GMUN vs. XLEI

Last updated Jun 26, 2026

GMUN (Goldman Sachs Community Municipal Bond ETF) and XLEI (State Street Energy Select Sector SPDR Premium Income ETF) are both exchange-traded funds - GMUN is a Municipal Bonds fund tracking the Bloomberg Goldman Sachs Community Municipal Index, while XLEI is a Energy Equities fund tracking the S&P Energy Select Sector. Both are passively managed. At a correlation of -0.20, they often move in opposite directions. GMUN charges 0.15%/yr vs 0.35%/yr for XLEI.

Performance

GMUN vs. XLEI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Community Municipal Bond ETF (GMUN) and State Street Energy Select Sector SPDR Premium Income ETF (XLEI). 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 XLEI's 14.07% return.

GMUN

• 1D: 0.00%
• 1M: -0.58%
• YTD: -0.34%
• 6M: -0.20%
• 1Y: 4.19%
• 3Y*: 3.06%
• 5Y*: —
• 10Y*: —

XLEI

• 1D: 0.91%
• 1M: -3.71%
• YTD: 14.07%
• 6M: 14.98%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GMUN vs. XLEI - Yearly Performance Comparison

	2026 (YTD)	2025
GMUN Goldman Sachs Community Municipal Bond ETF	-0.34%	4.12%
XLEI State Street Energy Select Sector SPDR Premium Income ETF	14.07%	6.17%

Correlation

The correlation between GMUN and XLEI is -0.20, 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 (All Time) Calculated using the full available price history since Jul 30, 2025	-0.20

Return for Risk

GMUN vs. XLEI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Community Municipal Bond ETF (GMUN) and State Street Energy Select Sector SPDR Premium Income ETF (XLEI). 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.

	GMUN	XLEI	Difference
Sharpe ratio: Return per unit of total volatility	2.04	—	—
Sortino ratio: Return per unit of downside risk	2.79	—	—
Omega ratio: Gain probability vs. loss probability	1.49	—	—
Calmar ratio: Return relative to maximum drawdown	1.75	—	—
Martin ratio: Return relative to average drawdown	5.36	—	—

Drawdowns

GMUN vs. XLEI - Drawdown Comparison

The maximum GMUN drawdown since its inception was -4.35%, smaller than the maximum XLEI drawdown of -7.98%. Use the drawdown chart below to compare losses from any high point for GMUN and XLEI.

Drawdown Indicators

	GMUN	XLEI	Difference
Max Drawdown Largest peak-to-trough decline	-4.35%	-7.98%	+3.63%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-3.37%	—	—
Current Drawdown Current decline from peak	-2.29%	-6.19%	+3.90%
Average Drawdown Average peak-to-trough decline	-1.02%	-1.72%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	—	—

Volatility

Volatility by Period

	GMUN	XLEI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.42%	13.96%	-11.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.95%	13.96%	-11.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.95%	13.96%	-11.01%

GMUN vs. XLEI - Expense Ratio Comparison

GMUN has a 0.15% expense ratio, which is lower than XLEI's 0.35% expense ratio.

Dividends

GMUN vs. XLEI - Dividend Comparison

GMUN has not paid dividends to shareholders, while XLEI's dividend yield for the trailing twelve months is around 17.51%.

Position	TTM	2025	2024	2023
GMUN Goldman Sachs Community Municipal Bond ETF	3.12%	2.94%	3.22%	2.20%
XLEI State Street Energy Select Sector SPDR Premium Income ETF	17.51%	10.17%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GMUN and XLEI in my portfolio?

GMUN and XLEI have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GMUN or XLEI?

On fees, GMUN is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GMUN or XLEI?

GMUN is cheaper with a 0.15% expense ratio, compared with 0.35% for XLEI.

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

XLEI has the higher dividend yield at 17.51%, compared with 3.12% for GMUN.

What is the main difference between GMUN and XLEI?

GMUN is categorized as Municipal Bonds, while XLEI is Energy Equities. GMUN tracks Bloomberg Goldman Sachs Community Municipal Index, while XLEI tracks S&P Energy Select Sector. They also come from different issuers: Goldman Sachs and State Street. Their fees differ too: 0.15% for GMUN and 0.35% for XLEI.