JUST vs. GSEW

Last updated Jun 5, 2026

JUST (Goldman Sachs JUST U.S. Large Cap Equity ETF) and GSEW (Goldman Sachs Equal Weight U.S. Large Cap Equity ETF) are both Large Cap Growth Equities funds from Goldman Sachs - JUST tracks the JUST US Large Cap Diversified Index while GSEW tracks the Solactive US Large Cap Equal Weight Index. Both are passively managed. Over the past 5 years, JUST returned 13.36%/yr vs 8.84%/yr for GSEW. Their correlation of 0.91 suggests significant overlap in exposure. JUST charges 0.20%/yr vs 0.09%/yr for GSEW.

Performance

JUST vs. GSEW - 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 Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JUST achieves a 12.23% return, which is significantly higher than GSEW's 10.61% return.

JUST

• 1D: 0.53%
• 1M: 4.51%
• YTD: 12.23%
• 6M: 12.64%
• 1Y: 29.54%
• 3Y*: 22.47%
• 5Y*: 13.36%
• 10Y*: —

GSEW

• 1D: 0.99%
• 1M: 3.38%
• YTD: 10.61%
• 6M: 10.52%
• 1Y: 19.76%
• 3Y*: 17.95%
• 5Y*: 8.84%
• 10Y*: —

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

JUST vs. GSEW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF	12.23%	17.60%	23.73%	24.86%	-17.88%	26.89%	19.59%	31.54%	-9.62%
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	10.61%	11.97%	16.89%	17.80%	-17.54%	25.43%	16.28%	31.04%	-11.33%

Correlation

The correlation between JUST and GSEW is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 14, 2018	0.91

The correlation between JUST and GSEW shifts across timeframes, from 0.80 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

JUST vs. GSEW - Sectors Allocation Comparison

Sectors	JUST	GSEW
Technology	35.8%	20.9%
Financial Services	12.5%	14.3%
Consumer Cyclical	9.8%	9.1%
Communication Services	9.3%	3.5%
Healthcare	8.6%	11.3%
Industrials	8.6%	15.6%
Consumer Defensive	5.5%	5.7%
Energy	3.6%	4.9%
Utilities	2.2%	5.8%
Real Estate	2.2%	4.0%
Basic Materials	2.2%	4.6%

Return for Risk

JUST vs. GSEW — Risk / Return Rank

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

JUST

JUST Risk / Return Rank: 76
JUST Sharpe Ratio Rank: 78
JUST Sortino Ratio Rank: 78
JUST Omega Ratio Rank: 76
JUST Calmar Ratio Rank: 69
JUST Martin Ratio Rank: 81

GSEW

GSEW Risk / Return Rank: 51
GSEW Sharpe Ratio Rank: 48
GSEW Sortino Ratio Rank: 48
GSEW Omega Ratio Rank: 46
GSEW Calmar Ratio Rank: 53
GSEW Martin Ratio Rank: 57

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. GSEW - 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 Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW). 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.

	JUST	GSEW	Difference
Sharpe ratio: Return per unit of total volatility	2.50	1.64	+0.86
Sortino ratio: Return per unit of downside risk	3.43	2.34	+1.09
Omega ratio: Gain probability vs. loss probability	1.45	1.29	+0.16
Calmar ratio: Return relative to maximum drawdown	3.39	2.57	+0.82
Martin ratio: Return relative to average drawdown	15.75	9.83	+5.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JUST vs. GSEW - Sharpe Ratio Comparison

The current JUST Sharpe Ratio is 2.50, which is higher than the GSEW Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of JUST and GSEW, 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

	JUST	GSEW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	1.64	+0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.53	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.62	+0.16

Drawdowns

JUST vs. GSEW - Drawdown Comparison

The maximum JUST drawdown since its inception was -33.83%, smaller than the maximum GSEW drawdown of -38.65%. Use the drawdown chart below to compare losses from any high point for JUST and GSEW.

Drawdown Indicators

	JUST	GSEW	Difference
Max Drawdown Largest peak-to-trough decline	-33.83%	-38.65%	+4.82%
Max Drawdown (1Y) Largest decline over 1 year	-8.76%	-7.72%	-1.04%
Max Drawdown (3Y) Largest decline over 3 years	-19.34%	-18.18%	-1.16%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-25.74%	+1.02%
Current Drawdown Current decline from peak	-0.22%	0.00%	-0.22%
Average Drawdown Average peak-to-trough decline	-5.10%	-5.89%	+0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	2.02%	-0.14%

Volatility

JUST vs. GSEW - Volatility Comparison

Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) and Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW) have volatilities of 2.87% and 2.82%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JUST	GSEW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	2.82%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	9.09%	9.09%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	11.88%	12.13%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.78%	16.92%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.11%	19.19%	-0.08%

JUST vs. GSEW - Expense Ratio Comparison

JUST has a 0.20% expense ratio, which is higher than GSEW's 0.09% 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. GSEW - Dividend Comparison

JUST's dividend yield for the trailing twelve months is around 0.93%, less than GSEW's 1.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	1.41%	1.52%	1.46%	1.64%	1.74%	1.34%	1.53%	1.66%	1.56%	0.54%
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF	0.93%	1.02%	1.11%	1.37%	1.51%	1.07%	1.36%	1.86%	1.11%	0.00%

Frequently Asked Questions

Can I hold both JUST and GSEW in my portfolio?

JUST and GSEW have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JUST or GSEW?

JUST has higher volatility (2.87%) compared to GSEW (2.82%). In terms of maximum drawdown, JUST dropped -33.83% vs GSEW's -38.65%.

Which ETF is better, JUST or GSEW?

On 5-year performance, JUST leads with 13.36% vs 8.84% for GSEW. On fees, GSEW is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JUST or GSEW?

Over the 5-year period, JUST has performed better with a 13.36% return vs 8.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JUST or GSEW?

GSEW is cheaper with a 0.09% expense ratio, compared with 0.20% for JUST.

Which ETF pays a higher dividend yield, JUST or GSEW?

GSEW has the higher dividend yield at 1.41%, compared with 0.93% for JUST.

What is the main difference between JUST and GSEW?

JUST tracks JUST US Large Cap Diversified Index, while GSEW tracks Solactive US Large Cap Equal Weight Index. Their fees differ too: 0.20% for JUST and 0.09% for GSEW.

Which has better risk-adjusted returns?

JUST currently has the higher Sharpe Ratio (2.50 vs 1.64), 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.