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GSIE vs. IEFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GSIE vs. IEFA

Last updated Jul 26, 2026
Documentation

GSIE (Goldman Sachs ActiveBeta International Equity ETF) and IEFA (iShares Core MSCI EAFE ETF) are both Foreign Large Cap Equities funds - GSIE tracks the Goldman Sachs ActiveBeta International Equity Index while IEFA tracks the MSCI EAFE IMI Index (Net). Both are passively managed. Over the past 10 years, GSIE returned 9.39%/yr vs 9.38%/yr for IEFA. Their 0.98 correlation means they have historically moved very closely together. GSIE charges 0.25%/yr vs 0.07%/yr for IEFA.

Performance

GSIE vs. IEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta International Equity ETF (GSIE) and iShares Core MSCI EAFE ETF (IEFA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GSIE achieves a 8.75% return, which is significantly lower than IEFA's 9.45% return. Both investments have delivered pretty close results over the past 10 years, with GSIE having a 9.39% annualized return and IEFA not far behind at 9.38%.

GSIE

1D
0.46%
1M
1.03%
6M
5.39%
YTD
8.75%
1Y
17.13%
3Y*
15.96%
5Y*
8.63%
10Y*
9.39%
ALL TIME*
8.80%

IEFA

1D
0.61%
1M
0.32%
6M
4.92%
YTD
9.45%
1Y
17.75%
3Y*
15.52%
5Y*
8.55%
10Y*
9.38%
ALL TIME*
8.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

GSIE

Goldman Sachs ActiveBeta International Equity ETF
$16.98M$19.56M$19.60M

IEFA

iShares Core MSCI EAFE ETF
$895.79M$960.37M$950.39M

GSIE vs. IEFA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GSIE
Goldman Sachs ActiveBeta International Equity ETF		8.75%32.53%5.23%16.99%-15.86%13.27%7.45%22.83%-13.40%26.22%
IEFA
iShares Core MSCI EAFE ETF		9.45%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%

Correlation

The correlation between GSIE and IEFA is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.99

Correlation (3Y)
Balances recent behavior with more history.

0.99

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.99

Correlation (10Y)
Provides a long-term view across more market conditions.

0.98

Correlation (All Time)
Calculated using the full available price history since Nov 10, 2015

0.98

The correlation between GSIE and IEFA has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

GSIE vs. IEFA - Sectors Allocation Comparison

Sectors
GSIE
IEFA

Financial Services

27.3%
25.5%

Industrials

18.6%
19.3%

Technology

10.6%
12.1%

Healthcare

9.6%
10.0%

Consumer Cyclical

8.6%
7.3%

Consumer Defensive

7.5%
6.5%

Basic Materials

5.4%
6.2%

Energy

4.2%
3.7%

Communication Services

3.8%
3.4%

Utilities

3.3%
3.5%

Real Estate

1.2%
2.2%

Financial Services

GSIE
27.3%
IEFA
25.5%

Industrials

GSIE
18.6%
IEFA
19.3%

Technology

GSIE
10.6%
IEFA
12.1%

Healthcare

GSIE
9.6%
IEFA
10.0%

Consumer Cyclical

GSIE
8.6%
IEFA
7.3%

Consumer Defensive

GSIE
7.5%
IEFA
6.5%

Basic Materials

GSIE
5.4%
IEFA
6.2%

Energy

GSIE
4.2%
IEFA
3.7%

Communication Services

GSIE
3.8%
IEFA
3.4%

Utilities

GSIE
3.3%
IEFA
3.5%

Real Estate

GSIE
1.2%
IEFA
2.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Goldman Sachs ActiveBeta International Equity ETF

iShares Core MSCI EAFE ETF

Often compared with GSIE:
GSIE vs. VXUSGSIE vs. DBAWGSIE vs. ICOWGSIE vs. QEFAGSIE vs. VEAGSIE vs. VOOGSIE vs. SCHF
Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS

Return for Risk

GSIE vs. IEFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GSIE
GSIE Risk / Return Rank: 4848
Overall Rank
GSIE Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
GSIE Sortino Ratio Rank: 4848
Sortino Ratio Rank
GSIE Omega Ratio Rank: 4747
Omega Ratio Rank
GSIE Calmar Ratio Rank: 4545
Calmar Ratio Rank
GSIE Martin Ratio Rank: 5252
Martin Ratio Rank
IEFA
IEFA Risk / Return Rank: 4747
Overall Rank
IEFA Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4747
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4646
Omega Ratio Rank
IEFA Calmar Ratio Rank: 4343
Calmar Ratio Rank
IEFA Martin Ratio Rank: 5151
Martin Ratio Rank
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. IEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta International Equity ETF (GSIE) and iShares Core MSCI EAFE ETF (IEFA). 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.

