GSEU vs. PABD

Last updated Aug 4, 2026

GSEU (Goldman Sachs ActiveBeta Europe Equity ETF) and PABD (iShares Paris-Aligned Climate MSCI World Ex USA ETF) are both exchange-traded funds - GSEU is a Europe Equities fund tracking the Goldman Sachs ActiveBeta Europe Equity Index, while PABD is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net. Both are passively managed. Over the past year, GSEU returned 24.35% vs 22.78% for PABD. Their correlation of 0.93 means they have usually moved in the same direction. GSEU charges 0.25%/yr vs 0.12%/yr for PABD.

Performance

GSEU vs. PABD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSEU achieves a 11.15% return, which is significantly higher than PABD's 9.56% return.

GSEU

• 1D: 0.57%
• 1M: 1.67%
• 6M: 5.72%
• YTD: 11.15%
• 1Y: 24.35%
• 3Y*: 17.59%
• 5Y*: 8.83%
• 10Y*: 9.89%
• ALL TIME*: 9.84%

PABD

• 1D: 0.48%
• 1M: 0.77%
• 6M: 5.02%
• YTD: 9.56%
• 1Y: 22.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.35%

*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)
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	$248.65K	$275.55K	$307.56K
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	$83.86K	$55.85K	$338.84K

GSEU vs. PABD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	11.15%	35.70%	4.80%
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	9.56%	30.06%	5.32%

Correlation

The correlation between GSEU and PABD is 0.92, 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.	0.92
Correlation (All Time) Calculated using the full available price history since Jan 19, 2024	0.93

The correlation between GSEU and PABD has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

GSEU vs. PABD - Sectors Allocation Comparison

Sectors	GSEU	PABD
Financial Services	24.7%	29.5%
Industrials	19.9%	16.0%
Healthcare	13.7%	12.2%
Technology	9.4%	14.5%
Consumer Defensive	8.4%	4.4%
Consumer Cyclical	6.7%	4.6%
Utilities	4.6%	4.6%
Basic Materials	4.6%	4.8%
Energy	3.8%	0.2%
Communication Services	3.7%	3.0%
Real Estate	0.5%	6.2%

Return for Risk

GSEU vs. PABD — Risk / Return Rank

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

GSEU

GSEU Risk / Return Rank: 62
GSEU Sharpe Ratio Rank: 65
GSEU Sortino Ratio Rank: 65
GSEU Omega Ratio Rank: 62
GSEU Calmar Ratio Rank: 55
GSEU Martin Ratio Rank: 63

PABD

PABD Risk / Return Rank: 53
PABD Sharpe Ratio Rank: 55
PABD Sortino Ratio Rank: 56
PABD Omega Ratio Rank: 53
PABD Calmar Ratio Rank: 48
PABD 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. PABD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD). 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	PABD	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.42	+0.17
Sortino ratio: Return per unit of downside risk	2.26	2.04	+0.22
Omega ratio: Gain probability vs. loss probability	1.28	1.25	+0.03
Calmar ratio: Return relative to maximum drawdown	2.05	1.82	+0.23
Martin ratio: Return relative to average drawdown	7.92	6.86	+1.06

GSEU vs. PABD - Sharpe Ratio Comparison

The current GSEU Sharpe Ratio is 1.59, which is comparable to the PABD Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of GSEU and PABD, 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. PABD - Drawdown Comparison

The maximum GSEU drawdown since its inception was -35.71%, which is greater than PABD's maximum drawdown of -13.37%. Use the drawdown chart below to compare losses from any high point for GSEU and PABD.

Drawdown Indicators

	GSEU	PABD	Difference
Max Drawdown Largest peak-to-trough decline	-35.71%	-13.37%	-22.34%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-12.55%	+0.65%
Max Drawdown (3Y) Largest decline over 3 years	-14.12%	—	—
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%	-0.18%	+0.18%
Average Drawdown Average peak-to-trough decline	-6.51%	-2.55%	-3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	3.33%	-0.25%

Volatility

GSEU vs. PABD - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) is 3.94%, while iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) has a volatility of 4.50%. This indicates that GSEU experiences smaller price fluctuations and is considered to be less risky than PABD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSEU	PABD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	4.50%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	13.26%	13.89%	-0.63%
Volatility (1Y) Calculated over the trailing 1-year period	15.42%	16.20%	-0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.22%	15.60%	+1.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	15.60%	+2.09%

GSEU vs. PABD - Expense Ratio Comparison

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

GSEU's dividend yield for the trailing twelve months is around 2.70%, less than PABD's 2.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	2.70%	2.72%	2.35%	3.41%	3.34%	2.71%	1.84%	3.69%	3.40%	2.51%	2.74%
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	2.98%	2.74%	2.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GSEU and PABD in my portfolio?

With a correlation of 0.92, GSEU and PABD 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 PABD?

PABD has higher volatility (4.50%) compared to GSEU (3.94%). In terms of maximum drawdown, GSEU dropped -35.71% vs PABD's -13.37%.

Which ETF is better, GSEU or PABD?

On 1-year performance, GSEU leads with 24.35% vs 22.78% for PABD. On fees, PABD is cheaper at 0.12% per year. On volatility, GSEU has been the lower-risk option at 3.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEU or PABD?

Over the 1-year period, GSEU has performed better with a 24.35% return vs 22.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEU or PABD?

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

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

PABD has the higher dividend yield at 2.98%, compared with 2.70% for GSEU.

What is the main difference between GSEU and PABD?

GSEU is categorized as Europe Equities, while PABD is Foreign Large Cap Equities. GSEU tracks Goldman Sachs ActiveBeta Europe Equity Index, while PABD tracks MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.25% for GSEU and 0.12% for PABD.

Which has better risk-adjusted returns?

GSEU currently has the higher Sharpe Ratio (1.59 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.