VOTE vs. GMUN

Last updated Jun 5, 2026

VOTE (Engine No. 1 Transform 500 ETF) and GMUN (Goldman Sachs Community Municipal Bond ETF) are both exchange-traded funds - VOTE is a Large Cap Blend Equities fund tracking the Morningstar US Large Cap Index, while GMUN is a Municipal Bonds fund tracking the Bloomberg Goldman Sachs Community Municipal Index. Both are passively managed. Over the past 3 years, VOTE returned 23.05%/yr vs 3.06%/yr for GMUN. At a 0.11 correlation, their price movements are largely independent. VOTE charges 0.05%/yr vs 0.15%/yr for GMUN.

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.

Returns By Period

In the year-to-date period, VOTE achieves a 11.51% return, which is significantly higher than GMUN's -0.34% return.

VOTE

• 1D: 0.44%
• 1M: 4.81%
• YTD: 11.51%
• 6M: 11.46%
• 1Y: 28.65%
• 3Y*: 23.05%
• 5Y*: —
• 10Y*: —

GMUN

• 1D: 0.00%
• 1M: -0.79%
• YTD: -0.34%
• 6M: 0.02%
• 1Y: 4.76%
• 3Y*: 3.06%
• 5Y*: —
• 10Y*: —

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

VOTE vs. GMUN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VOTE Engine No. 1 Transform 500 ETF	11.51%	17.95%	25.23%	24.26%
GMUN Goldman Sachs Community Municipal Bond ETF	-0.34%	5.92%	0.31%	3.68%

Correlation

The correlation between VOTE and GMUN is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (All Time) Calculated using the full available price history since Mar 10, 2023	0.11

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: 72
VOTE Sharpe Ratio Rank: 75
VOTE Sortino Ratio Rank: 73
VOTE Omega Ratio Rank: 73
VOTE Calmar Ratio Rank: 65
VOTE Martin Ratio Rank: 77

GMUN

GMUN Risk / Return Rank: 55
GMUN Sharpe Ratio Rank: 62
GMUN Sortino Ratio Rank: 60
GMUN Omega Ratio Rank: 82
GMUN Calmar Ratio Rank: 37
GMUN Martin Ratio Rank: 35

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	2.38	2.04	+0.34
Sortino ratio: Return per unit of downside risk	3.25	2.79	+0.46
Omega ratio: Gain probability vs. loss probability	1.43	1.49	-0.06
Calmar ratio: Return relative to maximum drawdown	3.16	1.75	+1.41
Martin ratio: Return relative to average drawdown	14.50	5.36	+9.14
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 2.38, which is comparable to the GMUN Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of VOTE and GMUN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VOTE	GMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.04	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.99	-0.19

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	-9.10%	-2.83%	-6.27%
Max Drawdown (3Y) Largest decline over 3 years	-19.08%	-3.37%	-15.71%
Current Drawdown Current decline from peak	-0.27%	-2.29%	+2.02%
Average Drawdown Average peak-to-trough decline	-6.14%	-1.02%	-5.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	0.92%	+1.06%

Volatility

VOTE vs. GMUN - Volatility Comparison

Engine No. 1 Transform 500 ETF (VOTE) has a higher volatility of 2.91% compared to Goldman Sachs Community Municipal Bond ETF (GMUN) at 1.09%. 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	2.91%	1.09%	+1.82%
Volatility (6M) Calculated over the trailing 6-month period	9.20%	2.00%	+7.20%
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	2.42%	+9.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.14%	2.96%	+14.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.14%	2.96%	+14.18%

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%.

Dividends

VOTE vs. GMUN - Dividend Comparison

VOTE's dividend yield for the trailing twelve months is around 0.89%, less than GMUN's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021
GMUN Goldman Sachs Community Municipal Bond ETF	3.12%	2.94%	3.22%	2.20%	0.00%	0.00%
VOTE Engine No. 1 Transform 500 ETF	0.89%	1.03%	1.18%	1.33%	1.54%	0.54%

Frequently Asked Questions

Can I hold both VOTE and GMUN in my portfolio?

VOTE and GMUN have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOTE or GMUN?

VOTE has higher volatility (2.91%) compared to GMUN (1.09%). In terms of maximum drawdown, VOTE dropped -25.71% vs GMUN's -4.35%.

Which ETF is better, VOTE or GMUN?

On 3-year performance, VOTE leads with 23.05% vs 3.06% for GMUN. On fees, VOTE is cheaper at 0.05% per year. On volatility, GMUN has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOTE or GMUN?

Over the 3-year period, VOTE has performed better with a 23.05% return vs 3.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOTE or GMUN?

VOTE is cheaper with a 0.05% expense ratio, compared with 0.15% for GMUN.

Which ETF pays a higher dividend yield, VOTE or GMUN?

GMUN has the higher dividend yield at 3.12%, compared with 0.89% for VOTE.

What is the main difference between VOTE and GMUN?

VOTE is categorized as Large Cap Blend Equities, while GMUN is Municipal Bonds. VOTE tracks Morningstar US Large Cap Index, while GMUN tracks Bloomberg Goldman Sachs Community Municipal Index. They also come from different issuers: Engine No. 1 LLC and Goldman Sachs. Their fees differ too: 0.05% for VOTE and 0.15% for GMUN.

Which has better risk-adjusted returns?

VOTE currently has the higher Sharpe Ratio (2.38 vs 2.04), 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.