GSEW vs. GMUN

Last updated Jun 5, 2026

GSEW (Goldman Sachs Equal Weight U.S. Large Cap Equity ETF) and GMUN (Goldman Sachs Community Municipal Bond ETF) are both exchange-traded funds - GSEW is a Large Cap Growth Equities fund tracking the Solactive US Large Cap Equal Weight Index, while GMUN is a Municipal Bonds fund tracking the Bloomberg Goldman Sachs Community Municipal Index. Both are passively managed. Over the past 3 years, GSEW returned 17.95%/yr vs 3.06%/yr for GMUN. At a 0.14 correlation, their price movements are largely independent. GSEW charges 0.09%/yr vs 0.15%/yr for GMUN.

Performance

GSEW vs. GMUN - 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 Goldman Sachs Community Municipal Bond ETF (GMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSEW achieves a 10.61% return, which is significantly higher than GMUN's -0.34% return.

GSEW

• 1D: 0.99%
• 1M: 3.38%
• YTD: 10.61%
• 6M: 10.52%
• 1Y: 19.76%
• 3Y*: 17.95%
• 5Y*: 8.84%
• 10Y*: —

GMUN

• 1D: 0.00%
• 1M: -0.79%
• YTD: -0.34%
• 6M: 0.02%
• 1Y: 4.76%
• 3Y*: 3.06%
• 5Y*: —
• 10Y*: —

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

GSEW vs. GMUN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	10.61%	11.97%	16.89%	15.35%
GMUN Goldman Sachs Community Municipal Bond ETF	-0.34%	5.92%	0.31%	3.68%

Correlation

The correlation between GSEW and GMUN is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (All Time) Calculated using the full available price history since Mar 10, 2023	0.14

Return for Risk

GSEW vs. GMUN — Risk / Return Rank

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

GSEW

GSEW Risk / Return Rank: 51
GSEW Sharpe Ratio Rank: 48
GSEW Sortino Ratio Rank: 48
GSEW Omega Ratio Rank: 46
GSEW Calmar Ratio Rank: 53
GSEW Martin Ratio Rank: 57

GMUN

GMUN Risk / Return Rank: 55
GMUN Sharpe Ratio Rank: 62
GMUN Sortino Ratio Rank: 60
GMUN Omega Ratio Rank: 82
GMUN Calmar Ratio Rank: 37
GMUN Martin Ratio Rank: 35

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. GMUN - 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 Goldman Sachs Community Municipal Bond ETF (GMUN). 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.

	GSEW	GMUN	Difference
Sharpe ratio: Return per unit of total volatility	1.64	2.04	-0.40
Sortino ratio: Return per unit of downside risk	2.34	2.79	-0.46
Omega ratio: Gain probability vs. loss probability	1.29	1.49	-0.20
Calmar ratio: Return relative to maximum drawdown	2.57	1.75	+0.82
Martin ratio: Return relative to average drawdown	9.83	5.36	+4.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSEW vs. GMUN - Sharpe Ratio Comparison

The current GSEW Sharpe Ratio is 1.64, which is comparable to the GMUN Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of GSEW and GMUN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GSEW	GMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	2.04	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.99	-0.37

Drawdowns

GSEW vs. GMUN - Drawdown Comparison

The maximum GSEW drawdown since its inception was -38.65%, which is greater than GMUN's maximum drawdown of -4.35%. Use the drawdown chart below to compare losses from any high point for GSEW and GMUN.

Drawdown Indicators

	GSEW	GMUN	Difference
Max Drawdown Largest peak-to-trough decline	-38.65%	-4.35%	-34.30%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-2.83%	-4.89%
Max Drawdown (3Y) Largest decline over 3 years	-18.18%	-3.37%	-14.81%
Max Drawdown (5Y) Largest decline over 5 years	-25.74%	—	—
Current Drawdown Current decline from peak	0.00%	-2.29%	+2.29%
Average Drawdown Average peak-to-trough decline	-5.89%	-1.02%	-4.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	0.92%	+1.10%

Volatility

GSEW vs. GMUN - Volatility Comparison

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW) has a higher volatility of 2.82% compared to Goldman Sachs Community Municipal Bond ETF (GMUN) at 1.09%. This indicates that GSEW's price experiences larger fluctuations and is considered to be riskier than GMUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSEW	GMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	1.09%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	9.09%	2.00%	+7.09%
Volatility (1Y) Calculated over the trailing 1-year period	12.13%	2.42%	+9.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.92%	2.96%	+13.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.19%	2.96%	+16.23%

GSEW vs. GMUN - Expense Ratio Comparison

GSEW has a 0.09% expense ratio, which is lower than GMUN's 0.15% 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. GMUN - Dividend Comparison

GSEW's dividend yield for the trailing twelve months is around 1.41%, less than GMUN's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GMUN Goldman Sachs Community Municipal Bond ETF	3.12%	2.94%	3.22%	2.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	1.41%	1.52%	1.46%	1.64%	1.74%	1.34%	1.53%	1.66%	1.56%	0.54%

Frequently Asked Questions

Can I hold both GSEW and GMUN in my portfolio?

GSEW and GMUN have a correlation of 0.22, 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 GMUN?

GSEW has higher volatility (2.82%) compared to GMUN (1.09%). In terms of maximum drawdown, GSEW dropped -38.65% vs GMUN's -4.35%.

Which ETF is better, GSEW or GMUN?

On 3-year performance, GSEW leads with 17.95% vs 3.06% for GMUN. On fees, GSEW is cheaper at 0.09% per year. On volatility, GMUN has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEW or GMUN?

Over the 3-year period, GSEW has performed better with a 17.95% return vs 3.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEW or GMUN?

GSEW is cheaper with a 0.09% expense ratio, compared with 0.15% for GMUN.

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

GMUN has the higher dividend yield at 3.12%, compared with 1.41% for GSEW.

What is the main difference between GSEW and GMUN?

GSEW is categorized as Large Cap Growth Equities, while GMUN is Municipal Bonds. GSEW tracks Solactive US Large Cap Equal Weight Index, while GMUN tracks Bloomberg Goldman Sachs Community Municipal Index. Their fees differ too: 0.09% for GSEW and 0.15% for GMUN.

Which has better risk-adjusted returns?

GMUN currently has the higher Sharpe Ratio (2.04 vs 1.64), 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.