GMUN vs. USAI
GMUN (Goldman Sachs Community Municipal Bond ETF) and USAI (Pacer American Energy Independence ETF) are both exchange-traded funds - GMUN is a Municipal Bonds fund tracking the Bloomberg Goldman Sachs Community Municipal Index, while USAI is a Energy Equities fund tracking the American Energy Independence Index. Both are passively managed. Over the past 3 years, GMUN returned 3.06%/yr vs 26.68%/yr for USAI. At a correlation of -0.02, they often move in opposite directions. GMUN charges 0.15%/yr vs 0.75%/yr for USAI.
Performance
GMUN vs. USAI - 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 USAI's 23.98% return.
GMUN
- 1D
- 0.00%
- 1M
- -0.79%
- YTD
- -0.34%
- 6M
- 0.02%
- 1Y
- 4.76%
- 3Y*
- 3.06%
- 5Y*
- —
- 10Y*
- —
USAI
- 1D
- 1.47%
- 1M
- -1.05%
- YTD
- 23.98%
- 6M
- 21.70%
- 1Y
- 22.36%
- 3Y*
- 26.68%
- 5Y*
- 18.67%
- 10Y*
- —
GMUN vs. USAI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GMUN Goldman Sachs Community Municipal Bond ETF | -0.34% | 5.92% | 0.31% | 3.68% |
USAI Pacer American Energy Independence ETF | 23.98% | 0.69% | 43.99% | 13.90% |
Correlation
The correlation between GMUN and USAI is -0.23, 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 (1Y) Calculated over the trailing 1-year period | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2023 | -0.02 |
Over the past year, the inverse relationship between GMUN and USAI has strengthened: their correlation has moved from -0.02 to -0.23, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
GMUN vs. USAI — Risk / Return Rank
GMUN
USAI
GMUN vs. USAI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Community Municipal Bond ETF (GMUN) and Pacer American Energy Independence ETF (USAI). 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 | USAI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.24 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 2.49 | -0.74 |
| Martin ratioReturn relative to average drawdown | 5.36 | 5.62 | -0.26 |
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 | USAI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | 1.43 | +0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.91 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 0.51 | +0.49 |
Drawdowns
GMUN vs. USAI - Drawdown Comparison
The maximum GMUN drawdown since its inception was -4.35%, smaller than the maximum USAI drawdown of -65.25%. Use the drawdown chart below to compare losses from any high point for GMUN and USAI.
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Drawdown Indicators
| GMUN | USAI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.35% | -65.25% | +60.90% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -9.01% | +6.18% |
Max Drawdown (3Y)Largest decline over 3 years | -3.37% | -18.22% | +14.85% |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.68% | — |
Current DrawdownCurrent decline from peak | -2.29% | -4.60% | +2.31% |
Average DrawdownAverage peak-to-trough decline | -1.02% | -9.36% | +8.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 3.99% | -3.07% |
Volatility
GMUN vs. USAI - Volatility Comparison
The current volatility for Goldman Sachs Community Municipal Bond ETF (GMUN) is 1.09%, while Pacer American Energy Independence ETF (USAI) has a volatility of 6.69%. This indicates that GMUN experiences smaller price fluctuations and is considered to be less risky than USAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GMUN | USAI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 6.69% | -5.60% |
Volatility (6M)Calculated over the trailing 6-month period | 2.00% | 12.27% | -10.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.42% | 15.81% | -13.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.96% | 20.56% | -17.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.96% | 27.31% | -24.35% |
GMUN vs. USAI - Expense Ratio Comparison
GMUN has a 0.15% expense ratio, which is lower than USAI's 0.75% expense ratio.
Dividends
GMUN vs. USAI - Dividend Comparison
GMUN's dividend yield for the trailing twelve months is around 3.12%, less than USAI's 4.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
USAI Pacer American Energy Independence ETF | 4.13% | 5.03% | 3.62% | 4.99% | 5.41% | 6.15% | 7.67% | 6.50% | 5.56% | 0.08% |
Frequently Asked Questions
GMUN and USAI have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USAI has higher volatility (6.69%) compared to GMUN (1.09%). In terms of maximum drawdown, GMUN dropped -4.35% vs USAI's -65.25%.
On 3-year performance, USAI leads with 26.68% vs 3.06% for GMUN. On fees, GMUN is cheaper at 0.15% per year. On volatility, GMUN has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USAI has performed better with a 26.68% 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 0.75% for USAI.
USAI has the higher dividend yield at 4.13%, compared with 3.12% for GMUN.
GMUN is categorized as Municipal Bonds, while USAI is Energy Equities. GMUN tracks Bloomberg Goldman Sachs Community Municipal Index, while USAI tracks American Energy Independence Index. They also come from different issuers: Goldman Sachs and Pacer. Their fees differ too: 0.15% for GMUN and 0.75% for USAI.
GMUN currently has the higher Sharpe Ratio (2.04 vs 1.43), 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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