GSSC vs. ESML

Last updated Jun 25, 2026

GSSC (Goldman Sachs ActiveBeta US Small Cap Equity ETF) and ESML (iShares ESG Aware MSCI USA Small-Cap ETF) are both Small Cap Growth Equities funds - GSSC tracks the Goldman Sachs ActiveBeta U.S. Small Cap Equity Index while ESML tracks the MSCI USA Small Cap Extended ESG Focus Index. Both are passively managed. Over the past 5 years, GSSC returned 7.82%/yr vs 7.23%/yr for ESML. With a 0.96 correlation, they move nearly in lockstep. GSSC charges 0.20%/yr vs 0.17%/yr for ESML.

Performance

GSSC vs. ESML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with GSSC having a 18.62% return and ESML slightly higher at 18.72%.

GSSC

• 1D: 0.55%
• 1M: 5.95%
• YTD: 18.62%
• 6M: 15.93%
• 1Y: 32.96%
• 3Y*: 18.63%
• 5Y*: 7.82%
• 10Y*: —

ESML

• 1D: 0.61%
• 1M: 4.33%
• YTD: 18.72%
• 6M: 16.07%
• 1Y: 33.88%
• 3Y*: 18.11%
• 5Y*: 7.23%
• 10Y*: —

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

GSSC vs. ESML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GSSC Goldman Sachs ActiveBeta US Small Cap Equity ETF	18.62%	10.76%	11.14%	17.27%	-16.81%	24.13%	16.02%	23.14%	-9.96%
ESML iShares ESG Aware MSCI USA Small-Cap ETF	18.72%	10.62%	12.01%	17.27%	-17.28%	19.28%	19.56%	29.12%	-10.72%

Correlation

The correlation between GSSC and ESML 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	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Apr 12, 2018	0.96

The correlation between GSSC and ESML has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

GSSC vs. ESML - Sectors Allocation Comparison

Sectors	GSSC	ESML
Technology	18.2%	20.8%
Industrials	17.6%	17.8%
Healthcare	16.6%	12.8%
Financial Services	16.6%	13.8%
Consumer Cyclical	10.1%	10.7%
Energy	4.3%	4.8%
Real Estate	4.3%	6.5%
Basic Materials	3.9%	4.0%
Consumer Defensive	3.8%	3.4%
Communication Services	2.6%	2.5%
Utilities	2.1%	2.8%

Return for Risk

GSSC vs. ESML — Risk / Return Rank

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

GSSC

GSSC Risk / Return Rank: 62
GSSC Sharpe Ratio Rank: 60
GSSC Sortino Ratio Rank: 60
GSSC Omega Ratio Rank: 53
GSSC Calmar Ratio Rank: 71
GSSC Martin Ratio Rank: 65

ESML

ESML Risk / Return Rank: 73
ESML Sharpe Ratio Rank: 70
ESML Sortino Ratio Rank: 71
ESML Omega Ratio Rank: 63
ESML Calmar Ratio Rank: 81
ESML Martin Ratio Rank: 79

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.

GSSC vs. ESML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML). 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.

	GSSC	ESML	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.99	-0.23
Sortino ratio: Return per unit of downside risk	2.50	2.83	-0.33
Omega ratio: Gain probability vs. loss probability	1.30	1.34	-0.04
Calmar ratio: Return relative to maximum drawdown	3.13	3.77	-0.63
Martin ratio: Return relative to average drawdown	10.48	13.82	-3.34

GSSC vs. ESML - Sharpe Ratio Comparison

The current GSSC Sharpe Ratio is 1.76, which is comparable to the ESML Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of GSSC and ESML, 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

GSSC vs. ESML - Drawdown Comparison

The maximum GSSC drawdown since its inception was -41.38%, roughly equal to the maximum ESML drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for GSSC and ESML.

Drawdown Indicators

	GSSC	ESML	Difference
Max Drawdown Largest peak-to-trough decline	-41.38%	-41.97%	+0.59%
Max Drawdown (1Y) Largest decline over 1 year	-10.56%	-9.04%	-1.52%
Max Drawdown (3Y) Largest decline over 3 years	-26.05%	-26.68%	+0.63%
Max Drawdown (5Y) Largest decline over 5 years	-27.81%	-28.61%	+0.80%
Current Drawdown Current decline from peak	0.00%	-0.60%	+0.60%
Average Drawdown Average peak-to-trough decline	-8.97%	-8.91%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	2.46%	+0.69%

Volatility

GSSC vs. ESML - Volatility Comparison

Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML) have volatilities of 5.58% and 5.51%, 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

	GSSC	ESML	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.58%	5.51%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	13.35%	12.37%	+0.98%
Volatility (1Y) Calculated over the trailing 1-year period	18.85%	17.14%	+1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.29%	21.28%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.00%	23.39%	-0.39%

GSSC vs. ESML - Expense Ratio Comparison

GSSC has a 0.20% expense ratio, which is higher than ESML's 0.17% 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

GSSC vs. ESML - Dividend Comparison

GSSC's dividend yield for the trailing twelve months is around 0.81%, less than ESML's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ESML iShares ESG Aware MSCI USA Small-Cap ETF	0.91%	1.08%	1.22%	1.31%	1.46%	0.94%	0.99%	1.10%	1.07%	0.00%
GSSC Goldman Sachs ActiveBeta US Small Cap Equity ETF	0.81%	1.17%	1.42%	1.33%	1.31%	1.00%	0.94%	1.24%	1.21%	0.73%

Frequently Asked Questions

Can I hold both GSSC and ESML in my portfolio?

With a correlation of 0.96, GSSC and ESML 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, GSSC or ESML?

GSSC has higher volatility (5.58%) compared to ESML (5.51%). In terms of maximum drawdown, GSSC dropped -41.38% vs ESML's -41.97%.

Which ETF is better, GSSC or ESML?

On 5-year performance, GSSC leads with 7.82% vs 7.23% for ESML. On fees, ESML is cheaper at 0.17% 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, GSSC or ESML?

Over the 5-year period, GSSC has performed better with a 7.82% return vs 7.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSSC or ESML?

ESML is cheaper with a 0.17% expense ratio, compared with 0.20% for GSSC.

Which ETF pays a higher dividend yield, GSSC or ESML?

ESML has the higher dividend yield at 0.91%, compared with 0.81% for GSSC.

What is the main difference between GSSC and ESML?

GSSC tracks Goldman Sachs ActiveBeta U.S. Small Cap Equity Index, while ESML tracks MSCI USA Small Cap Extended ESG Focus Index. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.20% for GSSC and 0.17% for ESML.

Which has better risk-adjusted returns?

ESML currently has the higher Sharpe Ratio (1.99 vs 1.76), 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.