GSIE vs. VEU

Last updated Jun 4, 2026

GSIE (Goldman Sachs ActiveBeta International Equity ETF) and VEU (Vanguard FTSE All-World ex-US ETF) are both Foreign Large Cap Equities funds - GSIE tracks the Goldman Sachs ActiveBeta International Equity Index while VEU tracks the FTSE All-World ex US Index. Both are passively managed. Over the past 10 years, GSIE returned 9.08%/yr vs 9.94%/yr for VEU. With a 0.96 correlation, they move nearly in lockstep. GSIE charges 0.25%/yr vs 0.04%/yr for VEU.

Performance

GSIE vs. VEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta International Equity ETF (GSIE) and Vanguard FTSE All-World ex-US ETF (VEU). 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 VEU's 14.60% return. Over the past 10 years, GSIE has underperformed VEU with an annualized return of 9.08%, while VEU has yielded a comparatively higher 9.94% 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%

VEU

• 1D: -0.98%
• 1M: 5.07%
• YTD: 14.60%
• 6M: 17.34%
• 1Y: 32.37%
• 3Y*: 19.62%
• 5Y*: 8.67%
• 10Y*: 9.94%

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

GSIE vs. VEU - 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%
VEU Vanguard FTSE All-World ex-US ETF	14.60%	32.35%	5.56%	15.84%	-15.58%	8.27%	11.10%	21.83%	-14.18%	27.40%

Correlation

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

The correlation between GSIE and VEU has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

GSIE vs. VEU - Sectors Allocation Comparison

Sectors	GSIE	VEU
Financial Services	27.1%	23.3%
Industrials	18.0%	15.7%
Technology	9.5%	18.5%
Healthcare	9.1%	7.1%
Consumer Cyclical	9.1%	8.2%
Consumer Defensive	7.2%	5.1%
Basic Materials	5.8%	7.1%
Energy	4.4%	5.2%
Communication Services	3.8%	4.6%
Utilities	3.2%	3.2%
Real Estate	1.2%	2.0%

Return for Risk

GSIE vs. VEU — 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

VEU

VEU Risk / Return Rank: 60
VEU Sharpe Ratio Rank: 62
VEU Sortino Ratio Rank: 61
VEU Omega Ratio Rank: 62
VEU Calmar Ratio Rank: 56
VEU Martin Ratio Rank: 61

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. VEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta International Equity ETF (GSIE) and Vanguard FTSE All-World ex-US ETF (VEU). 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	VEU	Difference
Sharpe ratio: Return per unit of total volatility	1.38	2.13	-0.75
Sortino ratio: Return per unit of downside risk	1.99	2.94	-0.95
Omega ratio: Gain probability vs. loss probability	1.25	1.39	-0.14
Calmar ratio: Return relative to maximum drawdown	1.81	2.85	-1.04
Martin ratio: Return relative to average drawdown	6.87	11.06	-4.19
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. VEU - Sharpe Ratio Comparison

The current GSIE Sharpe Ratio is 1.38, which is lower than the VEU Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of GSIE and VEU, 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	VEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	2.13	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.54	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.58	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.25	+0.26

Drawdowns

GSIE vs. VEU - Drawdown Comparison

The maximum GSIE drawdown since its inception was -34.63%, smaller than the maximum VEU drawdown of -61.52%. Use the drawdown chart below to compare losses from any high point for GSIE and VEU.

Drawdown Indicators

	GSIE	VEU	Difference
Max Drawdown Largest peak-to-trough decline	-34.63%	-61.52%	+26.89%
Max Drawdown (1Y) Largest decline over 1 year	-10.76%	-11.43%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-13.07%	-13.69%	+0.62%
Max Drawdown (5Y) Largest decline over 5 years	-29.97%	-29.31%	-0.66%
Max Drawdown (10Y) Largest decline over 10 years	-34.63%	-34.98%	+0.35%
Current Drawdown Current decline from peak	-2.19%	-0.98%	-1.21%
Average Drawdown Average peak-to-trough decline	-6.06%	-13.13%	+7.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	2.93%	-0.11%

Volatility

GSIE vs. VEU - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta International Equity ETF (GSIE) is 4.38%, while Vanguard FTSE All-World ex-US ETF (VEU) has a volatility of 5.59%. This indicates that GSIE experiences smaller price fluctuations and is considered to be less risky than VEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSIE	VEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	5.59%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	11.60%	13.04%	-1.44%
Volatility (1Y) Calculated over the trailing 1-year period	14.15%	15.29%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	16.07%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	17.21%	-0.46%

GSIE vs. VEU - Expense Ratio Comparison

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

GSIE's dividend yield for the trailing twelve months is around 2.52%, less than VEU's 2.61% 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%
VEU Vanguard FTSE All-World ex-US ETF	2.61%	3.09%	3.24%	3.32%	3.12%	3.08%	2.00%	3.10%	3.27%	2.66%	2.96%	2.95%

Frequently Asked Questions

Can I hold both GSIE and VEU in my portfolio?

With a correlation of 0.95, GSIE and VEU 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 VEU?

VEU has higher volatility (5.59%) compared to GSIE (4.38%). In terms of maximum drawdown, GSIE dropped -34.63% vs VEU's -61.52%.

Which ETF is better, GSIE or VEU?

On 10-year performance, VEU leads with 9.94% vs 9.08% for GSIE. On fees, VEU 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 VEU?

Over the 10-year period, VEU has performed better with a 9.94% 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 VEU?

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

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

VEU has the higher dividend yield at 2.61%, compared with 2.52% for GSIE.

What is the main difference between GSIE and VEU?

GSIE tracks Goldman Sachs ActiveBeta International Equity Index, while VEU tracks FTSE All-World ex US Index. They also come from different issuers: Goldman Sachs and Vanguard. Their fees differ too: 0.25% for GSIE and 0.04% for VEU.

Which has better risk-adjusted returns?

VEU currently has the higher Sharpe Ratio (2.13 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.