GVIP vs PBUS: Grades, Fees and Holdings Compared

Goldman Sachs Hedge Industry VIP ETF

GVIPDNYSE Arca

Invesco MSCI USA ETF

PBUSACboe

Overlap

28.2%by weight

Expense ratio

PBUS −0.41pt a year

GVIP0.45%PBUS0.04%

Avg volume · 30D

PBUS 34.8×the volume

GVIP10KPBUS349K

5Y return · a year

PBUS +1.8pt

GVIP+9.3%PBUS+11.1%

GVIP vs PBUS Performance

Nov 9, 2021 – Nov 9, 2026

+55.8%GVIP+68.9%PBUS

Expense ratio: GVIP 0.45%; PBUS 0.04%, better
Fund size: GVIP $524M; PBUS $10.2B
1Y total return: GVIP +6.5%; PBUS +12.9%, better
Yield (12M): GVIP 0.32%; PBUS 1.02%, better
Holdings: GVIP 50; PBUS 516
Avg volume (30D): GVIP 10K sh; PBUS 349K sh, better
NAV per share: GVIP $155.33; PBUS $73.60
52W range

ETF.net Grade

Pillar letters and Scores for GVIP, PBUS, with each pillar’s weight
Pillar	GVIP	PBUS
Cost30% weight	D33	A98Higher
Mission25% weight	D30	A100Higher
Risk15% weight	F16	B61Higher
Tradability15% weight	C45	A77Higher
Holdings10% weight	B58Higher	C52
Durability5% weight	B61	A74Higher

Rank among Other Major Indexes funds

How we build Categories ›

Same Category. GVIP and PBUS are both graded against the same 41 Other Major Indexes funds, so their Grades compare head to head.

Other Major Indexes⁠

Category · 41 funds

See all 41 ›

PBUS ranks 3rd and GVIP 35th of 41 funds in the Other Major Indexes Category.

Rank 1ASPYVState Street SPDR Portfolio S&P 500 Value ETFScore 89
Rank 2ASCHKSchwab 1000 Index ETFScore 86
Rank 3APBUSInvesco MSCI USA ETFScore 83
Rank 4AVOOVVanguard S&P 500 Value ETFScore 80
Rank 35DFCFYFirst Trust S&P 500 Diversified Free Cash Flow ETFScore 35
Rank 35DGVIPGoldman Sachs Hedge Industry VIP ETFScore 35
Rank 37DGURUGlobal X Guru Index ETFScore 28

Our read on each fund

ETF.net Research

GVIPDGoldman Sachs Hedge Industry VIP ETF

PBUSAInvesco MSCI USA ETF

In short

GVIP Smart-money cloning, by the rulebook. GVIP holds roughly 50 US stocks that show up most often in the top ten positions of fundamental hedge funds' 13F filings, equal-weighted and refreshed on the quarterly filing cycle.

PBUS Roughly 500 US stocks for 0.04% a year, benchmarked to the MSCI USA Index instead of the S&P 500. Invesco's rules-based core holding, running since 2017.

Stated mandate

GVIP The Fund seeks to track, before fees and expenses, the performance of the Goldman Sachs Hedge Fund VIP Index.

PBUS The Fund tracks the MSCI USA Index and commits at least 90% of its assets to securities included in that index.

Why people hold it

GVIP The rulebook is public: 13F holdings ranked by value, the names appearing most often in managers' top ten get selected, equal dollar-weighted at each rebalance.gsam.com
Equal weighting means a crowded mega-cap and a smaller conviction name start each quarter the same size, so it tracks breadth of hedge fund agreement, not market cap.gsam.com
Rebalances are keyed to the SEC 13F filing deadline and run quarterly, so the roster turns over with each disclosure cycle instead of sitting static.gsam.com
Running since 2016, it is a rules-based index wrapper (Solactive calculates the benchmark) rather than a manager making calls week to week.gsam.com

PBUS 0.04% a year sits at the floor of its peer group, matching SPYV and a hair above SCHK's 0.03%.invesco.com
Returns have hugged the MSCI USA Index about as tightly as anything in its cohort, so index-level exposure arrives with very little slippage.
A multi-billion-dollar fund trading since 2017, with a real market cycle behind it rather than a launch-window track record.
Roughly 500 names and quarterly distributions: a plain broad-market wrapper with no options overlay, no leverage, no sector tilt bolted on.

Worth knowing

GVIP At 0.45% it costs many times a plain index tracker such as SCHK (0.03%) or VOOV (0.07%). The fee buys the screen, not the beta.
13F snapshots land after the quarter closes and cover long US equity positions. Shorts, hedges and non-US books never make the file.gsam.com
About 50 names loved by the same crowd is a concentrated book, and it trades lightly next to the broad index giants in its category.

PBUS MSCI USA is not the S&P 500. Holdings and results drift from an S&P-benchmarked portfolio, which matters if that is the yardstick you track against.invesco.com
The mandate commits at least 90% of assets to index securities, which leaves a slice of room outside the benchmark.
Moderately traded rather than one of the tape's busiest tickers, so spreads deserve a glance and limit orders earn their keep.

