GSWO vs. GVIP

Last updated Jun 4, 2026

GSWO (Goldman Sachs ActiveBeta World Equity ETF) and GVIP (Goldman Sachs Hedge Industry VIP ETF) are both exchange-traded funds - GSWO is a Global Equities fund tracking the Goldman Sachs ActiveBeta World Low Vol Plus Equity Index - Benchmark TR Net, while GVIP is a Large Cap Growth Equities fund tracking the Goldman Sachs Hedge Fund VIP Index. Both are passively managed. Over the past 3 years, GSWO returned 18.70%/yr vs 30.49%/yr for GVIP. A 0.76 correlation means they provide meaningful diversification when combined. GSWO charges 0.25%/yr vs 0.45%/yr for GVIP.

Performance

GSWO vs. GVIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta World Equity ETF (GSWO) and Goldman Sachs Hedge Industry VIP ETF (GVIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSWO achieves a 11.00% return, which is significantly lower than GVIP's 16.17% return.

GSWO

• 1D: -0.71%
• 1M: 4.81%
• YTD: 11.00%
• 6M: 11.56%
• 1Y: 20.17%
• 3Y*: 18.70%
• 5Y*: —
• 10Y*: —

GVIP

• 1D: -0.33%
• 1M: 6.71%
• YTD: 16.17%
• 6M: 18.08%
• 1Y: 36.94%
• 3Y*: 30.49%
• 5Y*: 12.90%
• 10Y*: —

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

GSWO vs. GVIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GSWO Goldman Sachs ActiveBeta World Equity ETF	11.00%	18.97%	15.29%	16.28%	-6.15%
GVIP Goldman Sachs Hedge Industry VIP ETF	16.17%	25.27%	29.82%	39.15%	-23.15%

Correlation

The correlation between GSWO and GVIP is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Mar 18, 2022	0.76

The correlation between GSWO and GVIP has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.

Return for Risk

GSWO vs. GVIP — Risk / Return Rank

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

GSWO

GSWO Risk / Return Rank: 56
GSWO Sharpe Ratio Rank: 55
GSWO Sortino Ratio Rank: 59
GSWO Omega Ratio Rank: 56
GSWO Calmar Ratio Rank: 46
GSWO Martin Ratio Rank: 61

GVIP

GVIP Risk / Return Rank: 58
GVIP Sharpe Ratio Rank: 59
GVIP Sortino Ratio Rank: 56
GVIP Omega Ratio Rank: 58
GVIP Calmar Ratio Rank: 54
GVIP Martin Ratio Rank: 64

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.

GSWO vs. GVIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta World Equity ETF (GSWO) and Goldman Sachs Hedge Industry VIP ETF (GVIP). 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.

	GSWO	GVIP	Difference
Sharpe ratio Return per unit of total volatility	1.88	2.05	-0.16
Sortino ratio Return per unit of downside risk	2.77	2.74	+0.03
Omega ratio Gain probability vs. loss probability	1.35	1.36	-0.01
Calmar ratio Return relative to maximum drawdown	2.27	2.71	-0.45
Martin ratio Return relative to average drawdown	10.87	11.81	-0.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSWO vs. GVIP - Sharpe Ratio Comparison

The current GSWO Sharpe Ratio is 1.88, which is comparable to the GVIP Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of GSWO and GVIP, 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

	GSWO	GVIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.05	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.82	+0.17

Drawdowns

GSWO vs. GVIP - Drawdown Comparison

The maximum GSWO drawdown since its inception was -17.77%, smaller than the maximum GVIP drawdown of -37.09%. Use the drawdown chart below to compare losses from any high point for GSWO and GVIP.

Drawdown Indicators

	GSWO	GVIP	Difference
Max Drawdown Largest peak-to-trough decline	-17.77%	-37.09%	+19.32%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-13.67%	+4.74%
Max Drawdown (3Y) Largest decline over 3 years	-9.97%	-23.29%	+13.32%
Max Drawdown (5Y) Largest decline over 5 years	—	-37.09%	—
Current Drawdown Current decline from peak	-0.71%	-0.33%	-0.38%
Average Drawdown Average peak-to-trough decline	-3.25%	-7.59%	+4.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	3.14%	-1.28%

Volatility

GSWO vs. GVIP - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta World Equity ETF (GSWO) is 3.22%, while Goldman Sachs Hedge Industry VIP ETF (GVIP) has a volatility of 5.42%. This indicates that GSWO experiences smaller price fluctuations and is considered to be less risky than GVIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSWO	GVIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.22%	5.42%	-2.20%
Volatility (6M) Calculated over the trailing 6-month period	9.02%	14.47%	-5.45%
Volatility (1Y) Calculated over the trailing 1-year period	10.75%	18.13%	-7.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.96%	21.29%	-8.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.96%	21.65%	-8.69%

GSWO vs. GVIP - Expense Ratio Comparison

GSWO has a 0.25% expense ratio, which is lower than GVIP's 0.45% expense ratio.

Dividends

GSWO vs. GVIP - Dividend Comparison

GSWO's dividend yield for the trailing twelve months is around 1.61%, more than GVIP's 0.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GSWO Goldman Sachs ActiveBeta World Equity ETF	1.61%	1.74%	1.75%	2.06%	1.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GVIP Goldman Sachs Hedge Industry VIP ETF	0.29%	0.34%	0.29%	0.77%	0.02%	0.00%	0.12%	0.77%	0.44%	0.45%	0.08%

Frequently Asked Questions

Can I hold both GSWO and GVIP in my portfolio?

GSWO and GVIP have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSWO or GVIP?

GVIP has higher volatility (5.42%) compared to GSWO (3.22%). In terms of maximum drawdown, GSWO dropped -17.77% vs GVIP's -37.09%.

Which ETF is better, GSWO or GVIP?

On 3-year performance, GVIP leads with 30.49% vs 18.70% for GSWO. On fees, GSWO is cheaper at 0.25% per year. On volatility, GSWO has been the lower-risk option at 3.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSWO or GVIP?

Over the 3-year period, GVIP has performed better with a 30.49% return vs 18.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSWO or GVIP?

GSWO is cheaper with a 0.25% expense ratio, compared with 0.45% for GVIP.

Which ETF pays a higher dividend yield, GSWO or GVIP?

GSWO has the higher dividend yield at 1.61%, compared with 0.29% for GVIP.

What is the main difference between GSWO and GVIP?

GSWO is categorized as Global Equities, while GVIP is Large Cap Growth Equities. GSWO tracks Goldman Sachs ActiveBeta World Low Vol Plus Equity Index - Benchmark TR Net, while GVIP tracks Goldman Sachs Hedge Fund VIP Index. Their fees differ too: 0.25% for GSWO and 0.45% for GVIP.

Which has better risk-adjusted returns?

GVIP currently has the higher Sharpe Ratio (2.05 vs 1.88), 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.