VOTE vs. GMUN

Last updated Apr 2, 2026

Compare and contrast key facts about Engine No. 1 Transform 500 ETF (VOTE) and Goldman Sachs Community Municipal Bond ETF (GMUN).

VOTE and GMUN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VOTE is a passively managed fund by Engine No. 1 LLC that tracks the performance of the Morningstar US Large Cap Index. It was launched on Jun 22, 2021. GMUN is a passively managed fund by Goldman Sachs that tracks the performance of the Bloomberg Goldman Sachs Community Municipal Index. It was launched on Mar 7, 2023. Both VOTE and GMUN are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

VOTE vs. GMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Engine No. 1 Transform 500 ETF (VOTE) and Goldman Sachs Community Municipal Bond ETF (GMUN). The values are adjusted to include any dividend payments, if applicable.

VOTE vs. GMUN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VOTE Engine No. 1 Transform 500 ETF	-3.84%	17.95%	25.23%	24.26%
GMUN Goldman Sachs Community Municipal Bond ETF	-0.23%	5.92%	0.31%	3.68%

Returns By Period

In the year-to-date period, VOTE achieves a -3.84% return, which is significantly lower than GMUN's -0.23% return.

VOTE

• 1D: 0.88%
• 1M: -4.29%
• YTD: -3.84%
• 6M: -1.77%
• 1Y: 18.40%
• 3Y*: 18.89%
• 5Y*: —
• 10Y*: —

GMUN

• 1D: 0.24%
• 1M: -1.90%
• YTD: -0.23%
• 6M: 1.15%
• 1Y: 5.05%
• 3Y*: 2.59%
• 5Y*: —
• 10Y*: —

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

VOTE vs. GMUN - Expense Ratio Comparison

VOTE has a 0.05% expense ratio, which is lower than GMUN's 0.15% 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%.

GMUN

Goldman Sachs Community Municipal Bond ETF

VOTE

Engine No. 1 Transform 500 ETF

Return for Risk

VOTE vs. GMUN — Risk / Return Rank

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

VOTE

VOTE Risk / Return Rank: 59
VOTE Sharpe Ratio Rank: 53
VOTE Sortino Ratio Rank: 57
VOTE Omega Ratio Rank: 61
VOTE Calmar Ratio Rank: 58
VOTE Martin Ratio Rank: 68

GMUN

GMUN Risk / Return Rank: 75
GMUN Sharpe Ratio Rank: 81
GMUN Sortino Ratio Rank: 77
GMUN Omega Ratio Rank: 91
GMUN Calmar Ratio Rank: 67
GMUN Martin Ratio Rank: 60

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.

VOTE vs. GMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Engine No. 1 Transform 500 ETF (VOTE) and Goldman Sachs Community Municipal Bond ETF (GMUN). 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.

	VOTE	GMUN	Difference
Sharpe ratio Return per unit of total volatility	1.00	1.65	-0.65
Sortino ratio Return per unit of downside risk	1.52	2.08	-0.56
Omega ratio Gain probability vs. loss probability	1.23	1.41	-0.18
Calmar ratio Return relative to maximum drawdown	1.57	1.91	-0.34
Martin ratio Return relative to average drawdown	7.30	6.60	+0.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VOTE vs. GMUN - Sharpe Ratio Comparison

The current VOTE Sharpe Ratio is 1.00, which is lower than the GMUN Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of VOTE and GMUN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VOTE	GMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	1.65	-0.65
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	1.07	-0.44

Correlation

The correlation between VOTE and GMUN is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VOTE vs. GMUN - Dividend Comparison

VOTE's dividend yield for the trailing twelve months is around 1.04%, less than GMUN's 3.08% yield.

	TTM	2025	2024	2023	2022	2021
VOTE Engine No. 1 Transform 500 ETF	1.04%	1.03%	1.18%	1.33%	1.54%	0.54%
GMUN Goldman Sachs Community Municipal Bond ETF	3.08%	2.94%	3.22%	2.20%	0.00%	0.00%

Drawdowns

VOTE vs. GMUN - Drawdown Comparison

The maximum VOTE drawdown since its inception was -25.71%, which is greater than GMUN's maximum drawdown of -4.35%. Use the drawdown chart below to compare losses from any high point for VOTE and GMUN.

Drawdown Indicators

	VOTE	GMUN	Difference
Max Drawdown Largest peak-to-trough decline	-25.71%	-4.35%	-21.36%
Max Drawdown (1Y) Largest decline over 1 year	-12.07%	-2.83%	-9.24%
Current Drawdown Current decline from peak	-5.68%	-2.19%	-3.49%
Average Drawdown Average peak-to-trough decline	-6.34%	-0.98%	-5.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	0.82%	+1.77%

Volatility

VOTE vs. GMUN - Volatility Comparison

Engine No. 1 Transform 500 ETF (VOTE) has a higher volatility of 5.40% compared to Goldman Sachs Community Municipal Bond ETF (GMUN) at 1.22%. This indicates that VOTE's price experiences larger fluctuations and is considered to be riskier than GMUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOTE	GMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	1.22%	+4.18%
Volatility (6M) Calculated over the trailing 6-month period	9.74%	1.62%	+8.12%
Volatility (1Y) Calculated over the trailing 1-year period	18.50%	3.09%	+15.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.30%	2.95%	+14.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.30%	2.95%	+14.35%