GSLC vs. PFM

Last updated Jun 4, 2026

GSLC (Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF) and PFM (Invesco Dividend Achievers™ ETF) are both Large Cap Growth Equities funds - GSLC tracks the Goldman Sachs ActiveBeta U.S. Large Cap Equity Index while PFM tracks the NASDAQ US Broad Dividend Achievers Index. Both are passively managed. Over the past 10 years, GSLC returned 14.64%/yr vs 11.82%/yr for PFM. Their correlation of 0.88 suggests significant overlap in exposure. GSLC charges 0.09%/yr vs 0.53%/yr for PFM.

Performance

GSLC vs. PFM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC) and Invesco Dividend Achievers™ ETF (PFM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with GSLC having a 8.50% return and PFM slightly lower at 8.18%. Over the past 10 years, GSLC has outperformed PFM with an annualized return of 14.64%, while PFM has yielded a comparatively lower 11.82% annualized return.

GSLC

• 1D: -0.67%
• 1M: 4.52%
• YTD: 8.50%
• 6M: 8.90%
• 1Y: 23.28%
• 3Y*: 20.85%
• 5Y*: 12.70%
• 10Y*: 14.64%

PFM

• 1D: -0.23%
• 1M: 3.40%
• YTD: 8.18%
• 6M: 7.73%
• 1Y: 19.65%
• 3Y*: 16.31%
• 5Y*: 10.63%
• 10Y*: 11.82%

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

GSLC vs. PFM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	8.50%	16.17%	24.21%	25.09%	-18.71%	27.17%	19.02%	30.74%	-4.07%	22.49%
PFM Invesco Dividend Achievers™ ETF	8.18%	14.00%	16.87%	11.40%	-6.22%	23.08%	9.53%	26.88%	-4.58%	17.65%

Correlation

The correlation between GSLC and PFM is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Sep 22, 2015	0.88

The correlation between GSLC and PFM has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

GSLC vs. PFM - Sectors Allocation Comparison

Sectors	GSLC	PFM
Technology	38.0%	24.7%
Financial Services	10.6%	18.5%
Consumer Cyclical	10.6%	4.0%
Communication Services	10.5%	1.1%
Healthcare	8.3%	14.9%
Industrials	8.2%	11.1%
Consumer Defensive	5.5%	12.0%
Energy	3.2%	4.7%
Utilities	2.4%	4.2%
Basic Materials	1.5%	3.0%
Real Estate	1.1%	2.0%

Return for Risk

GSLC vs. PFM — Risk / Return Rank

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

GSLC

GSLC Risk / Return Rank: 56
GSLC Sharpe Ratio Rank: 58
GSLC Sortino Ratio Rank: 57
GSLC Omega Ratio Rank: 58
GSLC Calmar Ratio Rank: 49
GSLC Martin Ratio Rank: 60

PFM

PFM Risk / Return Rank: 62
PFM Sharpe Ratio Rank: 61
PFM Sortino Ratio Rank: 66
PFM Omega Ratio Rank: 61
PFM Calmar Ratio Rank: 56
PFM Martin Ratio Rank: 63

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 vs. PFM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC) and Invesco Dividend Achievers™ ETF (PFM). 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	PFM	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.09	-0.09
Sortino ratio: Return per unit of downside risk	2.76	3.07	-0.31
Omega ratio: Gain probability vs. loss probability	1.36	1.38	-0.02
Calmar ratio: Return relative to maximum drawdown	2.46	2.78	-0.32
Martin ratio: Return relative to average drawdown	10.96	11.28	-0.32
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 vs. PFM - Sharpe Ratio Comparison

The current GSLC Sharpe Ratio is 2.00, which is comparable to the PFM Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of GSLC and PFM, 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	PFM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	2.09	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.79	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.78	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.53	+0.29

Drawdowns

GSLC vs. PFM - Drawdown Comparison

The maximum GSLC drawdown since its inception was -33.69%, smaller than the maximum PFM drawdown of -53.21%. Use the drawdown chart below to compare losses from any high point for GSLC and PFM.

Drawdown Indicators

	GSLC	PFM	Difference
Max Drawdown Largest peak-to-trough decline	-33.69%	-53.21%	+19.52%
Max Drawdown (1Y) Largest decline over 1 year	-9.49%	-7.09%	-2.40%
Max Drawdown (3Y) Largest decline over 3 years	-18.66%	-14.50%	-4.16%
Max Drawdown (5Y) Largest decline over 5 years	-24.90%	-17.81%	-7.09%
Max Drawdown (10Y) Largest decline over 10 years	-33.69%	-32.22%	-1.47%
Current Drawdown Current decline from peak	-0.67%	-0.23%	-0.44%
Average Drawdown Average peak-to-trough decline	-4.39%	-6.94%	+2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	1.75%	+0.38%

Volatility

GSLC vs. PFM - Volatility Comparison

Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC) has a higher volatility of 2.74% compared to Invesco Dividend Achievers™ ETF (PFM) at 2.04%. This indicates that GSLC's price experiences larger fluctuations and is considered to be riskier than PFM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSLC	PFM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	2.04%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	8.84%	7.13%	+1.71%
Volatility (1Y) Calculated over the trailing 1-year period	11.72%	9.47%	+2.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.62%	13.54%	+3.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.68%	15.21%	+2.47%

GSLC vs. PFM - Expense Ratio Comparison

GSLC has a 0.09% expense ratio, which is lower than PFM's 0.53% expense ratio.

Dividends

GSLC vs. PFM - Dividend Comparison

GSLC's dividend yield for the trailing twelve months is around 0.93%, less than PFM's 1.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	0.93%	1.00%	1.11%	1.38%	1.61%	1.06%	1.35%	1.54%	1.89%	1.69%	1.69%	0.36%
PFM Invesco Dividend Achievers™ ETF	1.33%	1.41%	1.58%	1.86%	1.95%	1.69%	1.92%	1.94%	2.27%	1.70%	2.56%	2.36%

Frequently Asked Questions

Can I hold both GSLC and PFM in my portfolio?

GSLC and PFM have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSLC or PFM?

GSLC has higher volatility (2.74%) compared to PFM (2.04%). In terms of maximum drawdown, GSLC dropped -33.69% vs PFM's -53.21%.

Which ETF is better, GSLC or PFM?

On 10-year performance, GSLC leads with 14.64% vs 11.82% for PFM. On fees, GSLC is cheaper at 0.09% per year. On volatility, PFM has been the lower-risk option at 2.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSLC or PFM?

Over the 10-year period, GSLC has performed better with a 14.64% return vs 11.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSLC or PFM?

GSLC is cheaper with a 0.09% expense ratio, compared with 0.53% for PFM.

Which ETF pays a higher dividend yield, GSLC or PFM?

PFM has the higher dividend yield at 1.33%, compared with 0.93% for GSLC.

What is the main difference between GSLC and PFM?

GSLC tracks Goldman Sachs ActiveBeta U.S. Large Cap Equity Index, while PFM tracks NASDAQ US Broad Dividend Achievers Index. They also come from different issuers: Goldman Sachs and Invesco. Their fees differ too: 0.09% for GSLC and 0.53% for PFM.

Which has better risk-adjusted returns?

PFM currently has the higher Sharpe Ratio (2.09 vs 2.00), 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.