GSIE vs. SPDW

Last updated Jun 4, 2026

GSIE (Goldman Sachs ActiveBeta International Equity ETF) and SPDW (SPDR Portfolio World ex-US ETF) are both Foreign Large Cap Equities funds - GSIE tracks the Goldman Sachs ActiveBeta International Equity Index while SPDW tracks the S&P Developed Ex-U.S. BMI Index. Both are passively managed. Over the past 10 years, GSIE returned 9.08%/yr vs 10.09%/yr for SPDW. With a 0.98 correlation, they move nearly in lockstep. GSIE charges 0.25%/yr vs 0.04%/yr for SPDW.

Performance

GSIE vs. SPDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta International Equity ETF (GSIE) and SPDR Portfolio World ex-US ETF (SPDW). 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 lower than SPDW's 15.00% return. Over the past 10 years, GSIE has underperformed SPDW with an annualized return of 9.08%, while SPDW has yielded a comparatively higher 10.09% annualized 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%

SPDW

• 1D: -0.87%
• 1M: 5.56%
• YTD: 15.00%
• 6M: 18.06%
• 1Y: 32.15%
• 3Y*: 19.77%
• 5Y*: 9.38%
• 10Y*: 10.09%

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

GSIE vs. SPDW - 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%
SPDW SPDR Portfolio World ex-US ETF	15.00%	34.75%	3.55%	17.81%	-15.98%	11.45%	9.90%	22.41%	-14.22%	25.81%

Correlation

The correlation between GSIE and SPDW is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Nov 11, 2015	0.98

The correlation between GSIE and SPDW has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

GSIE vs. SPDW - Sectors Allocation Comparison

Sectors	GSIE	SPDW
Financial Services	27.1%	22.9%
Industrials	18.0%	19.2%
Technology	9.5%	13.7%
Healthcare	9.1%	8.3%
Consumer Cyclical	9.1%	7.8%
Consumer Defensive	7.2%	5.7%
Basic Materials	5.8%	7.3%
Energy	4.4%	5.5%
Communication Services	3.8%	3.8%
Utilities	3.2%	3.3%
Real Estate	1.2%	2.5%

Return for Risk

GSIE vs. SPDW — 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

SPDW

SPDW Risk / Return Rank: 59
SPDW Sharpe Ratio Rank: 60
SPDW Sortino Ratio Rank: 59
SPDW Omega Ratio Rank: 59
SPDW Calmar Ratio Rank: 55
SPDW Martin Ratio Rank: 60

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. SPDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta International Equity ETF (GSIE) and SPDR Portfolio World ex-US ETF (SPDW). 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	SPDW	Difference
Sharpe ratio: Return per unit of total volatility	1.38	2.07	-0.70
Sortino ratio: Return per unit of downside risk	1.99	2.87	-0.88
Omega ratio: Gain probability vs. loss probability	1.25	1.37	-0.12
Calmar ratio: Return relative to maximum drawdown	1.81	2.80	-0.99
Martin ratio: Return relative to average drawdown	6.87	10.93	-4.06
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. SPDW - Sharpe Ratio Comparison

The current GSIE Sharpe Ratio is 1.38, which is lower than the SPDW Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of GSIE and SPDW, 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	SPDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	2.07	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.57	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.59	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.24	+0.28

Drawdowns

GSIE vs. SPDW - Drawdown Comparison

The maximum GSIE drawdown since its inception was -34.63%, smaller than the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for GSIE and SPDW.

Drawdown Indicators

	GSIE	SPDW	Difference
Max Drawdown Largest peak-to-trough decline	-34.63%	-60.02%	+25.39%
Max Drawdown (1Y) Largest decline over 1 year	-10.76%	-11.55%	+0.79%
Max Drawdown (3Y) Largest decline over 3 years	-13.07%	-13.53%	+0.46%
Max Drawdown (5Y) Largest decline over 5 years	-29.97%	-30.21%	+0.24%
Max Drawdown (10Y) Largest decline over 10 years	-34.63%	-34.98%	+0.35%
Current Drawdown Current decline from peak	-2.19%	-0.87%	-1.32%
Average Drawdown Average peak-to-trough decline	-6.06%	-12.91%	+6.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	2.95%	-0.13%

Volatility

GSIE vs. SPDW - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta International Equity ETF (GSIE) is 4.38%, while SPDR Portfolio World ex-US ETF (SPDW) has a volatility of 5.63%. This indicates that GSIE experiences smaller price fluctuations and is considered to be less risky than SPDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSIE	SPDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	5.63%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	11.60%	13.17%	-1.57%
Volatility (1Y) Calculated over the trailing 1-year period	14.15%	15.60%	-1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	16.49%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	17.26%	-0.51%

GSIE vs. SPDW - Expense Ratio Comparison

GSIE has a 0.25% expense ratio, which is higher than SPDW's 0.04% 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. SPDW - Dividend Comparison

GSIE's dividend yield for the trailing twelve months is around 2.52%, less than SPDW's 2.87% 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%
SPDW SPDR Portfolio World ex-US ETF	2.87%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%

Frequently Asked Questions

Can I hold both GSIE and SPDW in my portfolio?

With a correlation of 0.97, GSIE and SPDW 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 SPDW?

SPDW has higher volatility (5.63%) compared to GSIE (4.38%). In terms of maximum drawdown, GSIE dropped -34.63% vs SPDW's -60.02%.

Which ETF is better, GSIE or SPDW?

On 10-year performance, SPDW leads with 10.09% vs 9.08% for GSIE. On fees, SPDW is cheaper at 0.04% per year. On volatility, GSIE has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSIE or SPDW?

Over the 10-year period, SPDW has performed better with a 10.09% return vs 9.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSIE or SPDW?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.25% for GSIE.

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

SPDW has the higher dividend yield at 2.87%, compared with 2.52% for GSIE.

What is the main difference between GSIE and SPDW?

GSIE tracks Goldman Sachs ActiveBeta International Equity Index, while SPDW tracks S&P Developed Ex-U.S. BMI Index. They also come from different issuers: Goldman Sachs and State Street. Their fees differ too: 0.25% for GSIE and 0.04% for SPDW.

Which has better risk-adjusted returns?

SPDW currently has the higher Sharpe Ratio (2.07 vs 1.38), 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.