GMUN vs. VOTE

Last updated Jun 5, 2026

GMUN (Goldman Sachs Community Municipal Bond ETF) and VOTE (Engine No. 1 Transform 500 ETF) are both exchange-traded funds - GMUN is a Municipal Bonds fund tracking the Bloomberg Goldman Sachs Community Municipal Index, while VOTE is a Large Cap Blend Equities fund tracking the Morningstar US Large Cap Index. Both are passively managed. Over the past 3 years, GMUN returned 3.06%/yr vs 23.05%/yr for VOTE. At a 0.11 correlation, their price movements are largely independent. GMUN charges 0.15%/yr vs 0.05%/yr for VOTE.

Performance

GMUN vs. VOTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Community Municipal Bond ETF (GMUN) and Engine No. 1 Transform 500 ETF (VOTE). 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 VOTE's 11.51% return.

GMUN

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

VOTE

• 1D: 0.44%
• 1M: 4.81%
• YTD: 11.51%
• 6M: 11.46%
• 1Y: 28.65%
• 3Y*: 23.05%
• 5Y*: —
• 10Y*: —

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

GMUN vs. VOTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GMUN Goldman Sachs Community Municipal Bond ETF	-0.34%	5.92%	0.31%	3.68%
VOTE Engine No. 1 Transform 500 ETF	11.51%	17.95%	25.23%	24.26%

Correlation

The correlation between GMUN and VOTE is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (All Time) Calculated using the full available price history since Mar 10, 2023	0.11

Return for Risk

GMUN vs. VOTE — 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

VOTE

VOTE Risk / Return Rank: 72
VOTE Sharpe Ratio Rank: 75
VOTE Sortino Ratio Rank: 73
VOTE Omega Ratio Rank: 73
VOTE Calmar Ratio Rank: 65
VOTE Martin Ratio Rank: 77

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. VOTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Community Municipal Bond ETF (GMUN) and Engine No. 1 Transform 500 ETF (VOTE). 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	VOTE	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.38	-0.34
Sortino ratio: Return per unit of downside risk	2.79	3.25	-0.46
Omega ratio: Gain probability vs. loss probability	1.49	1.43	+0.06
Calmar ratio: Return relative to maximum drawdown	1.75	3.16	-1.41
Martin ratio: Return relative to average drawdown	5.36	14.50	-9.14
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. VOTE - Sharpe Ratio Comparison

The current GMUN Sharpe Ratio is 2.04, which is comparable to the VOTE Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of GMUN and VOTE, 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	VOTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	2.38	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.81	+0.19

Drawdowns

GMUN vs. VOTE - Drawdown Comparison

The maximum GMUN drawdown since its inception was -4.35%, smaller than the maximum VOTE drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for GMUN and VOTE.

Drawdown Indicators

	GMUN	VOTE	Difference
Max Drawdown Largest peak-to-trough decline	-4.35%	-25.71%	+21.36%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-9.10%	+6.27%
Max Drawdown (3Y) Largest decline over 3 years	-3.37%	-19.08%	+15.71%
Current Drawdown Current decline from peak	-2.29%	-0.27%	-2.02%
Average Drawdown Average peak-to-trough decline	-1.02%	-6.14%	+5.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	1.98%	-1.06%

Volatility

GMUN vs. VOTE - Volatility Comparison

The current volatility for Goldman Sachs Community Municipal Bond ETF (GMUN) is 1.09%, while Engine No. 1 Transform 500 ETF (VOTE) has a volatility of 2.91%. This indicates that GMUN experiences smaller price fluctuations and is considered to be less risky than VOTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMUN	VOTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	2.91%	-1.82%
Volatility (6M) Calculated over the trailing 6-month period	2.00%	9.20%	-7.20%
Volatility (1Y) Calculated over the trailing 1-year period	2.42%	12.08%	-9.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.96%	17.14%	-14.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.96%	17.14%	-14.18%

GMUN vs. VOTE - Expense Ratio Comparison

GMUN has a 0.15% expense ratio, which is higher than VOTE's 0.05% 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

GMUN vs. VOTE - Dividend Comparison

GMUN's dividend yield for the trailing twelve months is around 3.12%, more than VOTE's 0.89% yield.

Position	TTM	2025	2024	2023	2022	2021
GMUN Goldman Sachs Community Municipal Bond ETF	3.12%	2.94%	3.22%	2.20%	0.00%	0.00%
VOTE Engine No. 1 Transform 500 ETF	0.89%	1.03%	1.18%	1.33%	1.54%	0.54%

Frequently Asked Questions

Can I hold both GMUN and VOTE in my portfolio?

GMUN and VOTE have a correlation of 0.17, 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 VOTE?

VOTE has higher volatility (2.91%) compared to GMUN (1.09%). In terms of maximum drawdown, GMUN dropped -4.35% vs VOTE's -25.71%.

Which ETF is better, GMUN or VOTE?

On 3-year performance, VOTE leads with 23.05% vs 3.06% for GMUN. On fees, VOTE is cheaper at 0.05% 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.

Which ETF has performed better, GMUN or VOTE?

Over the 3-year period, VOTE has performed better with a 23.05% 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 VOTE?

VOTE is cheaper with a 0.05% expense ratio, compared with 0.15% for GMUN.

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

GMUN has the higher dividend yield at 3.12%, compared with 0.89% for VOTE.

What is the main difference between GMUN and VOTE?

GMUN is categorized as Municipal Bonds, while VOTE is Large Cap Blend Equities. GMUN tracks Bloomberg Goldman Sachs Community Municipal Index, while VOTE tracks Morningstar US Large Cap Index. They also come from different issuers: Goldman Sachs and Engine No. 1 LLC. Their fees differ too: 0.15% for GMUN and 0.05% for VOTE.

Which has better risk-adjusted returns?

VOTE currently has the higher Sharpe Ratio (2.38 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.