GVIP vs. MOAT

Last updated Jun 24, 2026

GVIP (Goldman Sachs Hedge Industry VIP ETF) and MOAT (VanEck Morningstar Wide Moat ETF) are both exchange-traded funds - GVIP is a Large Cap Growth Equities fund tracking the Goldman Sachs Hedge Fund VIP Index, while MOAT is a Large Cap Blend Equities fund tracking the Morningstar Wide Moat Focus Index. Both are passively managed. Over the past 5 years, GVIP returned 12.53%/yr vs 7.68%/yr for MOAT. A 0.77 correlation means they provide meaningful diversification when combined. GVIP charges 0.45%/yr vs 0.47%/yr for MOAT.

Performance

GVIP vs. MOAT - Performance Comparison

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

Returns By Period

In the year-to-date period, GVIP achieves a 16.34% return, which is significantly higher than MOAT's -2.39% return.

GVIP

• 1D: -6.01%
• 1M: 3.42%
• YTD: 16.34%
• 6M: 15.67%
• 1Y: 35.53%
• 3Y*: 29.99%
• 5Y*: 12.53%
• 10Y*: —

MOAT

• 1D: 0.09%
• 1M: -1.13%
• YTD: -2.39%
• 6M: -2.98%
• 1Y: 12.04%
• 3Y*: 10.36%
• 5Y*: 7.68%
• 10Y*: 13.64%

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

GVIP vs. MOAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GVIP Goldman Sachs Hedge Industry VIP ETF	16.34%	25.27%	29.82%	39.15%	-31.95%	11.86%	44.12%	30.21%	-6.85%	25.79%
MOAT VanEck Morningstar Wide Moat ETF	-2.39%	13.20%	10.73%	31.89%	-13.66%	24.12%	14.84%	34.79%	-1.28%	23.18%

Correlation

The correlation between GVIP and MOAT is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Nov 3, 2016	0.77

Over the past year, the correlation between GVIP and MOAT has dropped to 0.53 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

GVIP vs. MOAT - Sectors Allocation Comparison

Sectors	GVIP	MOAT
Technology	34.8%	33.8%
Financial Services	16.0%	9.0%
Communication Services	13.7%	2.4%
Industrials	11.0%	13.8%
Consumer Cyclical	10.0%	7.3%
Healthcare	8.2%	15.9%
Utilities	6.3%	-
Consumer Defensive	1.2%	17.0%
Basic Materials	-	-
Energy	-	-
Real Estate	-	0.8%

Return for Risk

GVIP vs. MOAT — Risk / Return Rank

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

GVIP

GVIP Risk / Return Rank: 54
GVIP Sharpe Ratio Rank: 52
GVIP Sortino Ratio Rank: 47
GVIP Omega Ratio Rank: 51
GVIP Calmar Ratio Rank: 56
GVIP Martin Ratio Rank: 64

MOAT

MOAT Risk / Return Rank: 23
MOAT Sharpe Ratio Rank: 25
MOAT Sortino Ratio Rank: 24
MOAT Omega Ratio Rank: 22
MOAT Calmar Ratio Rank: 22
MOAT Martin Ratio Rank: 24

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. MOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Hedge Industry VIP ETF (GVIP) and VanEck Morningstar Wide Moat ETF (MOAT). 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	MOAT	Difference
Sharpe ratio: Return per unit of total volatility	1.70	0.87	+0.83
Sortino ratio: Return per unit of downside risk	2.26	1.32	+0.93
Omega ratio: Gain probability vs. loss probability	1.31	1.15	+0.16
Calmar ratio: Return relative to maximum drawdown	2.61	0.97	+1.64
Martin ratio: Return relative to average drawdown	11.04	2.92	+8.12

GVIP vs. MOAT - Sharpe Ratio Comparison

The current GVIP Sharpe Ratio is 1.70, which is higher than the MOAT Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of GVIP and MOAT, 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. MOAT - Drawdown Comparison

The maximum GVIP drawdown since its inception was -37.09%, which is greater than MOAT's maximum drawdown of -33.31%. Use the drawdown chart below to compare losses from any high point for GVIP and MOAT.

Drawdown Indicators

	GVIP	MOAT	Difference
Max Drawdown Largest peak-to-trough decline	-37.09%	-33.31%	-3.78%
Max Drawdown (1Y) Largest decline over 1 year	-13.67%	-12.43%	-1.24%
Max Drawdown (3Y) Largest decline over 3 years	-23.29%	-21.44%	-1.85%
Max Drawdown (5Y) Largest decline over 5 years	-37.09%	-23.96%	-13.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.31%	—
Current Drawdown Current decline from peak	-6.01%	-6.12%	+0.11%
Average Drawdown Average peak-to-trough decline	-7.56%	-3.83%	-3.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	4.13%	-0.90%

Volatility

GVIP vs. MOAT - Volatility Comparison

Goldman Sachs Hedge Industry VIP ETF (GVIP) has a higher volatility of 11.43% compared to VanEck Morningstar Wide Moat ETF (MOAT) at 4.72%. This indicates that GVIP's price experiences larger fluctuations and is considered to be riskier than MOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GVIP	MOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.43%	4.72%	+6.71%
Volatility (6M) Calculated over the trailing 6-month period	17.87%	10.23%	+7.64%
Volatility (1Y) Calculated over the trailing 1-year period	21.01%	13.99%	+7.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.83%	18.24%	+3.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.87%	18.65%	+3.22%

GVIP vs. MOAT - Expense Ratio Comparison

GVIP has a 0.45% expense ratio, which is lower than MOAT's 0.47% expense ratio.

Dividends

GVIP vs. MOAT - Dividend Comparison

GVIP's dividend yield for the trailing twelve months is around 0.29%, less than MOAT's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
MOAT VanEck Morningstar Wide Moat ETF	1.39%	1.36%	1.37%	0.86%	1.25%	1.08%	1.46%	1.31%	1.79%	1.07%	1.17%	2.13%

Frequently Asked Questions

Can I hold both GVIP and MOAT in my portfolio?

GVIP and MOAT have a correlation of 0.53, 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 MOAT?

GVIP has higher volatility (11.43%) compared to MOAT (4.72%). In terms of maximum drawdown, GVIP dropped -37.09% vs MOAT's -33.31%.

Which ETF is better, GVIP or MOAT?

On 5-year performance, GVIP leads with 12.53% vs 7.68% for MOAT. On fees, GVIP is cheaper at 0.45% per year. On volatility, MOAT has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GVIP or MOAT?

Over the 5-year period, GVIP has performed better with a 12.53% return vs 7.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GVIP or MOAT?

GVIP is cheaper with a 0.45% expense ratio, compared with 0.47% for MOAT.

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

MOAT has the higher dividend yield at 1.39%, compared with 0.29% for GVIP.

What is the main difference between GVIP and MOAT?

GVIP is categorized as Large Cap Growth Equities, while MOAT is Large Cap Blend Equities. GVIP tracks Goldman Sachs Hedge Fund VIP Index, while MOAT tracks Morningstar Wide Moat Focus Index. They also come from different issuers: Goldman Sachs and VanEck. Their fees differ too: 0.45% for GVIP and 0.47% for MOAT.

Which has better risk-adjusted returns?

GVIP currently has the higher Sharpe Ratio (1.70 vs 0.87), 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.