GSEU vs. FEZ

Last updated Jun 24, 2026

GSEU (Goldman Sachs ActiveBeta Europe Equity ETF) and FEZ (State Street SPDR EURO STOXX 50 ETF) are both Europe Equities funds - GSEU tracks the Goldman Sachs ActiveBeta Europe Equity Index while FEZ tracks the EURO STOXX 50 Index. Both are passively managed. Over the past 10 years, GSEU returned 10.17%/yr vs 11.53%/yr for FEZ. Their correlation of 0.93 suggests significant overlap in exposure. GSEU charges 0.25%/yr vs 0.29%/yr for FEZ.

Performance

GSEU vs. FEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and State Street SPDR EURO STOXX 50 ETF (FEZ). 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 6.37% return and FEZ slightly higher at 6.43%. Over the past 10 years, GSEU has underperformed FEZ with an annualized return of 10.17%, while FEZ has yielded a comparatively higher 11.53% annualized return.

GSEU

• 1D: -1.05%
• 1M: 0.18%
• YTD: 6.37%
• 6M: 6.48%
• 1Y: 18.94%
• 3Y*: 16.87%
• 5Y*: 8.34%
• 10Y*: 10.17%

FEZ

• 1D: -1.75%
• 1M: 1.84%
• YTD: 6.43%
• 6M: 6.45%
• 1Y: 19.20%
• 3Y*: 18.06%
• 5Y*: 10.43%
• 10Y*: 11.53%

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

GSEU vs. FEZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	6.37%	35.70%	2.00%	20.74%	-17.90%	17.33%	6.64%	24.57%	-14.29%	26.97%
FEZ State Street SPDR EURO STOXX 50 ETF	6.43%	37.81%	3.57%	27.16%	-14.27%	14.84%	4.84%	26.04%	-15.85%	24.80%

Correlation

The correlation between GSEU and FEZ is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 4, 2016	0.93

The correlation between GSEU and FEZ has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

GSEU vs. FEZ - Sectors Allocation Comparison

Sectors	GSEU	FEZ
Financial Services	24.0%	23.8%
Industrials	20.0%	19.3%
Healthcare	13.3%	5.6%
Technology	9.1%	19.6%
Consumer Defensive	8.3%	5.9%
Consumer Cyclical	6.7%	9.3%
Basic Materials	5.1%	3.8%
Utilities	4.6%	5.0%
Energy	4.2%	5.3%
Communication Services	4.0%	2.6%
Real Estate	0.5%	-

Return for Risk

GSEU vs. FEZ — Risk / Return Rank

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

GSEU

GSEU Risk / Return Rank: 36
GSEU Sharpe Ratio Rank: 37
GSEU Sortino Ratio Rank: 36
GSEU Omega Ratio Rank: 35
GSEU Calmar Ratio Rank: 34
GSEU Martin Ratio Rank: 40

FEZ

FEZ Risk / Return Rank: 30
FEZ Sharpe Ratio Rank: 30
FEZ Sortino Ratio Rank: 30
FEZ Omega Ratio Rank: 28
FEZ Calmar Ratio Rank: 29
FEZ Martin Ratio Rank: 34

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. FEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and State Street SPDR EURO STOXX 50 ETF (FEZ). 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	FEZ	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.05	+0.19
Sortino ratio: Return per unit of downside risk	1.79	1.58	+0.22
Omega ratio: Gain probability vs. loss probability	1.22	1.19	+0.03
Calmar ratio: Return relative to maximum drawdown	1.60	1.42	+0.18
Martin ratio: Return relative to average drawdown	6.01	4.82	+1.19

GSEU vs. FEZ - Sharpe Ratio Comparison

The current GSEU Sharpe Ratio is 1.24, which is comparable to the FEZ Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of GSEU and FEZ, 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. FEZ - Drawdown Comparison

The maximum GSEU drawdown since its inception was -35.71%, smaller than the maximum FEZ drawdown of -64.21%. Use the drawdown chart below to compare losses from any high point for GSEU and FEZ.

Drawdown Indicators

	GSEU	FEZ	Difference
Max Drawdown Largest peak-to-trough decline	-35.71%	-64.21%	+28.50%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-13.63%	+1.73%
Max Drawdown (3Y) Largest decline over 3 years	-14.12%	-15.85%	+1.73%
Max Drawdown (5Y) Largest decline over 5 years	-33.98%	-35.05%	+1.07%
Max Drawdown (10Y) Largest decline over 10 years	-35.71%	-39.69%	+3.98%
Current Drawdown Current decline from peak	-1.76%	-2.33%	+0.57%
Average Drawdown Average peak-to-trough decline	-6.57%	-17.04%	+10.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	3.99%	-0.83%

Volatility

GSEU vs. FEZ - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) is 4.52%, while State Street SPDR EURO STOXX 50 ETF (FEZ) has a volatility of 5.85%. This indicates that GSEU experiences smaller price fluctuations and is considered to be less risky than FEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSEU	FEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	5.85%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	12.96%	15.57%	-2.61%
Volatility (1Y) Calculated over the trailing 1-year period	15.40%	18.40%	-3.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.19%	20.70%	-3.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.77%	20.75%	-2.98%

GSEU vs. FEZ - Expense Ratio Comparison

GSEU has a 0.25% expense ratio, which is lower than FEZ's 0.29% expense ratio.

Dividends

GSEU vs. FEZ - Dividend Comparison

GSEU's dividend yield for the trailing twelve months is around 2.56%, less than FEZ's 2.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEZ State Street SPDR EURO STOXX 50 ETF	2.64%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	2.56%	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 FEZ in my portfolio?

With a correlation of 0.94, GSEU and FEZ 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 FEZ?

FEZ has higher volatility (5.85%) compared to GSEU (4.52%). In terms of maximum drawdown, GSEU dropped -35.71% vs FEZ's -64.21%.

Which ETF is better, GSEU or FEZ?

On 10-year performance, FEZ leads with 11.53% vs 10.17% for GSEU. On fees, GSEU is cheaper at 0.25% per year. On volatility, GSEU has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEU or FEZ?

Over the 10-year period, FEZ has performed better with a 11.53% return vs 10.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEU or FEZ?

GSEU is cheaper with a 0.25% expense ratio, compared with 0.29% for FEZ.

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

FEZ has the higher dividend yield at 2.64%, compared with 2.56% for GSEU.

What is the main difference between GSEU and FEZ?

GSEU tracks Goldman Sachs ActiveBeta Europe Equity Index, while FEZ tracks EURO STOXX 50 Index. They also come from different issuers: Goldman Sachs and State Street. Their fees differ too: 0.25% for GSEU and 0.29% for FEZ.

Which has better risk-adjusted returns?

GSEU currently has the higher Sharpe Ratio (1.24 vs 1.05), 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.