VUSV vs. GCAL

Last updated Jun 23, 2026

VUSV (Vanguard Wellington U.S. Value Active ETF) and GCAL (Goldman Sachs Dynamic California Municipal Income ETF) are both exchange-traded funds - VUSV is a Large Cap Value Equities fund actively managed by Vanguard, while GCAL is a Municipal Bonds fund actively managed by Goldman Sachs. Both are actively managed. At a 0.33 correlation, their price movements are largely independent. Both charge a 0.30% expense ratio.

Performance

VUSV vs. GCAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Wellington U.S. Value Active ETF (VUSV) 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, VUSV achieves a 7.34% return, which is significantly higher than GCAL's 1.81% return.

VUSV

• 1D: -0.33%
• 1M: 0.06%
• YTD: 7.34%
• 6M: 6.91%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GCAL

• 1D: -0.08%
• 1M: 1.17%
• YTD: 1.81%
• 6M: 2.02%
• 1Y: 6.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VUSV vs. GCAL - Yearly Performance Comparison

	2026 (YTD)	2025
VUSV Vanguard Wellington U.S. Value Active ETF	7.34%	5.62%
GCAL Goldman Sachs Dynamic California Municipal Income ETF	1.81%	0.59%

Correlation

The correlation between VUSV and GCAL is 0.33, 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 Nov 18, 2025	0.33

Return for Risk

VUSV vs. GCAL — Risk / Return Rank

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

VUSV

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

GCAL

GCAL Risk / Return Rank: 78
GCAL Sharpe Ratio Rank: 87
GCAL Sortino Ratio Rank: 89
GCAL Omega Ratio Rank: 90
GCAL Calmar Ratio Rank: 61
GCAL Martin Ratio Rank: 61

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.

VUSV vs. GCAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Wellington U.S. Value Active ETF (VUSV) 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.

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.

	VUSV	GCAL	Difference
Sharpe ratio: Return per unit of total volatility	—	2.71	—
Sortino ratio: Return per unit of downside risk	—	3.89	—
Omega ratio: Gain probability vs. loss probability	—	1.56	—
Calmar ratio: Return relative to maximum drawdown	—	2.93	—
Martin ratio: Return relative to average drawdown	—	10.56	—

Drawdowns

VUSV vs. GCAL - Drawdown Comparison

The maximum VUSV drawdown since its inception was -7.06%, which is greater than GCAL's maximum drawdown of -4.39%. Use the drawdown chart below to compare losses from any high point for VUSV and GCAL.

Drawdown Indicators

	VUSV	GCAL	Difference
Max Drawdown Largest peak-to-trough decline	-7.06%	-4.39%	-2.67%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.24%	—
Current Drawdown Current decline from peak	-1.84%	-0.10%	-1.74%
Average Drawdown Average peak-to-trough decline	-1.27%	-0.85%	-0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.62%	—

Volatility

Volatility by Period

	VUSV	GCAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.68%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.80%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.10%	2.43%	+9.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.10%	3.60%	+8.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.10%	3.60%	+8.50%

VUSV vs. GCAL - Expense Ratio Comparison

Both VUSV and GCAL have an expense ratio of 0.30%.

Dividends

VUSV vs. GCAL - Dividend Comparison

VUSV's dividend yield for the trailing twelve months is around 0.18%, less than GCAL's 3.31% yield.

Position	TTM	2025	2024
GCAL Goldman Sachs Dynamic California Municipal Income ETF	3.31%	3.06%	1.41%
VUSV Vanguard Wellington U.S. Value Active ETF	0.18%	0.20%	0.00%

Frequently Asked Questions

Can I hold both VUSV and GCAL in my portfolio?

VUSV and GCAL have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VUSV or GCAL?

Both ETFs have the same 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VUSV or GCAL?

VUSV and GCAL have the same expense ratio: 0.30% per year.

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

GCAL has the higher dividend yield at 3.31%, compared with 0.18% for VUSV.

What is the main difference between VUSV and GCAL?

VUSV is categorized as Large Cap Value Equities, while GCAL is Municipal Bonds. They also come from different issuers: Vanguard and Goldman Sachs.