GVIP vs. ALLW

Last updated Jun 23, 2026

GVIP (Goldman Sachs Hedge Industry VIP ETF) and ALLW (State Street Bridgewater All Weather ETF) are both exchange-traded funds - GVIP is a Large Cap Growth Equities fund tracking the Goldman Sachs Hedge Fund VIP Index, while ALLW is a Tactical Allocation fund actively managed by State Street. GVIP is passively managed, while ALLW is actively managed. Over the past year, GVIP returned 45.11% vs 19.05% for ALLW. At a 0.50 correlation, their price movements are largely independent. GVIP charges 0.45%/yr vs 0.85%/yr for ALLW.

Performance

GVIP vs. ALLW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Hedge Industry VIP ETF (GVIP) and State Street Bridgewater All Weather ETF (ALLW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GVIP achieves a 23.78% return, which is significantly higher than ALLW's 7.06% return.

GVIP

• 1D: 3.35%
• 1M: 10.03%
• YTD: 23.78%
• 6M: 23.16%
• 1Y: 45.11%
• 3Y*: 32.71%
• 5Y*: 14.11%
• 10Y*: —

ALLW

• 1D: -0.60%
• 1M: -1.40%
• YTD: 7.06%
• 6M: 6.75%
• 1Y: 19.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GVIP vs. ALLW - Yearly Performance Comparison

	2026 (YTD)	2025
GVIP Goldman Sachs Hedge Industry VIP ETF	23.78%	23.77%
ALLW State Street Bridgewater All Weather ETF	7.06%	15.44%

Correlation

The correlation between GVIP and ALLW is 0.52, 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	0.52
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.50

The correlation between GVIP and ALLW has been stable across timeframes, ranging from 0.50 to 0.52 - a consistent structural relationship.

Return for Risk

GVIP vs. ALLW — Risk / Return Rank

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

GVIP

GVIP Risk / Return Rank: 71
GVIP Sharpe Ratio Rank: 73
GVIP Sortino Ratio Rank: 68
GVIP Omega Ratio Rank: 69
GVIP Calmar Ratio Rank: 68
GVIP Martin Ratio Rank: 76

ALLW

ALLW Risk / Return Rank: 54
ALLW Sharpe Ratio Rank: 53
ALLW Sortino Ratio Rank: 49
ALLW Omega Ratio Rank: 52
ALLW Calmar Ratio Rank: 55
ALLW Martin Ratio Rank: 61

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.

GVIP vs. ALLW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Hedge Industry VIP ETF (GVIP) and State Street Bridgewater All Weather ETF (ALLW). 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.

	GVIP	ALLW	Difference
Sharpe ratio: Return per unit of total volatility	2.26	1.74	+0.52
Sortino ratio: Return per unit of downside risk	2.99	2.34	+0.64
Omega ratio: Gain probability vs. loss probability	1.39	1.32	+0.08
Calmar ratio: Return relative to maximum drawdown	3.32	2.64	+0.67
Martin ratio: Return relative to average drawdown	14.12	10.61	+3.51

GVIP vs. ALLW - Sharpe Ratio Comparison

The current GVIP Sharpe Ratio is 2.26, which is comparable to the ALLW Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of GVIP and ALLW, 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

GVIP vs. ALLW - Drawdown Comparison

The maximum GVIP drawdown since its inception was -37.09%, which is greater than ALLW's maximum drawdown of -8.78%. Use the drawdown chart below to compare losses from any high point for GVIP and ALLW.

Drawdown Indicators

	GVIP	ALLW	Difference
Max Drawdown Largest peak-to-trough decline	-37.09%	-8.78%	-28.31%
Max Drawdown (1Y) Largest decline over 1 year	-13.67%	-7.23%	-6.44%
Max Drawdown (3Y) Largest decline over 3 years	-23.29%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.09%	—	—
Current Drawdown Current decline from peak	0.00%	-2.74%	+2.74%
Average Drawdown Average peak-to-trough decline	-7.57%	-1.25%	-6.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	1.80%	+1.40%

Volatility

GVIP vs. ALLW - Volatility Comparison

Goldman Sachs Hedge Industry VIP ETF (GVIP) has a higher volatility of 9.33% compared to State Street Bridgewater All Weather ETF (ALLW) at 3.88%. This indicates that GVIP's price experiences larger fluctuations and is considered to be riskier than ALLW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GVIP	ALLW	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.33%	3.88%	+5.45%
Volatility (6M) Calculated over the trailing 6-month period	16.71%	9.30%	+7.41%
Volatility (1Y) Calculated over the trailing 1-year period	20.12%	11.02%	+9.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.65%	12.69%	+8.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.79%	12.69%	+9.10%

GVIP vs. ALLW - Expense Ratio Comparison

GVIP has a 0.45% expense ratio, which is lower than ALLW's 0.85% expense ratio.

Dividends

GVIP vs. ALLW - Dividend Comparison

GVIP's dividend yield for the trailing twelve months is around 0.27%, less than ALLW's 4.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ALLW State Street Bridgewater All Weather ETF	4.37%	4.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GVIP Goldman Sachs Hedge Industry VIP ETF	0.27%	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 GVIP and ALLW in my portfolio?

GVIP and ALLW have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GVIP or ALLW?

GVIP has higher volatility (9.33%) compared to ALLW (3.88%). In terms of maximum drawdown, GVIP dropped -37.09% vs ALLW's -8.78%.

Which ETF is better, GVIP or ALLW?

On 1-year performance, GVIP leads with 45.11% vs 19.05% for ALLW. On fees, GVIP is cheaper at 0.45% per year. On volatility, ALLW has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GVIP or ALLW?

Over the 1-year period, GVIP has performed better with a 45.11% return vs 19.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GVIP or ALLW?

GVIP is cheaper with a 0.45% expense ratio, compared with 0.85% for ALLW.

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

ALLW has the higher dividend yield at 4.37%, compared with 0.27% for GVIP.

What is the main difference between GVIP and ALLW?

GVIP is categorized as Large Cap Growth Equities, while ALLW is Tactical Allocation. They also come from different issuers: Goldman Sachs and State Street. Their fees differ too: 0.45% for GVIP and 0.85% for ALLW.

Which has better risk-adjusted returns?

GVIP currently has the higher Sharpe Ratio (2.26 vs 1.74), 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.