GMUN vs VOO
Goldman Sachs Access Municipal Bond 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 509 holdings.
Side-by-Side Comparison
| Metric | GMUN | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 0.08% | 0.03% | |
| AUM | $10M | $997.4B | |
| Dividend Yield | 3.12% | 1.08% | |
| Holdings | 277 | 509 | |
| YTD Return | -0.72% | +12.25% | |
| 1Y Return | +4.67% | +20.92% | |
| 3Y Return (annualized) | +2.91% | +21.79% | |
| 5Y Return (annualized) | - | +13.05% | |
| Volatility (annualized) | 3.9% | 14.1% | |
| Max Drawdown | -4.3% | -34.3% | |
| Fund Family | Goldman Sachs Asset Management | Vanguard (US) | |
| Category | Fixed Income | Equity | |
| Inception | Mar 7, 2023 | Sep 7, 2010 |
GMUN vs VOO Performance
Goldman Sachs Access Municipal Bond ETF (GMUN) 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 GMUN returned +4.67% while VOO returned +20.92%. Year to date, GMUN is down 0.72% versus a gain of 12.25% for VOO.
Over three years, GMUN compounded at +2.91% per year against +21.79% for VOO. Across the full 3-year window we track, VOO has the edge at +13.45% annualized vs +2.84%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 14.1% compared with 3.9% for GMUN. 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 -4.3% for GMUN 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 0.66. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GMUN charges 0.08% per year while VOO charges 0.03%. On a $10,000 position that is $8 vs $3 annually, a gap of $5 per year that compounds over a long holding period. On income, GMUN currently yields 3.12% against 1.08% for VOO.
Holdings Overlap
GMUN and VOO share 0 holdings out of 713 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, GMUN or VOO?
GMUN has an expense ratio of 0.08% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $5 per year of difference.
Which performed better, GMUN or VOO?
Over the past year GMUN returned +4.67% vs +20.92% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (3 years), GMUN annualized +2.84% vs +13.45% for VOO. Past performance does not guarantee future results.
Which is riskier, GMUN or VOO?
VOO has been the more volatile fund at 14.1% annualized versus 3.9% for GMUN. Worst drawdown: GMUN -4.3% vs VOO -34.3%.
Should I hold both GMUN and VOO?
GMUN and VOO have a monthly-return correlation of 0.66, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GMUN and VOO?
GMUN and VOO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 713 unique securities.
Which pays a higher dividend, GMUN or VOO?
GMUN yields 3.12% while VOO yields 1.08%, so GMUN currently pays the higher dividend yield.
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