Full GVIP profile⁠

Full PBUS profile⁠

GVIP vs PBUS Holdings

How GVIP and PBUS differ

Overlap by weight

28.2%

Shared holdings make up 82.1% of GVIP and 44.4% of PBUS.

Level by level

Holdings39 in both28.2%
Sector11 Sectors83.0%
Countryby domicile89.3%
Asset classStocks100%

Sector

Sector weights in GVIP and PBUS, widest gap first
Sector	Gap	GVIP	PBUS
Industrials	GVIP +6.2 points	14.1%	7.9%
Technology	PBUS +5.2 points	31.2%	36.4%
Consumer Staples	PBUS +5.0 points	0.0%	5.0%
Financials	GVIP +3.9 points	16.2%	12.3%
Energy	PBUS +3.6 points	0.0%	3.6%
Communication	GVIP +2.8 points	11.7%	8.9%
Utilities	GVIP +2.2 points	4.3%	2.1%
Consumer Discretionary	GVIP +1.8 points	11.6%	9.8%
Materials	PBUS +1.7 points	0.0%	1.7%
Health Care	PBUS +1.3 points	9.3%	10.6%
Real Estate	PBUS +0.2 points	1.6%	1.8%

Country, concentration and asset class

Country by domicile

Country weights in GVIP and PBUS, widest gap first
Country	Gap	GVIP	PBUS
United States	PBUS +10.0 points	89.2%	99.2%
Brazil	GVIP +3.8 points	3.9%	0.1%
Taiwan	GVIP +2.0 points	2.0%	0.0%
Netherlands	GVIP +1.8 points	1.8%	0.0%
France	GVIP +1.7 points	1.7%	0.0%
Singapore	GVIP +1.5 points	1.5%	0.0%
Other countries (7)	PBUS +0.7 points	0.0%	0.7%

Concentration

Weight in the 10 largest Holdings

GVIP26.7%
PBUS36.8%

Securities held

GVIP50
PBUS514

Asset class

GVIP: Stocks
PBUS: Stocks

Holdings

Only in GVIP11
In both39
Only in PBUS475

Only in GVIP

11 securities, 17.9% of GVIP by weight

Coupang, Llc2.38%
Talen Energy Corporation2.19%
Taiwan Semiconductor Mfg Ads-Adr2.07%
Nu Holdings Ltd.1.86%
Compass, Inc.1.84%
Asml Holding N.v.-Adr1.82%
Abivax Sa-Adr1.69%
Sea Limited-Adr1.46%
Core Scientific, Inc.1.37%
Nebius Group NV1.10%
Contra Cyberark Software Ltd.0.16%

Only in PBUS

475 securities, 55.6% of PBUS by weight

Alphabet Inc2.09%
Tesla Inc1.62%
ExxonMobil Holdings Corp1.08%
Johnson & Johnson1.05%
Walmart Inc0.86%
AbbVie Inc0.81%
Costco Wholesale Corp0.74%
Chevron Corp0.62%
Procter & Gamble Co/The0.61%
Coca-Cola Co/The0.58%
Cisco Systems Inc0.58%
Merck & Co Inc0.57%
UnitedHealth Group Inc0.56%
Palantir Technologies Inc0.55%
Home Depot Inc/The0.54%
General Electric Co0.53%
Bank of America Corp0.50%
Philip Morris International Inc0.49%
Netflix Inc0.42%
Caterpillar Inc0.41%
Palo Alto Networks Inc0.40%
RTX Corp0.40%
Goldman Sachs Group Inc/The0.40%
Wells Fargo & Co0.40%
Texas Instruments Inc0.40%
Amgen Inc0.39%
Linde PLC0.38%
International Business Machines Corp0.36%
Crowdstrike Holdings Inc0.34%
Morgan Stanley0.34%
Gilead Sciences Inc0.33%
Citigroup Inc0.32%
Walt Disney Co/The0.32%
Oracle Corp0.32%
McDonald's Corp0.31%
PepsiCo Inc0.30%
Abbott Laboratories0.30%
Verizon Communications Inc0.30%
Amphenol Corp0.29%
Arista Networks Inc0.29%
NextEra Energy Inc0.29%
KLA Corp0.28%
Analog Devices Inc0.28%
Blackrock Inc0.27%
QUALCOMM Inc0.27%
Welltower Inc0.27%
Union Pacific Corp0.27%
Salesforce Inc0.27%
American Express Co0.27%
Pfizer Inc0.26%

Weight gaps

All 39 Holdings in both funds, largest gap first.

