GSJY vs. GSEU

Last updated Jun 23, 2026

GSJY (Goldman Sachs ActiveBeta Japan Equity ETF) and GSEU (Goldman Sachs ActiveBeta Europe Equity ETF) are both exchange-traded funds - GSJY is a Japan Equities fund tracking the Goldman Sachs ActiveBeta Japan Equity Index, while GSEU is a Europe Equities fund tracking the Goldman Sachs ActiveBeta Europe Equity Index. Both are passively managed. Over the past 10 years, GSJY returned 9.80%/yr vs 10.29%/yr for GSEU. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.

Performance

GSJY vs. GSEU - Performance Comparison

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

Returns By Period

In the year-to-date period, GSJY achieves a 17.20% return, which is significantly higher than GSEU's 7.49% return. Over the past 10 years, GSJY has underperformed GSEU with an annualized return of 9.80%, while GSEU has yielded a comparatively higher 10.29% annualized return.

GSJY

• 1D: 0.70%
• 1M: 5.20%
• YTD: 17.20%
• 6M: 17.46%
• 1Y: 37.62%
• 3Y*: 19.62%
• 5Y*: 9.97%
• 10Y*: 9.80%

GSEU

• 1D: 0.01%
• 1M: 1.24%
• YTD: 7.49%
• 6M: 8.09%
• 1Y: 21.42%
• 3Y*: 17.28%
• 5Y*: 8.79%
• 10Y*: 10.29%

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

GSJY vs. GSEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	17.20%	26.22%	8.89%	19.18%	-16.15%	0.41%	13.81%	18.29%	-11.56%	25.50%
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	7.49%	35.70%	2.00%	20.74%	-17.90%	17.33%	6.64%	24.57%	-14.29%	26.97%

Correlation

The correlation between GSJY and GSEU is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Mar 4, 2016	0.65

The correlation between GSJY and GSEU has been stable across timeframes, ranging from 0.64 to 0.67 - a consistent structural relationship.

GSJY vs. GSEU - Sectors Allocation Comparison

Sectors	GSJY	GSEU
Industrials	24.9%	20.0%
Technology	20.2%	9.1%
Financial Services	18.1%	24.0%
Consumer Cyclical	12.7%	6.7%
Communication Services	6.4%	4.0%
Healthcare	4.9%	13.3%
Basic Materials	3.7%	5.1%
Energy	3.4%	4.2%
Consumer Defensive	3.1%	8.3%
Utilities	1.5%	4.6%
Real Estate	1.2%	0.5%

Return for Risk

GSJY vs. GSEU — Risk / Return Rank

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

GSJY

GSJY Risk / Return Rank: 56
GSJY Sharpe Ratio Rank: 58
GSJY Sortino Ratio Rank: 57
GSJY Omega Ratio Rank: 59
GSJY Calmar Ratio Rank: 56
GSJY Martin Ratio Rank: 53

GSEU

GSEU Risk / Return Rank: 40
GSEU Sharpe Ratio Rank: 41
GSEU Sortino Ratio Rank: 40
GSEU Omega Ratio Rank: 39
GSEU Calmar Ratio Rank: 37
GSEU Martin Ratio Rank: 43

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. GSEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) and Goldman Sachs ActiveBeta Europe Equity ETF (GSEU). 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.

	GSJY	GSEU	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.40	+0.49
Sortino ratio: Return per unit of downside risk	2.64	2.00	+0.64
Omega ratio: Gain probability vs. loss probability	1.35	1.25	+0.10
Calmar ratio: Return relative to maximum drawdown	2.68	1.81	+0.88
Martin ratio: Return relative to average drawdown	8.80	6.80	+2.00

GSJY vs. GSEU - Sharpe Ratio Comparison

The current GSJY Sharpe Ratio is 1.89, which is higher than the GSEU Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of GSJY and GSEU, 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

GSJY vs. GSEU - Drawdown Comparison

The maximum GSJY drawdown since its inception was -32.53%, smaller than the maximum GSEU drawdown of -35.71%. Use the drawdown chart below to compare losses from any high point for GSJY and GSEU.

Drawdown Indicators

	GSJY	GSEU	Difference
Max Drawdown Largest peak-to-trough decline	-32.53%	-35.71%	+3.18%
Max Drawdown (1Y) Largest decline over 1 year	-14.08%	-11.90%	-2.18%
Max Drawdown (3Y) Largest decline over 3 years	-14.96%	-14.12%	-0.84%
Max Drawdown (5Y) Largest decline over 5 years	-32.53%	-33.98%	+1.45%
Max Drawdown (10Y) Largest decline over 10 years	-32.53%	-35.71%	+3.18%
Current Drawdown Current decline from peak	0.00%	-0.72%	+0.72%
Average Drawdown Average peak-to-trough decline	-7.56%	-6.57%	-0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.28%	3.16%	+1.12%

Volatility

GSJY vs. GSEU - Volatility Comparison

Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) has a higher volatility of 5.99% compared to Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) at 4.43%. This indicates that GSJY's price experiences larger fluctuations and is considered to be riskier than GSEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSJY	GSEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.99%	4.43%	+1.56%
Volatility (6M) Calculated over the trailing 6-month period	16.00%	12.93%	+3.07%
Volatility (1Y) Calculated over the trailing 1-year period	20.07%	15.39%	+4.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.21%	17.19%	+1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	18.01%	-0.93%

GSJY vs. GSEU - Expense Ratio Comparison

Both GSJY and GSEU have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

GSJY vs. GSEU - Dividend Comparison

GSJY's dividend yield for the trailing twelve months is around 1.69%, less than GSEU's 2.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	2.53%	2.72%	2.35%	3.41%	3.34%	2.71%	1.84%	3.69%	3.40%	2.51%	2.74%
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	1.69%	1.99%	1.64%	2.11%	2.13%	1.73%	1.22%	2.79%	3.28%	1.70%	2.09%

Frequently Asked Questions

Can I hold both GSJY and GSEU in my portfolio?

GSJY and GSEU have a correlation of 0.65, 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 GSEU?

GSJY has higher volatility (5.99%) compared to GSEU (4.43%). In terms of maximum drawdown, GSJY dropped -32.53% vs GSEU's -35.71%.

Which ETF is better, GSJY or GSEU?

On 10-year performance, GSEU leads with 10.29% vs 9.80% for GSJY. Both ETFs have the same 0.25% expense ratio. On volatility, GSEU has been the lower-risk option at 4.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSJY or GSEU?

Over the 10-year period, GSEU has performed better with a 10.29% return vs 9.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSJY or GSEU?

GSJY and GSEU have the same expense ratio: 0.25% per year.

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

GSEU has the higher dividend yield at 2.53%, compared with 1.69% for GSJY.

What is the main difference between GSJY and GSEU?

GSJY is categorized as Japan Equities, while GSEU is Europe Equities. GSJY tracks Goldman Sachs ActiveBeta Japan Equity Index, while GSEU tracks Goldman Sachs ActiveBeta Europe Equity Index.

Which has better risk-adjusted returns?

GSJY currently has the higher Sharpe Ratio (1.89 vs 1.40), 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.