GSEE vs. VOO

Last updated Jun 4, 2026

GSEE (Goldman Sachs MarketBeta Emerging Markets Equity ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - GSEE is a Asia Pacific Equities fund tracking the Solactive GBS Emerging Markets Large & Mid Cap Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, GSEE returned 7.49%/yr vs 13.90%/yr for VOO. A 0.64 correlation means they provide meaningful diversification when combined. GSEE charges 0.36%/yr vs 0.03%/yr for VOO.

Performance

GSEE vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) and Vanguard S&P 500 ETF (VOO). 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 VOO's 10.91% return.

GSEE

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

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

GSEE vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	27.44%	33.38%	4.94%	11.03%	-19.57%	-2.61%	43.54%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-18.17%	28.79%	32.44%

Correlation

The correlation between GSEE and VOO is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since May 18, 2020	0.64

The correlation between GSEE and VOO has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.

GSEE vs. VOO - Sectors Allocation Comparison

Sectors	GSEE	VOO
Technology	36.0%	35.7%
Financial Services	18.8%	11.6%
Consumer Cyclical	9.7%	10.2%
Industrials	9.0%	8.3%
Communication Services	6.6%	11.3%
Basic Materials	6.3%	1.8%
Energy	4.0%	3.5%
Healthcare	3.1%	8.5%
Consumer Defensive	3.0%	4.9%
Utilities	2.3%	2.4%
Real Estate	1.2%	1.9%

Return for Risk

GSEE vs. VOO — 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

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.80	2.39	+0.41
Sortino ratio: Return per unit of downside risk	3.63	3.25	+0.38
Omega ratio: Gain probability vs. loss probability	1.50	1.43	+0.07
Calmar ratio: Return relative to maximum drawdown	4.18	3.16	+1.02
Martin ratio: Return relative to average drawdown	16.02	14.73	+1.30
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. VOO - Sharpe Ratio Comparison

The current GSEE Sharpe Ratio is 2.80, which is comparable to the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of GSEE and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	2.39	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.83	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.89	-0.11

Drawdowns

GSEE vs. VOO - Drawdown Comparison

The maximum GSEE drawdown since its inception was -37.51%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for GSEE and VOO.

Drawdown Indicators

	GSEE	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-37.51%	-33.99%	-3.52%
Max Drawdown (1Y) Largest decline over 1 year	-13.05%	-8.90%	-4.15%
Max Drawdown (3Y) Largest decline over 3 years	-17.39%	-18.69%	+1.30%
Max Drawdown (5Y) Largest decline over 5 years	-34.97%	-24.52%	-10.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-1.36%	-0.70%	-0.66%
Average Drawdown Average peak-to-trough decline	-14.73%	-3.69%	-11.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	1.91%	+1.49%

Volatility

GSEE vs. VOO - Volatility Comparison

Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) has a higher volatility of 8.68% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. This indicates that GSEE's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSEE	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.68%	2.84%	+5.84%
Volatility (6M) Calculated over the trailing 6-month period	16.80%	8.90%	+7.90%
Volatility (1Y) Calculated over the trailing 1-year period	19.52%	11.80%	+7.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.24%	16.81%	+1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.39%	18.01%	+0.38%

GSEE vs. VOO - Expense Ratio Comparison

GSEE has a 0.36% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

GSEE vs. VOO - Dividend Comparison

GSEE's dividend yield for the trailing twelve months is around 1.98%, more than VOO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.98%	2.53%	2.79%	3.07%	3.05%	6.10%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both GSEE and VOO in my portfolio?

GSEE and VOO have a correlation of 0.72, 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 VOO?

GSEE has higher volatility (8.68%) compared to VOO (2.84%). In terms of maximum drawdown, GSEE dropped -37.51% vs VOO's -33.99%.

Which ETF is better, GSEE or VOO?

On 5-year performance, VOO leads with 13.90% vs 7.49% for GSEE. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEE or VOO?

Over the 5-year period, VOO has performed better with a 13.90% return vs 7.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEE or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.36% for GSEE.

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

GSEE has the higher dividend yield at 1.98%, compared with 1.03% for VOO.

What is the main difference between GSEE and VOO?

GSEE is categorized as Asia Pacific Equities, while VOO is S&P 500. GSEE tracks Solactive GBS Emerging Markets Large & Mid Cap Index, while VOO tracks S&P 500 Index. They also come from different issuers: Goldman Sachs and Vanguard. Their fees differ too: 0.36% for GSEE and 0.03% for VOO.

Which has better risk-adjusted returns?

GSEE currently has the higher Sharpe Ratio (2.80 vs 2.39), 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.