Holding weights in GVIP and PBUS, widest gap first
Holding	Gap	GVIP	PBUS
Apple Inc.AAPL	PBUS +5.29 points	2.63%	7.92%
NVIDIA CorporationNVDA	PBUS +4.81 points	1.95%	6.76%
Microsoft CorporationMSFT	PBUS +3.38 points	2.52%	5.90%
Applovin CorporationAPP	GVIP +2.77 points	2.91%	0.14%
S&P Global Inc.SPGI	GVIP +2.41 points	2.63%	0.22%
Echostar CorporationECHO	GVIP +2.40 points	2.42%	0.02%
Thermo Fisher Scientific IncTMO	GVIP +2.37 points	2.78%	0.41%
Liberty Media CorpFWONK	GVIP +2.37 points	2.41%	0.04%
Carvana Co.CVNA	GVIP +2.22 points	2.29%	0.07%
Revolution Medicines IncRVMD	GVIP +2.17 points	2.22%	0.05%
Norfolk Southern CorporationNSC	GVIP +2.14 points	2.25%	0.11%
Transdigm Group IncorporatedTDG	GVIP +2.13 points	2.24%	0.11%
Space Exploration Technologies Corp.SPCX	GVIP +2.12 points	2.25%	0.13%
Uber Technologies, Inc.UBER	GVIP +1.93 points	2.12%	0.19%
Ftai Aviation LtdFTAI	GVIP +1.92 points	1.95%	0.03%
Vistra CorpVST	GVIP +1.91 points	1.98%	0.07%
Capital One Financial CorpCOF	GVIP +1.90 points	2.09%	0.19%
Mastercard IncorporatedMA	GVIP +1.86 points	2.69%	0.83%
Doordash IncDASH	GVIP +1.85 points	1.95%	0.10%
Snowflake Inc.SNOW	GVIP +1.83 points	1.97%	0.14%
Mercadolibre, Inc.MELI	GVIP +1.81 points	1.92%	0.11%
Amazon.com IncAMZN	PBUS +1.64 points	2.32%	3.96%
Visa Inc.V	GVIP +1.62 points	2.73%	1.11%
Boeing CompanyBA	GVIP +1.56 points	1.76%	0.20%
Berkshire Hathaway Inc.BRK.B	GVIP +1.39 points	2.66%	1.27%
Ge Vernova LlcGEV	GVIP +1.38 points	1.71%	0.33%
Vertiv Holdings LlcVRT	GVIP +1.36 points	1.46%	0.10%
Applied Materials IncAMAT	GVIP +1.12 points	1.54%	0.42%
Lam Research CorporationLRCX	GVIP +1.03 points	1.42%	0.39%
Sandisk CorporationSNDK	GVIP +1.00 points	1.20%	0.20%
Eli Lilly & CoLLY	GVIP +0.99 points	2.70%	1.71%
Seagate Technology Holdin PLCSTX	GVIP +0.95 points	1.11%	0.16%
Intel CorporationINTC	GVIP +0.90 points	1.29%	0.39%
Advanced Micro Devices Inc.AMD	GVIP +0.90 points	2.05%	1.15%
JPMorgan Chase & CoJPM	GVIP +0.77 points	2.17%	1.40%
Alphabet Inc.GOOGL	PBUS +0.69 points	1.94%	2.63%
Micron Technology, Inc.MU	GVIP +0.44 points	1.67%	1.23%
Broadcom Inc.AVGO	PBUS +0.33 points	1.76%	2.09%
Meta Platforms Inc-Class AMETA	GVIP +0.32 points	2.43%	2.11%

All 50 GVIP holdings⁠All 514 PBUS holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

GVIP vs PBUS Cost

Overpaying GVIP vs PBUS

$8,192

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

GVIP 0.45%
$9,041
PBUS 0.04%
$849

Amount$10,000

Years30 years

Cost over time

GVIP 0.45%
PBUS 0.04%
Overpaying

Year by year

Year	GVIP	PBUS	Overpaying
10	$812	$73	$739
20	$3,128	$288	$2,840
30	$9,041	$849	$8,192

Expense ratio

0.45%GVIP
0.04%PBUS, cheaper

PBUS0.04%GVIP0.45%

0.03%0.75%

Middle half of Other Major Indexes funds
Median 0.29%

PBUS 2nd cheapest of 41 funds

GVIP 27th cheapest of 41 funds

GVIP vs PBUS Dividends

Last 12 months to Nov 9, 2026

Yield (12M): GVIP 0.32%; PBUS 1.02%, better
Payout (12M): GVIP $0.52; PBUS $0.77
Last payment: GVIP $0.52; PBUS $0.19
Ex-dividend: GVIP Dec 23, 2025; PBUS Sep 21, 2026
Paid on: GVIP Dec 30, 2025; PBUS Sep 25, 2026
Frequency: GVIP Annual; PBUS Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

GVIPAnnual · 18 paymentsAll GVIP payments⁠

PBUSQuarterly · 36 paymentsAll PBUS payments⁠

GVIP vs PBUS Risk

Fall from peak · 5 years

GVIP
PBUS

Risk facts

VolatilityStd dev, 3 years: GVIP 18.2%PBUS 12.5%, better
Return per unit of riskSharpe ratio, 3 years: GVIP 1.06PBUS 1.41, better
Worst fallMax drawdown, 5 years: GVIP −37.1%PBUS −25.4%, better
Market sensitivityBeta, 5 years: GVIP 1.20PBUS 1.02; Market = 1

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