GMUN vs. GSST
GMUN (Goldman Sachs Community Municipal Bond ETF) and GSST (Goldman Sachs Ultra Short Bond ETF) are both exchange-traded funds - GMUN is a Municipal Bonds fund tracking the Bloomberg Goldman Sachs Community Municipal Index, while GSST is a Ultrashort Bond fund actively managed by Goldman Sachs. GMUN is passively managed, while GSST is actively managed. Over the past 3 years, GMUN returned 3.06%/yr vs 5.52%/yr for GSST. At a 0.38 correlation, their price movements are largely independent. GMUN charges 0.15%/yr vs 0.16%/yr for GSST.
Performance
GMUN vs. GSST - Performance Comparison
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Returns By Period
In the year-to-date period, GMUN achieves a -0.34% return, which is significantly lower than GSST's 1.55% return.
GMUN
- 1D
- 0.00%
- 1M
- -0.75%
- YTD
- -0.34%
- 6M
- 0.04%
- 1Y
- 4.92%
- 3Y*
- 3.06%
- 5Y*
- —
- 10Y*
- —
GSST
- 1D
- 0.00%
- 1M
- 0.32%
- YTD
- 1.55%
- 6M
- 1.88%
- 1Y
- 4.61%
- 3Y*
- 5.52%
- 5Y*
- 3.75%
- 10Y*
- —
GMUN vs. GSST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GMUN Goldman Sachs Community Municipal Bond ETF | -0.34% | 5.92% | 0.31% | 3.68% |
GSST Goldman Sachs Ultra Short Bond ETF | 1.55% | 5.20% | 6.01% | 4.85% |
Correlation
The correlation between GMUN and GSST is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2023 | 0.38 |
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Return for Risk
GMUN vs. GSST — Risk / Return Rank
GMUN
GSST
GMUN vs. GSST - 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 Ultra Short Bond ETF (GSST). 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 | GSST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.94 | ||
| Sortino ratioReturn per unit of downside risk | -13.79 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 3.94 | -2.46 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 29.99 | -28.24 |
| Martin ratioReturn relative to average drawdown | 5.36 | 185.54 | -180.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GMUN | GSST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | 7.98 | -5.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 5.99 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 3.78 | -2.79 |
Drawdowns
GMUN vs. GSST - Drawdown Comparison
The maximum GMUN drawdown since its inception was -4.35%, which is greater than GSST's maximum drawdown of -3.51%. Use the drawdown chart below to compare losses from any high point for GMUN and GSST.
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Drawdown Indicators
| GMUN | GSST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.35% | -3.51% | -0.84% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -0.15% | -2.68% |
Max Drawdown (3Y)Largest decline over 3 years | -3.37% | -0.25% | -3.12% |
Max Drawdown (5Y)Largest decline over 5 years | — | -1.19% | — |
Current DrawdownCurrent decline from peak | -2.29% | 0.00% | -2.29% |
Average DrawdownAverage peak-to-trough decline | -1.02% | -0.16% | -0.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.02% | +0.90% |
Volatility
GMUN vs. GSST - Volatility Comparison
Goldman Sachs Community Municipal Bond ETF (GMUN) has a higher volatility of 1.09% compared to Goldman Sachs Ultra Short Bond ETF (GSST) at 0.13%. This indicates that GMUN's price experiences larger fluctuations and is considered to be riskier than GSST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GMUN | GSST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 0.13% | +0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 2.00% | 0.41% | +1.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.42% | 0.58% | +1.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.96% | 0.63% | +2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.96% | 0.86% | +2.10% |
GMUN vs. GSST - Expense Ratio Comparison
GMUN has a 0.15% expense ratio, which is lower than GSST's 0.16% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GMUN vs. GSST - Dividend Comparison
GMUN's dividend yield for the trailing twelve months is around 3.12%, less than GSST's 4.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GMUN Goldman Sachs Community Municipal Bond ETF | 3.12% | 2.94% | 3.22% | 2.20% | 0.00% | 0.00% | 0.00% | 0.00% |
GSST Goldman Sachs Ultra Short Bond ETF | 4.32% | 4.56% | 5.45% | 4.98% | 1.97% | 0.71% | 1.12% | 1.66% |
Frequently Asked Questions
GMUN and GSST have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GMUN has higher volatility (1.09%) compared to GSST (0.13%). In terms of maximum drawdown, GMUN dropped -4.35% vs GSST's -3.51%.
On 3-year performance, GSST leads with 5.52% vs 3.06% for GMUN. On fees, GMUN is cheaper at 0.15% per year. On volatility, GSST has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSST has performed better with a 5.52% return vs 3.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GMUN is cheaper with a 0.15% expense ratio, compared with 0.16% for GSST.
GSST has the higher dividend yield at 4.32%, compared with 3.12% for GMUN.
GMUN is categorized as Municipal Bonds, while GSST is Ultrashort Bond. Their fees differ too: 0.15% for GMUN and 0.16% for GSST.
GSST currently has the higher Sharpe Ratio (7.98 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.
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