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GSEU vs. EWU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GSEU vs. EWU

Last updated Jul 15, 2026
Documentation

GSEU (Goldman Sachs ActiveBeta Europe Equity ETF) and EWU (iShares MSCI United Kingdom ETF) are both Europe Equities funds - GSEU tracks the Goldman Sachs ActiveBeta Europe Equity Index while EWU tracks the MSCI United Kingdom Index. Both are passively managed. Over the past 10 years, GSEU returned 9.80%/yr vs 8.15%/yr for EWU. Their correlation of 0.87 suggests significant overlap in exposure. GSEU charges 0.25%/yr vs 0.50%/yr for EWU.

Performance

GSEU vs. EWU - 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 United Kingdom ETF (EWU). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GSEU achieves a 8.11% return, which is significantly higher than EWU's 6.81% return. Over the past 10 years, GSEU has outperformed EWU with an annualized return of 9.80%, while EWU has yielded a comparatively lower 8.15% annualized return.

GSEU

1D
0.62%
1M
0.13%
6M
6.22%
YTD
8.11%
1Y
17.48%
3Y*
15.68%
5Y*
8.82%
10Y*
9.80%

EWU

1D
-0.11%
1M
-0.40%
6M
4.43%
YTD
6.81%
1Y
19.61%
3Y*
16.69%
5Y*
11.54%
10Y*
8.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GSEU vs. EWU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GSEU
Goldman Sachs ActiveBeta Europe Equity ETF		8.11%35.70%2.00%20.74%-17.90%17.33%6.64%24.57%-14.29%26.97%
EWU
iShares MSCI United Kingdom ETF		6.81%34.95%6.74%12.40%-4.39%18.19%-11.80%21.29%-14.30%21.54%

Correlation

The correlation between GSEU and EWU is 0.87, 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

0.87

Correlation (3Y)
Calculated over the trailing 3-year period

0.87

Correlation (5Y)
Calculated over the trailing 5-year period

0.88

Correlation (10Y)
Calculated over the trailing 10-year period

0.87

Correlation (All Time)
Calculated using the full available price history since Mar 4, 2016

0.87

The correlation between GSEU and EWU has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

GSEU vs. EWU - Sectors Allocation Comparison

Sectors
GSEU
EWU

Financial Services

24.0%
25.7%

Industrials

20.0%
13.2%

Healthcare

13.3%
14.5%

Technology

9.1%
0.7%

Consumer Defensive

8.3%
13.1%

Consumer Cyclical

6.7%
3.8%

Basic Materials

5.1%
9.5%

Utilities

4.6%
5.1%

Energy

4.2%
11.6%

Communication Services

4.0%
2.3%

Real Estate

0.5%
0.6%

Financial Services

GSEU
24.0%
EWU
25.7%

Industrials

GSEU
20.0%
EWU
13.2%

Healthcare

GSEU
13.3%
EWU
14.5%

Technology

GSEU
9.1%
EWU
0.7%

Consumer Defensive

GSEU
8.3%
EWU
13.1%

Consumer Cyclical

GSEU
6.7%
EWU
3.8%

Basic Materials

GSEU
5.1%
EWU
9.5%

Utilities

GSEU
4.6%
EWU
5.1%

Energy

GSEU
4.2%
EWU
11.6%

Communication Services

GSEU
4.0%
EWU
2.3%

Real Estate

GSEU
0.5%
EWU
0.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Goldman Sachs ActiveBeta Europe Equity ETF

iShares MSCI United Kingdom ETF

Often compared with GSEU:
GSEU vs. EUDGGSEU vs. FEDMGSEU vs. EASGGSEU vs. GSJYGSEU vs. AVUVGSEU vs. DMXFGSEU vs. ^GSPC
Often compared with EWU:
EWU vs. FLGBEWU vs. EWUSEWU vs. SPYEWU vs. FEZEWU vs. FKUEWU vs. BNDWEWU vs. VOO

