TSCM vs. GCAL

Last updated Jun 4, 2026

TSCM (TimesSquare Quality Mid Cap Growth ETF) and GCAL (Goldman Sachs Dynamic California Municipal Income ETF) are both exchange-traded funds - TSCM is a Mid Cap Growth Equities fund actively managed by TimesSquare Capital Management, while GCAL is a Municipal Bonds fund actively managed by Goldman Sachs. Both are actively managed. At a 0.32 correlation, their price movements are largely independent. TSCM charges 0.55%/yr vs 0.30%/yr for GCAL.

Performance

TSCM vs. GCAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TimesSquare Quality Mid Cap Growth ETF (TSCM) and Goldman Sachs Dynamic California Municipal Income ETF (GCAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSCM achieves a 3.31% return, which is significantly higher than GCAL's 1.59% return.

TSCM

• 1D: -0.92%
• 1M: 5.27%
• YTD: 3.31%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GCAL

• 1D: -0.07%
• 1M: 0.69%
• YTD: 1.59%
• 6M: 2.03%
• 1Y: 6.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSCM vs. GCAL - Yearly Performance Comparison

	2026 (YTD)	2025
TSCM TimesSquare Quality Mid Cap Growth ETF	3.31%	-0.86%
GCAL Goldman Sachs Dynamic California Municipal Income ETF	1.59%	0.07%

Correlation

The correlation between TSCM and GCAL is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 31, 2025	0.32

Return for Risk

TSCM vs. GCAL — Risk / Return Rank

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

GCAL

GCAL Risk / Return Rank: 78
GCAL Sharpe Ratio Rank: 86
GCAL Sortino Ratio Rank: 89
GCAL Omega Ratio Rank: 91
GCAL Calmar Ratio Rank: 63
GCAL Martin Ratio Rank: 63

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.

TSCM vs. GCAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TimesSquare Quality Mid Cap Growth ETF (TSCM) and Goldman Sachs Dynamic California Municipal Income ETF (GCAL). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TSCM	GCAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	1.18	-0.90

Drawdowns

TSCM vs. GCAL - Drawdown Comparison

The maximum TSCM drawdown since its inception was -14.87%, which is greater than GCAL's maximum drawdown of -4.39%. Use the drawdown chart below to compare losses from any high point for TSCM and GCAL.

Drawdown Indicators

	TSCM	GCAL	Difference
Max Drawdown Largest peak-to-trough decline	-14.87%	-4.39%	-10.48%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.24%	—
Current Drawdown Current decline from peak	-0.92%	-0.32%	-0.60%
Average Drawdown Average peak-to-trough decline	-6.33%	-0.87%	-5.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.62%	—

Volatility

Volatility by Period

	TSCM	GCAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.73%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.75%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.03%	2.44%	+18.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.03%	3.63%	+17.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.03%	3.63%	+17.40%

TSCM vs. GCAL - Expense Ratio Comparison

TSCM has a 0.55% expense ratio, which is higher than GCAL's 0.30% expense ratio.

Dividends

TSCM vs. GCAL - Dividend Comparison

TSCM has not paid dividends to shareholders, while GCAL's dividend yield for the trailing twelve months is around 3.32%.

Position	TTM	2025	2024
GCAL Goldman Sachs Dynamic California Municipal Income ETF	3.32%	3.06%	1.41%
TSCM TimesSquare Quality Mid Cap Growth ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSCM and GCAL in my portfolio?

TSCM and GCAL have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSCM or GCAL?

On fees, GCAL is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSCM or GCAL?

GCAL is cheaper with a 0.30% expense ratio, compared with 0.55% for TSCM.

Which ETF pays a higher dividend yield, TSCM or GCAL?

GCAL has the higher dividend yield at 3.32%, compared with 0.00% for TSCM.

What is the main difference between TSCM and GCAL?

TSCM is categorized as Mid Cap Growth Equities, while GCAL is Municipal Bonds. They also come from different issuers: TimesSquare Capital Management and Goldman Sachs. Their fees differ too: 0.55% for TSCM and 0.30% for GCAL.