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GVIPvsPHEQETF Comparison

ETF 1

GVIP

Goldman Sachs Hedge Industry VIP ETF

This fund is part of

US Multi-Factor

+0%

Full GVIP fund page

VS

ETF 2

PHEQ

Parametric Hedged Equity ETF

This fund is part of

Options Strategies

+0%

Full PHEQ fund page

Goldman Sachs Hedge Industry VIP ETF (GVIP) belongs to the US Multi-Factor segment. Parametric Hedged Equity ETF (PHEQ) is part of the Options Strategies segment. GVIP's top 3 sector exposures are Information Technology, Industrials and Communication Services. In contrast, PHEQ's top sector exposures are Information Technology, Communication Services and Consumer Discretionary. GVIP is more expensive with a Total Expense Ratio (TER) of 0.45%, versus 0.29% for PHEQ. GVIP is down -4.49% year-to-date (YTD) with +$23M in YTD flows. PHEQ performs better with -1.2% YTD performance, and -$15M in YTD flows. Run a side-by-side ETF comparison of GVIP and PHEQ below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.

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GVIP vs PHEQ performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 04/01/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	GVIP PHEQ	-5.13%-1.46%	-5.48%-1.44%	-4.49%-1.20%	+25.04%+13.35%	+94.46%n/a	+55.82%n/a
Flows	GVIP PHEQ	+$11M-$10M	+$23M-$15M	+$23M-$15M	+$64M+$23M	+$161M-	+$144M-

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	GVIP PHEQ	+22.77%+7.79%	+23.19%+10.24%	+18.90%n/a	+21.26%n/a
Max drawdown	GVIP PHEQ	-13.66%-3.96%	-13.66%-6.82%	-23.14%n/a	-37.10%n/a
Max drawdown duration	GVIP PHEQ	63d79d	63d29d	128dn/a	835dn/a

Trading data

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	GVIP	PHEQ
Last sale 4/2/2026 at 1:30 PM	$148.50	$32.21
Previous close 04/02/2026	$147.80	$32.13
Consolidated volume 04/02/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of March 31, 2026

1-year trailing difference

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PHEQ

is actively managed and doesn’t replicate an index

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	GVIP	PHEQ
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 4/2/2026 at 1:30 PM

Live

Closed

	GVIP	PHEQ
Last price	$148.50	$32.21
1D performance	+0.47%	+0.22%
AuM	$439.44 M	$122.09 M
E/R	0.45%	0.29%

Characteristics

	GVIP	PHEQ
Management strategy	Passive	Active
Provider	Goldman Sachs	Morgan Stanley
Benchmark	Goldman Sachs Hedge Fund VIP Index	-
N° of holdings	42	158
Asset class	Equities	-
Trailing 12m distribution yield	Join	Join
Inception date	November 1, 2016	October 19, 2023
ESG	No	No

More GVIP data on Trackinsight

More PHEQ data on Trackinsight

Exposure

Countries

GVIP

USA

96.21%

Other

3.79%

PHEQ

USA

95.93%

Other

4.07%

Sectors

GVIP

Information Techn.

24.47%

Industrials

13.1%

Communication Ser.

13.02%

Consumer Discreti.

8.99%

Health Care

7.59%

Other

32.83%

PHEQ

Information Techn.

34.18%

Communication Ser.

10.99%

Consumer Discreti.

