HDV vs. GSIE

Last updated Jul 26, 2026

HDV (iShares Core High Dividend ETF) and GSIE (Goldman Sachs ActiveBeta International Equity ETF) are both exchange-traded funds - HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index, while GSIE is a Foreign Large Cap Equities fund tracking the Goldman Sachs ActiveBeta International Equity Index. Both are passively managed. Over the past 10 years, HDV returned 9.50%/yr vs 9.39%/yr for GSIE. Their 0.61 correlation means they have sometimes moved together and sometimes differently. HDV charges 0.08%/yr vs 0.25%/yr for GSIE.

Performance

HDV vs. GSIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core High Dividend ETF (HDV) and Goldman Sachs ActiveBeta International Equity ETF (GSIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDV achieves a 20.12% return, which is significantly higher than GSIE's 8.75% return. Both investments have delivered pretty close results over the past 10 years, with HDV having a 9.50% annualized return and GSIE not far behind at 9.39%.

HDV

• 1D: 1.23%
• 1M: 4.76%
• 6M: 13.60%
• YTD: 20.12%
• 1Y: 24.04%
• 3Y*: 15.34%
• 5Y*: 12.15%
• 10Y*: 9.50%
• ALL TIME*: 10.85%

GSIE

• 1D: 0.46%
• 1M: 1.03%
• 6M: 5.39%
• YTD: 8.75%
• 1Y: 17.13%
• 3Y*: 15.96%
• 5Y*: 8.63%
• 10Y*: 9.39%
• ALL TIME*: 8.80%

*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)
GSIE Goldman Sachs ActiveBeta International Equity ETF	$16.98M	$19.56M	$19.60M
HDV iShares Core High Dividend ETF	$163.75M	$142.23M	$95.79M

HDV vs. GSIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDV iShares Core High Dividend ETF	20.12%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	20.22%	-3.01%	13.40%
GSIE Goldman Sachs ActiveBeta International Equity ETF	8.75%	32.53%	5.23%	16.99%	-15.86%	13.27%	7.45%	22.83%	-13.40%	26.22%

Correlation

The correlation between HDV and GSIE is 0.21, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.21
Correlation (3Y) Balances recent behavior with more history.	0.39
Correlation (5Y) Shows whether the relationship held over a longer period.	0.53
Correlation (10Y) Provides a long-term view across more market conditions.	0.59
Correlation (All Time) Calculated using the full available price history since Nov 10, 2015	0.61

Over the past year, the correlation between HDV and GSIE has dropped to 0.21 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

HDV vs. GSIE - Sectors Allocation Comparison

Sectors	HDV	GSIE
Consumer Defensive	24.3%	7.5%
Healthcare	23.9%	9.6%
Energy	19.8%	4.2%
Consumer Cyclical	9.3%	8.6%
Utilities	8.2%	3.3%
Communication Services	5.2%	3.8%
Financial Services	4.7%	27.3%
Industrials	2.8%	18.6%
Technology	0.9%	10.6%
Basic Materials	0.8%	5.4%
Real Estate	-	1.2%

Return for Risk

HDV vs. GSIE — Risk / Return Rank

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

HDV

HDV Risk / Return Rank: 90
HDV Sharpe Ratio Rank: 91
HDV Sortino Ratio Rank: 93
HDV Omega Ratio Rank: 88
HDV Calmar Ratio Rank: 93
HDV Martin Ratio Rank: 87

GSIE

GSIE Risk / Return Rank: 48
GSIE Sharpe Ratio Rank: 49
GSIE Sortino Ratio Rank: 48
GSIE Omega Ratio Rank: 47
GSIE Calmar Ratio Rank: 45
GSIE Martin Ratio Rank: 52

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.

HDV vs. GSIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core High Dividend ETF (HDV) and Goldman Sachs ActiveBeta International Equity ETF (GSIE). 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.

