GSEU vs. ESGD

Last updated Jun 23, 2026

GSEU (Goldman Sachs ActiveBeta Europe Equity ETF) and ESGD (iShares ESG Aware MSCI EAFE ETF) are both exchange-traded funds - GSEU is a Europe Equities fund tracking the Goldman Sachs ActiveBeta Europe Equity Index, while ESGD is a Foreign Large Cap Equities fund tracking the MSCI EAFE Extended ESG Focus Index. Both are passively managed. Over the past 5 years, GSEU returned 8.79%/yr vs 8.77%/yr for ESGD. Their correlation of 0.93 suggests significant overlap in exposure. GSEU charges 0.25%/yr vs 0.20%/yr for ESGD.

Performance

GSEU vs. ESGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and iShares ESG Aware MSCI EAFE ETF (ESGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSEU achieves a 7.49% return, which is significantly lower than ESGD's 10.63% return.

GSEU

• 1D: 0.01%
• 1M: 1.24%
• YTD: 7.49%
• 6M: 8.09%
• 1Y: 21.42%
• 3Y*: 17.28%
• 5Y*: 8.79%
• 10Y*: 10.29%

ESGD

• 1D: 0.40%
• 1M: 2.37%
• YTD: 10.63%
• 6M: 10.98%
• 1Y: 24.49%
• 3Y*: 16.93%
• 5Y*: 8.77%
• 10Y*: —

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

GSEU vs. ESGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	7.49%	35.70%	2.00%	20.74%	-17.90%	17.33%	6.64%	24.57%	-14.29%	26.97%
ESGD iShares ESG Aware MSCI EAFE ETF	10.63%	29.63%	3.95%	18.53%	-15.17%	11.79%	8.20%	23.12%	-13.33%	25.10%

Correlation

The correlation between GSEU and ESGD is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jun 30, 2016	0.93

The correlation between GSEU and ESGD has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

GSEU vs. ESGD - Sectors Allocation Comparison

Sectors	GSEU	ESGD
Financial Services	24.0%	26.6%
Industrials	20.0%	18.4%
Healthcare	13.3%	9.5%
Technology	9.1%	13.2%
Consumer Defensive	8.3%	6.8%
Consumer Cyclical	6.7%	6.6%
Basic Materials	5.1%	5.6%
Utilities	4.6%	3.6%
Energy	4.2%	3.4%
Communication Services	4.0%	4.2%
Real Estate	0.5%	1.6%

Return for Risk

GSEU vs. ESGD — Risk / Return Rank

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

GSEU

GSEU Risk / Return Rank: 40
GSEU Sharpe Ratio Rank: 41
GSEU Sortino Ratio Rank: 40
GSEU Omega Ratio Rank: 39
GSEU Calmar Ratio Rank: 37
GSEU Martin Ratio Rank: 43

ESGD

ESGD Risk / Return Rank: 46
ESGD Sharpe Ratio Rank: 46
ESGD Sortino Ratio Rank: 46
ESGD Omega Ratio Rank: 45
ESGD Calmar Ratio Rank: 44
ESGD Martin Ratio Rank: 48

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.

GSEU vs. ESGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and iShares ESG Aware MSCI EAFE ETF (ESGD). 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.

	GSEU	ESGD	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.57	-0.17
Sortino ratio: Return per unit of downside risk	2.00	2.25	-0.24
Omega ratio: Gain probability vs. loss probability	1.25	1.28	-0.03
Calmar ratio: Return relative to maximum drawdown	1.81	2.11	-0.30
Martin ratio: Return relative to average drawdown	6.80	7.87	-1.06

GSEU vs. ESGD - Sharpe Ratio Comparison

The current GSEU Sharpe Ratio is 1.40, which is comparable to the ESGD Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of GSEU and ESGD, 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

GSEU vs. ESGD - Drawdown Comparison

The maximum GSEU drawdown since its inception was -35.71%, which is greater than ESGD's maximum drawdown of -33.70%. Use the drawdown chart below to compare losses from any high point for GSEU and ESGD.

Drawdown Indicators

	GSEU	ESGD	Difference
Max Drawdown Largest peak-to-trough decline	-35.71%	-33.70%	-2.01%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-11.68%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	-14.12%	-13.86%	-0.26%
Max Drawdown (5Y) Largest decline over 5 years	-33.98%	-30.03%	-3.95%
Max Drawdown (10Y) Largest decline over 10 years	-35.71%	—	—
Current Drawdown Current decline from peak	-0.72%	0.00%	-0.72%
Average Drawdown Average peak-to-trough decline	-6.57%	-6.16%	-0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	3.12%	+0.04%

Volatility

GSEU vs. ESGD - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) is 4.43%, while iShares ESG Aware MSCI EAFE ETF (ESGD) has a volatility of 4.99%. This indicates that GSEU experiences smaller price fluctuations and is considered to be less risky than ESGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSEU	ESGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	4.99%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	12.93%	13.27%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	15.39%	15.73%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.19%	16.69%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	16.99%	+1.02%

GSEU vs. ESGD - Expense Ratio Comparison

GSEU has a 0.25% expense ratio, which is higher than ESGD's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GSEU vs. ESGD - Dividend Comparison

GSEU's dividend yield for the trailing twelve months is around 2.53%, less than ESGD's 3.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ESGD iShares ESG Aware MSCI EAFE ETF	3.31%	3.60%	3.23%	3.02%	2.59%	2.75%	1.63%	2.57%	2.69%	2.65%	0.09%
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	2.53%	2.72%	2.35%	3.41%	3.34%	2.71%	1.84%	3.69%	3.40%	2.51%	2.74%

Frequently Asked Questions

Can I hold both GSEU and ESGD in my portfolio?

With a correlation of 0.95, GSEU and ESGD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GSEU or ESGD?

ESGD has higher volatility (4.99%) compared to GSEU (4.43%). In terms of maximum drawdown, GSEU dropped -35.71% vs ESGD's -33.70%.

Which ETF is better, GSEU or ESGD?

On 5-year performance, GSEU leads with 8.79% vs 8.77% for ESGD. On fees, ESGD is cheaper at 0.20% per year. On volatility, GSEU has been the lower-risk option at 4.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEU or ESGD?

Over the 5-year period, GSEU has performed better with a 8.79% return vs 8.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEU or ESGD?

ESGD is cheaper with a 0.20% expense ratio, compared with 0.25% for GSEU.

Which ETF pays a higher dividend yield, GSEU or ESGD?

ESGD has the higher dividend yield at 3.31%, compared with 2.53% for GSEU.

What is the main difference between GSEU and ESGD?

GSEU is categorized as Europe Equities, while ESGD is Foreign Large Cap Equities. GSEU tracks Goldman Sachs ActiveBeta Europe Equity Index, while ESGD tracks MSCI EAFE Extended ESG Focus Index. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.25% for GSEU and 0.20% for ESGD.

Which has better risk-adjusted returns?

ESGD currently has the higher Sharpe Ratio (1.57 vs 1.40), 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.