Data as of Nov 4, 2026.
GSLC vs MSLC: Differences, Returns & Fees
Over the year to Nov 4, 2026, GSLC returned +13.3% to MSLC's +12.9%; 69% of their weight is in the same names.
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Net assets: $15.3bn on Nov 3, 2026 for Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF, and $4.1bn on Aug 31, 2026 for Morgan Stanley Pathway Large Cap Equity ETF.
Pair scorecard
GSLC costs 0.30 points a year less; their one-year returns differ by 0.4 points.
| Measure | GSLC | MSLC |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.3% | +12.9% |
| Benchmark | ||
| What it tracks | Goldman Sachs ActiveBeta U.S. Large Cap Equity Index | No index, actively managed |
| Cost and size | ||
| Expense ratio | 0.09% | 0.39% |
| Net assets, GSLC as of Nov 3, 2026 and MSLC as of Aug 31, 2026 | $15.3bn | $4.1bn |
| Holdings | ||
| Holdings in common | 69% | |
| Top ten holdings, share of the fund | 35.2% | 35.1% |
Risk and return
Dec 20, 2024 to Oct 30, 2026 · 97 weekly returnsEach against its own benchmark: GSLC against VOO, Oct 2, 2015 to Oct 30, 2026; MSLC against IWB, Dec 20, 2024 to Oct 30, 2026.
From Dec 2024 to Oct 2026, GSLC returned slightly more: +26.4% to +25.8%. GSLC and MSLC swung about the same: 14.6% and 14.5%. MSLC fell slightly less at its worst: −16.3% to −16.7%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | GSLC | MSLC | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +26.4% | +25.8% | GSLC (slight) | Price change plus distributions, reinvested. |
| Annualized | +13.4% | +13.1% | GSLC (slight) | Total return as a yearly rate. |
| Price return | +23.6% | +23.2% | GSLC (slight) | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 14.6% | 14.5% | Tie | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 9.8% | 9.7% | Tie | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −16.7% | −16.3% | MSLC (slight) | Deepest fall from a high to the low after it. |
| Upside capture | 96.6% | 93.8% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 99.3% | 99.0% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.99 | 0.97 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.99 | 0.99 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.66 | 0.65 | GSLC (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 0.98 | 0.97 | Tie | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.123 | 0.096 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.80 | 0.80 | Tie | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VOO | IWB | The ETF each fund is measured against. | |
| Alpha | −0.7% a year | −1.3% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −1.43 | −1.50 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −1.7% to +0.3% | −2.9% to +0.4% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.49 | −1.30 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 1.6% | 1.2% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 97 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, GSLC and MSLC hold 69% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026.
half
69% in common
Only in one fund ↓
Side by side
GSLC and MSLC on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.
Client brief:
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GSLC
GSLC tracks an index. Over the year to Nov 4, 2026 it returned +13.3% with distributions reinvested, against +14.8% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings filed for Aug 31, 2026, 94% of the fund by weight is stocks the S&P 500 also holds, across 426 positions, with the top ten at 35.2%.
Over the year to Nov 4, 2026 it returned +12.9% with distributions reinvested, against +14.5% for its benchmark, the Russell 1000 Index.
MSLC is actively managed and tracks no index. The prospectus expense ratio is 0.39% a year. By its holdings filed for Aug 31, 2026, 92% of the fund by weight is stocks the S&P 500 also holds, across 787 positions, with the top ten at 35.1%.
Questions people ask
- Which returned more over the last year, GSLC or MSLC?
- In the year to Nov 4, 2026, with distributions reinvested, GSLC returned +13.3% and MSLC +12.9%.
- Which is cheaper, GSLC or MSLC?
- GSLC is cheaper, by 0.30 percentage points a year. That is about $30 on $10,000 held for a year. Fees come from each fund's prospectus.
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How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, GSLC against MSLC, data as of Nov 4, 2026. https://etfiq.com/compare/any/gslc-vs-mslc
ETFIQ. (Nov 4, 2026). GSLC against MSLC. Retrieved from https://etfiq.com/compare/any/gslc-vs-mslc
[GSLC against MSLC (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/any/gslc-vs-mslc)
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