GVIP vs. MFUS

Last updated Aug 2, 2026

GVIP (Goldman Sachs Hedge Industry VIP ETF) and MFUS (PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF) are both Large Cap Growth Equities funds - GVIP tracks the Goldman Sachs Hedge Fund VIP Index while MFUS tracks the RAFI Dynamic Multi-Factor U.S. Index​. Both are passively managed. Over the past 5 years, GVIP returned 10.95%/yr vs 12.82%/yr for MFUS. Their 0.79 correlation means they have sometimes moved together and sometimes differently. GVIP charges 0.45%/yr vs 0.30%/yr for MFUS.

Performance

GVIP vs. MFUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Hedge Industry VIP ETF (GVIP) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GVIP achieves a 8.45% return, which is significantly lower than MFUS's 16.05% return.

GVIP

• 1D: -0.64%
• 1M: -6.63%
• 6M: 5.72%
• YTD: 8.45%
• 1Y: 21.61%
• 3Y*: 24.01%
• 5Y*: 10.95%
• 10Y*: —
• ALL TIME*: 16.41%

MFUS

• 1D: 0.02%
• 1M: -0.78%
• 6M: 11.41%
• YTD: 16.05%
• 1Y: 25.38%
• 3Y*: 19.23%
• 5Y*: 12.82%
• 10Y*: —
• ALL TIME*: 13.36%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GVIP Goldman Sachs Hedge Industry VIP ETF	$2.23M	$1.88M	$2.26M
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	$1.61M	$1.05M	$936.81K

GVIP vs. MFUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GVIP Goldman Sachs Hedge Industry VIP ETF	8.45%	25.27%	29.82%	39.15%	-31.95%	11.86%	44.12%	30.21%	-6.85%	5.91%
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	16.05%	16.02%	20.17%	12.19%	-5.82%	24.10%	10.64%	26.17%	-7.30%	11.20%

Correlation

The correlation between GVIP and MFUS is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer period.	0.80
Correlation (All Time) Calculated using the full available price history since Sep 6, 2017	0.79

The correlation between GVIP and MFUS has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.

GVIP vs. MFUS - Sectors Allocation Comparison

Sectors	GVIP	MFUS
Technology	37.9%	25.8%
Financial Services	15.5%	11.3%
Communication Services	11.7%	4.6%
Industrials	11.1%	12.5%
Consumer Cyclical	9.4%	9.3%
Healthcare	8.6%	14.7%
Utilities	5.9%	1.3%
Consumer Defensive	1.2%	9.3%
Basic Materials	-	2.5%
Energy	-	6.6%
Real Estate	-	2.0%

Return for Risk

GVIP vs. MFUS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GVIP

GVIP Risk / Return Rank: 36
GVIP Sharpe Ratio Rank: 34
GVIP Sortino Ratio Rank: 34
GVIP Omega Ratio Rank: 34
GVIP Calmar Ratio Rank: 35
GVIP Martin Ratio Rank: 42

MFUS

MFUS Risk / Return Rank: 89
MFUS Sharpe Ratio Rank: 89
MFUS Sortino Ratio Rank: 89
MFUS Omega Ratio Rank: 88
MFUS Calmar Ratio Rank: 90
MFUS Martin Ratio Rank: 90

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GVIP vs. MFUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Hedge Industry VIP ETF (GVIP) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). 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	MFUS	Difference
Sharpe ratio: Return per unit of total volatility	0.84	2.16	-1.32
Sortino ratio: Return per unit of downside risk	1.27	3.11	-1.84
Omega ratio: Gain probability vs. loss probability	1.16	1.39	-0.23
Calmar ratio: Return relative to maximum drawdown	1.20	3.86	-2.66
Martin ratio: Return relative to average drawdown	4.60	14.64	-10.03

GVIP vs. MFUS - Sharpe Ratio Comparison

The current GVIP Sharpe Ratio is 0.84, which is lower than the MFUS Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of GVIP and MFUS, 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. MFUS - Drawdown Comparison

The maximum GVIP drawdown since its inception was -37.09%, which is greater than MFUS's maximum drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for GVIP and MFUS.

Drawdown Indicators

	GVIP	MFUS	Difference
Max Drawdown Largest peak-to-trough decline	-37.09%	-35.21%	-1.88%
Max Drawdown (1Y) Largest decline over 1 year	-16.36%	-6.39%	-9.97%
Max Drawdown (3Y) Largest decline over 3 years	-23.29%	-15.39%	-7.90%
Max Drawdown (5Y) Largest decline over 5 years	-37.09%	-18.22%	-18.87%
Current Drawdown Current decline from peak	-12.39%	-2.61%	-9.78%
Average Drawdown Average peak-to-trough decline	-7.57%	-3.95%	-3.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	1.68%	+2.58%

Volatility

GVIP vs. MFUS - Volatility Comparison

Goldman Sachs Hedge Industry VIP ETF (GVIP) has a higher volatility of 9.71% compared to PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) at 2.93%. This indicates that GVIP's price experiences larger fluctuations and is considered to be riskier than MFUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GVIP	MFUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.71%	2.93%	+6.78%
Volatility (6M) Calculated over the trailing 6-month period	20.33%	9.11%	+11.22%
Volatility (1Y) Calculated over the trailing 1-year period	23.29%	11.43%	+11.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.24%	15.02%	+7.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.02%	17.28%	+4.74%

GVIP vs. MFUS - Expense Ratio Comparison

GVIP has a 0.45% expense ratio, which is higher than MFUS's 0.30% expense ratio.

Dividends

GVIP vs. MFUS - Dividend Comparison

GVIP's dividend yield for the trailing twelve months is around 0.31%, less than MFUS's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GVIP Goldman Sachs Hedge Industry VIP ETF	0.31%	0.34%	0.29%	0.77%	0.02%	0.00%	0.12%	0.77%	0.44%	0.45%	0.08%
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	1.38%	1.54%	1.45%	1.96%	2.07%	1.35%	1.72%	1.89%	1.69%	1.01%	0.00%

Frequently Asked Questions

Can I hold both GVIP and MFUS in my portfolio?

GVIP and MFUS have a correlation of 0.77, 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 MFUS?

GVIP has higher volatility (9.71%) compared to MFUS (2.93%). In terms of maximum drawdown, GVIP dropped -37.09% vs MFUS's -35.21%.

Which ETF is better, GVIP or MFUS?

On 5-year performance, MFUS leads with 12.82% vs 10.95% for GVIP. On fees, MFUS is cheaper at 0.30% per year. On volatility, MFUS has been the lower-risk option at 2.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GVIP or MFUS?

Over the 5-year period, MFUS has performed better with a 12.82% return vs 10.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GVIP or MFUS?

MFUS is cheaper with a 0.30% expense ratio, compared with 0.45% for GVIP.

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

MFUS has the higher dividend yield at 1.38%, compared with 0.31% for GVIP.

What is the main difference between GVIP and MFUS?

GVIP tracks Goldman Sachs Hedge Fund VIP Index, while MFUS tracks RAFI Dynamic Multi-Factor U.S. Index​. They also come from different issuers: Goldman Sachs and PIMCO. Their fees differ too: 0.45% for GVIP and 0.30% for MFUS.

Which has better risk-adjusted returns?

MFUS currently has the higher Sharpe Ratio (2.16 vs 0.84), 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.