MANLX vs. GSMIX
MANLX (BlackRock National Municipal Fund) and GSMIX (Goldman Sachs Dynamic Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, MANLX returned 2.02%/yr vs 2.42%/yr for GSMIX. A 0.79 correlation means they provide meaningful diversification when combined. MANLX charges 0.44%/yr vs 0.73%/yr for GSMIX.
Performance
MANLX vs. GSMIX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with MANLX having a 1.82% return and GSMIX slightly lower at 1.79%. Over the past 10 years, MANLX has underperformed GSMIX with an annualized return of 2.02%, while GSMIX has yielded a comparatively higher 2.42% annualized return.
MANLX
- 1D
- 0.00%
- 1M
- 1.43%
- YTD
- 1.82%
- 6M
- 2.26%
- 1Y
- 6.17%
- 3Y*
- 4.02%
- 5Y*
- 0.71%
- 10Y*
- 2.02%
GSMIX
- 1D
- 0.13%
- 1M
- 1.42%
- YTD
- 1.79%
- 6M
- 2.23%
- 1Y
- 6.08%
- 3Y*
- 4.23%
- 5Y*
- 1.03%
- 10Y*
- 2.42%
MANLX vs. GSMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MANLX BlackRock National Municipal Fund | 1.82% | 4.54% | 2.49% | 5.94% | -10.89% | 2.27% | 4.28% | 7.50% | 0.61% | 5.42% |
GSMIX Goldman Sachs Dynamic Municipal Income Fund | 1.79% | 4.12% | 3.03% | 6.41% | -9.77% | 2.80% | 3.57% | 7.49% | 2.83% | 5.55% |
Correlation
The correlation between MANLX and GSMIX is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 1994 | 0.79 |
The correlation between MANLX and GSMIX shifts across timeframes, from 0.74 (1 year) to 0.84 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MANLX vs. GSMIX — Risk / Return Rank
MANLX
GSMIX
MANLX vs. GSMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock National Municipal Fund (MANLX) and Goldman Sachs Dynamic Municipal Income Fund (GSMIX). 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.
| MANLX | GSMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.63 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 2.50 | -0.17 |
| Martin ratioReturn relative to average drawdown | 8.05 | 8.47 | -0.42 |
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Drawdowns
MANLX vs. GSMIX - Drawdown Comparison
The maximum MANLX drawdown since its inception was -23.54%, which is greater than GSMIX's maximum drawdown of -15.43%. Use the drawdown chart below to compare losses from any high point for MANLX and GSMIX.
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Drawdown Indicators
| MANLX | GSMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.54% | -15.43% | -8.11% |
Max Drawdown (1Y)Largest decline over 1 year | -2.66% | -2.46% | -0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -4.68% | -5.37% | +0.69% |
Max Drawdown (5Y)Largest decline over 5 years | -16.51% | -14.33% | -2.18% |
Max Drawdown (10Y)Largest decline over 10 years | -16.51% | -14.33% | -2.18% |
Current DrawdownCurrent decline from peak | -0.33% | -0.15% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -3.19% | -2.40% | -0.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.72% | +0.05% |
Volatility
MANLX vs. GSMIX - Volatility Comparison
BlackRock National Municipal Fund (MANLX) has a higher volatility of 0.71% compared to Goldman Sachs Dynamic Municipal Income Fund (GSMIX) at 0.63%. This indicates that MANLX's price experiences larger fluctuations and is considered to be riskier than GSMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MANLX | GSMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.63% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 1.90% | 1.75% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.51% | 2.36% | +0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.15% | 3.67% | +0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.00% | 3.91% | +0.09% |
MANLX vs. GSMIX - Expense Ratio Comparison
MANLX has a 0.44% expense ratio, which is lower than GSMIX's 0.73% expense ratio.
Dividends
MANLX vs. GSMIX - Dividend Comparison
MANLX's dividend yield for the trailing twelve months is around 3.84%, more than GSMIX's 3.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSMIX Goldman Sachs Dynamic Municipal Income Fund | 3.49% | 4.32% | 3.31% | 2.82% | 1.86% | 1.92% | 2.11% | 2.57% | 2.79% | 2.99% | 3.35% | 3.43% |
MANLX BlackRock National Municipal Fund | 3.84% | 4.99% | 4.06% | 2.93% | 2.07% | 2.25% | 2.09% | 2.89% | 3.12% | 3.13% | 3.07% | 3.36% |
Frequently Asked Questions
MANLX and GSMIX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MANLX has higher volatility (0.71%) compared to GSMIX (0.63%). In terms of maximum drawdown, MANLX dropped -23.54% vs GSMIX's -15.43%.
GSMIX currently has the higher Sharpe Ratio (2.60 vs 2.47), 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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