CANC vs. GSG
CANC (Tema Oncology ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - CANC is a Health & Biotech Equities fund actively managed by Tema, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. CANC is actively managed, while GSG is passively managed. Over the past 3 years, CANC returned 104.11%/yr vs 14.41%/yr for GSG. At a 0.04 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.
Performance
CANC vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, CANC achieves a 17.91% return, which is significantly lower than GSG's 32.35% return.
CANC
- 1D
- -1.73%
- 1M
- 9.22%
- 6M
- 13.62%
- YTD
- 17.91%
- 1Y
- 58.70%
- 3Y*
- 104.11%
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- 3.60%
- 1M
- -0.20%
- 6M
- 28.24%
- YTD
- 32.35%
- 1Y
- 34.57%
- 3Y*
- 14.41%
- 5Y*
- 13.83%
- 10Y*
- 7.40%
CANC vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CANC Tema Oncology ETF | 17.91% | 42.92% | -5.37% | 510.51% | -85.34% | -55.35% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.35% | 5.93% | 8.52% | -5.51% | 24.08% | 2.21% |
Correlation
The correlation between CANC and GSG is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021 | 0.04 |
The correlation between CANC and GSG shifts across timeframes, from -0.26 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CANC vs. GSG — Risk / Return Rank
CANC
GSG
CANC vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tema Oncology ETF (CANC) and iShares S&P GSCI Commodity-Indexed Trust (GSG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CANC | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.11 | ||
| Sortino ratioReturn per unit of downside risk | +1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.27 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 6.34 | 1.85 | +4.50 |
| Martin ratioReturn relative to average drawdown | 17.26 | 6.29 | +10.97 |
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Drawdowns
CANC vs. GSG - Drawdown Comparison
The maximum CANC drawdown since its inception was -97.53%, which is greater than GSG's maximum drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for CANC and GSG.
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Drawdown Indicators
| CANC | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.53% | -89.62% | -7.91% |
Max Drawdown (1Y)Largest decline over 1 year | -9.30% | -18.81% | +9.51% |
Max Drawdown (3Y)Largest decline over 3 years | -30.27% | -18.81% | -11.46% |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -51.12% | -60.04% | +8.92% |
Average DrawdownAverage peak-to-trough decline | -72.70% | -63.69% | -9.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 5.51% | -2.10% |
Volatility
CANC vs. GSG - Volatility Comparison
The current volatility for Tema Oncology ETF (CANC) is 6.48%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.35%. This indicates that CANC experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CANC | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.48% | 7.35% | -0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 16.50% | 21.50% | -5.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.78% | 23.48% | -0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 277.14% | 22.80% | +254.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 277.14% | 22.00% | +255.14% |
CANC vs. GSG - Expense Ratio Comparison
Both CANC and GSG have an expense ratio of 0.75%.
Dividends
CANC vs. GSG - Dividend Comparison
CANC's dividend yield for the trailing twelve months is around 0.05%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CANC Tema Oncology ETF | 0.05% | 0.06% | 3.00% | 0.56% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CANC and GSG have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.35%) compared to CANC (6.48%). In terms of maximum drawdown, CANC dropped -97.53% vs GSG's -89.62%.
On 3-year performance, CANC leads with 104.11% vs 14.41% for GSG. Both ETFs have the same 0.75% expense ratio. On volatility, CANC has been the lower-risk option at 6.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CANC has performed better with a 104.11% return vs 14.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CANC and GSG have the same expense ratio: 0.75% per year.
CANC has the higher dividend yield at 0.05%, compared with 0.00% for GSG.
CANC is categorized as Health & Biotech Equities, while GSG is Commodities. They also come from different issuers: Tema and iShares.
CANC currently has the higher Sharpe Ratio (2.60 vs 1.48), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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