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JUST vs. ESGU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JUST vs. ESGU

Last updated Jun 19, 2026

JUST (Goldman Sachs JUST U.S. Large Cap Equity ETF) and ESGU (iShares ESG Aware MSCI USA ETF) are both exchange-traded funds - JUST is a Large Cap Growth Equities fund tracking the JUST US Large Cap Diversified Index, while ESGU is a Large Cap Blend Equities fund tracking the MSCI USA Extended ESG Focus Index. Both are passively managed. Over the past 5 years, JUST returned 13.44%/yr vs 12.81%/yr for ESGU. With a 0.98 correlation, they move nearly in lockstep. JUST charges 0.20%/yr vs 0.15%/yr for ESGU.

Performance

JUST vs. ESGU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) and iShares ESG Aware MSCI USA ETF (ESGU). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, JUST achieves a 11.11% return, which is significantly higher than ESGU's 10.08% return.

JUST

1D
1.07%
1M
2.31%
YTD
11.11%
6M
12.74%
1Y
27.82%
3Y*
20.91%
5Y*
13.44%
10Y*
—

ESGU

1D
0.96%
1M
2.32%
YTD
10.08%
6M
11.23%
1Y
26.54%
3Y*
20.46%
5Y*
12.81%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

JUST vs. ESGU - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
JUST
Goldman Sachs JUST U.S. Large Cap Equity ETF		11.11%17.60%23.73%24.86%-17.88%26.89%19.59%31.54%-9.96%
ESGU
iShares ESG Aware MSCI USA ETF		10.08%16.90%24.31%25.79%-20.27%26.89%22.54%31.72%-8.84%

Correlation

The correlation between JUST and ESGU is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.98

Correlation (3Y)
Calculated over the trailing 3-year period

0.98

Correlation (5Y)
Calculated over the trailing 5-year period

0.98

Correlation (All Time)
Calculated using the full available price history since Jun 13, 2018

0.98

The correlation between JUST and ESGU has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

JUST vs. ESGU - Sectors Allocation Comparison

Sectors
JUST
ESGU

Technology

37.9%
39.4%

Financial Services

12.2%
11.1%

Consumer Cyclical

9.1%
9.3%

Healthcare

8.8%
8.9%

Communication Services

8.4%
9.9%

Industrials

8.1%
8.0%

Consumer Defensive

5.2%
4.2%

Energy

3.5%
3.4%

Utilities

2.5%
1.8%

Basic Materials

2.1%
1.9%

Real Estate

2.0%
2.1%

Technology

JUST
37.9%
ESGU
39.4%

Financial Services

JUST
12.2%
ESGU
11.1%

Consumer Cyclical

JUST
9.1%
ESGU
9.3%

Healthcare

JUST
8.8%
ESGU
8.9%

Communication Services

JUST
8.4%
ESGU
9.9%

Industrials

JUST
8.1%
ESGU
8.0%

Consumer Defensive

JUST
5.2%
ESGU
4.2%

Energy

JUST
3.5%
ESGU
3.4%

Utilities

JUST
2.5%
ESGU
1.8%

Basic Materials

JUST
2.1%
ESGU
1.9%

Real Estate

JUST
2.0%
ESGU
2.1%

Compare stocks, funds, or ETFs

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Goldman Sachs JUST U.S. Large Cap Equity ETF

iShares ESG Aware MSCI USA ETF

Often compared with JUST:
JUST vs. CATHJUST vs. VOOJUST vs. ESGVJUST vs. QUALJUST vs. GSJUST vs. VUGJUST vs. ITOT
Often compared with ESGU:
ESGU vs. ESGVESGU vs. SPYESGU vs. ESGDESGU vs. ESGEESGU vs. SUSAESGU vs. VOOESGU vs. IVV

Return for Risk

JUST vs. ESGU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JUST
JUST Risk / Return Rank: 7474
Overall Rank
JUST Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
JUST Sortino Ratio Rank: 7474
Sortino Ratio Rank
JUST Omega Ratio Rank: 7474
Omega Ratio Rank
JUST Calmar Ratio Rank: 6868
Calmar Ratio Rank
JUST Martin Ratio Rank: 7979
Martin Ratio Rank
ESGU
ESGU Risk / Return Rank: 6767
Overall Rank
ESGU Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
ESGU Sortino Ratio Rank: 6565
Sortino Ratio Rank
ESGU Omega Ratio Rank: 6868
Omega Ratio Rank
ESGU Calmar Ratio Rank: 6262
Calmar Ratio Rank
ESGU Martin Ratio Rank: 7373
Martin Ratio Rank
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.

