GSIE vs. HDMV

Last updated Jun 4, 2026

GSIE (Goldman Sachs ActiveBeta International Equity ETF) and HDMV (First Trust Horizon Managed Volatility Developed Intl ETF) are both Foreign Large Cap Equities funds. GSIE is passively managed, while HDMV is actively managed. Over the past 5 years, GSIE returned 8.04%/yr vs 6.31%/yr for HDMV. Their correlation of 0.88 suggests significant overlap in exposure. GSIE charges 0.25%/yr vs 0.80%/yr for HDMV.

Performance

GSIE vs. HDMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta International Equity ETF (GSIE) and First Trust Horizon Managed Volatility Developed Intl ETF (HDMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSIE achieves a 6.51% return, which is significantly higher than HDMV's 4.23% return.

GSIE

• 1D: -0.83%
• 1M: 2.22%
• YTD: 6.51%
• 6M: 9.50%
• 1Y: 19.35%
• 3Y*: 16.74%
• 5Y*: 8.04%
• 10Y*: 9.08%

HDMV

• 1D: -0.67%
• 1M: -1.37%
• YTD: 4.23%
• 6M: 5.97%
• 1Y: 9.53%
• 3Y*: 12.63%
• 5Y*: 6.31%
• 10Y*: —

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

GSIE vs. HDMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSIE Goldman Sachs ActiveBeta International Equity ETF	6.51%	32.53%	5.23%	16.99%	-15.86%	13.27%	7.45%	22.83%	-13.40%	26.22%
HDMV First Trust Horizon Managed Volatility Developed Intl ETF	4.23%	29.31%	2.99%	9.62%	-11.47%	7.39%	-9.42%	15.00%	-7.60%	27.49%

Correlation

The correlation between GSIE and HDMV is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 29, 2016	0.88

The correlation between GSIE and HDMV has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

GSIE vs. HDMV - Sectors Allocation Comparison

Sectors	GSIE	HDMV
Financial Services	27.1%	24.4%
Industrials	18.0%	15.2%
Technology	9.5%	0.9%
Healthcare	9.1%	3.1%
Consumer Cyclical	9.1%	2.7%
Consumer Defensive	7.2%	13.0%
Basic Materials	5.8%	1.0%
Energy	4.4%	1.8%
Communication Services	3.8%	9.4%
Utilities	3.2%	14.6%
Real Estate	1.2%	13.8%

Return for Risk

GSIE vs. HDMV — Risk / Return Rank

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

GSIE

GSIE Risk / Return Rank: 38
GSIE Sharpe Ratio Rank: 38
GSIE Sortino Ratio Rank: 38
GSIE Omega Ratio Rank: 37
GSIE Calmar Ratio Rank: 36
GSIE Martin Ratio Rank: 42

HDMV

HDMV Risk / Return Rank: 24
HDMV Sharpe Ratio Rank: 24
HDMV Sortino Ratio Rank: 22
HDMV Omega Ratio Rank: 23
HDMV Calmar Ratio Rank: 24
HDMV Martin Ratio Rank: 26

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.

GSIE vs. HDMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta International Equity ETF (GSIE) and First Trust Horizon Managed Volatility Developed Intl ETF (HDMV). 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.

	GSIE	HDMV	Difference
Sharpe ratio: Return per unit of total volatility	1.38	0.86	+0.52
Sortino ratio: Return per unit of downside risk	1.99	1.23	+0.76
Omega ratio: Gain probability vs. loss probability	1.25	1.16	+0.09
Calmar ratio: Return relative to maximum drawdown	1.81	1.10	+0.71
Martin ratio: Return relative to average drawdown	6.87	3.41	+3.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSIE vs. HDMV - Sharpe Ratio Comparison

The current GSIE Sharpe Ratio is 1.38, which is higher than the HDMV Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of GSIE and HDMV, 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

	GSIE	HDMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	0.86	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.53	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.40	+0.11

Drawdowns

GSIE vs. HDMV - Drawdown Comparison

The maximum GSIE drawdown since its inception was -34.63%, which is greater than HDMV's maximum drawdown of -32.01%. Use the drawdown chart below to compare losses from any high point for GSIE and HDMV.

Drawdown Indicators

	GSIE	HDMV	Difference
Max Drawdown Largest peak-to-trough decline	-34.63%	-32.01%	-2.62%
Max Drawdown (1Y) Largest decline over 1 year	-10.76%	-8.73%	-2.03%
Max Drawdown (3Y) Largest decline over 3 years	-13.07%	-10.33%	-2.74%
Max Drawdown (5Y) Largest decline over 5 years	-29.97%	-24.11%	-5.86%
Max Drawdown (10Y) Largest decline over 10 years	-34.63%	—	—
Current Drawdown Current decline from peak	-2.19%	-6.05%	+3.86%
Average Drawdown Average peak-to-trough decline	-6.06%	-6.77%	+0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	2.80%	+0.02%

Volatility

GSIE vs. HDMV - Volatility Comparison

Goldman Sachs ActiveBeta International Equity ETF (GSIE) has a higher volatility of 4.38% compared to First Trust Horizon Managed Volatility Developed Intl ETF (HDMV) at 3.83%. This indicates that GSIE's price experiences larger fluctuations and is considered to be riskier than HDMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSIE	HDMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	3.83%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	11.60%	9.38%	+2.22%
Volatility (1Y) Calculated over the trailing 1-year period	14.15%	11.16%	+2.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	12.05%	+3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	13.24%	+3.51%

GSIE vs. HDMV - Expense Ratio Comparison

GSIE has a 0.25% expense ratio, which is lower than HDMV's 0.80% expense ratio.

Dividends

GSIE vs. HDMV - Dividend Comparison

GSIE's dividend yield for the trailing twelve months is around 2.52%, less than HDMV's 4.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSIE Goldman Sachs ActiveBeta International Equity ETF	2.52%	2.65%	3.11%	2.87%	3.01%	2.40%	1.60%	2.80%	2.68%	2.31%	2.15%	0.13%
HDMV First Trust Horizon Managed Volatility Developed Intl ETF	4.70%	5.09%	3.24%	3.14%	3.53%	3.11%	1.45%	3.63%	2.88%	3.23%	0.18%	0.00%

Frequently Asked Questions

Can I hold both GSIE and HDMV in my portfolio?

GSIE and HDMV have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSIE or HDMV?

GSIE has higher volatility (4.38%) compared to HDMV (3.83%). In terms of maximum drawdown, GSIE dropped -34.63% vs HDMV's -32.01%.

Which ETF is better, GSIE or HDMV?

On 5-year performance, GSIE leads with 8.04% vs 6.31% for HDMV. On fees, GSIE is cheaper at 0.25% per year. On volatility, HDMV has been the lower-risk option at 3.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSIE or HDMV?

Over the 5-year period, GSIE has performed better with a 8.04% return vs 6.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSIE or HDMV?

GSIE is cheaper with a 0.25% expense ratio, compared with 0.80% for HDMV.

Which ETF pays a higher dividend yield, GSIE or HDMV?

HDMV has the higher dividend yield at 4.70%, compared with 2.52% for GSIE.

What is the main difference between GSIE and HDMV?

They also come from different issuers: Goldman Sachs and First Trust. Their fees differ too: 0.25% for GSIE and 0.80% for HDMV.

Which has better risk-adjusted returns?

GSIE currently has the higher Sharpe Ratio (1.38 vs 0.86), 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.