9.84%

Health Care

9.8%

Financials

9.62%

Industrials

8.65%

Other

16.92%

Diversification

GVIP

Total weight of top 15 holdings out of 15

42.27%

PHEQ

Total weight of top 15 holdings out of 15

44.92%

Top 15 holdings

Data as of February 28, 2026

GVIP

US80004C2008

5.30%

WESTERN DIGITAL

3.59%

MICRON TECHNOLOGY

3.45%

ECHOSTAR

3.22%

VERTIV HOLDINGS

2.90%

US8816242098

2.70%

US8740391003

2.63%

WARNER BROS. DISCOVERY

2.54%

US00370M1036

2.43%

UNION PACIFIC U

2.39%

ALPHABET INC-CL

2.28%

PG&E

2.26%

NORFOLK SOUTHERN

2.24%

CRH PLC

2.24%

META PLATFORMS

2.11%

PHEQ

NVIDIA

7.27%

APPLE

6.78%

MICROSOFT-T

5.31%

AMAZON.COM INC

3.59%

ALPHABET INC-CL

3.27%

ALPHABET INC-CL

2.90%

BROADCOM LIMITED

2.52%

META PLATFORMS

2.28%

TESLA

1.88%

LILLY

1.77%

JPMORGAN CHASE

1.65%

EXXON

1.58%

JOHNSON&JOHNSON

1.51%

BERKSHIRE HATHWAY

1.43%

VISA INCORPORATION

1.18%

Frequently asked questions about GVIP and PHEQ

How have the GVIP and PHEQ ETFs performed in 2026?

As of April 1, 2026, GVIP is down -4.49% year-to-date (YTD), while PHEQ has lost -1.2%. That puts PHEQ better performer ahead so far this year.

Which ETF is attracting more investor money: GVIP or PHEQ?

Year-to-date, the GVIP ETF saw +$23M in flows, compared to -$15M for PHEQ.

Which ETF is more volatile: GVIP or PHEQ?

Over the past year, GVIP had a volatility of 23.19%, while PHEQ experienced 10.24%.

Which ETF is bigger: GVIP or PHEQ?

As of April 1, 2026, GVIP holds $439.44 M in assets under management (AUM), while PHEQ manages $122.09 M.

What sectors do the GVIP and PHEQ ETFs invest in?

GVIP leans toward sectors like Information Technology, Industrials and Communication Services. Meanwhile, PHEQ focuses on Information Technology, Communication Services and Consumer Discretionary.

What are the top holdings of the GVIP ETF and PHEQ ETF?

GVIP top holdings include US80004C2008, WESTERN DIGITAL and MICRON TECHNOLOGY. PHEQ holds in its top three: NVIDIA, APPLE and MICROSOFT-T.

Which ETF is more diversified: GVIP or PHEQ?

GVIP holds 47 securities with 42.27% of its assets in the top 15. PHEQ has 166 securities and a top 15 weight of 44.92%.

Parametric's Innovation Continues Under New Leadership from Morgan Stanley with Launch of PHEQ and PAPI

November 16, 2023

PHEQ

GVIPvsPHEQETF Comparison

Goldman Sachs Hedge Industry VIP ETF

Parametric Hedged Equity ETF

GVIP vs PHEQ performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the GVIP and PHEQ ETFs performed in 2026?

As of April 1, 2026, GVIP is down -4.49% year-to-date (YTD), while PHEQ has lost -1.2%. That puts PHEQ better performer ahead so far this year.

Which ETF is attracting more investor money: GVIP or PHEQ?

Year-to-date, the GVIP ETF saw +$23M in flows, compared to -$15M for PHEQ.

Which ETF is more volatile: GVIP or PHEQ?

Over the past year, GVIP had a volatility of 23.19%, while PHEQ experienced 10.24%.

Which ETF is bigger: GVIP or PHEQ?

As of April 1, 2026, GVIP holds $439.44 M in assets under management (AUM), while PHEQ manages $122.09 M.

What sectors do the GVIP and PHEQ ETFs invest in?

GVIP leans toward sectors like Information Technology, Industrials and Communication Services. Meanwhile, PHEQ focuses on Information Technology, Communication Services and Consumer Discretionary.

What are the top holdings of the GVIP ETF and PHEQ ETF?

GVIP top holdings include US80004C2008, WESTERN DIGITAL and MICRON TECHNOLOGY. PHEQ holds in its top three: NVIDIA, APPLE and MICROSOFT-T.

Which ETF is more diversified: GVIP or PHEQ?

GVIP holds 47 securities with 42.27% of its assets in the top 15. PHEQ has 166 securities and a top 15 weight of 44.92%.

Parametric's Innovation Continues Under New Leadership from Morgan Stanley with Launch of PHEQ and PAPI

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