GSC vs. AFSC

Last updated Aug 6, 2026

GSC (Goldman Sachs Small Cap Core Equity ETF) and AFSC (abrdn Focused U.S. Small Cap Active ETF) are both Small Cap Blend Equities funds. Both are actively managed. Over the past year, GSC returned 32.89% vs 38.76% for AFSC. Their 0.74 correlation means they have sometimes moved together and sometimes differently. GSC charges 0.75%/yr vs 0.65%/yr for AFSC.

Performance

GSC vs. AFSC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Small Cap Core Equity ETF (GSC) and abrdn Focused U.S. Small Cap Active ETF (AFSC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSC achieves a 25.66% return, which is significantly lower than AFSC's 30.31% return.

GSC

• 1D: -0.30%
• 1M: 1.05%
• 6M: 17.81%
• YTD: 25.66%
• 1Y: 32.89%
• 3Y*: 29.77%
• 5Y*: 22.41%
• 10Y*: 12.89%
• ALL TIME*: 0.44%

AFSC

• 1D: 0.58%
• 1M: 2.69%
• 6M: 23.36%
• YTD: 30.31%
• 1Y: 38.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.80%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AFSC abrdn Focused U.S. Small Cap Active ETF	$11.87K	$12.37K	$12.47K
GSC Goldman Sachs Small Cap Core Equity ETF	$771.95K	$761.49K	$912.67K

GSC vs. AFSC - Yearly Performance Comparison

	2026 (YTD)	2025
GSC Goldman Sachs Small Cap Core Equity ETF	25.66%	4.59%
AFSC abrdn Focused U.S. Small Cap Active ETF	30.31%	2.33%

Correlation

The correlation between GSC and AFSC is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	0.74

The correlation between GSC and AFSC has been stable across timeframes, ranging from 0.74 to 0.79 - a consistent structural relationship.

Return for Risk

GSC vs. AFSC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GSC

GSC Risk / Return Rank: 49
GSC Sharpe Ratio Rank: 12
GSC Sortino Ratio Rank: 93
GSC Omega Ratio Rank: 98
GSC Calmar Ratio Rank: 19
GSC Martin Ratio Rank: 23

AFSC

AFSC Risk / Return Rank: 80
AFSC Sharpe Ratio Rank: 79
AFSC Sortino Ratio Rank: 79
AFSC Omega Ratio Rank: 70
AFSC Calmar Ratio Rank: 87
AFSC Martin Ratio Rank: 86

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GSC vs. AFSC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Small Cap Core Equity ETF (GSC) and abrdn Focused U.S. Small Cap Active ETF (AFSC). 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.

	GSC	AFSC	Difference
Sharpe ratio: Return per unit of total volatility	0.08	2.04	-1.96
Sortino ratio: Return per unit of downside risk	3.83	2.88	+0.95
Omega ratio: Gain probability vs. loss probability	1.99	1.33	+0.66
Calmar ratio: Return relative to maximum drawdown	0.57	3.79	-3.22
Martin ratio: Return relative to average drawdown	1.95	13.86	-11.91

GSC vs. AFSC - Sharpe Ratio Comparison

The current GSC Sharpe Ratio is 0.08, which is lower than the AFSC Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of GSC and AFSC, 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

GSC vs. AFSC - Drawdown Comparison

The maximum GSC drawdown since its inception was -88.63%, which is greater than AFSC's maximum drawdown of -21.93%. Use the drawdown chart below to compare losses from any high point for GSC and AFSC.

Drawdown Indicators

	GSC	AFSC	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-21.93%	-66.70%
Max Drawdown (1Y) Largest decline over 1 year	-58.25%	-10.29%	-47.96%
Max Drawdown (3Y) Largest decline over 3 years	-58.25%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-58.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-66.06%	—	—
Current Drawdown Current decline from peak	-25.37%	0.00%	-25.37%
Average Drawdown Average peak-to-trough decline	-58.97%	-3.98%	-54.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.94%	2.81%	+14.13%

Volatility

GSC vs. AFSC - Volatility Comparison

Goldman Sachs Small Cap Core Equity ETF (GSC) has a higher volatility of 5.12% compared to abrdn Focused U.S. Small Cap Active ETF (AFSC) at 4.78%. This indicates that GSC's price experiences larger fluctuations and is considered to be riskier than AFSC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSC	AFSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	4.78%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	125.43%	14.61%	+110.82%
Volatility (1Y) Calculated over the trailing 1-year period	403.82%	19.11%	+384.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	218.83%	22.09%	+196.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	160.40%	22.09%	+138.31%

GSC vs. AFSC - Expense Ratio Comparison

GSC has a 0.75% expense ratio, which is higher than AFSC's 0.65% expense ratio.

Dividends

GSC vs. AFSC - Dividend Comparison

GSC's dividend yield for the trailing twelve months is around 0.13%, more than AFSC's 0.06% yield.

Position	TTM	2025	2024	2023
AFSC abrdn Focused U.S. Small Cap Active ETF	0.06%	0.08%	0.00%	0.00%
GSC Goldman Sachs Small Cap Core Equity ETF	0.13%	0.16%	0.66%	0.11%

Frequently Asked Questions

Can I hold both GSC and AFSC in my portfolio?

GSC and AFSC have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSC or AFSC?

GSC has higher volatility (5.12%) compared to AFSC (4.78%). In terms of maximum drawdown, GSC dropped -88.63% vs AFSC's -21.93%.

Which ETF is better, GSC or AFSC?

On 1-year performance, AFSC leads with 38.76% vs 32.89% for GSC. On fees, AFSC is cheaper at 0.65% per year. On volatility, AFSC has been the lower-risk option at 4.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSC or AFSC?

Over the 1-year period, AFSC has performed better with a 38.76% return vs 32.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSC or AFSC?

AFSC is cheaper with a 0.65% expense ratio, compared with 0.75% for GSC.

Which ETF pays a higher dividend yield, GSC or AFSC?

GSC has the higher dividend yield at 0.13%, compared with 0.06% for AFSC.

What is the main difference between GSC and AFSC?

They also come from different issuers: Goldman Sachs and Aberdeen. Their fees differ too: 0.75% for GSC and 0.65% for AFSC.

Which has better risk-adjusted returns?

AFSC currently has the higher Sharpe Ratio (2.04 vs 0.08), 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.