GSSC vs. MMSC

Last updated Aug 4, 2026

GSSC (Goldman Sachs ActiveBeta US Small Cap Equity ETF) and MMSC (First Trust Multi-Manager Small Cap Opportunities ETF) are both Small Cap Growth Equities funds. GSSC is passively managed, while MMSC is actively managed. Over the past 3 years, GSSC returned 16.16%/yr vs 19.72%/yr for MMSC. Their correlation of 0.89 means they have usually moved in the same direction. GSSC charges 0.20%/yr vs 0.95%/yr for MMSC.

Performance

GSSC vs. MMSC - 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 First Trust Multi-Manager Small Cap Opportunities ETF (MMSC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSSC achieves a 20.74% return, which is significantly higher than MMSC's 15.96% return.

GSSC

• 1D: 1.91%
• 1M: 0.62%
• 6M: 14.82%
• YTD: 20.74%
• 1Y: 36.16%
• 3Y*: 16.16%
• 5Y*: 9.16%
• 10Y*: —
• ALL TIME*: 10.74%

MMSC

• 1D: 1.79%
• 1M: -2.89%
• 6M: 9.40%
• YTD: 15.96%
• 1Y: 34.15%
• 3Y*: 19.72%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.57%

*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)
GSSC Goldman Sachs ActiveBeta US Small Cap Equity ETF	$4.32M	$3.92M	$3.01M
MMSC First Trust Multi-Manager Small Cap Opportunities ETF	$113.97K	$132.36K	$136.25K

GSSC vs. MMSC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GSSC Goldman Sachs ActiveBeta US Small Cap Equity ETF	20.74%	10.76%	11.14%	17.27%	-16.81%	3.68%
MMSC First Trust Multi-Manager Small Cap Opportunities ETF	15.96%	15.45%	22.19%	18.76%	-30.98%	1.25%

Correlation

The correlation between GSSC and MMSC is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (All Time) Calculated using the full available price history since Oct 14, 2021	0.89

The correlation between GSSC and MMSC has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.

GSSC vs. MMSC - Sectors Allocation Comparison

Sectors	GSSC	MMSC
Healthcare	21.1%	20.8%
Financial Services	17.0%	8.2%
Technology	15.6%	22.2%
Industrials	13.2%	24.2%
Consumer Cyclical	10.4%	10.6%
Real Estate	5.2%	0.5%
Energy	5.1%	6.3%
Consumer Defensive	4.0%	1.9%
Basic Materials	3.7%	3.4%
Communication Services	2.6%	1.0%
Utilities	2.2%	0.5%

Return for Risk

GSSC vs. MMSC — Risk / Return Rank

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

GSSC

GSSC Risk / Return Rank: 81
GSSC Sharpe Ratio Rank: 81
GSSC Sortino Ratio Rank: 82
GSSC Omega Ratio Rank: 76
GSSC Calmar Ratio Rank: 85
GSSC Martin Ratio Rank: 82

MMSC

MMSC Risk / Return Rank: 57
MMSC Sharpe Ratio Rank: 55
MMSC Sortino Ratio Rank: 53
MMSC Omega Ratio Rank: 50
MMSC Calmar Ratio Rank: 64
MMSC Martin Ratio Rank: 65

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.

GSSC vs. MMSC - 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 First Trust Multi-Manager Small Cap Opportunities ETF (MMSC). 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	MMSC	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.42	+0.55
Sortino ratio: Return per unit of downside risk	2.81	1.99	+0.81
Omega ratio: Gain probability vs. loss probability	1.33	1.24	+0.09
Calmar ratio: Return relative to maximum drawdown	3.44	2.43	+1.01
Martin ratio: Return relative to average drawdown	11.64	8.40	+3.24

GSSC vs. MMSC - Sharpe Ratio Comparison

The current GSSC Sharpe Ratio is 1.97, which is higher than the MMSC Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of GSSC and MMSC, 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. MMSC - Drawdown Comparison

The maximum GSSC drawdown since its inception was -41.38%, roughly equal to the maximum MMSC drawdown of -40.82%. Use the drawdown chart below to compare losses from any high point for GSSC and MMSC.

Drawdown Indicators

	GSSC	MMSC	Difference
Max Drawdown Largest peak-to-trough decline	-41.38%	-40.82%	-0.56%
Max Drawdown (1Y) Largest decline over 1 year	-10.56%	-14.10%	+3.54%
Max Drawdown (3Y) Largest decline over 3 years	-26.05%	-29.76%	+3.71%
Max Drawdown (5Y) Largest decline over 5 years	-27.81%	—	—
Current Drawdown Current decline from peak	-0.45%	-6.06%	+5.61%
Average Drawdown Average peak-to-trough decline	-8.88%	-18.25%	+9.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	4.08%	-0.97%

Volatility

GSSC vs. MMSC - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC) is 4.21%, while First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) has a volatility of 6.44%. This indicates that GSSC experiences smaller price fluctuations and is considered to be less risky than MMSC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSSC	MMSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	6.44%	-2.23%
Volatility (6M) Calculated over the trailing 6-month period	13.26%	18.85%	-5.59%
Volatility (1Y) Calculated over the trailing 1-year period	18.47%	24.16%	-5.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.18%	24.53%	-3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.91%	24.53%	-1.62%

GSSC vs. MMSC - Expense Ratio Comparison

GSSC has a 0.20% expense ratio, which is lower than MMSC's 0.95% expense ratio.

Dividends

GSSC vs. MMSC - Dividend Comparison

GSSC's dividend yield for the trailing twelve months is around 1.03%, while MMSC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSSC Goldman Sachs ActiveBeta US Small Cap Equity ETF	1.03%	1.17%	1.42%	1.33%	1.31%	1.00%	0.94%	1.24%	1.21%	0.73%
MMSC First Trust Multi-Manager Small Cap Opportunities ETF	0.00%	0.00%	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GSSC and MMSC in my portfolio?

GSSC and MMSC have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSSC or MMSC?

MMSC has higher volatility (6.44%) compared to GSSC (4.21%). In terms of maximum drawdown, GSSC dropped -41.38% vs MMSC's -40.82%.

Which ETF is better, GSSC or MMSC?

On 3-year performance, MMSC leads with 19.72% vs 16.16% for GSSC. On fees, GSSC is cheaper at 0.20% per year. On volatility, GSSC has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSSC or MMSC?

Over the 3-year period, MMSC has performed better with a 19.72% return vs 16.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSSC or MMSC?

GSSC is cheaper with a 0.20% expense ratio, compared with 0.95% for MMSC.

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

GSSC has the higher dividend yield at 1.03%, compared with 0.00% for MMSC.

What is the main difference between GSSC and MMSC?

They also come from different issuers: Goldman Sachs and First Trust. Their fees differ too: 0.20% for GSSC and 0.95% for MMSC.

Which has better risk-adjusted returns?

GSSC currently has the higher Sharpe Ratio (1.97 vs 1.42), 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.