GSIB vs. VOO

Last updated Aug 1, 2026

GSIB (Themes Global Systemically Important Banks ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - GSIB is a Financials Equities fund actively managed by Themes, while VOO is a S&P 500 fund tracking the S&P 500 Index. GSIB is actively managed, while VOO is passively managed. Over the past year, GSIB returned 46.76% vs 19.58% for VOO. Their 0.61 correlation means they have sometimes moved together and sometimes differently. GSIB charges 0.35%/yr vs 0.03%/yr for VOO.

Performance

GSIB vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Global Systemically Important Banks ETF (GSIB) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSIB achieves a 22.66% return, which is significantly higher than VOO's 10.16% return.

GSIB

• 1D: -0.11%
• 1M: 7.17%
• 6M: 18.14%
• YTD: 22.66%
• 1Y: 46.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 45.58%

VOO

• 1D: 0.71%
• 1M: 0.17%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 19.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

*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)
GSIB Themes Global Systemically Important Banks ETF	$2.37M	$1.31M	$753.15K
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

GSIB vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GSIB Themes Global Systemically Important Banks ETF	22.66%	61.67%	32.86%	1.75%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	1.12%

Correlation

The correlation between GSIB and VOO is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.61

The correlation between GSIB and VOO has been stable across timeframes, ranging from 0.61 to 0.71 - a consistent structural relationship.

GSIB vs. VOO - Sectors Allocation Comparison

Sectors	GSIB	VOO
Financial Services	99.3%	11.4%
Technology	0.1%	38.6%
Basic Materials	-	1.7%
Communication Services	-	9.9%
Consumer Cyclical	-	9.5%
Consumer Defensive	-	4.5%
Energy	-	3.0%
Healthcare	-	8.9%
Industrials	-	8.5%
Real Estate	-	1.8%
Utilities	-	2.2%

Return for Risk

GSIB vs. VOO — Risk / Return Rank

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

GSIB

GSIB Risk / Return Rank: 90
GSIB Sharpe Ratio Rank: 94
GSIB Sortino Ratio Rank: 93
GSIB Omega Ratio Rank: 91
GSIB Calmar Ratio Rank: 87
GSIB Martin Ratio Rank: 85

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

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.

GSIB vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Global Systemically Important Banks ETF (GSIB) and Vanguard S&P 500 ETF (VOO). 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.

	GSIB	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.63	1.53	+1.09
Sortino ratio: Return per unit of downside risk	3.65	2.13	+1.52
Omega ratio: Gain probability vs. loss probability	1.43	1.28	+0.16
Calmar ratio: Return relative to maximum drawdown	3.38	2.21	+1.17
Martin ratio: Return relative to average drawdown	11.87	9.44	+2.43

GSIB vs. VOO - Sharpe Ratio Comparison

The current GSIB Sharpe Ratio is 2.63, which is higher than the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of GSIB and VOO, 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

GSIB vs. VOO - Drawdown Comparison

The maximum GSIB drawdown since its inception was -17.71%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for GSIB and VOO.

Drawdown Indicators

	GSIB	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-17.71%	-33.99%	+16.28%
Max Drawdown (1Y) Largest decline over 1 year	-13.90%	-8.90%	-5.00%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-0.11%	-1.38%	+1.27%
Average Drawdown Average peak-to-trough decline	-1.99%	-3.67%	+1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	2.08%	+1.87%

Volatility

GSIB vs. VOO - Volatility Comparison

Themes Global Systemically Important Banks ETF (GSIB) has a higher volatility of 5.74% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. This indicates that GSIB's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSIB	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.74%	3.54%	+2.20%
Volatility (6M) Calculated over the trailing 6-month period	14.93%	10.10%	+4.83%
Volatility (1Y) Calculated over the trailing 1-year period	17.90%	12.82%	+5.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.46%	16.93%	+1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.46%	18.01%	+0.45%

GSIB vs. VOO - Expense Ratio Comparison

GSIB has a 0.35% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

GSIB vs. VOO - Dividend Comparison

GSIB's dividend yield for the trailing twelve months is around 1.55%, more than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSIB Themes Global Systemically Important Banks ETF	1.55%	1.91%	1.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both GSIB and VOO in my portfolio?

GSIB and VOO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSIB or VOO?

GSIB has higher volatility (5.74%) compared to VOO (3.54%). In terms of maximum drawdown, GSIB dropped -17.71% vs VOO's -33.99%.

Which ETF is better, GSIB or VOO?

On 1-year performance, GSIB leads with 46.76% vs 19.58% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSIB or VOO?

Over the 1-year period, GSIB has performed better with a 46.76% return vs 19.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSIB or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.35% for GSIB.

Which ETF pays a higher dividend yield, GSIB or VOO?

GSIB has the higher dividend yield at 1.55%, compared with 1.07% for VOO.

What is the main difference between GSIB and VOO?

GSIB is categorized as Financials Equities, while VOO is S&P 500. They also come from different issuers: Themes and Vanguard. Their fees differ too: 0.35% for GSIB and 0.03% for VOO.

Which has better risk-adjusted returns?

GSIB currently has the higher Sharpe Ratio (2.63 vs 1.53), 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.