GSEU vs. IEUR

Last updated Jun 26, 2026

GSEU (Goldman Sachs ActiveBeta Europe Equity ETF) and IEUR (iShares Core MSCI Europe ETF) are both Europe Equities funds - GSEU tracks the Goldman Sachs ActiveBeta Europe Equity Index while IEUR tracks the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, GSEU returned 10.65%/yr vs 10.62%/yr for IEUR. With a 0.96 correlation, they move nearly in lockstep. GSEU charges 0.25%/yr vs 0.09%/yr for IEUR.

Performance

GSEU vs. IEUR - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with GSEU having a 7.33% return and IEUR slightly lower at 7.09%. Both investments have delivered pretty close results over the past 10 years, with GSEU having a 10.65% annualized return and IEUR not far behind at 10.62%.

GSEU

• 1D: 1.09%
• 1M: -0.05%
• YTD: 7.33%
• 6M: 7.26%
• 1Y: 19.27%
• 3Y*: 17.15%
• 5Y*: 8.48%
• 10Y*: 10.65%

IEUR

• 1D: 1.02%
• 1M: -0.44%
• YTD: 7.09%
• 6M: 6.99%
• 1Y: 18.56%
• 3Y*: 16.80%
• 5Y*: 8.51%
• 10Y*: 10.62%

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

GSEU vs. IEUR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	7.33%	35.70%	2.00%	20.74%	-17.90%	17.33%	6.64%	24.57%	-14.29%	26.97%
IEUR iShares Core MSCI Europe ETF	7.09%	35.67%	1.40%	19.71%	-15.90%	16.71%	5.31%	24.95%	-14.86%	26.70%

Correlation

The correlation between GSEU and IEUR is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Mar 4, 2016	0.96

The correlation between GSEU and IEUR has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

GSEU vs. IEUR - Sectors Allocation Comparison

Sectors	GSEU	IEUR
Financial Services	24.0%	22.5%
Industrials	20.0%	20.3%
Healthcare	13.3%	12.5%
Technology	9.1%	9.4%
Consumer Defensive	8.3%	7.7%
Consumer Cyclical	6.7%	7.0%
Basic Materials	5.1%	5.8%
Utilities	4.6%	4.4%
Energy	4.2%	4.9%
Communication Services	4.0%	3.9%
Real Estate	0.5%	1.5%

Return for Risk

GSEU vs. IEUR — Risk / Return Rank

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

GSEU

GSEU Risk / Return Rank: 38
GSEU Sharpe Ratio Rank: 39
GSEU Sortino Ratio Rank: 38
GSEU Omega Ratio Rank: 38
GSEU Calmar Ratio Rank: 35
GSEU Martin Ratio Rank: 42

IEUR

IEUR Risk / Return Rank: 37
IEUR Sharpe Ratio Rank: 37
IEUR Sortino Ratio Rank: 37
IEUR Omega Ratio Rank: 35
IEUR Calmar Ratio Rank: 34
IEUR Martin Ratio Rank: 41

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. IEUR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and iShares Core MSCI Europe ETF (IEUR). 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	IEUR	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.19	+0.07
Sortino ratio: Return per unit of downside risk	1.82	1.76	+0.06
Omega ratio: Gain probability vs. loss probability	1.23	1.21	+0.01
Calmar ratio: Return relative to maximum drawdown	1.63	1.55	+0.08
Martin ratio: Return relative to average drawdown	6.11	5.80	+0.31

GSEU vs. IEUR - Sharpe Ratio Comparison

The current GSEU Sharpe Ratio is 1.26, which is comparable to the IEUR Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of GSEU and IEUR, 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. IEUR - Drawdown Comparison

The maximum GSEU drawdown since its inception was -35.71%, roughly equal to the maximum IEUR drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for GSEU and IEUR.

Drawdown Indicators

	GSEU	IEUR	Difference
Max Drawdown Largest peak-to-trough decline	-35.71%	-36.96%	+1.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-12.04%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-14.12%	-14.25%	+0.13%
Max Drawdown (5Y) Largest decline over 5 years	-33.98%	-32.75%	-1.23%
Max Drawdown (10Y) Largest decline over 10 years	-35.71%	-36.96%	+1.25%
Current Drawdown Current decline from peak	-0.87%	-0.97%	+0.10%
Average Drawdown Average peak-to-trough decline	-6.57%	-8.19%	+1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	3.21%	-0.05%

Volatility

GSEU vs. IEUR - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) is 4.48%, while iShares Core MSCI Europe ETF (IEUR) has a volatility of 4.83%. This indicates that GSEU experiences smaller price fluctuations and is considered to be less risky than IEUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSEU	IEUR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	4.83%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	12.99%	13.34%	-0.35%
Volatility (1Y) Calculated over the trailing 1-year period	15.37%	15.67%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.19%	17.79%	-0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.76%	18.30%	-0.54%

GSEU vs. IEUR - Expense Ratio Comparison

GSEU has a 0.25% expense ratio, which is higher than IEUR's 0.09% 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. IEUR - Dividend Comparison

GSEU's dividend yield for the trailing twelve months is around 2.80%, less than IEUR's 3.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	2.80%	2.72%	2.35%	3.41%	3.34%	2.71%	1.84%	3.69%	3.40%	2.51%	2.74%	0.00%
IEUR iShares Core MSCI Europe ETF	3.21%	2.97%	3.54%	3.17%	3.05%	2.88%	2.13%	3.26%	3.76%	2.64%	3.19%	2.79%

Frequently Asked Questions

Can I hold both GSEU and IEUR in my portfolio?

With a correlation of 0.98, GSEU and IEUR 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 IEUR?

IEUR has higher volatility (4.83%) compared to GSEU (4.48%). In terms of maximum drawdown, GSEU dropped -35.71% vs IEUR's -36.96%.

Which ETF is better, GSEU or IEUR?

On 10-year performance, GSEU leads with 10.65% vs 10.62% for IEUR. On fees, IEUR is cheaper at 0.09% per year. On volatility, GSEU has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEU or IEUR?

Over the 10-year period, GSEU has performed better with a 10.65% return vs 10.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEU or IEUR?

IEUR is cheaper with a 0.09% expense ratio, compared with 0.25% for GSEU.

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

IEUR has the higher dividend yield at 3.21%, compared with 2.80% for GSEU.

What is the main difference between GSEU and IEUR?

GSEU tracks Goldman Sachs ActiveBeta Europe Equity Index, while IEUR tracks MSCI Europe Investable Market Index. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.25% for GSEU and 0.09% for IEUR.

Which has better risk-adjusted returns?

GSEU currently has the higher Sharpe Ratio (1.26 vs 1.19), 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.