GSC vs. OVS

Last updated Jun 24, 2026

GSC (Goldman Sachs Small Cap Core Equity ETF) and OVS (Overlay Shares Small Cap Equity ETF) are both Small Cap Blend Equities funds. Both are actively managed. Over the past 5 years, GSC returned 24.30%/yr vs 6.48%/yr for OVS. At a 0.36 correlation, their price movements are largely independent. GSC charges 0.75%/yr vs 0.83%/yr for OVS.

Performance

GSC vs. OVS - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with GSC having a 21.55% return and OVS slightly lower at 20.91%.

GSC

• 1D: -1.20%
• 1M: 7.98%
• YTD: 21.55%
• 6M: 18.78%
• 1Y: 33.32%
• 3Y*: 28.34%
• 5Y*: 24.30%
• 10Y*: 11.56%

OVS

• 1D: -0.41%
• 1M: 3.73%
• YTD: 20.91%
• 6M: 18.05%
• 1Y: 38.42%
• 3Y*: 17.64%
• 5Y*: 6.48%
• 10Y*: —

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

GSC vs. OVS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GSC Goldman Sachs Small Cap Core Equity ETF	21.55%	6.29%	13.79%	33.52%	28.40%	58.09%	-33.08%	14.66%
OVS Overlay Shares Small Cap Equity ETF	20.91%	6.15%	11.07%	17.20%	-19.99%	30.15%	12.16%	9.35%

Correlation

The correlation between GSC and OVS is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019	0.36

Over the past year, GSC and OVS have become more correlated (0.78) than their long-term average of 0.36, meaning their price movements have been converging.

GSC vs. OVS - Sectors Allocation Comparison

Sectors	GSC	OVS
Technology	22.7%	17.5%
Industrials	19.2%	15.1%
Financial Services	16.1%	16.4%
Healthcare	13.6%	10.9%
Consumer Cyclical	10.4%	13.1%
Basic Materials	5.2%	5.0%
Energy	3.9%	5.4%
Utilities	3.0%	1.9%
Real Estate	2.6%	7.5%
Consumer Defensive	2.4%	3.7%
Communication Services	0.9%	3.7%

Return for Risk

GSC vs. OVS — Risk / Return Rank

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

GSC

GSC Risk / Return Rank: 46
GSC Sharpe Ratio Rank: 10
GSC Sortino Ratio Rank: 89
GSC Omega Ratio Rank: 98
GSC Calmar Ratio Rank: 15
GSC Martin Ratio Rank: 19

OVS

OVS Risk / Return Rank: 71
OVS Sharpe Ratio Rank: 65
OVS Sortino Ratio Rank: 66
OVS Omega Ratio Rank: 60
OVS Calmar Ratio Rank: 86
OVS Martin Ratio Rank: 80

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.

GSC vs. OVS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Small Cap Core Equity ETF (GSC) and Overlay Shares Small Cap Equity ETF (OVS). 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	OVS	Difference
Sharpe ratio: Return per unit of total volatility	0.08	1.99	-1.90
Sortino ratio: Return per unit of downside risk	3.83	2.82	+1.01
Omega ratio: Gain probability vs. loss probability	1.99	1.34	+0.65
Calmar ratio: Return relative to maximum drawdown	0.57	4.54	-3.96
Martin ratio: Return relative to average drawdown	1.98	14.73	-12.76

GSC vs. OVS - Sharpe Ratio Comparison

The current GSC Sharpe Ratio is 0.08, which is lower than the OVS Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of GSC and OVS, 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. OVS - Drawdown Comparison

The maximum GSC drawdown since its inception was -88.63%, which is greater than OVS's maximum drawdown of -45.09%. Use the drawdown chart below to compare losses from any high point for GSC and OVS.

Drawdown Indicators

	GSC	OVS	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-45.09%	-43.54%
Max Drawdown (1Y) Largest decline over 1 year	-58.25%	-8.51%	-49.74%
Max Drawdown (3Y) Largest decline over 3 years	-58.25%	-30.49%	-27.76%
Max Drawdown (5Y) Largest decline over 5 years	-58.25%	-30.49%	-27.76%
Max Drawdown (10Y) Largest decline over 10 years	-66.06%	—	—
Current Drawdown Current decline from peak	-27.81%	-0.63%	-27.18%
Average Drawdown Average peak-to-trough decline	-59.18%	-11.27%	-47.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.91%	2.61%	+14.30%

Volatility

GSC vs. OVS - Volatility Comparison

Goldman Sachs Small Cap Core Equity ETF (GSC) has a higher volatility of 6.31% compared to Overlay Shares Small Cap Equity ETF (OVS) at 5.30%. This indicates that GSC's price experiences larger fluctuations and is considered to be riskier than OVS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSC	OVS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.31%	5.30%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	187.41%	13.42%	+173.99%
Volatility (1Y) Calculated over the trailing 1-year period	403.80%	19.47%	+384.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	218.85%	23.24%	+195.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	160.44%	27.42%	+133.02%

GSC vs. OVS - Expense Ratio Comparison

GSC has a 0.75% expense ratio, which is lower than OVS's 0.83% expense ratio.

Dividends

GSC vs. OVS - Dividend Comparison

GSC's dividend yield for the trailing twelve months is around 0.16%, less than OVS's 6.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GSC Goldman Sachs Small Cap Core Equity ETF	0.16%	0.16%	0.66%	0.11%	0.00%	0.00%	0.00%	0.00%
OVS Overlay Shares Small Cap Equity ETF	6.64%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%

Frequently Asked Questions

Can I hold both GSC and OVS in my portfolio?

GSC and OVS have a correlation of 0.78, 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 OVS?

GSC has higher volatility (6.31%) compared to OVS (5.30%). In terms of maximum drawdown, GSC dropped -88.63% vs OVS's -45.09%.

Which ETF is better, GSC or OVS?

On 5-year performance, GSC leads with 24.30% vs 6.48% for OVS. On fees, GSC is cheaper at 0.75% per year. On volatility, OVS has been the lower-risk option at 5.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSC or OVS?

Over the 5-year period, GSC has performed better with a 24.30% return vs 6.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSC or OVS?

GSC is cheaper with a 0.75% expense ratio, compared with 0.83% for OVS.

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

OVS has the higher dividend yield at 6.64%, compared with 0.16% for GSC.

What is the main difference between GSC and OVS?

They also come from different issuers: Goldman Sachs and Liquid Strategies. Their fees differ too: 0.75% for GSC and 0.83% for OVS.

Which has better risk-adjusted returns?

OVS currently has the higher Sharpe Ratio (1.99 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.