JUST vs. ESGU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) and iShares ESG Aware MSCI USA ETF (ESGU). 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.

JUSTESGUDifference
Sharpe ratioReturn per unit of total volatility
2.25
2.09

+0.16

Sortino ratioReturn per unit of downside risk
3.07
2.81

+0.27

Omega ratioGain probability vs. loss probability

1.40

1.38

+0.03

Calmar ratioReturn relative to maximum drawdown

3.19

2.88

+0.31

Martin ratioReturn relative to average drawdown

14.38

12.68

+1.69

JUST vs. ESGU - Sharpe Ratio Comparison

The current JUST Sharpe Ratio is 2.25, which is comparable to the ESGU Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of JUST and ESGU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

JUST vs. ESGU - Drawdown Comparison

The maximum JUST drawdown since its inception was -33.83%, roughly equal to the maximum ESGU drawdown of -33.87%. Use the drawdown chart below to compare losses from any high point for JUST and ESGU.

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Drawdown Indicators

JUSTESGUDifference

Max Drawdown

Largest peak-to-trough decline

-33.83%

-33.87%

+0.04%

Max Drawdown (1Y)

Largest decline over 1 year

-8.76%

-9.26%

+0.50%

Max Drawdown (3Y)

Largest decline over 3 years

-19.34%

-19.32%

-0.02%

Max Drawdown (5Y)

Largest decline over 5 years

-24.72%

-26.15%

+1.43%

Current Drawdown

Current decline from peak

-1.21%

-1.67%

+0.46%

Average Drawdown

Average peak-to-trough decline

-5.09%

-4.88%

-0.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.94%

2.10%

-0.16%

Volatility

JUST vs. ESGU - Volatility Comparison

The current volatility for Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) is 4.55%, while iShares ESG Aware MSCI USA ETF (ESGU) has a volatility of 4.88%. This indicates that JUST experiences smaller price fluctuations and is considered to be less risky than ESGU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JUSTESGUDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.55%

4.88%

-0.33%

Volatility (6M)

Calculated over the trailing 6-month period

9.87%

10.11%

-0.24%

Volatility (1Y)

Calculated over the trailing 1-year period

12.42%

12.73%

-0.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.87%

17.41%

-0.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.12%

18.60%

+0.52%

JUST vs. ESGU - Expense Ratio Comparison

JUST has a 0.20% expense ratio, which is higher than ESGU's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

JUST vs. ESGU - Dividend Comparison

JUST's dividend yield for the trailing twelve months is around 0.94%, which matches ESGU's 0.94% yield.

PositionTTM202520242023202220212020201920182017
ESGU
iShares ESG Aware MSCI USA ETF		0.94%0.99%1.18%1.43%1.58%1.06%1.27%1.32%1.73%1.82%
JUST
Goldman Sachs JUST U.S. Large Cap Equity ETF		0.94%1.02%1.11%1.37%1.51%1.07%1.36%1.86%1.11%0.00%

Frequently Asked Questions

With a correlation of 0.98, JUST and ESGU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

ESGU has higher volatility (4.88%) compared to JUST (4.55%). In terms of maximum drawdown, JUST dropped -33.83% vs ESGU's -33.87%.

On 5-year performance, JUST leads with 13.44% vs 12.81% for ESGU. On fees, ESGU is cheaper at 0.15% per year. On volatility, JUST has been the lower-risk option at 4.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, JUST has performed better with a 13.44% return vs 12.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ESGU is cheaper with a 0.15% expense ratio, compared with 0.20% for JUST.

JUST and ESGU have nearly identical dividend yields, around 0.94%.

JUST is categorized as Large Cap Growth Equities, while ESGU is Large Cap Blend Equities. JUST tracks JUST US Large Cap Diversified Index, while ESGU tracks MSCI USA Extended ESG Focus Index. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.20% for JUST and 0.15% for ESGU.

JUST currently has the higher Sharpe Ratio (2.25 vs 2.09), 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.

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