PABD vs. GSEU

Last updated Jun 24, 2026

PABD (iShares Paris-Aligned Climate MSCI World Ex USA ETF) and GSEU (Goldman Sachs ActiveBeta Europe Equity ETF) are both exchange-traded funds - PABD is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net, while GSEU is a Europe Equities fund tracking the Goldman Sachs ActiveBeta Europe Equity Index. Both are passively managed. Over the past year, PABD returned 19.72% vs 18.94% for GSEU. Their correlation of 0.93 suggests significant overlap in exposure. PABD charges 0.12%/yr vs 0.25%/yr for GSEU.

Performance

PABD vs. GSEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) and Goldman Sachs ActiveBeta Europe Equity ETF (GSEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PABD achieves a 6.96% return, which is significantly higher than GSEU's 6.37% return.

PABD

• 1D: -1.88%
• 1M: 0.85%
• YTD: 6.96%
• 6M: 6.59%
• 1Y: 19.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GSEU

• 1D: -1.05%
• 1M: 0.18%
• YTD: 6.37%
• 6M: 6.48%
• 1Y: 18.94%
• 3Y*: 16.87%
• 5Y*: 8.34%
• 10Y*: 10.17%

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

PABD vs. GSEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	6.96%	30.06%	5.32%
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	6.37%	35.70%	4.80%

Correlation

The correlation between PABD and GSEU is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Jan 19, 2024	0.93

The correlation between PABD and GSEU has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

PABD vs. GSEU - Sectors Allocation Comparison

Sectors	PABD	GSEU
Financial Services	29.8%	24.0%
Industrials	15.7%	20.0%
Technology	14.5%	9.1%
Healthcare	11.4%	13.3%
Real Estate	6.1%	0.5%
Basic Materials	5.0%	5.1%
Consumer Cyclical	4.7%	6.7%
Consumer Defensive	4.7%	8.3%
Utilities	4.4%	4.6%
Communication Services	3.1%	4.0%
Energy	0.2%	4.2%

Return for Risk

PABD vs. GSEU — Risk / Return Rank

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

PABD

PABD Risk / Return Rank: 36
PABD Sharpe Ratio Rank: 37
PABD Sortino Ratio Rank: 37
PABD Omega Ratio Rank: 36
PABD Calmar Ratio Rank: 33
PABD Martin Ratio Rank: 40

GSEU

GSEU Risk / Return Rank: 36
GSEU Sharpe Ratio Rank: 37
GSEU Sortino Ratio Rank: 36
GSEU Omega Ratio Rank: 35
GSEU Calmar Ratio Rank: 34
GSEU Martin Ratio Rank: 40

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.

PABD vs. GSEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) and Goldman Sachs ActiveBeta Europe Equity ETF (GSEU). 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.

	PABD	GSEU	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.24	0.00
Sortino ratio: Return per unit of downside risk	1.81	1.79	+0.01
Omega ratio: Gain probability vs. loss probability	1.22	1.22	0.00
Calmar ratio: Return relative to maximum drawdown	1.58	1.60	-0.02
Martin ratio: Return relative to average drawdown	5.90	6.01	-0.12

PABD vs. GSEU - Sharpe Ratio Comparison

The current PABD Sharpe Ratio is 1.24, which is comparable to the GSEU Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of PABD and GSEU, 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

PABD vs. GSEU - Drawdown Comparison

The maximum PABD drawdown since its inception was -13.37%, smaller than the maximum GSEU drawdown of -35.71%. Use the drawdown chart below to compare losses from any high point for PABD and GSEU.

Drawdown Indicators

	PABD	GSEU	Difference
Max Drawdown Largest peak-to-trough decline	-13.37%	-35.71%	+22.34%
Max Drawdown (1Y) Largest decline over 1 year	-12.55%	-11.90%	-0.65%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.71%	—
Current Drawdown Current decline from peak	-1.88%	-1.76%	-0.12%
Average Drawdown Average peak-to-trough decline	-2.61%	-6.57%	+3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	3.16%	+0.19%

Volatility

PABD vs. GSEU - Volatility Comparison

iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) has a higher volatility of 5.21% compared to Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) at 4.52%. This indicates that PABD's price experiences larger fluctuations and is considered to be riskier than GSEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PABD	GSEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	4.52%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	13.67%	12.96%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	16.03%	15.40%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.66%	17.19%	-1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.66%	17.77%	-2.11%

PABD vs. GSEU - Expense Ratio Comparison

PABD has a 0.12% expense ratio, which is lower than GSEU'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

PABD vs. GSEU - Dividend Comparison

PABD's dividend yield for the trailing twelve months is around 3.05%, more than GSEU's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	2.56%	2.72%	2.35%	3.41%	3.34%	2.71%	1.84%	3.69%	3.40%	2.51%	2.74%
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	3.05%	2.74%	2.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PABD and GSEU in my portfolio?

With a correlation of 0.92, PABD and GSEU 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.

Which is riskier, PABD or GSEU?

PABD has higher volatility (5.21%) compared to GSEU (4.52%). In terms of maximum drawdown, PABD dropped -13.37% vs GSEU's -35.71%.

Which ETF is better, PABD or GSEU?

On 1-year performance, PABD leads with 19.72% vs 18.94% for GSEU. On fees, PABD is cheaper at 0.12% per year. On volatility, GSEU has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PABD or GSEU?

Over the 1-year period, PABD has performed better with a 19.72% return vs 18.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PABD or GSEU?

PABD is cheaper with a 0.12% expense ratio, compared with 0.25% for GSEU.

Which ETF pays a higher dividend yield, PABD or GSEU?

PABD has the higher dividend yield at 3.05%, compared with 2.56% for GSEU.

What is the main difference between PABD and GSEU?

PABD is categorized as Foreign Large Cap Equities, while GSEU is Europe Equities. PABD tracks MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net, while GSEU tracks Goldman Sachs ActiveBeta Europe Equity Index. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.12% for PABD and 0.25% for GSEU.

Which has better risk-adjusted returns?

GSEU currently has the higher Sharpe Ratio (1.24 vs 1.24), 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.