GSEU vs. FEDM

Last updated Aug 5, 2026

GSEU (Goldman Sachs ActiveBeta Europe Equity ETF) and FEDM (FlexShares ESG & Climate Developed Markets ex-US Core Index Fund) are both exchange-traded funds - GSEU is a Europe Equities fund tracking the Goldman Sachs ActiveBeta Europe Equity Index, while FEDM is a Foreign Large Cap Equities fund tracking the Northern Trust ESG & Climate Developed Markets ex-US Core Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, GSEU returned 17.84%/yr vs 15.90%/yr for FEDM. Their correlation of 0.94 means they have usually moved in the same direction. GSEU charges 0.25%/yr vs 0.12%/yr for FEDM.

Performance

GSEU vs. FEDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and FlexShares ESG & Climate Developed Markets ex-US Core Index Fund (FEDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with GSEU having a 11.86% return and FEDM slightly higher at 12.23%.

GSEU

• 1D: 0.64%
• 1M: 2.32%
• 6M: 6.92%
• YTD: 11.86%
• 1Y: 23.83%
• 3Y*: 17.84%
• 5Y*: 8.89%
• 10Y*: 9.96%
• ALL TIME*: 9.91%

FEDM

• 1D: 0.84%
• 1M: 3.96%
• 6M: 7.26%
• YTD: 12.23%
• 1Y: 23.42%
• 3Y*: 15.90%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.37%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FEDM FlexShares ESG & Climate Developed Markets ex-US Core Index Fund	$56.44K	$68.81K	$71.09K
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	$243.70K	$273.74K	$305.32K

GSEU vs. FEDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	11.86%	35.70%	2.00%	20.74%	-17.90%	3.83%
FEDM FlexShares ESG & Climate Developed Markets ex-US Core Index Fund	12.23%	26.85%	2.85%	17.39%	-15.25%	1.50%

Correlation

The correlation between GSEU and FEDM is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (All Time) Calculated using the full available price history since Sep 21, 2021	0.94

The correlation between GSEU and FEDM has been stable across timeframes, ranging from 0.84 to 0.94 - a consistent structural relationship.

GSEU vs. FEDM - Sectors Allocation Comparison

Sectors	GSEU	FEDM
Financial Services	24.7%	28.7%
Industrials	19.9%	16.9%
Healthcare	13.7%	9.1%
Technology	9.4%	11.1%
Consumer Defensive	8.4%	6.5%
Consumer Cyclical	6.7%	5.4%
Utilities	4.6%	3.2%
Basic Materials	4.6%	6.4%
Energy	3.8%	5.6%
Communication Services	3.7%	3.3%
Real Estate	0.5%	1.7%

Return for Risk

GSEU vs. FEDM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GSEU

GSEU Risk / Return Rank: 55
GSEU Sharpe Ratio Rank: 57
GSEU Sortino Ratio Rank: 57
GSEU Omega Ratio Rank: 55
GSEU Calmar Ratio Rank: 50
GSEU Martin Ratio Rank: 58

FEDM

FEDM Risk / Return Rank: 51
FEDM Sharpe Ratio Rank: 51
FEDM Sortino Ratio Rank: 52
FEDM Omega Ratio Rank: 50
FEDM Calmar Ratio Rank: 49
FEDM Martin Ratio Rank: 55

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GSEU vs. FEDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and FlexShares ESG & Climate Developed Markets ex-US Core Index Fund (FEDM). 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	FEDM	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.42	+0.13
Sortino ratio: Return per unit of downside risk	2.22	2.08	+0.14
Omega ratio: Gain probability vs. loss probability	1.28	1.26	+0.02
Calmar ratio: Return relative to maximum drawdown	2.01	1.97	+0.04
Martin ratio: Return relative to average drawdown	7.75	7.20	+0.55

GSEU vs. FEDM - Sharpe Ratio Comparison

The current GSEU Sharpe Ratio is 1.56, which is comparable to the FEDM Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of GSEU and FEDM, 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. FEDM - Drawdown Comparison

The maximum GSEU drawdown since its inception was -35.71%, which is greater than FEDM's maximum drawdown of -29.37%. Use the drawdown chart below to compare losses from any high point for GSEU and FEDM.

Drawdown Indicators

	GSEU	FEDM	Difference
Max Drawdown Largest peak-to-trough decline	-35.71%	-29.37%	-6.34%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-11.92%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-14.12%	-14.24%	+0.12%
Max Drawdown (5Y) Largest decline over 5 years	-33.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.71%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.51%	-6.79%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	3.26%	-0.18%

Volatility

GSEU vs. FEDM - Volatility Comparison

Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and FlexShares ESG & Climate Developed Markets ex-US Core Index Fund (FEDM) have volatilities of 3.96% and 4.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSEU	FEDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	4.05%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	13.24%	13.19%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	15.40%	16.54%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.22%	16.41%	+0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	16.41%	+1.28%

GSEU vs. FEDM - Expense Ratio Comparison

GSEU has a 0.25% expense ratio, which is higher than FEDM's 0.12% 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. FEDM - Dividend Comparison

GSEU's dividend yield for the trailing twelve months is around 2.69%, less than FEDM's 2.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FEDM FlexShares ESG & Climate Developed Markets ex-US Core Index Fund	2.84%	2.97%	2.94%	2.61%	2.53%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	2.69%	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 FEDM in my portfolio?

GSEU and FEDM have a correlation of 0.84, 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 FEDM?

FEDM has higher volatility (4.05%) compared to GSEU (3.96%). In terms of maximum drawdown, GSEU dropped -35.71% vs FEDM's -29.37%.

Which ETF is better, GSEU or FEDM?

On 3-year performance, GSEU leads with 17.84% vs 15.90% for FEDM. On fees, FEDM is cheaper at 0.12% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEU or FEDM?

Over the 3-year period, GSEU has performed better with a 17.84% return vs 15.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEU or FEDM?

FEDM is cheaper with a 0.12% expense ratio, compared with 0.25% for GSEU.

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

FEDM has the higher dividend yield at 2.84%, compared with 2.69% for GSEU.

What is the main difference between GSEU and FEDM?

GSEU is categorized as Europe Equities, while FEDM is Foreign Large Cap Equities. GSEU tracks Goldman Sachs ActiveBeta Europe Equity Index, while FEDM tracks Northern Trust ESG & Climate Developed Markets ex-US Core Index - Benchmark TR Net. They also come from different issuers: Goldman Sachs and FlexShares. Their fees differ too: 0.25% for GSEU and 0.12% for FEDM.

Which has better risk-adjusted returns?

GSEU currently has the higher Sharpe Ratio (1.56 vs 1.42), 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.