GSIFX vs. GICIX

Last updated Aug 1, 2026

GSIFX (Goldman Sachs International Equity ESG Fund Class A) and GICIX (Goldman Sachs International Small Cap Insights Fund) are both mutual funds - GSIFX is a Foreign Large Cap Equities fund managed by Goldman Sachs, while GICIX is a Foreign Small & Mid Cap Equities fund managed by Goldman Sachs. Over the past 10 years, GSIFX returned 9.64%/yr vs 10.03%/yr for GICIX. Their correlation of 0.90 means they have usually moved in the same direction. GSIFX charges 1.35%/yr vs 0.87%/yr for GICIX.

Performance

GSIFX vs. GICIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs International Equity ESG Fund Class A (GSIFX) and Goldman Sachs International Small Cap Insights Fund (GICIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSIFX achieves a 7.83% return, which is significantly lower than GICIX's 13.78% return. Both investments have delivered pretty close results over the past 10 years, with GSIFX having a 9.64% annualized return and GICIX not far ahead at 10.03%.

GSIFX

• 1D: 2.61%
• 1M: -0.35%
• 6M: 6.04%
• YTD: 7.83%
• 1Y: 17.32%
• 3Y*: 11.01%
• 5Y*: 6.27%
• 10Y*: 9.64%
• ALL TIME*: 5.85%

GICIX

• 1D: 2.85%
• 1M: 1.04%
• 6M: 5.80%
• YTD: 13.78%
• 1Y: 29.13%
• 3Y*: 21.47%
• 5Y*: 9.35%
• 10Y*: 10.03%
• ALL TIME*: 7.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GICIX Goldman Sachs International Small Cap Insights Fund	$0.00	$0.00	$0.00
GSIFX Goldman Sachs International Equity ESG Fund Class A	$0.00	$0.00	$0.00

GSIFX vs. GICIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSIFX Goldman Sachs International Equity ESG Fund Class A	7.83%	25.51%	0.33%	15.44%	-17.69%	16.23%	22.89%	27.68%	-14.85%	25.29%
GICIX Goldman Sachs International Small Cap Insights Fund	13.78%	42.83%	5.57%	15.11%	-18.53%	13.03%	7.69%	21.59%	-18.80%	33.05%

Correlation

The correlation between GSIFX and GICIX is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.88
Correlation (All Time) Calculated using the full available price history since Jan 2, 2008	0.90

The correlation between GSIFX and GICIX has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

GSIFX vs. GICIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GSIFX

GSIFX Risk / Return Rank: 32
GSIFX Sharpe Ratio Rank: 31
GSIFX Sortino Ratio Rank: 31
GSIFX Omega Ratio Rank: 30
GSIFX Calmar Ratio Rank: 30
GSIFX Martin Ratio Rank: 35

GICIX

GICIX Risk / Return Rank: 74
GICIX Sharpe Ratio Rank: 80
GICIX Sortino Ratio Rank: 78
GICIX Omega Ratio Rank: 78
GICIX Calmar Ratio Rank: 70
GICIX Martin Ratio Rank: 65

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GSIFX vs. GICIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs International Equity ESG Fund Class A (GSIFX) and Goldman Sachs International Small Cap Insights Fund (GICIX). 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.

	GSIFX	GICIX	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.86	-0.85
Sortino ratio: Return per unit of downside risk	1.48	2.62	-1.14
Omega ratio: Gain probability vs. loss probability	1.18	1.34	-0.16
Calmar ratio: Return relative to maximum drawdown	1.31	2.25	-0.93
Martin ratio: Return relative to average drawdown	5.06	8.02	-2.96

GSIFX vs. GICIX - Sharpe Ratio Comparison

The current GSIFX Sharpe Ratio is 1.01, which is lower than the GICIX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of GSIFX and GICIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GSIFX vs. GICIX - Drawdown Comparison

The maximum GSIFX drawdown since its inception was -59.25%, roughly equal to the maximum GICIX drawdown of -56.71%. Use the drawdown chart below to compare losses from any high point for GSIFX and GICIX.

Drawdown Indicators

	GSIFX	GICIX	Difference
Max Drawdown Largest peak-to-trough decline	-59.25%	-56.71%	-2.54%
Max Drawdown (1Y) Largest decline over 1 year	-12.15%	-13.39%	+1.24%
Max Drawdown (3Y) Largest decline over 3 years	-13.56%	-13.39%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-31.94%	-34.53%	+2.59%
Max Drawdown (10Y) Largest decline over 10 years	-35.00%	-43.84%	+8.84%
Current Drawdown Current decline from peak	-0.83%	-1.55%	+0.72%
Average Drawdown Average peak-to-trough decline	-15.16%	-10.86%	-4.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	3.74%	-0.59%

Volatility

GSIFX vs. GICIX - Volatility Comparison

The current volatility for Goldman Sachs International Equity ESG Fund Class A (GSIFX) is 4.43%, while Goldman Sachs International Small Cap Insights Fund (GICIX) has a volatility of 5.31%. This indicates that GSIFX experiences smaller price fluctuations and is considered to be less risky than GICIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSIFX	GICIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	5.31%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	13.15%	13.92%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	15.89%	16.23%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	16.68%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.12%	16.58%	+0.54%

GSIFX vs. GICIX - Expense Ratio Comparison

GSIFX has a 1.35% expense ratio, which is higher than GICIX's 0.87% expense ratio.

Dividends

GSIFX vs. GICIX - Dividend Comparison

GSIFX's dividend yield for the trailing twelve months is around 2.02%, less than GICIX's 7.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GICIX Goldman Sachs International Small Cap Insights Fund	7.11%	8.08%	4.77%	3.04%	3.10%	3.39%	1.87%	3.47%	1.68%	8.29%	2.79%	1.69%
GSIFX Goldman Sachs International Equity ESG Fund Class A	2.02%	2.18%	2.30%	1.37%	0.82%	6.29%	0.00%	1.67%	1.45%	1.25%	2.79%	1.16%

Frequently Asked Questions

Can I hold both GSIFX and GICIX in my portfolio?

GSIFX and GICIX 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, GSIFX or GICIX?

GICIX has higher volatility (5.31%) compared to GSIFX (4.43%). In terms of maximum drawdown, GSIFX dropped -59.25% vs GICIX's -56.71%.

Which has better risk-adjusted returns?

GICIX currently has the higher Sharpe Ratio (1.86 vs 1.01), 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.