GUMI vs. GSST

Last updated Jun 4, 2026

GUMI (Goldman Sachs Ultra Short Municipal Income ETF) and GSST (Goldman Sachs Ultra Short Bond ETF) are both exchange-traded funds - GUMI is a Municipal Bonds fund actively managed by Goldman Sachs, while GSST is a Ultrashort Bond fund actively managed by Goldman Sachs. Both are actively managed. Over the past year, GUMI returned 3.18% vs 4.61% for GSST. At a 0.26 correlation, their price movements are largely independent. Both charge a 0.16% expense ratio.

Performance

GUMI vs. GSST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Ultra Short Municipal Income ETF (GUMI) and Goldman Sachs Ultra Short Bond ETF (GSST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GUMI achieves a 1.06% return, which is significantly lower than GSST's 1.55% return.

GUMI

• 1D: -0.04%
• 1M: 0.23%
• YTD: 1.06%
• 6M: 1.20%
• 1Y: 3.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GSST

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.55%
• 6M: 1.88%
• 1Y: 4.61%
• 3Y*: 5.52%
• 5Y*: 3.75%
• 10Y*: —

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

GUMI vs. GSST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GUMI Goldman Sachs Ultra Short Municipal Income ETF	1.06%	3.39%	1.52%
GSST Goldman Sachs Ultra Short Bond ETF	1.55%	5.20%	2.51%

Correlation

The correlation between GUMI and GSST is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jul 26, 2024	0.26

Return for Risk

GUMI vs. GSST — Risk / Return Rank

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

GUMI

GUMI Risk / Return Rank: 93
GUMI Sharpe Ratio Rank: 87
GUMI Sortino Ratio Rank: 93
GUMI Omega Ratio Rank: 93
GUMI Calmar Ratio Rank: 96
GUMI Martin Ratio Rank: 96

GSST

GSST Risk / Return Rank: 99
GSST Sharpe Ratio Rank: 99
GSST Sortino Ratio Rank: 99
GSST Omega Ratio Rank: 99
GSST Calmar Ratio Rank: 99
GSST Martin Ratio Rank: 99

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.

GUMI vs. GSST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Ultra Short Municipal Income ETF (GUMI) and Goldman Sachs Ultra Short Bond ETF (GSST). 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.

	GUMI	GSST	Difference
Sharpe ratio Return per unit of total volatility	2.92	7.98	-5.06
Sortino ratio Return per unit of downside risk	4.70	16.58	-11.88
Omega ratio Gain probability vs. loss probability	1.64	3.94	-2.31
Calmar ratio Return relative to maximum drawdown	8.93	29.99	-21.05
Martin ratio Return relative to average drawdown	37.83	185.54	-147.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GUMI vs. GSST - Sharpe Ratio Comparison

The current GUMI Sharpe Ratio is 2.92, which is lower than the GSST Sharpe Ratio of 7.98. The chart below compares the historical Sharpe Ratios of GUMI and GSST, 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

	GUMI	GSST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	7.98	-5.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	5.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.29	3.78	-0.50

Drawdowns

GUMI vs. GSST - Drawdown Comparison

The maximum GUMI drawdown since its inception was -0.48%, smaller than the maximum GSST drawdown of -3.51%. Use the drawdown chart below to compare losses from any high point for GUMI and GSST.

Drawdown Indicators

	GUMI	GSST	Difference
Max Drawdown Largest peak-to-trough decline	-0.48%	-3.51%	+3.03%
Max Drawdown (1Y) Largest decline over 1 year	-0.36%	-0.15%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.19%	—
Current Drawdown Current decline from peak	-0.04%	0.00%	-0.04%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.16%	+0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.02%	+0.06%

Volatility

GUMI vs. GSST - Volatility Comparison

Goldman Sachs Ultra Short Municipal Income ETF (GUMI) has a higher volatility of 0.25% compared to Goldman Sachs Ultra Short Bond ETF (GSST) at 0.13%. This indicates that GUMI's price experiences larger fluctuations and is considered to be riskier than GSST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUMI	GSST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	0.13%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	0.55%	0.41%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	1.09%	0.58%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.99%	0.63%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.99%	0.86%	+0.13%

GUMI vs. GSST - Expense Ratio Comparison

Both GUMI and GSST have an expense ratio of 0.16%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

GUMI vs. GSST - Dividend Comparison

GUMI's dividend yield for the trailing twelve months is around 2.77%, less than GSST's 4.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GSST Goldman Sachs Ultra Short Bond ETF	4.32%	4.56%	5.45%	4.98%	1.97%	0.71%	1.12%	1.66%
GUMI Goldman Sachs Ultra Short Municipal Income ETF	2.77%	2.95%	1.37%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GUMI and GSST in my portfolio?

GUMI and GSST have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GUMI or GSST?

GUMI has higher volatility (0.25%) compared to GSST (0.13%). In terms of maximum drawdown, GUMI dropped -0.48% vs GSST's -3.51%.

Which ETF is better, GUMI or GSST?

On 1-year performance, GSST leads with 4.61% vs 3.18% for GUMI. Both ETFs have the same 0.16% expense ratio. On volatility, GSST has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUMI or GSST?

Over the 1-year period, GSST has performed better with a 4.61% return vs 3.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUMI or GSST?

GUMI and GSST have the same expense ratio: 0.16% per year.

Which ETF pays a higher dividend yield, GUMI or GSST?

GSST has the higher dividend yield at 4.32%, compared with 2.77% for GUMI.

What is the main difference between GUMI and GSST?

GUMI is categorized as Municipal Bonds, while GSST is Ultrashort Bond.

Which has better risk-adjusted returns?

GSST currently has the higher Sharpe Ratio (7.98 vs 2.92), 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.