GCAL vs VOO
Goldman Sachs Dynamic California Municipal Income ETF vs Vanguard S&P 500 ETF
Quick Verdict
VOO has a lower expense ratio. VOO delivered stronger 1-year returns. VOO offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | GCAL | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 0.30% | 0.03% | |
| AUM | $173M | $979.0B | |
| Dividend Yield | 3.31% | 1.09% | |
| Holdings | 324 | 509 | |
| YTD Return | +1.35% | +13.72% | |
| 1Y Return | +5.40% | +21.63% | |
| 3Y Return (annualized) | - | +21.55% | |
| 5Y Return (annualized) | - | +13.26% | |
| Volatility (annualized) | 3.3% | 14.1% | |
| Max Drawdown | -4.4% | -34.3% | |
| Fund Family | Goldman Sachs Asset Management | Vanguard (US) | |
| Category | Fixed Income | Equity | |
| Inception | Jul 23, 2024 | Sep 7, 2010 |
GCAL vs VOO Performance
Goldman Sachs Dynamic California Municipal Income ETF (GCAL) is a ETF from Goldman Sachs Asset Management and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year GCAL returned +5.40% while VOO returned +21.63%. Year to date, GCAL is up 1.35% versus a gain of 13.72% for VOO.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 14.1% compared with 3.3% for GCAL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -4.4% for GCAL and -34.3% for VOO. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.60. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GCAL charges 0.30% per year while VOO charges 0.03%. On a $10,000 position that is $30 vs $3 annually, a gap of $27 per year that compounds over a long holding period. On income, GCAL currently yields 3.31% against 1.09% for VOO.
Holdings Overlap
GCAL and VOO share 0 holdings out of 589 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, GCAL or VOO?
GCAL has an expense ratio of 0.30% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $27 per year of difference.
Which performed better, GCAL or VOO?
Over the past year GCAL returned +5.40% vs +21.63% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (2 years), GCAL annualized +3.60% vs +13.56% for VOO. Past performance does not guarantee future results.
Which is riskier, GCAL or VOO?
VOO has been the more volatile fund at 14.1% annualized versus 3.3% for GCAL. Worst drawdown: GCAL -4.4% vs VOO -34.3%.
Should I hold both GCAL and VOO?
GCAL and VOO have a monthly-return correlation of 0.60, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GCAL and VOO?
GCAL and VOO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 589 unique securities.
Which pays a higher dividend, GCAL or VOO?
GCAL yields 3.31% while VOO yields 1.09%, so GCAL currently pays the higher dividend yield.
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