Goldman Sachs Hedge Industry VIP ETF (GVIP) Performance
GVIP total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +3.0% since Dec 31, 2025
- 1 year
- +5.1% total return
- 5 years
- +9.3% a year
- Since first price
- +15.5% a year since 2016
GVIP trailing returns vs SPY, QQQ, AGG
| Period | GVIP total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −7.1% | −7.1% | −1.0% | −5.0% | +0.9% |
| 3 months | −8.9% | −8.9% | +3.2% | +1.9% | −0.4% |
| 6 months | −3.0% | −3.0% | +7.8% | +8.4% | −1.5% |
| YTD | +3.0% | +3.0% | +12.3% | +15.1% | −1.0% |
| 1 year | +5.1% | +4.7% | +14.4% | +15.9% | −1.1% |
| 3 years | +92.7%+24.4%/yr | +90.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +56.0%+9.3%/yr | +53.8% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionNov 3, 2016 | +321.2%+15.5%/yr | +306.8% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: GVIP vs SPY
From Nov 3, 2016: GVIP grew to $42,117, SPY to $42,624.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
GVIP returns by calendar year
7 of 9 full years positive. Best 2020 (+44.1%), worst 2022 (−31.9%). 2026 is year to date.
GVIP annual returns table
| Year | GVIP | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +3.0% | −16.8% | +12.3% | +15.1% | −1.0% |
| 2025 | +25.3% | −23.3% | +17.7% | +20.8% | +7.2% |
| 2024 | +29.8% | −10.3% | +24.9% | +25.6% | +1.3% |
| 2023 | +39.1% | −9.0% | +26.2% | +54.9% | +5.7% |
| 2022 | −31.9% | −34.8% | −18.2% | −32.6% | −13.0% |
| 2021 | +11.9% | −8.8% | +28.7% | +27.4% | −1.8% |
| 2020 | +44.1% | −36.6% | +18.3% | +48.6% | +7.5% |
| 2019 | +30.2% | −9.9% | +31.2% | +39.0% | +8.5% |
| 2018 | −6.9% | −21.5% | −4.6% | −0.1% | +0.1% |
| 2017 | +25.8% | −2.5% | +21.7% | +32.7% | +3.6% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
GVIP largest drawdowns
Now 16.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 16, 2021 | −37.1% | Oct 14, 2022 | Feb 29, 2024 | 11 months | 2.3 years |
| Feb 19, 2020 | −36.6% | Mar 18, 2020 | Jul 20, 2020 | 28 days | 5 months |
| Feb 14, 2025 | −23.3% | Apr 8, 2025 | Jun 26, 2025 | 53 days | 4 months |
| Sep 20, 2018 | −21.5% | Dec 24, 2018 | Apr 10, 2019 | 3 months | 7 months |
| Jun 22, 2026 | −16.8% | Oct 23, 2026 | not yet | 4 months | 4 months so far |
| Feb 2, 2026 | −13.7% | Mar 30, 2026 | Apr 14, 2026 | 56 days | 2 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
GVIP risk statistics
| Statistic | 3 years | 5 years | Since 2016 |
|---|---|---|---|
| Annualized return | +26.4% | +11.8% | +15.7% |
| Volatility (annualized) | 17.7% | 19.2% | 19.0% |
| Sharpe ratio | 1.18 | 0.50 | 0.74 |
| Sortino ratio | 2.09 | 0.75 | 1.18 |
| Best month | +14.7% | +14.7% | +14.7% |
| Worst month | −11.0% | −11.6% | −16.0% |
| Best 12 months | +44.7% | +44.7% | +85.2% |
| Worst 12 months | +8.2% | −31.9% | −31.9% |
| Positive months | 72% | 63% | 66% |
| Beta vs S&P 500 | 1.23 | 1.09 | — |
| Correlation with S&P 500 | 0.86 | 0.89 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
GVIP rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 108 | −31.9% | +19.4% | +85.2% | 81% |
| 3-year (a year) | 84 | +1.9% | +13.6% | +31.4% | 100% |
| 5-year (a year) | 60 | +5.9% | +12.5% | +19.7% | 100% |
Every holding period starting at a month-end since 2016. Returns for 3 years and longer are annualized.
GVIP performance overview
Goldman Sachs Hedge Industry VIP ETF (GVIP) returned +5.1% over the past year and +9.3% a year over five years, with distributions reinvested. Since its first recorded price in 2016 it has returned +15.5% a year, turning $10,000 into about $42,117. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −37.1%, from Nov 16, 2021 to Oct 14, 2022, and it took 1.4 years to get back to the old high. GVIP finished 7 of its 9 full calendar years with a gain; the best year was 2020 (+44.1%) and the worst 2022 (−31.9%). Volatility has been 19.0% a year.
Related: GVIP chart, GVIP holdings, GVIP dividends, GVIP valuation. See the GVIP overview for the latest quote and fund facts.
GVIP performance FAQ
What is the GVIP return over the past year?
GVIP returned +5.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 4.7%.
What is the average annual return of GVIP?
GVIP has returned +9.3% a year over 5 years, +15.5% a year since November 3, 2016 (total return, distributions reinvested).
How much would $10,000 invested in GVIP be worth?
$10,000 invested in GVIP at its first recorded close on November 3, 2016 would be worth about $42,117 on October 23, 2026 with distributions reinvested.
What was the worst year for GVIP?
The worst calendar year was 2022, with a total return of −31.9%. The best was 2020 at +44.1%.
What is the biggest drawdown of GVIP?
The largest peak-to-trough decline was −37.1% between November 16, 2021 and October 14, 2022. It recovered to the old high on February 29, 2024, 1.4 years after the bottom.
How volatile is GVIP?
Over the past 3 years GVIP had an annualized volatility of 17.7% and a Sharpe ratio of 1.18 (excess return over 1–3 month T-bills per unit of risk).