Return for Risk

GSEU vs. EWU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GSEU
GSEU Risk / Return Rank: 3939
Overall Rank
GSEU Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
GSEU Sortino Ratio Rank: 3939
Sortino Ratio Rank
GSEU Omega Ratio Rank: 3737
Omega Ratio Rank
GSEU Calmar Ratio Rank: 3535
Calmar Ratio Rank
GSEU Martin Ratio Rank: 4343
Martin Ratio Rank
EWU
EWU Risk / Return Rank: 4747
Overall Rank
EWU Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 4848
Sortino Ratio Rank
EWU Omega Ratio Rank: 4545
Omega Ratio Rank
EWU Calmar Ratio Rank: 4949
Calmar Ratio Rank
EWU Martin Ratio Rank: 4949
Martin Ratio Rank
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. EWU - 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 United Kingdom ETF (EWU). 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.

GSEUEWUDifference
Sharpe ratioReturn per unit of total volatility
1.13
1.32

-0.19

Sortino ratioReturn per unit of downside risk
1.66
1.95

-0.28

Omega ratioGain probability vs. loss probability

1.20

1.24

-0.03

Calmar ratioReturn relative to maximum drawdown

1.48

1.99

-0.51

Martin ratioReturn relative to average drawdown

5.55

6.54

-0.99

GSEU vs. EWU - Sharpe Ratio Comparison

The current GSEU Sharpe Ratio is 1.13, which is comparable to the EWU Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of GSEU and EWU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GSEU vs. EWU - Drawdown Comparison

The maximum GSEU drawdown since its inception was -35.71%, smaller than the maximum EWU drawdown of -63.99%. Use the drawdown chart below to compare losses from any high point for GSEU and EWU.

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Drawdown Indicators

GSEUEWUDifference

Max Drawdown

Largest peak-to-trough decline

-35.71%

-63.99%

+28.28%

Max Drawdown (1Y)

Largest decline over 1 year

-11.90%

-9.92%

-1.98%

Max Drawdown (3Y)

Largest decline over 3 years

-14.12%

-12.63%

-1.49%

Max Drawdown (5Y)

Largest decline over 5 years

-33.98%

-24.91%

-9.07%

Max Drawdown (10Y)

Largest decline over 10 years

-35.71%

-43.33%

+7.62%

Current Drawdown

Current decline from peak

-1.58%

-3.51%

+1.93%

Average Drawdown

Average peak-to-trough decline

-6.54%

-14.13%

+7.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.16%

3.01%

+0.15%

Volatility

GSEU vs. EWU - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) is 3.48%, while iShares MSCI United Kingdom ETF (EWU) has a volatility of 4.00%. This indicates that GSEU experiences smaller price fluctuations and is considered to be less risky than EWU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GSEUEWUDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.48%

4.00%

-0.52%

Volatility (6M)

Calculated over the trailing 6-month period

13.24%

12.79%

+0.45%

Volatility (1Y)

Calculated over the trailing 1-year period

15.48%

14.87%

+0.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.21%

16.44%

+0.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.68%

18.22%

-0.54%

GSEU vs. EWU - Expense Ratio Comparison

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

Dividends

GSEU vs. EWU - Dividend Comparison

GSEU's dividend yield for the trailing twelve months is around 2.78%, less than EWU's 3.23% yield.

PositionTTM20252024202320222021202020192018201720162015
EWU
iShares MSCI United Kingdom ETF		3.23%3.73%4.16%4.14%3.43%4.35%2.48%4.13%4.98%3.91%3.97%4.11%
GSEU
Goldman Sachs ActiveBeta Europe Equity ETF		2.78%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

GSEU and EWU have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWU has higher volatility (4.00%) compared to GSEU (3.48%). In terms of maximum drawdown, GSEU dropped -35.71% vs EWU's -63.99%.

On 10-year performance, GSEU leads with 9.80% vs 8.15% for EWU. On fees, GSEU is cheaper at 0.25% per year. On volatility, GSEU has been the lower-risk option at 3.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GSEU has performed better with a 9.80% return vs 8.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWU has the higher dividend yield at 3.23%, compared with 2.78% for GSEU.

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

EWU currently has the higher Sharpe Ratio (1.32 vs 1.13), 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.

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