GSEU vs. EWN

Last updated Jun 4, 2026

GSEU (Goldman Sachs ActiveBeta Europe Equity ETF) and EWN (iShares MSCI Netherlands ETF) are both Europe Equities funds - GSEU tracks the Goldman Sachs ActiveBeta Europe Equity Index while EWN tracks the MSCI Netherlands Investable Market Index. Both are passively managed. Over the past 10 years, GSEU returned 9.21%/yr vs 12.79%/yr for EWN. Their correlation of 0.86 suggests significant overlap in exposure. GSEU charges 0.25%/yr vs 0.50%/yr for EWN.

Performance

GSEU vs. EWN - Performance Comparison

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

Returns By Period

In the year-to-date period, GSEU achieves a 5.62% return, which is significantly lower than EWN's 18.09% return. Over the past 10 years, GSEU has underperformed EWN with an annualized return of 9.21%, while EWN has yielded a comparatively higher 12.79% annualized return.

GSEU

• 1D: -1.00%
• 1M: 2.97%
• YTD: 5.62%
• 6M: 9.09%
• 1Y: 17.47%
• 3Y*: 16.51%
• 5Y*: 8.08%
• 10Y*: 9.21%

EWN

• 1D: -1.30%
• 1M: 8.53%
• YTD: 18.09%
• 6M: 18.14%
• 1Y: 33.81%
• 3Y*: 19.93%
• 5Y*: 8.69%
• 10Y*: 12.79%

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

GSEU vs. EWN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	5.62%	35.70%	2.00%	20.74%	-17.90%	17.33%	6.64%	24.57%	-14.29%	26.97%
EWN iShares MSCI Netherlands ETF	18.09%	34.87%	1.67%	22.08%	-24.43%	22.74%	23.23%	32.45%	-15.37%	33.73%

Correlation

The correlation between GSEU and EWN is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 7, 2016	0.86

The correlation between GSEU and EWN has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

GSEU vs. EWN - Sectors Allocation Comparison

Sectors	GSEU	EWN
Financial Services	24.7%	18.1%
Industrials	19.9%	10.2%
Healthcare	13.1%	2.6%
Consumer Defensive	8.4%	11.5%
Technology	8.1%	34.8%
Consumer Cyclical	6.6%	1.5%
Basic Materials	5.0%	3.1%
Utilities	4.8%	-
Communication Services	4.6%	14.7%
Energy	4.4%	2.1%
Real Estate	0.6%	0.7%

Return for Risk

GSEU vs. EWN — Risk / Return Rank

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

GSEU

GSEU Risk / Return Rank: 32
GSEU Sharpe Ratio Rank: 32
GSEU Sortino Ratio Rank: 31
GSEU Omega Ratio Rank: 31
GSEU Calmar Ratio Rank: 30
GSEU Martin Ratio Rank: 35

EWN

EWN Risk / Return Rank: 51
EWN Sharpe Ratio Rank: 49
EWN Sortino Ratio Rank: 50
EWN Omega Ratio Rank: 47
EWN Calmar Ratio Rank: 52
EWN Martin Ratio Rank: 56

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. EWN - Risk-Adjusted Trends Comparison

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

	GSEU	EWN	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.73	-0.56
Sortino ratio: Return per unit of downside risk	1.68	2.47	-0.80
Omega ratio: Gain probability vs. loss probability	1.21	1.30	-0.09
Calmar ratio: Return relative to maximum drawdown	1.47	2.57	-1.09
Martin ratio: Return relative to average drawdown	5.54	9.70	-4.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSEU vs. EWN - Sharpe Ratio Comparison

The current GSEU Sharpe Ratio is 1.16, which is lower than the EWN Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of GSEU and EWN, 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

	GSEU	EWN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	1.73	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.38	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.60	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.31	+0.22

Drawdowns

GSEU vs. EWN - Drawdown Comparison

The maximum GSEU drawdown since its inception was -35.71%, smaller than the maximum EWN drawdown of -65.22%. Use the drawdown chart below to compare losses from any high point for GSEU and EWN.

Drawdown Indicators

	GSEU	EWN	Difference
Max Drawdown Largest peak-to-trough decline	-35.71%	-65.22%	+29.51%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-13.24%	+1.34%
Max Drawdown (3Y) Largest decline over 3 years	-14.12%	-19.77%	+5.65%
Max Drawdown (5Y) Largest decline over 5 years	-33.98%	-43.57%	+9.59%
Max Drawdown (10Y) Largest decline over 10 years	-35.71%	-43.57%	+7.86%
Current Drawdown Current decline from peak	-2.16%	-1.30%	-0.86%
Average Drawdown Average peak-to-trough decline	-6.60%	-16.35%	+9.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	3.49%	-0.33%

Volatility

GSEU vs. EWN - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) is 5.58%, while iShares MSCI Netherlands ETF (EWN) has a volatility of 7.50%. This indicates that GSEU experiences smaller price fluctuations and is considered to be less risky than EWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSEU	EWN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.58%	7.50%	-1.92%
Volatility (6M) Calculated over the trailing 6-month period	12.48%	16.37%	-3.89%
Volatility (1Y) Calculated over the trailing 1-year period	15.13%	19.68%	-4.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.14%	22.88%	-5.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	21.36%	-3.25%

GSEU vs. EWN - Expense Ratio Comparison

GSEU has a 0.25% expense ratio, which is lower than EWN's 0.50% expense ratio.

Dividends

GSEU vs. EWN - Dividend Comparison

GSEU's dividend yield for the trailing twelve months is around 2.58%, less than EWN's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWN iShares MSCI Netherlands ETF	4.26%	5.03%	2.18%	1.79%	1.98%	1.01%	0.78%	2.57%	2.40%	1.68%	2.71%	1.92%
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	2.58%	2.72%	2.35%	3.41%	3.34%	2.71%	1.84%	3.69%	3.40%	2.51%	2.74%	0.00%

Frequently Asked Questions

Can I hold both GSEU and EWN in my portfolio?

GSEU and EWN have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSEU or EWN?

EWN has higher volatility (7.50%) compared to GSEU (5.58%). In terms of maximum drawdown, GSEU dropped -35.71% vs EWN's -65.22%.

Which ETF is better, GSEU or EWN?

On 10-year performance, EWN leads with 12.79% vs 9.21% for GSEU. On fees, GSEU is cheaper at 0.25% per year. On volatility, GSEU has been the lower-risk option at 5.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEU or EWN?

Over the 10-year period, EWN has performed better with a 12.79% return vs 9.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEU or EWN?

GSEU is cheaper with a 0.25% expense ratio, compared with 0.50% for EWN.

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

EWN has the higher dividend yield at 4.26%, compared with 2.58% for GSEU.

What is the main difference between GSEU and EWN?

GSEU tracks Goldman Sachs ActiveBeta Europe Equity Index, while EWN tracks MSCI Netherlands Investable Market Index. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.25% for GSEU and 0.50% for EWN.

Which has better risk-adjusted returns?

EWN currently has the higher Sharpe Ratio (1.73 vs 1.16), 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.