GVIP vs. PBUS

Last updated Jun 4, 2026

GVIP (Goldman Sachs Hedge Industry VIP ETF) and PBUS (Invesco PureBeta MSCI USA ETF) are both Large Cap Growth Equities funds - GVIP tracks the Goldman Sachs Hedge Fund VIP Index while PBUS tracks the MSCI USA Index. Both are passively managed. Over the past 5 years, GVIP returned 12.90%/yr vs 13.48%/yr for PBUS. Their correlation of 0.83 suggests significant overlap in exposure. GVIP charges 0.45%/yr vs 0.04%/yr for PBUS.

Performance

GVIP vs. PBUS - Performance Comparison

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

Returns By Period

In the year-to-date period, GVIP achieves a 16.17% return, which is significantly higher than PBUS's 10.82% return.

GVIP

• 1D: -0.33%
• 1M: 6.71%
• YTD: 16.17%
• 6M: 18.08%
• 1Y: 36.94%
• 3Y*: 30.49%
• 5Y*: 12.90%
• 10Y*: —

PBUS

• 1D: -0.64%
• 1M: 5.14%
• YTD: 10.82%
• 6M: 10.68%
• 1Y: 27.65%
• 3Y*: 22.61%
• 5Y*: 13.48%
• 10Y*: —

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

GVIP vs. PBUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GVIP Goldman Sachs Hedge Industry VIP ETF	16.17%	25.27%	29.82%	39.15%	-31.95%	11.86%	44.12%	30.21%	-6.85%	4.05%
PBUS Invesco PureBeta MSCI USA ETF	10.82%	17.58%	24.99%	27.33%	-19.64%	26.77%	21.75%	31.60%	-4.77%	7.13%

Correlation

The correlation between GVIP and PBUS is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 25, 2017	0.83

The correlation between GVIP and PBUS has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

GVIP vs. PBUS - Sectors Allocation Comparison

Sectors	GVIP	PBUS
Technology	38.6%	35.4%
Financial Services	15.8%	11.6%
Communication Services	11.5%	11.3%
Industrials	9.5%	8.6%
Utilities	8.4%	2.3%
Healthcare	8.0%	8.6%
Consumer Cyclical	8.0%	10.1%
Consumer Defensive	1.2%	4.8%
Basic Materials	-	1.8%
Energy	-	3.6%
Real Estate	-	1.9%

Return for Risk

GVIP vs. PBUS — Risk / Return Rank

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

GVIP

GVIP Risk / Return Rank: 58
GVIP Sharpe Ratio Rank: 59
GVIP Sortino Ratio Rank: 56
GVIP Omega Ratio Rank: 58
GVIP Calmar Ratio Rank: 54
GVIP Martin Ratio Rank: 64

PBUS

PBUS Risk / Return Rank: 68
PBUS Sharpe Ratio Rank: 70
PBUS Sortino Ratio Rank: 68
PBUS Omega Ratio Rank: 69
PBUS Calmar Ratio Rank: 62
PBUS Martin Ratio Rank: 73

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. PBUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Hedge Industry VIP ETF (GVIP) and Invesco PureBeta MSCI USA ETF (PBUS). 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.

	GVIP	PBUS	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.30	-0.26
Sortino ratio: Return per unit of downside risk	2.74	3.15	-0.41
Omega ratio: Gain probability vs. loss probability	1.36	1.41	-0.05
Calmar ratio: Return relative to maximum drawdown	2.71	3.08	-0.36
Martin ratio: Return relative to average drawdown	11.81	13.93	-2.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GVIP vs. PBUS - Sharpe Ratio Comparison

The current GVIP Sharpe Ratio is 2.05, which is comparable to the PBUS Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of GVIP and PBUS, 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

	GVIP	PBUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	2.30	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.80	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.80	+0.02

Drawdowns

GVIP vs. PBUS - Drawdown Comparison

The maximum GVIP drawdown since its inception was -37.09%, which is greater than PBUS's maximum drawdown of -33.15%. Use the drawdown chart below to compare losses from any high point for GVIP and PBUS.

Drawdown Indicators

	GVIP	PBUS	Difference
Max Drawdown Largest peak-to-trough decline	-37.09%	-33.15%	-3.94%
Max Drawdown (1Y) Largest decline over 1 year	-13.67%	-9.02%	-4.65%
Max Drawdown (3Y) Largest decline over 3 years	-23.29%	-19.07%	-4.22%
Max Drawdown (5Y) Largest decline over 5 years	-37.09%	-25.40%	-11.69%
Current Drawdown Current decline from peak	-0.33%	-0.64%	+0.31%
Average Drawdown Average peak-to-trough decline	-7.59%	-5.13%	-2.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	1.99%	+1.15%

Volatility

GVIP vs. PBUS - Volatility Comparison

Goldman Sachs Hedge Industry VIP ETF (GVIP) has a higher volatility of 5.42% compared to Invesco PureBeta MSCI USA ETF (PBUS) at 2.94%. This indicates that GVIP's price experiences larger fluctuations and is considered to be riskier than PBUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GVIP	PBUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	2.94%	+2.48%
Volatility (6M) Calculated over the trailing 6-month period	14.47%	9.13%	+5.34%
Volatility (1Y) Calculated over the trailing 1-year period	18.13%	12.06%	+6.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.29%	17.05%	+4.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.65%	19.33%	+2.32%

GVIP vs. PBUS - Expense Ratio Comparison

GVIP has a 0.45% expense ratio, which is higher than PBUS's 0.04% expense ratio.

Dividends

GVIP vs. PBUS - Dividend Comparison

GVIP's dividend yield for the trailing twelve months is around 0.29%, less than PBUS's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
PBUS Invesco PureBeta MSCI USA ETF	0.98%	1.05%	1.20%	1.36%	1.71%	0.98%	1.35%	1.53%	2.33%	0.50%	0.00%

Frequently Asked Questions

Can I hold both GVIP and PBUS in my portfolio?

GVIP and PBUS have a correlation of 0.87, 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 PBUS?

GVIP has higher volatility (5.42%) compared to PBUS (2.94%). In terms of maximum drawdown, GVIP dropped -37.09% vs PBUS's -33.15%.

Which ETF is better, GVIP or PBUS?

On 5-year performance, PBUS leads with 13.48% vs 12.90% for GVIP. On fees, PBUS is cheaper at 0.04% per year. On volatility, PBUS has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GVIP or PBUS?

Over the 5-year period, PBUS has performed better with a 13.48% return vs 12.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GVIP or PBUS?

PBUS is cheaper with a 0.04% expense ratio, compared with 0.45% for GVIP.

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

PBUS has the higher dividend yield at 0.98%, compared with 0.29% for GVIP.

What is the main difference between GVIP and PBUS?

GVIP tracks Goldman Sachs Hedge Fund VIP Index, while PBUS tracks MSCI USA Index. They also come from different issuers: Goldman Sachs and Invesco. Their fees differ too: 0.45% for GVIP and 0.04% for PBUS.

Which has better risk-adjusted returns?

PBUS currently has the higher Sharpe Ratio (2.30 vs 2.05), 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.