GSLC.L vs. MXUS.L

Last updated Jun 4, 2026

GSLC.L (Goldman Sachs ActiveBeta US Large Cap Equity UCITS ETF CLASS USD (Acc.)) and MXUS.L (Invesco MSCI USA UCITS ETF) are both Large Cap Blend Equities funds tracking the Russell 1000 TR USD, from Goldman Sachs and Invesco respectively. Both are passively managed. Over the past 5 years, GSLC.L returned 12.75%/yr vs 13.57%/yr for MXUS.L. A 0.62 correlation means they provide meaningful diversification when combined. GSLC.L charges 0.14%/yr vs 0.05%/yr for MXUS.L.

Performance

GSLC.L vs. MXUS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta US Large Cap Equity UCITS ETF CLASS USD (Acc.) (GSLC.L) and Invesco MSCI USA UCITS ETF (MXUS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSLC.L achieves a 9.22% return, which is significantly lower than MXUS.L's 10.29% return.

GSLC.L

• 1D: -0.38%
• 1M: 5.77%
• YTD: 9.22%
• 6M: 11.51%
• 1Y: 23.98%
• 3Y*: 20.98%
• 5Y*: 12.75%
• 10Y*: —

MXUS.L

• 1D: -0.47%
• 1M: 4.54%
• YTD: 10.29%
• 6M: 11.16%
• 1Y: 28.02%
• 3Y*: 22.58%
• 5Y*: 13.57%
• 10Y*: 15.43%

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

GSLC.L vs. MXUS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GSLC.L Goldman Sachs ActiveBeta US Large Cap Equity UCITS ETF CLASS USD (Acc.)	9.22%	16.46%	23.04%	25.10%	-18.10%	26.60%	20.06%	6.13%
MXUS.L Invesco MSCI USA UCITS ETF	10.29%	17.34%	25.57%	27.84%	-20.03%	27.90%	20.98%	9.15%

Correlation

The correlation between GSLC.L and MXUS.L is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019	0.62

Over the past year, GSLC.L and MXUS.L have become more correlated (0.96) than their long-term average of 0.62, meaning their price movements have been converging.

GSLC.L vs. MXUS.L - Sectors Allocation Comparison

Sectors	GSLC.L	MXUS.L
Technology	35.6%	35.4%
Financial Services	15.8%	11.6%
Consumer Cyclical	13.5%	10.1%
Healthcare	13.0%	8.6%
Communication Services	8.1%	11.3%
Industrials	6.7%	8.6%
Consumer Defensive	4.0%	4.8%
Real Estate	2.0%	1.9%
Basic Materials	1.2%	1.8%
Utilities	0.1%	2.3%
Energy	-	3.6%

Return for Risk

GSLC.L vs. MXUS.L — Risk / Return Rank

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

GSLC.L

GSLC.L Risk / Return Rank: 53
GSLC.L Sharpe Ratio Rank: 53
GSLC.L Sortino Ratio Rank: 57
GSLC.L Omega Ratio Rank: 53
GSLC.L Calmar Ratio Rank: 48
GSLC.L Martin Ratio Rank: 56

MXUS.L

MXUS.L Risk / Return Rank: 73
MXUS.L Sharpe Ratio Rank: 73
MXUS.L Sortino Ratio Rank: 77
MXUS.L Omega Ratio Rank: 73
MXUS.L Calmar Ratio Rank: 67
MXUS.L Martin Ratio Rank: 74

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.

GSLC.L vs. MXUS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta US Large Cap Equity UCITS ETF CLASS USD (Acc.) (GSLC.L) and Invesco MSCI USA UCITS ETF (MXUS.L). 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.

	GSLC.L	MXUS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.40	-0.59
Sortino ratio: Return per unit of downside risk	2.68	3.47	-0.78
Omega ratio: Gain probability vs. loss probability	1.32	1.44	-0.11
Calmar ratio: Return relative to maximum drawdown	2.37	3.34	-0.97
Martin ratio: Return relative to average drawdown	9.70	14.15	-4.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSLC.L vs. MXUS.L - Sharpe Ratio Comparison

The current GSLC.L Sharpe Ratio is 1.80, which is comparable to the MXUS.L Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of GSLC.L and MXUS.L, 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

	GSLC.L	MXUS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	2.40	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.84	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.94	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	0.94	+0.24

Drawdowns

GSLC.L vs. MXUS.L - Drawdown Comparison

The maximum GSLC.L drawdown since its inception was -29.20%, smaller than the maximum MXUS.L drawdown of -34.38%. Use the drawdown chart below to compare losses from any high point for GSLC.L and MXUS.L.

Drawdown Indicators

	GSLC.L	MXUS.L	Difference
Max Drawdown Largest peak-to-trough decline	-29.20%	-34.38%	+5.18%
Max Drawdown (1Y) Largest decline over 1 year	-10.07%	-8.35%	-1.72%
Max Drawdown (3Y) Largest decline over 3 years	-18.98%	-18.78%	-0.20%
Max Drawdown (5Y) Largest decline over 5 years	-23.89%	-25.25%	+1.36%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.38%	—
Current Drawdown Current decline from peak	-0.38%	-0.47%	+0.09%
Average Drawdown Average peak-to-trough decline	-4.61%	-3.83%	-0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	1.98%	+0.49%

Volatility

GSLC.L vs. MXUS.L - Volatility Comparison

Goldman Sachs ActiveBeta US Large Cap Equity UCITS ETF CLASS USD (Acc.) (GSLC.L) has a higher volatility of 3.98% compared to Invesco MSCI USA UCITS ETF (MXUS.L) at 3.21%. This indicates that GSLC.L's price experiences larger fluctuations and is considered to be riskier than MXUS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSLC.L	MXUS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	3.21%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	9.88%	8.55%	+1.33%
Volatility (1Y) Calculated over the trailing 1-year period	13.30%	11.69%	+1.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.29%	16.19%	+3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.29%	16.42%	+4.87%

GSLC.L vs. MXUS.L - Expense Ratio Comparison

GSLC.L has a 0.14% expense ratio, which is higher than MXUS.L's 0.05% 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

GSLC.L vs. MXUS.L - Dividend Comparison

Neither GSLC.L nor MXUS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GSLC.L and MXUS.L in my portfolio?

With a correlation of 0.96, GSLC.L and MXUS.L 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 ETF is better, GSLC.L or MXUS.L?

On fees, MXUS.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GSLC.L or MXUS.L?

MXUS.L is cheaper with a 0.05% expense ratio, compared with 0.14% for GSLC.L.

What is the main difference between GSLC.L and MXUS.L?

Both ETFs track Russell 1000 TR USD. They also come from different issuers: Goldman Sachs and Invesco. Their fees differ too: 0.14% for GSLC.L and 0.05% for MXUS.L.