GSEE vs. ADIV

Last updated Jun 4, 2026

GSEE (Goldman Sachs MarketBeta Emerging Markets Equity ETF) and ADIV (SmartETFs Asia Pacific Dividend Builder ETF) are both Asia Pacific Equities funds. GSEE is passively managed, while ADIV is actively managed. Over the past 5 years, GSEE returned 7.49%/yr vs 6.49%/yr for ADIV. Their correlation of 0.86 suggests significant overlap in exposure. GSEE charges 0.36%/yr vs 0.78%/yr for ADIV.

Performance

GSEE vs. ADIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) and SmartETFs Asia Pacific Dividend Builder ETF (ADIV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSEE achieves a 27.44% return, which is significantly higher than ADIV's 8.00% return.

GSEE

• 1D: -1.36%
• 1M: 8.70%
• YTD: 27.44%
• 6M: 30.18%
• 1Y: 54.30%
• 3Y*: 23.60%
• 5Y*: 7.49%
• 10Y*: —

ADIV

• 1D: -1.20%
• 1M: 4.12%
• YTD: 8.00%
• 6M: 7.65%
• 1Y: 19.14%
• 3Y*: 17.71%
• 5Y*: 6.49%
• 10Y*: —

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

GSEE vs. ADIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	27.44%	33.38%	4.94%	11.03%	-19.57%	-4.60%
ADIV SmartETFs Asia Pacific Dividend Builder ETF	8.00%	21.86%	14.47%	12.28%	-18.00%	1.50%

Correlation

The correlation between GSEE and ADIV 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	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Mar 30, 2021	0.86

The correlation between GSEE and ADIV has been stable across timeframes, ranging from 0.78 to 0.86 - a consistent structural relationship.

GSEE vs. ADIV - Sectors Allocation Comparison

Sectors	GSEE	ADIV
Technology	36.0%	25.5%
Financial Services	18.8%	32.4%
Consumer Cyclical	9.7%	16.3%
Industrials	9.0%	2.4%
Communication Services	6.6%	2.7%
Basic Materials	6.3%	-
Energy	4.0%	-
Healthcare	3.1%	5.6%
Consumer Defensive	3.0%	4.7%
Utilities	2.3%	2.5%
Real Estate	1.2%	7.9%

Return for Risk

GSEE vs. ADIV — Risk / Return Rank

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

GSEE

GSEE Risk / Return Rank: 82
GSEE Sharpe Ratio Rank: 84
GSEE Sortino Ratio Rank: 81
GSEE Omega Ratio Rank: 83
GSEE Calmar Ratio Rank: 80
GSEE Martin Ratio Rank: 81

ADIV

ADIV Risk / Return Rank: 39
ADIV Sharpe Ratio Rank: 40
ADIV Sortino Ratio Rank: 39
ADIV Omega Ratio Rank: 39
ADIV Calmar Ratio Rank: 38
ADIV Martin Ratio Rank: 39

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.

GSEE vs. ADIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) and SmartETFs Asia Pacific Dividend Builder ETF (ADIV). 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.

	GSEE	ADIV	Difference
Sharpe ratio: Return per unit of total volatility	2.80	1.43	+1.37
Sortino ratio: Return per unit of downside risk	3.63	2.03	+1.60
Omega ratio: Gain probability vs. loss probability	1.50	1.26	+0.25
Calmar ratio: Return relative to maximum drawdown	4.18	1.89	+2.29
Martin ratio: Return relative to average drawdown	16.02	6.27	+9.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSEE vs. ADIV - Sharpe Ratio Comparison

The current GSEE Sharpe Ratio is 2.80, which is higher than the ADIV Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of GSEE and ADIV, 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

	GSEE	ADIV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	1.43	+1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.40	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.42	+0.35

Drawdowns

GSEE vs. ADIV - Drawdown Comparison

The maximum GSEE drawdown since its inception was -37.51%, which is greater than ADIV's maximum drawdown of -31.55%. Use the drawdown chart below to compare losses from any high point for GSEE and ADIV.

Drawdown Indicators

	GSEE	ADIV	Difference
Max Drawdown Largest peak-to-trough decline	-37.51%	-31.55%	-5.96%
Max Drawdown (1Y) Largest decline over 1 year	-13.05%	-10.15%	-2.90%
Max Drawdown (3Y) Largest decline over 3 years	-17.39%	-18.53%	+1.14%
Max Drawdown (5Y) Largest decline over 5 years	-34.97%	-31.55%	-3.42%
Current Drawdown Current decline from peak	-1.36%	-1.20%	-0.16%
Average Drawdown Average peak-to-trough decline	-14.73%	-8.45%	-6.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	3.06%	+0.34%

Volatility

GSEE vs. ADIV - Volatility Comparison

Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) has a higher volatility of 8.68% compared to SmartETFs Asia Pacific Dividend Builder ETF (ADIV) at 4.35%. This indicates that GSEE's price experiences larger fluctuations and is considered to be riskier than ADIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSEE	ADIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.68%	4.35%	+4.33%
Volatility (6M) Calculated over the trailing 6-month period	16.80%	10.54%	+6.26%
Volatility (1Y) Calculated over the trailing 1-year period	19.52%	13.49%	+6.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.24%	16.48%	+1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.39%	16.37%	+2.02%

GSEE vs. ADIV - Expense Ratio Comparison

GSEE has a 0.36% expense ratio, which is lower than ADIV's 0.78% expense ratio.

Dividends

GSEE vs. ADIV - Dividend Comparison

GSEE's dividend yield for the trailing twelve months is around 1.98%, less than ADIV's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
ADIV SmartETFs Asia Pacific Dividend Builder ETF	2.79%	2.77%	4.83%	4.55%	2.98%	13.85%	0.00%
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.98%	2.53%	2.79%	3.07%	3.05%	6.10%	2.41%

Frequently Asked Questions

Can I hold both GSEE and ADIV in my portfolio?

GSEE and ADIV 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, GSEE or ADIV?

GSEE has higher volatility (8.68%) compared to ADIV (4.35%). In terms of maximum drawdown, GSEE dropped -37.51% vs ADIV's -31.55%.

Which ETF is better, GSEE or ADIV?

On 5-year performance, GSEE leads with 7.49% vs 6.49% for ADIV. On fees, GSEE is cheaper at 0.36% per year. On volatility, ADIV has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEE or ADIV?

Over the 5-year period, GSEE has performed better with a 7.49% return vs 6.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEE or ADIV?

GSEE is cheaper with a 0.36% expense ratio, compared with 0.78% for ADIV.

Which ETF pays a higher dividend yield, GSEE or ADIV?

ADIV has the higher dividend yield at 2.79%, compared with 1.98% for GSEE.

What is the main difference between GSEE and ADIV?

They also come from different issuers: Goldman Sachs and Guinness Atkinson Asset Management. Their fees differ too: 0.36% for GSEE and 0.78% for ADIV.

Which has better risk-adjusted returns?

GSEE currently has the higher Sharpe Ratio (2.80 vs 1.43), 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.