GSGDX vs. GSBFX

Last updated Jun 3, 2026

GSGDX (Goldman Sachs Investment Grade Credit Fund) and GSBFX (Goldman Sachs Income Builder Fund) are both mutual funds - GSGDX is a Corporate Bonds fund managed by Goldman Sachs, while GSBFX is a Diversified Portfolio fund managed by Goldman Sachs. Over the past 10 years, GSGDX returned 2.79%/yr vs 6.97%/yr for GSBFX. At a 0.06 correlation, their price movements are largely independent. GSGDX charges 0.38%/yr vs 0.79%/yr for GSBFX.

Performance

GSGDX vs. GSBFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Investment Grade Credit Fund (GSGDX) and Goldman Sachs Income Builder Fund (GSBFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSGDX achieves a 0.53% return, which is significantly lower than GSBFX's 4.73% return. Over the past 10 years, GSGDX has underperformed GSBFX with an annualized return of 2.79%, while GSBFX has yielded a comparatively higher 6.97% annualized return.

GSGDX

• 1D: -0.12%
• 1M: 0.53%
• YTD: 0.53%
• 6M: 0.56%
• 1Y: 6.50%
• 3Y*: 5.14%
• 5Y*: 0.40%
• 10Y*: 2.79%

GSBFX

• 1D: -0.04%
• 1M: 0.95%
• YTD: 4.73%
• 6M: 5.31%
• 1Y: 13.36%
• 3Y*: 10.76%
• 5Y*: 5.47%
• 10Y*: 6.97%

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

GSGDX vs. GSBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSGDX Goldman Sachs Investment Grade Credit Fund	0.53%	8.23%	1.93%	8.81%	-17.33%	-0.97%	10.12%	16.83%	-2.55%	6.49%
GSBFX Goldman Sachs Income Builder Fund	4.73%	10.42%	9.32%	9.64%	-9.53%	10.50%	9.53%	19.38%	-4.92%	7.94%

Correlation

The correlation between GSGDX and GSBFX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jan 5, 2004	0.06

Over the past year, GSGDX and GSBFX have become more correlated (0.57) than their long-term average of 0.06, meaning their price movements have been converging.

Return for Risk

GSGDX vs. GSBFX — Risk / Return Rank

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

GSGDX

GSGDX Risk / Return Rank: 25
GSGDX Sharpe Ratio Rank: 23
GSGDX Sortino Ratio Rank: 24
GSGDX Omega Ratio Rank: 22
GSGDX Calmar Ratio Rank: 29
GSGDX Martin Ratio Rank: 29

GSBFX

GSBFX Risk / Return Rank: 70
GSBFX Sharpe Ratio Rank: 72
GSBFX Sortino Ratio Rank: 72
GSBFX Omega Ratio Rank: 69
GSBFX Calmar Ratio Rank: 66
GSBFX Martin Ratio Rank: 71

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.

GSGDX vs. GSBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Investment Grade Credit Fund (GSGDX) and Goldman Sachs Income Builder Fund (GSBFX). 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.

	GSGDX	GSBFX	Difference
Sharpe ratio Return per unit of total volatility	1.40	2.47	-1.08
Sortino ratio Return per unit of downside risk	2.07	3.55	-1.48
Omega ratio Gain probability vs. loss probability	1.25	1.47	-0.22
Calmar ratio Return relative to maximum drawdown	2.05	3.14	-1.09
Martin ratio Return relative to average drawdown	6.99	13.71	-6.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSGDX vs. GSBFX - Sharpe Ratio Comparison

The current GSGDX Sharpe Ratio is 1.40, which is lower than the GSBFX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of GSGDX and GSBFX, 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

	GSGDX	GSBFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	2.47	-1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.74	-0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.88	-0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.70	-0.04

Drawdowns

GSGDX vs. GSBFX - Drawdown Comparison

The maximum GSGDX drawdown since its inception was -23.48%, smaller than the maximum GSBFX drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for GSGDX and GSBFX.

Drawdown Indicators

	GSGDX	GSBFX	Difference
Max Drawdown Largest peak-to-trough decline	-23.48%	-37.04%	+13.56%
Max Drawdown (1Y) Largest decline over 1 year	-3.52%	-4.44%	+0.92%
Max Drawdown (3Y) Largest decline over 3 years	-6.98%	-8.14%	+1.16%
Max Drawdown (5Y) Largest decline over 5 years	-23.48%	-15.94%	-7.54%
Max Drawdown (10Y) Largest decline over 10 years	-23.48%	-23.42%	-0.06%
Current Drawdown Current decline from peak	-1.49%	-0.04%	-1.45%
Average Drawdown Average peak-to-trough decline	-3.87%	-4.18%	+0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	1.02%	+0.01%

Volatility

GSGDX vs. GSBFX - Volatility Comparison

The current volatility for Goldman Sachs Investment Grade Credit Fund (GSGDX) is 1.58%, while Goldman Sachs Income Builder Fund (GSBFX) has a volatility of 1.71%. This indicates that GSGDX experiences smaller price fluctuations and is considered to be less risky than GSBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSGDX	GSBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.58%	1.71%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	3.38%	4.44%	-1.06%
Volatility (1Y) Calculated over the trailing 1-year period	4.51%	5.48%	-0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.85%	7.41%	-0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.41%	7.99%	-1.58%

GSGDX vs. GSBFX - Expense Ratio Comparison

GSGDX has a 0.38% expense ratio, which is lower than GSBFX's 0.79% expense ratio.

Dividends

GSGDX vs. GSBFX - Dividend Comparison

GSGDX's dividend yield for the trailing twelve months is around 4.83%, less than GSBFX's 5.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSBFX Goldman Sachs Income Builder Fund	5.11%	4.39%	5.12%	3.41%	4.10%	6.66%	3.05%	3.52%	3.98%	3.52%	3.78%	3.93%
GSGDX Goldman Sachs Investment Grade Credit Fund	4.83%	4.75%	3.94%	3.52%	2.74%	5.10%	4.18%	5.89%	3.56%	3.19%	3.38%	3.76%

Frequently Asked Questions

Can I hold both GSGDX and GSBFX in my portfolio?

GSGDX and GSBFX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSGDX or GSBFX?

GSBFX has higher volatility (1.71%) compared to GSGDX (1.58%). In terms of maximum drawdown, GSGDX dropped -23.48% vs GSBFX's -37.04%.

Which has better risk-adjusted returns?

GSBFX currently has the higher Sharpe Ratio (2.47 vs 1.40), 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.