GSWO vs. SPY

Last updated Jun 3, 2026

GSWO (Goldman Sachs ActiveBeta World Equity ETF) and SPY (State Street SPDR S&P 500 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 SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, GSWO returned 18.98%/yr vs 22.64%/yr for SPY. Their correlation of 0.87 suggests significant overlap in exposure. GSWO charges 0.25%/yr vs 0.09%/yr for SPY.

Performance

GSWO vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta World Equity ETF (GSWO) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with GSWO having a 11.80% return and SPY slightly lower at 11.69%.

GSWO

• 1D: 0.26%
• 1M: 5.03%
• YTD: 11.80%
• 6M: 12.34%
• 1Y: 21.17%
• 3Y*: 18.98%
• 5Y*: —
• 10Y*: —

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

GSWO vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GSWO Goldman Sachs ActiveBeta World Equity ETF	11.80%	18.97%	15.29%	16.28%	-6.15%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-11.89%

Correlation

The correlation between GSWO and SPY is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Mar 18, 2022	0.87

The correlation between GSWO and SPY has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

Return for Risk

GSWO vs. SPY — Risk / Return Rank

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

GSWO

GSWO Risk / Return Rank: 58
GSWO Sharpe Ratio Rank: 58
GSWO Sortino Ratio Rank: 61
GSWO Omega Ratio Rank: 59
GSWO Calmar Ratio Rank: 48
GSWO Martin Ratio Rank: 64

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta World Equity ETF (GSWO) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio Return per unit of total volatility	1.98	2.52	-0.54
Sortino ratio Return per unit of downside risk	2.91	3.42	-0.51
Omega ratio Gain probability vs. loss probability	1.37	1.46	-0.09
Calmar ratio Return relative to maximum drawdown	2.44	3.42	-0.97
Martin ratio Return relative to average drawdown	11.72	15.93	-4.21
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. SPY - Sharpe Ratio Comparison

The current GSWO Sharpe Ratio is 1.98, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of GSWO and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	2.52	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.84	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	0.59	+0.42

Drawdowns

GSWO vs. SPY - Drawdown Comparison

The maximum GSWO drawdown since its inception was -17.77%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GSWO and SPY.

Drawdown Indicators

	GSWO	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-17.77%	-55.19%	+37.42%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-8.88%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-9.97%	-18.76%	+8.79%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.25%	-9.05%	+5.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	1.91%	-0.05%

Volatility

GSWO vs. SPY - Volatility Comparison

Goldman Sachs ActiveBeta World Equity ETF (GSWO) has a higher volatility of 3.16% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that GSWO's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSWO	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	2.75%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	9.01%	8.89%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	10.73%	11.81%	-1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.96%	17.05%	-4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.96%	17.94%	-4.98%

GSWO vs. SPY - Expense Ratio Comparison

GSWO has a 0.25% expense ratio, which is higher than SPY's 0.09% 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

GSWO vs. SPY - Dividend Comparison

GSWO's dividend yield for the trailing twelve months is around 1.60%, more than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSWO Goldman Sachs ActiveBeta World Equity ETF	1.60%	1.74%	1.75%	2.06%	1.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both GSWO and SPY in my portfolio?

GSWO and SPY have a correlation of 0.84, 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 SPY?

GSWO has higher volatility (3.16%) compared to SPY (2.75%). In terms of maximum drawdown, GSWO dropped -17.77% vs SPY's -55.19%.

Which ETF is better, GSWO or SPY?

On 3-year performance, SPY leads with 22.64% vs 18.98% for GSWO. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSWO or SPY?

Over the 3-year period, SPY has performed better with a 22.64% return vs 18.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSWO or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.25% for GSWO.

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

GSWO has the higher dividend yield at 1.60%, compared with 0.97% for SPY.

What is the main difference between GSWO and SPY?

GSWO is categorized as Global Equities, while SPY is S&P 500. GSWO tracks Goldman Sachs ActiveBeta World Low Vol Plus Equity Index - Benchmark TR Net, while SPY tracks S&P 500 Index. They also come from different issuers: Goldman Sachs and State Street. Their fees differ too: 0.25% for GSWO and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 1.98), 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.