GSEE vs. WAESX

Last updated Jun 4, 2026

GSEE (Goldman Sachs MarketBeta Emerging Markets Equity ETF) and WAESX (Wasatch Emerging Markets Select Fund) are both funds - GSEE is a Asia Pacific Equities fund tracking the Solactive GBS Emerging Markets Large & Mid Cap Index, while WAESX is a Emerging Markets Diversified fund managed by Wasatch. Over the past 5 years, GSEE returned 7.49%/yr vs -0.96%/yr for WAESX. A 0.76 correlation means they provide meaningful diversification when combined. GSEE charges 0.36%/yr vs 1.32%/yr for WAESX.

Performance

GSEE vs. WAESX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) and Wasatch Emerging Markets Select Fund (WAESX). 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 WAESX's 6.04% return.

GSEE

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

WAESX

• 1D: -0.92%
• 1M: -0.41%
• YTD: 6.04%
• 6M: 6.62%
• 1Y: 11.10%
• 3Y*: 8.16%
• 5Y*: -0.96%
• 10Y*: 8.28%

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

GSEE vs. WAESX - 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%
WAESX Wasatch Emerging Markets Select Fund	6.04%	10.56%	-0.12%	17.52%	-37.38%	21.34%	68.88%

Correlation

The correlation between GSEE and WAESX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since May 18, 2020	0.76

The correlation between GSEE and WAESX has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.

Return for Risk

GSEE vs. WAESX — 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

WAESX

WAESX Risk / Return Rank: 9
WAESX Sharpe Ratio Rank: 8
WAESX Sortino Ratio Rank: 8
WAESX Omega Ratio Rank: 8
WAESX Calmar Ratio Rank: 10
WAESX Martin Ratio Rank: 11

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. WAESX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) and Wasatch Emerging Markets Select Fund (WAESX). 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	WAESX	Difference
Sharpe ratio: Return per unit of total volatility	2.80	0.63	+2.16
Sortino ratio: Return per unit of downside risk	3.63	1.02	+2.61
Omega ratio: Gain probability vs. loss probability	1.50	1.12	+0.38
Calmar ratio: Return relative to maximum drawdown	4.18	0.96	+3.22
Martin ratio: Return relative to average drawdown	16.02	3.17	+12.85
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. WAESX - Sharpe Ratio Comparison

The current GSEE Sharpe Ratio is 2.80, which is higher than the WAESX Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of GSEE and WAESX, 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	WAESX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	0.63	+2.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	-0.05	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.27	+0.51

Drawdowns

GSEE vs. WAESX - Drawdown Comparison

The maximum GSEE drawdown since its inception was -37.51%, smaller than the maximum WAESX drawdown of -45.85%. Use the drawdown chart below to compare losses from any high point for GSEE and WAESX.

Drawdown Indicators

	GSEE	WAESX	Difference
Max Drawdown Largest peak-to-trough decline	-37.51%	-45.85%	+8.34%
Max Drawdown (1Y) Largest decline over 1 year	-13.05%	-11.18%	-1.87%
Max Drawdown (3Y) Largest decline over 3 years	-17.39%	-21.75%	+4.36%
Max Drawdown (5Y) Largest decline over 5 years	-34.97%	-45.85%	+10.88%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.85%	—
Current Drawdown Current decline from peak	-1.36%	-19.21%	+17.85%
Average Drawdown Average peak-to-trough decline	-14.73%	-16.61%	+1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	3.39%	+0.01%

Volatility

GSEE vs. WAESX - Volatility Comparison

Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) has a higher volatility of 8.68% compared to Wasatch Emerging Markets Select Fund (WAESX) at 5.50%. This indicates that GSEE's price experiences larger fluctuations and is considered to be riskier than WAESX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSEE	WAESX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.68%	5.50%	+3.18%
Volatility (6M) Calculated over the trailing 6-month period	16.80%	14.07%	+2.73%
Volatility (1Y) Calculated over the trailing 1-year period	19.52%	17.08%	+2.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.24%	20.07%	-1.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.39%	19.73%	-1.34%

GSEE vs. WAESX - Expense Ratio Comparison

GSEE has a 0.36% expense ratio, which is lower than WAESX's 1.32% expense ratio.

Dividends

GSEE vs. WAESX - Dividend Comparison

GSEE's dividend yield for the trailing twelve months is around 1.98%, while WAESX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.98%	2.53%	2.79%	3.07%	3.05%	6.10%	2.41%
WAESX Wasatch Emerging Markets Select Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.42%	0.00%

Frequently Asked Questions

Can I hold both GSEE and WAESX in my portfolio?

GSEE and WAESX have a correlation of 0.71, 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 WAESX?

GSEE has higher volatility (8.68%) compared to WAESX (5.50%). In terms of maximum drawdown, GSEE dropped -37.51% vs WAESX's -45.85%.

Which has better risk-adjusted returns?

GSEE currently has the higher Sharpe Ratio (2.80 vs 0.63), 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.