GSEU vs. GSJY

Last updated Jun 24, 2026

GSEU (Goldman Sachs ActiveBeta Europe Equity ETF) and GSJY (Goldman Sachs ActiveBeta Japan Equity ETF) are both exchange-traded funds - GSEU is a Europe Equities fund tracking the Goldman Sachs ActiveBeta Europe Equity Index, while GSJY is a Japan Equities fund tracking the Goldman Sachs ActiveBeta Japan Equity Index. Both are passively managed. Over the past 10 years, GSEU returned 10.17%/yr vs 9.36%/yr for GSJY. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.

Performance

GSEU vs. GSJY - Performance Comparison

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

Returns By Period

In the year-to-date period, GSEU achieves a 6.37% return, which is significantly lower than GSJY's 12.58% return. Over the past 10 years, GSEU has outperformed GSJY with an annualized return of 10.17%, while GSJY has yielded a comparatively lower 9.36% 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%

GSJY

• 1D: -3.94%
• 1M: 1.06%
• YTD: 12.58%
• 6M: 11.90%
• 1Y: 31.84%
• 3Y*: 18.03%
• 5Y*: 8.87%
• 10Y*: 9.36%

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

GSEU vs. GSJY - 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%
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	12.58%	26.22%	8.89%	19.18%	-16.15%	0.41%	13.81%	18.29%	-11.56%	25.50%

Correlation

The correlation between GSEU and GSJY is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Mar 4, 2016	0.65

The correlation between GSEU and GSJY has been stable across timeframes, ranging from 0.64 to 0.67 - a consistent structural relationship.

GSEU vs. GSJY - Sectors Allocation Comparison

Sectors	GSEU	GSJY
Financial Services	24.0%	18.1%
Industrials	20.0%	24.9%
Healthcare	13.3%	4.9%
Technology	9.1%	20.2%
Consumer Defensive	8.3%	3.1%
Consumer Cyclical	6.7%	12.7%
Basic Materials	5.1%	3.7%
Utilities	4.6%	1.5%
Energy	4.2%	3.4%
Communication Services	4.0%	6.4%
Real Estate	0.5%	1.2%

Return for Risk

GSEU vs. GSJY — 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

GSJY

GSJY Risk / Return Rank: 48
GSJY Sharpe Ratio Rank: 48
GSJY Sortino Ratio Rank: 48
GSJY Omega Ratio Rank: 49
GSJY Calmar Ratio Rank: 49
GSJY Martin Ratio Rank: 47

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. GSJY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and Goldman Sachs ActiveBeta Japan Equity ETF (GSJY). 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	GSJY	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.57	-0.33
Sortino ratio: Return per unit of downside risk	1.79	2.21	-0.42
Omega ratio: Gain probability vs. loss probability	1.22	1.29	-0.07
Calmar ratio: Return relative to maximum drawdown	1.60	2.27	-0.67
Martin ratio: Return relative to average drawdown	6.01	7.44	-1.43

GSEU vs. GSJY - Sharpe Ratio Comparison

The current GSEU Sharpe Ratio is 1.24, which is comparable to the GSJY Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of GSEU and GSJY, 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. GSJY - Drawdown Comparison

The maximum GSEU drawdown since its inception was -35.71%, which is greater than GSJY's maximum drawdown of -32.53%. Use the drawdown chart below to compare losses from any high point for GSEU and GSJY.

Drawdown Indicators

	GSEU	GSJY	Difference
Max Drawdown Largest peak-to-trough decline	-35.71%	-32.53%	-3.18%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-14.08%	+2.18%
Max Drawdown (3Y) Largest decline over 3 years	-14.12%	-14.96%	+0.84%
Max Drawdown (5Y) Largest decline over 5 years	-33.98%	-32.53%	-1.45%
Max Drawdown (10Y) Largest decline over 10 years	-35.71%	-32.53%	-3.18%
Current Drawdown Current decline from peak	-1.76%	-3.94%	+2.18%
Average Drawdown Average peak-to-trough decline	-6.57%	-7.56%	+0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	4.29%	-1.13%

Volatility

GSEU vs. GSJY - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) is 4.52%, while Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) has a volatility of 7.37%. This indicates that GSEU experiences smaller price fluctuations and is considered to be less risky than GSJY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSEU	GSJY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	7.37%	-2.85%
Volatility (6M) Calculated over the trailing 6-month period	12.96%	16.53%	-3.57%
Volatility (1Y) Calculated over the trailing 1-year period	15.40%	20.44%	-5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.19%	18.29%	-1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.77%	17.10%	+0.67%

GSEU vs. GSJY - Expense Ratio Comparison

Both GSEU and GSJY have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

GSEU vs. GSJY - Dividend Comparison

GSEU's dividend yield for the trailing twelve months is around 2.56%, more than GSJY's 1.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	1.76%	1.99%	1.64%	2.11%	2.13%	1.73%	1.22%	2.79%	3.28%	1.70%	2.09%

Frequently Asked Questions

Can I hold both GSEU and GSJY in my portfolio?

GSEU and GSJY have a correlation of 0.66, 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 GSJY?

GSJY has higher volatility (7.37%) compared to GSEU (4.52%). In terms of maximum drawdown, GSEU dropped -35.71% vs GSJY's -32.53%.

Which ETF is better, GSEU or GSJY?

On 10-year performance, GSEU leads with 10.17% vs 9.36% for GSJY. Both ETFs have the same 0.25% expense ratio. 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 GSJY?

Over the 10-year period, GSEU has performed better with a 10.17% return vs 9.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEU or GSJY?

GSEU and GSJY have the same expense ratio: 0.25% per year.

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

GSEU has the higher dividend yield at 2.56%, compared with 1.76% for GSJY.

What is the main difference between GSEU and GSJY?

GSEU is categorized as Europe Equities, while GSJY is Japan Equities. GSEU tracks Goldman Sachs ActiveBeta Europe Equity Index, while GSJY tracks Goldman Sachs ActiveBeta Japan Equity Index.

Which has better risk-adjusted returns?

GSJY currently has the higher Sharpe Ratio (1.57 vs 1.24), 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.