GSJY vs. DFJ

Last updated Jun 4, 2026

GSJY (Goldman Sachs ActiveBeta Japan Equity ETF) and DFJ (WisdomTree Japan SmallCap Dividend Fund) are both Japan Equities funds - GSJY tracks the Goldman Sachs ActiveBeta Japan Equity Index while DFJ tracks the WisdomTree Japan SmallCap Dividend Index. Both are passively managed. Over the past 10 years, GSJY returned 9.28%/yr vs 8.70%/yr for DFJ. Their correlation of 0.83 suggests significant overlap in exposure. GSJY charges 0.25%/yr vs 0.58%/yr for DFJ.

Performance

GSJY vs. DFJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) and WisdomTree Japan SmallCap Dividend Fund (DFJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSJY achieves a 13.29% return, which is significantly higher than DFJ's 9.06% return. Over the past 10 years, GSJY has outperformed DFJ with an annualized return of 9.28%, while DFJ has yielded a comparatively lower 8.70% annualized return.

GSJY

• 1D: 0.75%
• 1M: 4.99%
• YTD: 13.29%
• 6M: 15.13%
• 1Y: 29.76%
• 3Y*: 18.00%
• 5Y*: 8.80%
• 10Y*: 9.28%

DFJ

• 1D: -0.46%
• 1M: 2.01%
• YTD: 9.06%
• 6M: 12.58%
• 1Y: 26.81%
• 3Y*: 18.99%
• 5Y*: 9.51%
• 10Y*: 8.70%

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

GSJY vs. DFJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	13.29%	26.22%	8.89%	19.18%	-16.15%	0.41%	13.81%	18.29%	-11.56%	25.50%
DFJ WisdomTree Japan SmallCap Dividend Fund	9.06%	31.90%	2.80%	21.81%	-9.00%	0.38%	1.29%	16.98%	-18.53%	32.14%

Correlation

The correlation between GSJY and DFJ is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Mar 7, 2016	0.83

The correlation between GSJY and DFJ shifts across timeframes, from 0.74 (1 year) to 0.85 (5 years), reflecting how their relationship changes across market environments.

GSJY vs. DFJ - Sectors Allocation Comparison

Sectors	GSJY	DFJ
Industrials	26.3%	27.0%
Financial Services	18.1%	13.3%
Technology	17.5%	12.6%
Consumer Cyclical	13.4%	16.1%
Communication Services	6.0%	1.5%
Healthcare	5.8%	4.1%
Energy	3.4%	0.6%
Basic Materials	3.4%	13.3%
Consumer Defensive	3.3%	7.1%
Real Estate	1.5%	2.9%
Utilities	1.4%	1.6%

Return for Risk

GSJY vs. DFJ — Risk / Return Rank

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

GSJY

GSJY Risk / Return Rank: 44
GSJY Sharpe Ratio Rank: 43
GSJY Sortino Ratio Rank: 44
GSJY Omega Ratio Rank: 45
GSJY Calmar Ratio Rank: 43
GSJY Martin Ratio Rank: 44

DFJ

DFJ Risk / Return Rank: 44
DFJ Sharpe Ratio Rank: 47
DFJ Sortino Ratio Rank: 47
DFJ Omega Ratio Rank: 45
DFJ Calmar Ratio Rank: 42
DFJ Martin Ratio Rank: 38

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.

GSJY vs. DFJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) and WisdomTree Japan SmallCap Dividend Fund (DFJ). 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.

	GSJY	DFJ	Difference
Sharpe ratio Return per unit of total volatility	1.54	1.65	-0.11
Sortino ratio Return per unit of downside risk	2.24	2.34	-0.11
Omega ratio Gain probability vs. loss probability	1.29	1.29	0.00
Calmar ratio Return relative to maximum drawdown	2.12	2.07	+0.06
Martin ratio Return relative to average drawdown	7.09	6.01	+1.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSJY vs. DFJ - Sharpe Ratio Comparison

The current GSJY Sharpe Ratio is 1.54, which is comparable to the DFJ Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of GSJY and DFJ, 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

	GSJY	DFJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	1.65	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.60	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.51	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.31	+0.24

Drawdowns

GSJY vs. DFJ - Drawdown Comparison

The maximum GSJY drawdown since its inception was -32.53%, smaller than the maximum DFJ drawdown of -46.00%. Use the drawdown chart below to compare losses from any high point for GSJY and DFJ.

Drawdown Indicators

	GSJY	DFJ	Difference
Max Drawdown Largest peak-to-trough decline	-32.53%	-46.00%	+13.47%
Max Drawdown (1Y) Largest decline over 1 year	-14.08%	-13.03%	-1.05%
Max Drawdown (3Y) Largest decline over 3 years	-14.96%	-13.03%	-1.93%
Max Drawdown (5Y) Largest decline over 5 years	-32.53%	-29.71%	-2.82%
Max Drawdown (10Y) Largest decline over 10 years	-32.53%	-40.02%	+7.49%
Current Drawdown Current decline from peak	-2.62%	-6.92%	+4.30%
Average Drawdown Average peak-to-trough decline	-7.58%	-11.15%	+3.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.21%	4.47%	-0.26%

Volatility

GSJY vs. DFJ - Volatility Comparison

Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) and WisdomTree Japan SmallCap Dividend Fund (DFJ) have volatilities of 4.21% and 4.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSJY	DFJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	4.15%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	15.17%	13.48%	+1.69%
Volatility (1Y) Calculated over the trailing 1-year period	19.48%	16.39%	+3.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.07%	15.89%	+2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	16.95%	+0.09%

GSJY vs. DFJ - Expense Ratio Comparison

GSJY has a 0.25% expense ratio, which is lower than DFJ's 0.58% expense ratio.

Dividends

GSJY vs. DFJ - Dividend Comparison

GSJY's dividend yield for the trailing twelve months is around 1.75%, less than DFJ's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFJ WisdomTree Japan SmallCap Dividend Fund	2.44%	2.68%	2.46%	2.43%	2.62%	2.07%	2.59%	2.24%	1.89%	1.60%	1.76%	1.23%
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	1.75%	1.99%	1.64%	2.11%	2.13%	1.73%	1.22%	2.79%	3.28%	1.70%	2.09%	0.00%

Frequently Asked Questions

Can I hold both GSJY and DFJ in my portfolio?

GSJY and DFJ have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSJY or DFJ?

GSJY has higher volatility (4.21%) compared to DFJ (4.15%). In terms of maximum drawdown, GSJY dropped -32.53% vs DFJ's -46.00%.

Which ETF is better, GSJY or DFJ?

On 10-year performance, GSJY leads with 9.28% vs 8.70% for DFJ. On fees, GSJY is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSJY or DFJ?

Over the 10-year period, GSJY has performed better with a 9.28% return vs 8.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSJY or DFJ?

GSJY is cheaper with a 0.25% expense ratio, compared with 0.58% for DFJ.

Which ETF pays a higher dividend yield, GSJY or DFJ?

DFJ has the higher dividend yield at 2.44%, compared with 1.75% for GSJY.

What is the main difference between GSJY and DFJ?

GSJY tracks Goldman Sachs ActiveBeta Japan Equity Index, while DFJ tracks WisdomTree Japan SmallCap Dividend Index. They also come from different issuers: Goldman Sachs and WisdomTree. Their fees differ too: 0.25% for GSJY and 0.58% for DFJ.

Which has better risk-adjusted returns?

DFJ currently has the higher Sharpe Ratio (1.65 vs 1.54), 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.