Data as of Nov 4, 2026.
GSLC vs PBUS: Differences, Returns & Fees
Over the year to Nov 4, 2026, GSLC returned +13.3% to PBUS's +14.3%; 75% of their weight is in the same names.
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Net assets on Nov 3, 2026: $15.3bn for Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF and $10.5bn for Invesco MSCI USA ETF.
Pair scorecard
PBUS costs 0.05 points a year less; their one-year returns differ by 1.0 point; GSLC is 1.5 times larger.
| Measure | GSLC | PBUS |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.3% | +14.3% |
| Benchmark | ||
| What it tracks | Goldman Sachs ActiveBeta U.S. Large Cap Equity Index | MSCI USA Index |
| Cost and size | ||
| Expense ratio | 0.09% | 0.04% |
| Net assets, as of Nov 3, 2026 | $15.3bn | $10.5bn |
| Holdings | ||
| Holdings in common | 75% | |
| Top ten holdings, share of the fund | 35.2% | 36.5% |
Risk and return
Sep 29, 2017 to Oct 30, 2026 · 474 weekly returnsEach against its own benchmark: GSLC against VOO, Oct 2, 2015 to Oct 30, 2026; PBUS against MLRG, Sep 29, 2017 to Oct 30, 2026.
From Sep 2017 to Oct 2026, PBUS returned slightly more: +246.2% to +228.7%. GSLC and PBUS swung about the same: 17.7% and 17.8%. GSLC and PBUS fell about the same at their worst: −31.8% and −31.6%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | GSLC | PBUS | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +228.7% | +246.2% | PBUS (slight) | Price change plus distributions, reinvested. |
| Annualized | +13.9% | +14.6% | PBUS (slight) | Total return as a yearly rate. |
| Price return | +189.0% | +202.4% | PBUS (slight) | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 17.7% | 17.8% | Tie | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 12.3% | 12.4% | Tie | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −31.8% | −31.6% | Tie | Deepest fall from a high to the low after it. |
| Upside capture | 96.6% | 92.4% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 99.3% | 94.5% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.99 | 0.94 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.99 | 0.92 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.67 | 0.70 | PBUS (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 0.97 | 1.01 | PBUS (slight) | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.123 | 0.134 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.44 | 0.46 | PBUS (slight) | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VOO | MLRG | The ETF each fund is measured against. | |
| Alpha | −0.7% a year | +1.5% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −1.43 | 0.91 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −1.7% to +0.3% | −1.8% to +4.9% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.49 | 0.15 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 1.6% | 5.2% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 474 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, GSLC and PBUS hold 75% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 3, 2026.
half
75% in common
Only in one fund ↓
Side by side
GSLC and PBUS 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%.
PBUS
PBUS tracks an index. Over the year to Nov 4, 2026 it returned +14.3% with distributions reinvested, against +14.5% for its benchmark, the MSCI USA Index. The prospectus expense ratio is 0.04% a year. By its holdings published by its issuer for Nov 3, 2026, 96% of the fund by weight is stocks the S&P 500 also holds, across 516 positions, with the top ten at 36.5%.
Questions people ask
- Which returned more over the last year, GSLC or PBUS?
- In the year to Nov 4, 2026, with distributions reinvested, GSLC returned +13.3% and PBUS +14.3%.
- Which is cheaper, GSLC or PBUS?
- PBUS is cheaper, by 0.05 percentage points a year. That is about $5 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
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 PBUS, data as of Nov 4, 2026. https://etfiq.com/compare/any/gslc-vs-pbus
ETFIQ. (Nov 4, 2026). GSLC against PBUS. Retrieved from https://etfiq.com/compare/any/gslc-vs-pbus
[GSLC against PBUS (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/any/gslc-vs-pbus)
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