GVIP vs. GARY

Last updated Jul 14, 2026

GVIP (Goldman Sachs Hedge Industry VIP ETF) and GARY (Mango Growth ETF) are both Large Cap Growth Equities funds. GVIP is passively managed, while GARY is actively managed. Their correlation of 0.86 suggests significant overlap in exposure. GVIP charges 0.45%/yr vs 0.77%/yr for GARY.

Performance

GVIP vs. GARY - Performance Comparison

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

Returns By Period

In the year-to-date period, GVIP achieves a 14.44% return, which is significantly lower than GARY's 30.03% return.

GVIP

• 1D: -2.26%
• 1M: 0.04%
• 6M: 10.98%
• YTD: 14.44%
• 1Y: 28.81%
• 3Y*: 27.08%
• 5Y*: 12.18%
• 10Y*: —

GARY

• 1D: -1.55%
• 1M: -0.00%
• 6M: 22.99%
• YTD: 30.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GVIP vs. GARY - Yearly Performance Comparison

	2026 (YTD)	2025
GVIP Goldman Sachs Hedge Industry VIP ETF	14.44%	0.99%
GARY Mango Growth ETF	30.03%	0.15%

Correlation

The correlation between GVIP and GARY is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 22, 2025	0.86

Return for Risk

GVIP vs. GARY — Risk / Return Rank

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

GVIP

GVIP Risk / Return Rank: 50
GVIP Sharpe Ratio Rank: 48
GVIP Sortino Ratio Rank: 45
GVIP Omega Ratio Rank: 47
GVIP Calmar Ratio Rank: 53
GVIP Martin Ratio Rank: 60

GARY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. GARY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Hedge Industry VIP ETF (GVIP) and Mango Growth ETF (GARY). 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	GARY	Difference
Sharpe ratio: Return per unit of total volatility	1.33	—	—
Sortino ratio: Return per unit of downside risk	1.83	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	2.12	—	—
Martin ratio: Return relative to average drawdown	8.35	—	—

Drawdowns

GVIP vs. GARY - Drawdown Comparison

The maximum GVIP drawdown since its inception was -37.09%, which is greater than GARY's maximum drawdown of -10.28%. Use the drawdown chart below to compare losses from any high point for GVIP and GARY.

Drawdown Indicators

	GVIP	GARY	Difference
Max Drawdown Largest peak-to-trough decline	-37.09%	-10.28%	-26.81%
Max Drawdown (1Y) Largest decline over 1 year	-13.67%	—	—
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	-7.55%	-5.23%	-2.32%
Average Drawdown Average peak-to-trough decline	-7.55%	-1.87%	-5.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	—	—

Volatility

Volatility by Period

	GVIP	GARY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.62%	—	—
Volatility (6M) Calculated over the trailing 6-month period	18.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.81%	21.84%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.99%	21.84%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.91%	21.84%	+0.07%

GVIP vs. GARY - Expense Ratio Comparison

GVIP has a 0.45% expense ratio, which is lower than GARY's 0.77% expense ratio.

Dividends

GVIP vs. GARY - Dividend Comparison

GVIP's dividend yield for the trailing twelve months is around 0.29%, more than GARY's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GARY Mango Growth ETF	0.04%	0.05%	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	0.29%	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 GVIP and GARY in my portfolio?

GVIP and GARY have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GVIP or GARY?

On fees, GVIP is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GVIP or GARY?

GVIP is cheaper with a 0.45% expense ratio, compared with 0.77% for GARY.

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

GVIP has the higher dividend yield at 0.29%, compared with 0.04% for GARY.

What is the main difference between GVIP and GARY?

They also come from different issuers: Goldman Sachs and Mango. Their fees differ too: 0.45% for GVIP and 0.77% for GARY.