GSLC vs. USPX

Last updated Aug 2, 2026

GSLC (Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF) and USPX (Franklin U.S. Equity Index ETF) are both Large Cap Blend Equities funds - GSLC tracks the Goldman Sachs ActiveBeta U.S. Large Cap Equity Index while USPX tracks the Morningstar US Target Market Exposure Index. Both are passively managed. Over the past 10 years, GSLC returned 14.27%/yr vs 12.14%/yr for USPX. Their correlation of 0.86 means they have usually moved in the same direction. GSLC charges 0.09%/yr vs 0.03%/yr for USPX.

Performance

GSLC vs. USPX - 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 Franklin U.S. Equity Index ETF (USPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSLC achieves a 8.44% return, which is significantly lower than USPX's 9.67% return. Over the past 10 years, GSLC has outperformed USPX with an annualized return of 14.27%, while USPX has yielded a comparatively lower 12.14% annualized return.

GSLC

• 1D: 0.58%
• 1M: 0.68%
• 6M: 7.66%
• YTD: 8.44%
• 1Y: 18.10%
• 3Y*: 18.11%
• 5Y*: 11.52%
• 10Y*: 14.27%
• ALL TIME*: 14.01%

USPX

• 1D: 0.59%
• 1M: 0.02%
• 6M: 8.24%
• YTD: 9.67%
• 1Y: 20.68%
• 3Y*: 19.24%
• 5Y*: 11.75%
• 10Y*: 12.14%
• ALL TIME*: 12.43%

*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)
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	$58.04M	$61.34M	$41.47M
USPX Franklin U.S. Equity Index ETF	$3.15M	$2.94M	$3.73M

GSLC vs. USPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	8.44%	16.17%	24.21%	25.09%	-18.71%	27.17%	19.02%	30.74%	-4.07%	22.49%
USPX Franklin U.S. Equity Index ETF	9.67%	17.78%	24.97%	27.07%	-18.88%	19.53%	9.72%	26.60%	-7.78%	23.80%

Correlation

The correlation between GSLC and USPX is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	0.97
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since Jun 3, 2016	0.86

The correlation between GSLC and USPX shifts across timeframes, from 0.86 (all time) to 0.98 (3 years), reflecting how their relationship changes across market environments.

GSLC vs. USPX - Sectors Allocation Comparison

Sectors	GSLC	USPX
Technology	37.8%	37.4%
Financial Services	10.9%	12.5%
Consumer Cyclical	10.3%	8.8%
Communication Services	10.2%	9.6%
Healthcare	9.1%	9.4%
Industrials	8.5%	7.9%
Consumer Defensive	5.5%	4.7%
Energy	2.9%	3.4%
Utilities	2.2%	2.6%
Basic Materials	1.4%	1.7%
Real Estate	1.2%	1.8%

Return for Risk

GSLC vs. USPX — Risk / Return Rank

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

GSLC

GSLC Risk / Return Rank: 54
GSLC Sharpe Ratio Rank: 55
GSLC Sortino Ratio Rank: 53
GSLC Omega Ratio Rank: 53
GSLC Calmar Ratio Rank: 48
GSLC Martin Ratio Rank: 61

USPX

USPX Risk / Return Rank: 61
USPX Sharpe Ratio Rank: 61
USPX Sortino Ratio Rank: 59
USPX Omega Ratio Rank: 59
USPX Calmar Ratio Rank: 58
USPX Martin Ratio Rank: 70

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.

GSLC vs. USPX - 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 Franklin U.S. Equity Index ETF (USPX). 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.

	GSLC	USPX	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.44	-0.12
Sortino ratio: Return per unit of downside risk	1.84	2.01	-0.17
Omega ratio: Gain probability vs. loss probability	1.24	1.26	-0.02
Calmar ratio: Return relative to maximum drawdown	1.72	2.04	-0.32
Martin ratio: Return relative to average drawdown	7.26	8.56	-1.30

GSLC vs. USPX - Sharpe Ratio Comparison

The current GSLC Sharpe Ratio is 1.31, which is comparable to the USPX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of GSLC and USPX, 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

GSLC vs. USPX - Drawdown Comparison

The maximum GSLC drawdown since its inception was -33.69%, which is greater than USPX's maximum drawdown of -31.21%. Use the drawdown chart below to compare losses from any high point for GSLC and USPX.

Drawdown Indicators

	GSLC	USPX	Difference
Max Drawdown Largest peak-to-trough decline	-33.69%	-31.21%	-2.48%
Max Drawdown (1Y) Largest decline over 1 year	-9.49%	-9.15%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-18.66%	-19.21%	+0.55%
Max Drawdown (5Y) Largest decline over 5 years	-24.90%	-24.60%	-0.30%
Max Drawdown (10Y) Largest decline over 10 years	-33.69%	-31.21%	-2.48%
Current Drawdown Current decline from peak	-0.72%	-1.63%	+0.91%
Average Drawdown Average peak-to-trough decline	-4.35%	-4.40%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	2.18%	+0.07%

Volatility

GSLC vs. USPX - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC) is 3.06%, while Franklin U.S. Equity Index ETF (USPX) has a volatility of 3.39%. This indicates that GSLC experiences smaller price fluctuations and is considered to be less risky than USPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSLC	USPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	3.39%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	10.23%	-0.54%
Volatility (1Y) Calculated over the trailing 1-year period	12.44%	13.02%	-0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.71%	16.30%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.68%	15.97%	+1.71%

GSLC vs. USPX - Expense Ratio Comparison

GSLC has a 0.09% expense ratio, which is higher than USPX's 0.03% 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 vs. USPX - Dividend Comparison

GSLC's dividend yield for the trailing twelve months is around 0.94%, less than USPX's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	0.94%	1.00%	1.11%	1.38%	1.61%	1.06%	1.35%	1.54%	1.89%	1.69%	1.69%	0.36%
USPX Franklin U.S. Equity Index ETF	1.09%	1.07%	1.23%	1.35%	2.21%	2.40%	2.51%	3.07%	2.91%	2.60%	4.89%	0.00%

Frequently Asked Questions

Can I hold both GSLC and USPX in my portfolio?

With a correlation of 0.98, GSLC and USPX 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 is riskier, GSLC or USPX?

USPX has higher volatility (3.39%) compared to GSLC (3.06%). In terms of maximum drawdown, GSLC dropped -33.69% vs USPX's -31.21%.

Which ETF is better, GSLC or USPX?

On 10-year performance, GSLC leads with 14.27% vs 12.14% for USPX. On fees, USPX is cheaper at 0.03% per year. On volatility, GSLC has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSLC or USPX?

Over the 10-year period, GSLC has performed better with a 14.27% return vs 12.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSLC or USPX?

USPX is cheaper with a 0.03% expense ratio, compared with 0.09% for GSLC.

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

USPX has the higher dividend yield at 1.09%, compared with 0.94% for GSLC.

What is the main difference between GSLC and USPX?

GSLC tracks Goldman Sachs ActiveBeta U.S. Large Cap Equity Index, while USPX tracks Morningstar US Target Market Exposure Index. They also come from different issuers: Goldman Sachs and Franklin Templeton. Their fees differ too: 0.09% for GSLC and 0.03% for USPX.

Which has better risk-adjusted returns?

USPX currently has the higher Sharpe Ratio (1.44 vs 1.31), 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.