VOO vs. GSIB

Last updated Aug 1, 2026

VOO (Vanguard S&P 500 ETF) and GSIB (Themes Global Systemically Important Banks ETF) are both exchange-traded funds - VOO is a S&P 500 fund tracking the S&P 500 Index, while GSIB is a Financials Equities fund actively managed by Themes. VOO is passively managed, while GSIB is actively managed. Over the past year, VOO returned 19.58% vs 46.76% for GSIB. Their 0.61 correlation means they have sometimes moved together and sometimes differently. VOO charges 0.03%/yr vs 0.35%/yr for GSIB.

Performance

VOO vs. GSIB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 ETF (VOO) and Themes Global Systemically Important Banks ETF (GSIB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VOO achieves a 10.16% return, which is significantly lower than GSIB's 22.66% return.

VOO

• 1D: 0.71%
• 1M: 0.17%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 19.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

GSIB

• 1D: -0.11%
• 1M: 7.17%
• 6M: 18.14%
• YTD: 22.66%
• 1Y: 46.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 45.58%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GSIB Themes Global Systemically Important Banks ETF	$2.37M	$1.31M	$753.15K
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

VOO vs. GSIB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	1.12%
GSIB Themes Global Systemically Important Banks ETF	22.66%	61.67%	32.86%	1.75%

Correlation

The correlation between VOO and GSIB is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.61

The correlation between VOO and GSIB has been stable across timeframes, ranging from 0.61 to 0.71 - a consistent structural relationship.

VOO vs. GSIB - Sectors Allocation Comparison

Sectors	VOO	GSIB
Technology	38.6%	0.1%
Financial Services	11.4%	99.3%
Communication Services	9.9%	-
Consumer Cyclical	9.5%	-
Healthcare	8.9%	-
Industrials	8.5%	-
Consumer Defensive	4.5%	-
Energy	3.0%	-
Utilities	2.2%	-
Real Estate	1.8%	-
Basic Materials	1.7%	-

Return for Risk

VOO vs. GSIB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

GSIB

GSIB Risk / Return Rank: 90
GSIB Sharpe Ratio Rank: 94
GSIB Sortino Ratio Rank: 93
GSIB Omega Ratio Rank: 91
GSIB Calmar Ratio Rank: 87
GSIB Martin Ratio Rank: 85

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VOO vs. GSIB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) and Themes Global Systemically Important Banks ETF (GSIB). 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.

	VOO	GSIB	Difference
Sharpe ratio: Return per unit of total volatility	1.53	2.63	-1.09
Sortino ratio: Return per unit of downside risk	2.13	3.65	-1.52
Omega ratio: Gain probability vs. loss probability	1.28	1.43	-0.16
Calmar ratio: Return relative to maximum drawdown	2.21	3.38	-1.17
Martin ratio: Return relative to average drawdown	9.44	11.87	-2.43

VOO vs. GSIB - Sharpe Ratio Comparison

The current VOO Sharpe Ratio is 1.53, which is lower than the GSIB Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of VOO and GSIB, 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

VOO vs. GSIB - Drawdown Comparison

The maximum VOO drawdown since its inception was -33.99%, which is greater than GSIB's maximum drawdown of -17.71%. Use the drawdown chart below to compare losses from any high point for VOO and GSIB.

Drawdown Indicators

	VOO	GSIB	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-17.71%	-16.28%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-13.90%	+5.00%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.52%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.99%	—	—
Current Drawdown Current decline from peak	-1.38%	-0.11%	-1.27%
Average Drawdown Average peak-to-trough decline	-3.67%	-1.99%	-1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	3.95%	-1.87%

Volatility

VOO vs. GSIB - Volatility Comparison

The current volatility for Vanguard S&P 500 ETF (VOO) is 3.54%, while Themes Global Systemically Important Banks ETF (GSIB) has a volatility of 5.74%. This indicates that VOO experiences smaller price fluctuations and is considered to be less risky than GSIB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOO	GSIB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	5.74%	-2.20%
Volatility (6M) Calculated over the trailing 6-month period	10.10%	14.93%	-4.83%
Volatility (1Y) Calculated over the trailing 1-year period	12.82%	17.90%	-5.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	18.46%	-1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	18.46%	-0.45%

VOO vs. GSIB - Expense Ratio Comparison

VOO has a 0.03% expense ratio, which is lower than GSIB's 0.35% expense ratio.

Dividends

VOO vs. GSIB - Dividend Comparison

VOO's dividend yield for the trailing twelve months is around 1.07%, less than GSIB's 1.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSIB Themes Global Systemically Important Banks ETF	1.55%	1.91%	1.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both VOO and GSIB in my portfolio?

VOO and GSIB have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOO or GSIB?

GSIB has higher volatility (5.74%) compared to VOO (3.54%). In terms of maximum drawdown, VOO dropped -33.99% vs GSIB's -17.71%.

Which ETF is better, VOO or GSIB?

On 1-year performance, GSIB leads with 46.76% vs 19.58% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOO or GSIB?

Over the 1-year period, GSIB has performed better with a 46.76% return vs 19.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOO or GSIB?

VOO is cheaper with a 0.03% expense ratio, compared with 0.35% for GSIB.

Which ETF pays a higher dividend yield, VOO or GSIB?

GSIB has the higher dividend yield at 1.55%, compared with 1.07% for VOO.

What is the main difference between VOO and GSIB?

VOO is categorized as S&P 500, while GSIB is Financials Equities. They also come from different issuers: Vanguard and Themes. Their fees differ too: 0.03% for VOO and 0.35% for GSIB.

Which has better risk-adjusted returns?

GSIB currently has the higher Sharpe Ratio (2.63 vs 1.53), 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.