends Comparison

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

	GMUN	GHYB	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.98	+0.06
Sortino ratio: Return per unit of downside risk	2.79	2.93	-0.14
Omega ratio: Gain probability vs. loss probability	1.49	1.38	+0.10
Calmar ratio: Return relative to maximum drawdown	1.75	2.59	-0.84
Martin ratio: Return relative to average drawdown	5.36	11.85	-6.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMUN vs. GHYB - Sharpe Ratio Comparison

The current GMUN Sharpe Ratio is 2.04, which is comparable to the GHYB Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of GMUN and GHYB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GMUN	GHYB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	1.98	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.55	+0.45

Drawdowns

GMUN vs. GHYB - Drawdown Comparison

The maximum GMUN drawdown since its inception was -4.35%, smaller than the maximum GHYB drawdown of -21.48%. Use the drawdown chart below to compare losses from any high point for GMUN and GHYB.

Drawdown Indicators

	GMUN	GHYB	Difference
Max Drawdown Largest peak-to-trough decline	-4.35%	-21.48%	+17.13%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-2.67%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-3.37%	-4.66%	+1.29%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.08%	—
Current Drawdown Current decline from peak	-2.29%	-0.20%	-2.09%
Average Drawdown Average peak-to-trough decline	-1.02%	-2.57%	+1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.58%	+0.34%

Volatility

GMUN vs. GHYB - Volatility Comparison

Goldman Sachs Community Municipal Bond ETF (GMUN) and Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) have volatilities of 1.09% and 1.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMUN	GHYB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	1.08%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.00%	2.72%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	2.42%	3.50%	-1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.96%	7.69%	-4.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.96%	8.28%	-5.32%

GMUN vs. GHYB - Expense Ratio Comparison

GMUN has a 0.15% expense ratio, which is lower than GHYB's 0.34% expense ratio.

Dividends

GMUN vs. GHYB - Dividend Comparison

GMUN's dividend yield for the trailing twelve months is around 3.12%, less than GHYB's 6.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GHYB Goldman Sachs Access High Yield Corporate Bond ETF	6.80%	7.00%	6.65%	6.20%	5.67%	4.46%	4.75%	5.57%	5.68%	1.45%
GMUN Goldman Sachs Community Municipal Bond ETF	3.12%	2.94%	3.22%	2.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GMUN and GHYB in my portfolio?

GMUN and GHYB have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMUN or GHYB?

GMUN has higher volatility (1.09%) compared to GHYB (1.08%). In terms of maximum drawdown, GMUN dropped -4.35% vs GHYB's -21.48%.

Which ETF is better, GMUN or GHYB?

On 3-year performance, GHYB leads with 8.66% vs 3.06% for GMUN. On fees, GMUN is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMUN or GHYB?

Over the 3-year period, GHYB has performed better with a 8.66% return vs 3.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMUN or GHYB?

GMUN is cheaper with a 0.15% expense ratio, compared with 0.34% for GHYB.

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

GHYB has the higher dividend yield at 6.80%, compared with 3.12% for GMUN.

What is the main difference between GMUN and GHYB?

GMUN is categorized as Municipal Bonds, while GHYB is High Yield Bonds. GMUN tracks Bloomberg Goldman Sachs Community Municipal Index, while GHYB tracks FTSE Goldman Sachs High Yield Corporate Bond Index. Their fees differ too: 0.15% for GMUN and 0.34% for GHYB.

Which has better risk-adjusted returns?

GMUN currently has the higher Sharpe Ratio (2.04 vs 1.98), 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.