GSIEIEFADifference
Sharpe ratioReturn per unit of total volatility
1.17
1.14

+0.04

Sortino ratioReturn per unit of downside risk
1.72
1.67

+0.05

Omega ratioGain probability vs. loss probability

1.21

1.21

0.00

Calmar ratioReturn relative to maximum drawdown

1.58

1.54

+0.04

Martin ratioReturn relative to average drawdown

5.99

5.85

+0.14

GSIE vs. IEFA - Sharpe Ratio Comparison

The current GSIE Sharpe Ratio is 1.17, which is comparable to the IEFA Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of GSIE and IEFA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GSIE vs. IEFA - Drawdown Comparison

The maximum GSIE drawdown since its inception was -34.63%, roughly equal to the maximum IEFA drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for GSIE and IEFA.

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Drawdown Indicators

GSIEIEFADifference

Max Drawdown

Largest peak-to-trough decline

-34.63%

-34.78%

+0.15%

Max Drawdown (1Y)

Largest decline over 1 year

-10.76%

-11.50%

+0.74%

Max Drawdown (3Y)

Largest decline over 3 years

-13.07%

-13.76%

+0.69%

Max Drawdown (5Y)

Largest decline over 5 years

-29.97%

-30.41%

+0.44%

Max Drawdown (10Y)

Largest decline over 10 years

-34.63%

-34.78%

+0.15%

Current Drawdown

Current decline from peak

-1.06%

-2.00%

+0.94%

Average Drawdown

Average peak-to-trough decline

-5.99%

-6.63%

+0.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.84%

3.02%

-0.18%

Volatility

GSIE vs. IEFA - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta International Equity ETF (GSIE) is 3.56%, while iShares Core MSCI EAFE ETF (IEFA) has a volatility of 4.00%. This indicates that GSIE experiences smaller price fluctuations and is considered to be less risky than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GSIEIEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

3.56%

4.00%

-0.44%

Volatility (6M)

Calculated over the trailing 6-month period

12.39%

13.48%

-1.09%

Volatility (1Y)

Calculated over the trailing 1-year period

14.49%

15.55%

-1.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.08%

16.59%

-0.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.49%

17.02%

-0.53%

GSIE vs. IEFA - Expense Ratio Comparison

GSIE has a 0.25% expense ratio, which is higher than IEFA's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GSIE vs. IEFA - Dividend Comparison

GSIE's dividend yield for the trailing twelve months is around 2.56%, less than IEFA's 3.41% yield.

PositionTTM20252024202320222021202020192018201720162015
GSIE
Goldman Sachs ActiveBeta International Equity ETF		2.56%2.65%3.11%2.87%3.01%2.40%1.60%2.80%2.68%2.31%2.15%0.13%
IEFA
iShares Core MSCI EAFE ETF		3.41%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%

Frequently Asked Questions

With a correlation of 0.99, GSIE and IEFA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

IEFA has higher volatility (4.00%) compared to GSIE (3.56%). In terms of maximum drawdown, GSIE dropped -34.63% vs IEFA's -34.78%.

On 10-year performance, GSIE leads with 9.39% vs 9.38% for IEFA. On fees, IEFA is cheaper at 0.07% per year. On volatility, GSIE has been the lower-risk option at 3.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GSIE has performed better with a 9.39% return vs 9.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEFA is cheaper with a 0.07% expense ratio, compared with 0.25% for GSIE.

IEFA has the higher dividend yield at 3.41%, compared with 2.56% for GSIE.

GSIE tracks Goldman Sachs ActiveBeta International Equity Index, while IEFA tracks MSCI EAFE IMI Index (Net). They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.25% for GSIE and 0.07% for IEFA.

GSIE currently has the higher Sharpe Ratio (1.17 vs 1.14), 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.

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