GSSC vs. FSSNX

Last updated Jun 4, 2026

GSSC (Goldman Sachs ActiveBeta US Small Cap Equity ETF) and FSSNX (Fidelity Small Cap Index Fund) are both funds - GSSC is a Small Cap Growth Equities fund tracking the Goldman Sachs ActiveBeta U.S. Small Cap Equity Index, while FSSNX is a Small Cap Blend Equities fund managed by Fidelity. Over the past 5 years, GSSC returned 7.20%/yr vs 6.72%/yr for FSSNX. With a 0.96 correlation, they move nearly in lockstep. GSSC charges 0.20%/yr vs 0.03%/yr for FSSNX.

Performance

GSSC vs. FSSNX - 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 Fidelity Small Cap Index Fund (FSSNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSSC achieves a 13.55% return, which is significantly lower than FSSNX's 18.72% return.

GSSC

• 1D: -1.21%
• 1M: 3.24%
• YTD: 13.55%
• 6M: 13.10%
• 1Y: 30.39%
• 3Y*: 16.72%
• 5Y*: 7.20%
• 10Y*: —

FSSNX

• 1D: 0.91%
• 1M: 4.97%
• YTD: 18.72%
• 6M: 17.45%
• 1Y: 41.33%
• 3Y*: 18.75%
• 5Y*: 6.72%
• 10Y*: 11.22%

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

GSSC vs. FSSNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSSC Goldman Sachs ActiveBeta US Small Cap Equity ETF	13.55%	10.76%	11.14%	17.27%	-16.81%	24.13%	16.02%	23.14%	-9.24%	8.77%
FSSNX Fidelity Small Cap Index Fund	18.72%	12.94%	11.71%	17.11%	-20.28%	14.70%	19.99%	25.70%	-11.24%	9.28%

Correlation

The correlation between GSSC and FSSNX is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jun 30, 2017	0.96

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

Return for Risk

GSSC vs. FSSNX — Risk / Return Rank

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

GSSC

GSSC Risk / Return Rank: 51
GSSC Sharpe Ratio Rank: 47
GSSC Sortino Ratio Rank: 48
GSSC Omega Ratio Rank: 44
GSSC Calmar Ratio Rank: 59
GSSC Martin Ratio Rank: 56

FSSNX

FSSNX Risk / Return Rank: 64
FSSNX Sharpe Ratio Rank: 61
FSSNX Sortino Ratio Rank: 55
FSSNX Omega Ratio Rank: 47
FSSNX Calmar Ratio Rank: 85
FSSNX 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.

GSSC vs. FSSNX - 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 Fidelity Small Cap Index Fund (FSSNX). 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.

	GSSC	FSSNX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.29	-0.64
Sortino ratio: Return per unit of downside risk	2.37	3.14	-0.77
Omega ratio: Gain probability vs. loss probability	1.28	1.37	-0.09
Calmar ratio: Return relative to maximum drawdown	2.89	3.98	-1.09
Martin ratio: Return relative to average drawdown	9.64	14.13	-4.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSSC vs. FSSNX - Sharpe Ratio Comparison

The current GSSC Sharpe Ratio is 1.65, which is comparable to the FSSNX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of GSSC and FSSNX, 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

	GSSC	FSSNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	2.29	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.30	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.54	-0.09

Drawdowns

GSSC vs. FSSNX - Drawdown Comparison

The maximum GSSC drawdown since its inception was -41.38%, roughly equal to the maximum FSSNX drawdown of -41.72%. Use the drawdown chart below to compare losses from any high point for GSSC and FSSNX.

Drawdown Indicators

	GSSC	FSSNX	Difference
Max Drawdown Largest peak-to-trough decline	-41.38%	-41.72%	+0.34%
Max Drawdown (1Y) Largest decline over 1 year	-10.56%	-11.00%	+0.44%
Max Drawdown (3Y) Largest decline over 3 years	-26.05%	-27.45%	+1.40%
Max Drawdown (5Y) Largest decline over 5 years	-27.81%	-31.87%	+4.06%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.72%	—
Current Drawdown Current decline from peak	-1.21%	-0.14%	-1.07%
Average Drawdown Average peak-to-trough decline	-9.02%	-8.29%	-0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	3.09%	+0.07%

Volatility

GSSC vs. FSSNX - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC) is 5.31%, while Fidelity Small Cap Index Fund (FSSNX) has a volatility of 5.59%. This indicates that GSSC experiences smaller price fluctuations and is considered to be less risky than FSSNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSSC	FSSNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.31%	5.59%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	12.82%	13.59%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	18.58%	19.13%	-0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.26%	22.58%	-1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.02%	23.45%	-0.43%

GSSC vs. FSSNX - Expense Ratio Comparison

GSSC has a 0.20% expense ratio, which is higher than FSSNX'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

GSSC vs. FSSNX - Dividend Comparison

GSSC's dividend yield for the trailing twelve months is around 1.07%, more than FSSNX's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSSNX Fidelity Small Cap Index Fund	0.91%	1.08%	1.04%	1.43%	1.26%	3.92%	0.94%	2.96%	4.94%	3.37%	2.27%	2.66%
GSSC Goldman Sachs ActiveBeta US Small Cap Equity ETF	1.07%	1.17%	1.42%	1.33%	1.31%	1.00%	0.94%	1.24%	1.21%	0.73%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GSSC and FSSNX in my portfolio?

With a correlation of 0.97, GSSC and FSSNX 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 FSSNX?

FSSNX has higher volatility (5.59%) compared to GSSC (5.31%). In terms of maximum drawdown, GSSC dropped -41.38% vs FSSNX's -41.72%.

Which has better risk-adjusted returns?

FSSNX currently has the higher Sharpe Ratio (2.29 vs 1.65), 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.