GSEW vs. EQWL

Last updated Jun 26, 2026

GSEW (Goldman Sachs Equal Weight U.S. Large Cap Equity ETF) and EQWL (Invesco S&P 100 Equal Weight ETF) are both Large Cap Blend Equities funds - GSEW tracks the Solactive US Large Cap Equal Weight Index while EQWL tracks the S&P 100 Equal Weight Index. Both are passively managed. Over the past 5 years, GSEW returned 8.58%/yr vs 11.95%/yr for EQWL. Their correlation of 0.93 suggests significant overlap in exposure. GSEW charges 0.09%/yr vs 0.25%/yr for EQWL.

Performance

GSEW vs. EQWL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW) and Invesco S&P 100 Equal Weight ETF (EQWL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSEW achieves a 10.76% return, which is significantly higher than EQWL's 9.54% return.

GSEW

• 1D: 0.54%
• 1M: 1.67%
• YTD: 10.76%
• 6M: 9.28%
• 1Y: 18.57%
• 3Y*: 17.29%
• 5Y*: 8.58%
• 10Y*: —

EQWL

• 1D: 0.53%
• 1M: 1.14%
• YTD: 9.54%
• 6M: 8.50%
• 1Y: 20.88%
• 3Y*: 19.45%
• 5Y*: 11.95%
• 10Y*: 15.20%

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

GSEW vs. EQWL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	10.76%	11.97%	16.89%	17.80%	-17.54%	25.43%	16.28%	31.04%	-8.11%	7.72%
EQWL Invesco S&P 100 Equal Weight ETF	9.54%	17.61%	19.11%	19.48%	-11.46%	28.29%	13.94%	29.54%	-6.30%	7.89%

Correlation

The correlation between GSEW and EQWL is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 14, 2017	0.93

The correlation between GSEW and EQWL has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

GSEW vs. EQWL - Sectors Allocation Comparison

Sectors	GSEW	EQWL
Technology	21.5%	26.7%
Industrials	15.5%	13.2%
Financial Services	14.1%	14.9%
Healthcare	11.3%	13.5%
Consumer Cyclical	9.4%	8.2%
Utilities	5.6%	2.6%
Consumer Defensive	5.5%	8.3%
Energy	4.6%	2.7%
Basic Materials	4.4%	1.0%
Real Estate	4.2%	1.9%
Communication Services	4.0%	7.1%

Return for Risk

GSEW vs. EQWL — Risk / Return Rank

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

GSEW

GSEW Risk / Return Rank: 52
GSEW Sharpe Ratio Rank: 50
GSEW Sortino Ratio Rank: 50
GSEW Omega Ratio Rank: 46
GSEW Calmar Ratio Rank: 57
GSEW Martin Ratio Rank: 59

EQWL

EQWL Risk / Return Rank: 69
EQWL Sharpe Ratio Rank: 71
EQWL Sortino Ratio Rank: 71
EQWL Omega Ratio Rank: 69
EQWL Calmar Ratio Rank: 63
EQWL Martin Ratio Rank: 70

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.

GSEW vs. EQWL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW) and Invesco S&P 100 Equal Weight ETF (EQWL). 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.

	GSEW	EQWL	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.97	-0.46
Sortino ratio: Return per unit of downside risk	2.15	2.76	-0.61
Omega ratio: Gain probability vs. loss probability	1.26	1.35	-0.09
Calmar ratio: Return relative to maximum drawdown	2.42	2.70	-0.28
Martin ratio: Return relative to average drawdown	9.16	11.27	-2.11

GSEW vs. EQWL - Sharpe Ratio Comparison

The current GSEW Sharpe Ratio is 1.51, which is comparable to the EQWL Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of GSEW and EQWL, 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

GSEW vs. EQWL - Drawdown Comparison

The maximum GSEW drawdown since its inception was -38.65%, smaller than the maximum EQWL drawdown of -49.36%. Use the drawdown chart below to compare losses from any high point for GSEW and EQWL.

Drawdown Indicators

	GSEW	EQWL	Difference
Max Drawdown Largest peak-to-trough decline	-38.65%	-49.36%	+10.71%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-7.76%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-18.18%	-14.95%	-3.23%
Max Drawdown (5Y) Largest decline over 5 years	-25.74%	-22.99%	-2.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.30%	—
Current Drawdown Current decline from peak	-0.69%	-0.90%	+0.21%
Average Drawdown Average peak-to-trough decline	-5.86%	-6.68%	+0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	1.86%	+0.17%

Volatility

GSEW vs. EQWL - Volatility Comparison

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW) and Invesco S&P 100 Equal Weight ETF (EQWL) have volatilities of 3.87% and 3.83%, 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

	GSEW	EQWL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	3.83%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	8.27%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	12.41%	10.65%	+1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	15.04%	+1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.17%	16.78%	+2.39%

GSEW vs. EQWL - Expense Ratio Comparison

GSEW has a 0.09% expense ratio, which is lower than EQWL's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GSEW vs. EQWL - Dividend Comparison

GSEW's dividend yield for the trailing twelve months is around 1.39%, less than EQWL's 1.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQWL Invesco S&P 100 Equal Weight ETF	1.59%	1.67%	1.86%	1.97%	2.12%	1.65%	2.01%	2.04%	2.23%	1.27%	2.01%	2.03%
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	1.39%	1.52%	1.46%	1.64%	1.74%	1.34%	1.53%	1.66%	1.56%	0.54%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GSEW and EQWL in my portfolio?

GSEW and EQWL have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSEW or EQWL?

GSEW has higher volatility (3.87%) compared to EQWL (3.83%). In terms of maximum drawdown, GSEW dropped -38.65% vs EQWL's -49.36%.

Which ETF is better, GSEW or EQWL?

On 5-year performance, EQWL leads with 11.95% vs 8.58% for GSEW. On fees, GSEW is cheaper at 0.09% 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, GSEW or EQWL?

Over the 5-year period, EQWL has performed better with a 11.95% return vs 8.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEW or EQWL?

GSEW is cheaper with a 0.09% expense ratio, compared with 0.25% for EQWL.

Which ETF pays a higher dividend yield, GSEW or EQWL?

EQWL has the higher dividend yield at 1.59%, compared with 1.39% for GSEW.

What is the main difference between GSEW and EQWL?

GSEW tracks Solactive US Large Cap Equal Weight Index, while EQWL tracks S&P 100 Equal Weight Index. They also come from different issuers: Goldman Sachs and Invesco. Their fees differ too: 0.09% for GSEW and 0.25% for EQWL.

Which has better risk-adjusted returns?

EQWL currently has the higher Sharpe Ratio (1.97 vs 1.51), 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.