GSIE vs. QEFA

Last updated Jun 3, 2026

GSIE (Goldman Sachs ActiveBeta International Equity ETF) and QEFA (SPDR MSCI EAFE StrategicFactors ETF) are both Foreign Large Cap Equities funds - GSIE tracks the Goldman Sachs ActiveBeta International Equity Index while QEFA tracks the MSCI EAFE Factor Mix A-Series (USD). Both are passively managed. Over the past 10 years, GSIE returned 9.17%/yr vs 8.72%/yr for QEFA. Their correlation of 0.91 suggests significant overlap in exposure. GSIE charges 0.25%/yr vs 0.30%/yr for QEFA.

Performance

GSIE vs. QEFA - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with GSIE having a 7.40% return and QEFA slightly lower at 7.32%. Both investments have delivered pretty close results over the past 10 years, with GSIE having a 9.17% annualized return and QEFA not far behind at 8.72%.

GSIE

• 1D: 0.59%
• 1M: 1.75%
• YTD: 7.40%
• 6M: 10.83%
• 1Y: 19.37%
• 3Y*: 17.07%
• 5Y*: 8.42%
• 10Y*: 9.17%

QEFA

• 1D: 0.10%
• 1M: 0.92%
• YTD: 7.32%
• 6M: 9.90%
• 1Y: 16.78%
• 3Y*: 14.95%
• 5Y*: 7.93%
• 10Y*: 8.72%

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

GSIE vs. QEFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSIE Goldman Sachs ActiveBeta International Equity ETF	7.40%	32.53%	5.23%	16.99%	-15.86%	13.27%	7.45%	22.83%	-13.40%	26.22%
QEFA SPDR MSCI EAFE StrategicFactors ETF	7.32%	29.25%	2.27%	17.40%	-14.03%	12.50%	6.76%	21.91%	-10.39%	24.03%

Correlation

The correlation between GSIE and QEFA is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 11, 2015	0.91

The correlation between GSIE and QEFA has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.

GSIE vs. QEFA - Sectors Allocation Comparison

Sectors	GSIE	QEFA
Financial Services	27.1%	14.3%
Industrials	18.0%	8.7%
Technology	9.5%	10.1%
Healthcare	9.1%	11.6%
Consumer Cyclical	9.1%	5.7%
Consumer Defensive	7.2%	4.2%
Basic Materials	5.8%	4.9%
Energy	4.4%	5.1%
Communication Services	3.8%	3.3%
Utilities	3.2%	2.7%
Real Estate	1.2%	1.8%

Return for Risk

GSIE vs. QEFA — Risk / Return Rank

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

GSIE

GSIE Risk / Return Rank: 39
GSIE Sharpe Ratio Rank: 39
GSIE Sortino Ratio Rank: 38
GSIE Omega Ratio Rank: 38
GSIE Calmar Ratio Rank: 38
GSIE Martin Ratio Rank: 44

QEFA

QEFA Risk / Return Rank: 37
QEFA Sharpe Ratio Rank: 36
QEFA Sortino Ratio Rank: 35
QEFA Omega Ratio Rank: 35
QEFA Calmar Ratio Rank: 37
QEFA Martin Ratio Rank: 42

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. QEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta International Equity ETF (GSIE) and SPDR MSCI EAFE StrategicFactors ETF (QEFA). 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	QEFA	Difference
Sharpe ratio Return per unit of total volatility	1.38	1.32	+0.06
Sortino ratio Return per unit of downside risk	1.99	1.88	+0.11
Omega ratio Gain probability vs. loss probability	1.25	1.24	+0.01
Calmar ratio Return relative to maximum drawdown	1.93	1.88	+0.05
Martin ratio Return relative to average drawdown	7.35	6.79	+0.56
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. QEFA - Sharpe Ratio Comparison

The current GSIE Sharpe Ratio is 1.38, which is comparable to the QEFA Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of GSIE and QEFA, 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	QEFA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	1.32	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.54	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.55	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.43	+0.09

Drawdowns

GSIE vs. QEFA - Drawdown Comparison

The maximum GSIE drawdown since its inception was -34.63%, which is greater than QEFA's maximum drawdown of -31.71%. Use the drawdown chart below to compare losses from any high point for GSIE and QEFA.

Drawdown Indicators

	GSIE	QEFA	Difference
Max Drawdown Largest peak-to-trough decline	-34.63%	-31.71%	-2.92%
Max Drawdown (1Y) Largest decline over 1 year	-10.76%	-9.58%	-1.18%
Max Drawdown (3Y) Largest decline over 3 years	-13.07%	-12.23%	-0.84%
Max Drawdown (5Y) Largest decline over 5 years	-29.97%	-28.09%	-1.88%
Max Drawdown (10Y) Largest decline over 10 years	-34.63%	-31.71%	-2.92%
Current Drawdown Current decline from peak	-1.38%	-2.46%	+1.08%
Average Drawdown Average peak-to-trough decline	-6.06%	-6.08%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	2.65%	+0.17%

Volatility

GSIE vs. QEFA - Volatility Comparison

Goldman Sachs ActiveBeta International Equity ETF (GSIE) has a higher volatility of 4.50% compared to SPDR MSCI EAFE StrategicFactors ETF (QEFA) at 4.12%. This indicates that GSIE's price experiences larger fluctuations and is considered to be riskier than QEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSIE	QEFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	4.12%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	11.58%	10.24%	+1.34%
Volatility (1Y) Calculated over the trailing 1-year period	14.16%	12.78%	+1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	14.77%	+1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	16.03%	+0.72%

GSIE vs. QEFA - Expense Ratio Comparison

GSIE has a 0.25% expense ratio, which is lower than QEFA's 0.30% expense ratio.

Dividends

GSIE vs. QEFA - Dividend Comparison

GSIE's dividend yield for the trailing twelve months is around 2.50%, less than QEFA's 2.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSIE Goldman Sachs ActiveBeta International Equity ETF	2.50%	2.65%	3.11%	2.87%	3.01%	2.40%	1.60%	2.80%	2.68%	2.31%	2.15%	0.13%
QEFA SPDR MSCI EAFE StrategicFactors ETF	2.86%	3.13%	3.17%	2.79%	3.02%	2.37%	1.82%	2.95%	3.22%	2.33%	2.01%	2.94%

Frequently Asked Questions

Can I hold both GSIE and QEFA in my portfolio?

With a correlation of 0.95, GSIE and QEFA 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.

Which is riskier, GSIE or QEFA?

GSIE has higher volatility (4.50%) compared to QEFA (4.12%). In terms of maximum drawdown, GSIE dropped -34.63% vs QEFA's -31.71%.

Which ETF is better, GSIE or QEFA?

On 10-year performance, GSIE leads with 9.17% vs 8.72% for QEFA. On fees, GSIE is cheaper at 0.25% per year. On volatility, QEFA has been the lower-risk option at 4.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSIE or QEFA?

Over the 10-year period, GSIE has performed better with a 9.17% return vs 8.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSIE or QEFA?

GSIE is cheaper with a 0.25% expense ratio, compared with 0.30% for QEFA.

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

QEFA has the higher dividend yield at 2.86%, compared with 2.50% for GSIE.

What is the main difference between GSIE and QEFA?

GSIE tracks Goldman Sachs ActiveBeta International Equity Index, while QEFA tracks MSCI EAFE Factor Mix A-Series (USD). They also come from different issuers: Goldman Sachs and State Street. Their fees differ too: 0.25% for GSIE and 0.30% for QEFA.

Which has better risk-adjusted returns?

GSIE currently has the higher Sharpe Ratio (1.38 vs 1.32), 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.