GSSMX vs. GSBFX

Last updated Jun 4, 2026

GSSMX (Goldman Sachs Small Cap Value Fund) and GSBFX (Goldman Sachs Income Builder Fund) are both mutual funds - GSSMX is a Small Cap Blend Equities fund managed by Goldman Sachs, while GSBFX is a Diversified Portfolio fund managed by Goldman Sachs. Over the past 10 years, GSSMX returned 11.22%/yr vs 7.02%/yr for GSBFX. A 0.76 correlation means they provide meaningful diversification when combined. GSSMX charges 1.28%/yr vs 0.79%/yr for GSBFX.

Performance

GSSMX vs. GSBFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Small Cap Value Fund (GSSMX) and Goldman Sachs Income Builder Fund (GSBFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSSMX achieves a 14.80% return, which is significantly higher than GSBFX's 5.23% return. Over the past 10 years, GSSMX has outperformed GSBFX with an annualized return of 11.22%, while GSBFX has yielded a comparatively lower 7.02% annualized return.

GSSMX

• 1D: 1.11%
• 1M: 2.52%
• YTD: 14.80%
• 6M: 14.12%
• 1Y: 32.02%
• 3Y*: 24.84%
• 5Y*: 10.87%
• 10Y*: 11.22%

GSBFX

• 1D: 0.47%
• 1M: 1.95%
• YTD: 5.23%
• 6M: 5.34%
• 1Y: 13.72%
• 3Y*: 10.93%
• 5Y*: 5.59%
• 10Y*: 7.02%

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

GSSMX vs. GSBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSSMX Goldman Sachs Small Cap Value Fund	14.80%	10.65%	36.03%	11.18%	-15.00%	26.15%	1.65%	22.75%	-14.37%	11.85%
GSBFX Goldman Sachs Income Builder Fund	5.23%	10.42%	9.32%	9.64%	-9.53%	10.50%	9.53%	19.38%	-4.92%	7.94%

Correlation

The correlation between GSSMX and GSBFX is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jan 4, 1995	0.76

The correlation between GSSMX and GSBFX has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.

Return for Risk

GSSMX vs. GSBFX — Risk / Return Rank

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

GSSMX

GSSMX Risk / Return Rank: 49
GSSMX Sharpe Ratio Rank: 42
GSSMX Sortino Ratio Rank: 44
GSSMX Omega Ratio Rank: 39
GSSMX Calmar Ratio Rank: 68
GSSMX Martin Ratio Rank: 55

GSBFX

GSBFX Risk / Return Rank: 73
GSBFX Sharpe Ratio Rank: 78
GSBFX Sortino Ratio Rank: 77
GSBFX Omega Ratio Rank: 73
GSBFX Calmar Ratio Rank: 67
GSBFX Martin Ratio Rank: 71

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.

GSSMX vs. GSBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Small Cap Value Fund (GSSMX) and Goldman Sachs Income Builder Fund (GSBFX). 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.

	GSSMX	GSBFX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.56	-0.65
Sortino ratio: Return per unit of downside risk	2.78	3.67	-0.89
Omega ratio: Gain probability vs. loss probability	1.33	1.48	-0.15
Calmar ratio: Return relative to maximum drawdown	3.17	3.16	+0.02
Martin ratio: Return relative to average drawdown	11.05	13.72	-2.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSSMX vs. GSBFX - Sharpe Ratio Comparison

The current GSSMX Sharpe Ratio is 1.91, which is comparable to the GSBFX Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of GSSMX and GSBFX, 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

	GSSMX	GSBFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	2.56	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.76	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.88	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.70	-0.28

Drawdowns

GSSMX vs. GSBFX - Drawdown Comparison

The maximum GSSMX drawdown since its inception was -54.94%, which is greater than GSBFX's maximum drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for GSSMX and GSBFX.

Drawdown Indicators

	GSSMX	GSBFX	Difference
Max Drawdown Largest peak-to-trough decline	-54.94%	-37.04%	-17.90%
Max Drawdown (1Y) Largest decline over 1 year	-10.73%	-4.44%	-6.29%
Max Drawdown (3Y) Largest decline over 3 years	-36.28%	-8.14%	-28.14%
Max Drawdown (5Y) Largest decline over 5 years	-36.28%	-15.94%	-20.34%
Max Drawdown (10Y) Largest decline over 10 years	-46.16%	-23.42%	-22.74%
Current Drawdown Current decline from peak	-1.54%	0.00%	-1.54%
Average Drawdown Average peak-to-trough decline	-10.03%	-4.18%	-5.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	1.02%	+2.05%

Volatility

GSSMX vs. GSBFX - Volatility Comparison

Goldman Sachs Small Cap Value Fund (GSSMX) has a higher volatility of 5.14% compared to Goldman Sachs Income Builder Fund (GSBFX) at 1.76%. This indicates that GSSMX's price experiences larger fluctuations and is considered to be riskier than GSBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSSMX	GSBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	1.76%	+3.38%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	4.45%	+8.12%
Volatility (1Y) Calculated over the trailing 1-year period	17.86%	5.49%	+12.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.69%	7.41%	+25.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.85%	7.99%	+20.86%

GSSMX vs. GSBFX - Expense Ratio Comparison

GSSMX has a 1.28% expense ratio, which is higher than GSBFX's 0.79% expense ratio.

Dividends

GSSMX vs. GSBFX - Dividend Comparison

GSSMX's dividend yield for the trailing twelve months is around 19.57%, more than GSBFX's 5.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSBFX Goldman Sachs Income Builder Fund	5.09%	4.39%	5.12%	3.41%	4.10%	6.66%	3.05%	3.52%	3.98%	3.52%	3.78%	3.93%
GSSMX Goldman Sachs Small Cap Value Fund	19.57%	22.47%	47.63%	4.49%	20.33%	22.93%	0.19%	4.63%	13.73%	11.34%	3.52%	5.49%

Frequently Asked Questions

Can I hold both GSSMX and GSBFX in my portfolio?

GSSMX and GSBFX 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, GSSMX or GSBFX?

GSSMX has higher volatility (5.14%) compared to GSBFX (1.76%). In terms of maximum drawdown, GSSMX dropped -54.94% vs GSBFX's -37.04%.

Which has better risk-adjusted returns?

GSBFX currently has the higher Sharpe Ratio (2.56 vs 1.91), 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.