	HDV	GSIE	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.17	+1.07
Sortino ratio: Return per unit of downside risk	3.39	1.72	+1.67
Omega ratio: Gain probability vs. loss probability	1.39	1.21	+0.18
Calmar ratio: Return relative to maximum drawdown	4.65	1.58	+3.07
Martin ratio: Return relative to average drawdown	12.72	5.99	+6.73

HDV vs. GSIE - Sharpe Ratio Comparison

The current HDV Sharpe Ratio is 2.24, which is higher than the GSIE Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of HDV and GSIE, 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

HDV vs. GSIE - Drawdown Comparison

The maximum HDV drawdown since its inception was -37.04%, which is greater than GSIE's maximum drawdown of -34.63%. Use the drawdown chart below to compare losses from any high point for HDV and GSIE.

Drawdown Indicators

	HDV	GSIE	Difference
Max Drawdown Largest peak-to-trough decline	-37.04%	-34.63%	-2.41%
Max Drawdown (1Y) Largest decline over 1 year	-5.18%	-10.76%	+5.58%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-13.07%	+2.58%
Max Drawdown (5Y) Largest decline over 5 years	-15.42%	-29.97%	+14.55%
Max Drawdown (10Y) Largest decline over 10 years	-37.04%	-34.63%	-2.41%
Current Drawdown Current decline from peak	0.00%	-1.06%	+1.06%
Average Drawdown Average peak-to-trough decline	-3.07%	-5.99%	+2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	2.84%	-0.95%

Volatility

HDV vs. GSIE - Volatility Comparison

iShares Core High Dividend ETF (HDV) has a higher volatility of 4.88% compared to Goldman Sachs ActiveBeta International Equity ETF (GSIE) at 3.56%. This indicates that HDV's price experiences larger fluctuations and is considered to be riskier than GSIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDV	GSIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	3.56%	+1.32%
Volatility (6M) Calculated over the trailing 6-month period	8.55%	12.39%	-3.84%
Volatility (1Y) Calculated over the trailing 1-year period	10.74%	14.49%	-3.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.93%	16.08%	-3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.77%	16.49%	-0.72%

HDV vs. GSIE - Expense Ratio Comparison

HDV has a 0.08% expense ratio, which is lower than GSIE's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HDV vs. GSIE - Dividend Comparison

HDV's dividend yield for the trailing twelve months is around 3.07%, more than GSIE's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSIE Goldman Sachs ActiveBeta International Equity ETF	2.56%	2.65%	3.11%	2.87%	3.01%	2.40%	1.60%	2.80%	2.68%	2.31%	2.15%	0.13%
HDV iShares Core High Dividend ETF	3.07%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%

Frequently Asked Questions

Can I hold both HDV and GSIE in my portfolio?

HDV and GSIE have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDV or GSIE?

HDV has higher volatility (4.88%) compared to GSIE (3.56%). In terms of maximum drawdown, HDV dropped -37.04% vs GSIE's -34.63%.

Which ETF is better, HDV or GSIE?

On 10-year performance, HDV leads with 9.50% vs 9.39% for GSIE. On fees, HDV is cheaper at 0.08% per year. On volatility, GSIE has been the lower-risk option at 3.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDV or GSIE?

Over the 10-year period, HDV has performed better with a 9.50% return vs 9.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDV or GSIE?

HDV is cheaper with a 0.08% expense ratio, compared with 0.25% for GSIE.

Which ETF pays a higher dividend yield, HDV or GSIE?

HDV has the higher dividend yield at 3.07%, compared with 2.56% for GSIE.

What is the main difference between HDV and GSIE?

HDV is categorized as Dividend, while GSIE is Foreign Large Cap Equities. HDV tracks Morningstar Dividend Yield Focus Index, while GSIE tracks Goldman Sachs ActiveBeta International Equity Index. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.08% for HDV and 0.25% for GSIE.

Which has better risk-adjusted returns?

HDV currently has the higher Sharpe Ratio (2.24 vs 1.17), 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.