GSAGX vs. GCIIX

Last updated Jun 25, 2026

GSAGX (Goldman Sachs China Equity Fund) and GCIIX (Goldman Sachs International Equity Insights Fund) are both mutual funds - GSAGX is a China Equities fund managed by Goldman Sachs, while GCIIX is a Foreign Large Cap Equities fund managed by Goldman Sachs. Over the past 10 years, GSAGX returned 5.70%/yr vs 11.69%/yr for GCIIX. A 0.61 correlation means they provide meaningful diversification when combined. GSAGX charges 1.47%/yr vs 0.80%/yr for GCIIX.

Performance

GSAGX vs. GCIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs China Equity Fund (GSAGX) and Goldman Sachs International Equity Insights Fund (GCIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSAGX achieves a 1.80% return, which is significantly lower than GCIIX's 11.34% return. Over the past 10 years, GSAGX has underperformed GCIIX with an annualized return of 5.70%, while GCIIX has yielded a comparatively higher 11.69% annualized return.

GSAGX

• 1D: -2.80%
• 1M: -3.38%
• YTD: 1.80%
• 6M: 1.44%
• 1Y: 16.03%
• 3Y*: 11.58%
• 5Y*: -6.52%
• 10Y*: 5.70%

GCIIX

• 1D: -2.46%
• 1M: 0.90%
• YTD: 11.34%
• 6M: 10.79%
• 1Y: 28.91%
• 3Y*: 23.41%
• 5Y*: 12.03%
• 10Y*: 11.69%

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

GSAGX vs. GCIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSAGX Goldman Sachs China Equity Fund	1.80%	32.36%	13.00%	-18.78%	-30.71%	-14.26%	48.21%	26.22%	-18.45%	51.62%
GCIIX Goldman Sachs International Equity Insights Fund	11.34%	40.72%	9.65%	20.80%	-14.91%	11.71%	7.83%	18.52%	-15.82%	29.65%

Correlation

The correlation between GSAGX and GCIIX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Aug 15, 1997	0.61

The correlation between GSAGX and GCIIX shifts across timeframes, from 0.46 (3 years) to 0.61 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GSAGX vs. GCIIX — Risk / Return Rank

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

GSAGX

GSAGX Risk / Return Rank: 18
GSAGX Sharpe Ratio Rank: 17
GSAGX Sortino Ratio Rank: 17
GSAGX Omega Ratio Rank: 17
GSAGX Calmar Ratio Rank: 23
GSAGX Martin Ratio Rank: 17

GCIIX

GCIIX Risk / Return Rank: 49
GCIIX Sharpe Ratio Rank: 52
GCIIX Sortino Ratio Rank: 49
GCIIX Omega Ratio Rank: 50
GCIIX Calmar Ratio Rank: 48
GCIIX Martin Ratio Rank: 48

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.

GSAGX vs. GCIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs China Equity Fund (GSAGX) and Goldman Sachs International Equity Insights Fund (GCIIX). 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.

	GSAGX	GCIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.00	1.92	-0.92
Sortino ratio: Return per unit of downside risk	1.47	2.65	-1.18
Omega ratio: Gain probability vs. loss probability	1.18	1.35	-0.17
Calmar ratio: Return relative to maximum drawdown	1.54	2.49	-0.95
Martin ratio: Return relative to average drawdown	3.95	9.30	-5.35

GSAGX vs. GCIIX - Sharpe Ratio Comparison

The current GSAGX Sharpe Ratio is 1.00, which is lower than the GCIIX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of GSAGX and GCIIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GSAGX vs. GCIIX - Drawdown Comparison

The maximum GSAGX drawdown since its inception was -70.73%, which is greater than GCIIX's maximum drawdown of -61.08%. Use the drawdown chart below to compare losses from any high point for GSAGX and GCIIX.

Drawdown Indicators

	GSAGX	GCIIX	Difference
Max Drawdown Largest peak-to-trough decline	-70.73%	-61.08%	-9.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.15%	-12.33%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	-25.08%	-13.25%	-11.83%
Max Drawdown (5Y) Largest decline over 5 years	-58.97%	-30.58%	-28.39%
Max Drawdown (10Y) Largest decline over 10 years	-63.98%	-39.85%	-24.13%
Current Drawdown Current decline from peak	-38.87%	-2.46%	-36.41%
Average Drawdown Average peak-to-trough decline	-28.61%	-15.02%	-13.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.73%	3.29%	+1.44%

Volatility

GSAGX vs. GCIIX - Volatility Comparison

Goldman Sachs China Equity Fund (GSAGX) has a higher volatility of 6.94% compared to Goldman Sachs International Equity Insights Fund (GCIIX) at 5.81%. This indicates that GSAGX's price experiences larger fluctuations and is considered to be riskier than GCIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSAGX	GCIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.94%	5.81%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	14.00%	13.62%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	18.68%	15.98%	+2.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.52%	16.23%	+9.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.70%	16.57%	+6.13%

GSAGX vs. GCIIX - Expense Ratio Comparison

GSAGX has a 1.47% expense ratio, which is higher than GCIIX's 0.80% expense ratio.

Dividends

GSAGX vs. GCIIX - Dividend Comparison

GSAGX's dividend yield for the trailing twelve months is around 1.32%, less than GCIIX's 6.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GCIIX Goldman Sachs International Equity Insights Fund	6.99%	7.78%	9.24%	2.81%	3.94%	6.33%	1.86%	2.46%	1.94%	1.62%	2.51%	1.45%
GSAGX Goldman Sachs China Equity Fund	1.32%	1.34%	1.40%	0.89%	0.00%	6.78%	5.02%	0.57%	6.92%	1.35%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GSAGX and GCIIX in my portfolio?

GSAGX and GCIIX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSAGX or GCIIX?

GSAGX has higher volatility (6.94%) compared to GCIIX (5.81%). In terms of maximum drawdown, GSAGX dropped -70.73% vs GCIIX's -61.08%.

Which has better risk-adjusted returns?

GCIIX currently has the higher Sharpe Ratio (1.92 vs 1.00), 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.