CET vs. GSY

Last updated Jun 4, 2026

CET (Central Securities Corp.) is a stock, while GSY (Invesco Ultra Short Duration ETF) is Ultrashort Bond fund actively managed by Invesco. Over the past 10 years, CET returned 16.27%/yr vs 2.86%/yr for GSY. At a 0.02 correlation, their price movements are largely independent.

Performance

CET vs. GSY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Central Securities Corp. (CET) and Invesco Ultra Short Duration ETF (GSY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CET achieves a 3.92% return, which is significantly higher than GSY's 1.59% return. Over the past 10 years, CET has outperformed GSY with an annualized return of 16.27%, while GSY has yielded a comparatively lower 2.86% annualized return.

CET

• 1D: -0.99%
• 1M: -1.11%
• YTD: 3.92%
• 6M: 4.79%
• 1Y: 19.19%
• 3Y*: 20.00%
• 5Y*: 11.26%
• 10Y*: 16.27%

GSY

• 1D: 0.00%
• 1M: 0.36%
• YTD: 1.59%
• 6M: 1.96%
• 1Y: 4.54%
• 3Y*: 5.45%
• 5Y*: 3.65%
• 10Y*: 2.86%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CET vs. GSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CET Central Securities Corp.	3.92%	17.20%	26.82%	19.17%	-19.68%	49.00%	4.99%	38.61%	-4.49%	30.61%
GSY Invesco Ultra Short Duration ETF	1.59%	4.96%	5.95%	5.99%	0.01%	0.03%	1.88%	3.39%	2.18%	1.86%

Correlation

The correlation between CET and GSY is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Feb 13, 2008	0.02

The correlation between CET and GSY shifts across timeframes, from 0.02 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CET vs. GSY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CET

CET Risk / Return Rank: 82
CET Sharpe Ratio Rank: 84
CET Sortino Ratio Rank: 81
CET Omega Ratio Rank: 80
CET Calmar Ratio Rank: 78
CET Martin Ratio Rank: 86

GSY

GSY Risk / Return Rank: 100
GSY Sharpe Ratio Rank: 99
GSY Sortino Ratio Rank: 100
GSY Omega Ratio Rank: 100
GSY Calmar Ratio Rank: 100
GSY Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CET vs. GSY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Central Securities Corp. (CET) and Invesco Ultra Short Duration ETF (GSY). 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.

	CET	GSY	Difference
Sharpe ratio: Return per unit of total volatility	1.70	11.52	-9.81
Sortino ratio: Return per unit of downside risk	2.43	29.56	-27.13
Omega ratio: Gain probability vs. loss probability	1.31	7.01	-5.70
Calmar ratio: Return relative to maximum drawdown	2.39	76.07	-73.68
Martin ratio: Return relative to average drawdown	9.87	397.70	-387.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CET vs. GSY - Sharpe Ratio Comparison

The current CET Sharpe Ratio is 1.70, which is lower than the GSY Sharpe Ratio of 11.52. The chart below compares the historical Sharpe Ratios of CET and GSY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CET	GSY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	11.52	-9.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	6.29	-5.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	2.35	-1.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.46	+0.14

Drawdowns

CET vs. GSY - Drawdown Comparison

The maximum CET drawdown since its inception was -56.69%, which is greater than GSY's maximum drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for CET and GSY.

Drawdown Indicators

	CET	GSY	Difference
Max Drawdown Largest peak-to-trough decline	-56.69%	-12.14%	-44.55%
Max Drawdown (1Y) Largest decline over 1 year	-8.08%	-0.06%	-8.02%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-0.18%	-15.24%
Max Drawdown (5Y) Largest decline over 5 years	-24.89%	-1.48%	-23.41%
Max Drawdown (10Y) Largest decline over 10 years	-39.91%	-5.25%	-34.66%
Current Drawdown Current decline from peak	-2.53%	0.00%	-2.53%
Average Drawdown Average peak-to-trough decline	-10.16%	-2.39%	-7.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	0.01%	+1.94%

Volatility

CET vs. GSY - Volatility Comparison

Central Securities Corp. (CET) has a higher volatility of 3.03% compared to Invesco Ultra Short Duration ETF (GSY) at 0.14%. This indicates that CET's price experiences larger fluctuations and is considered to be riskier than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CET	GSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	0.14%	+2.89%
Volatility (6M) Calculated over the trailing 6-month period	8.61%	0.29%	+8.32%
Volatility (1Y) Calculated over the trailing 1-year period	11.31%	0.40%	+10.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.50%	0.58%	+13.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	1.22%	+15.41%

Dividends

CET vs. GSY - Dividend Comparison

CET's dividend yield for the trailing twelve months is around 5.12%, more than GSY's 4.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CET Central Securities Corp.	5.12%	5.32%	4.92%	4.90%	7.34%	8.41%	5.68%	3.78%	5.84%	3.65%	4.50%	10.41%
GSY Invesco Ultra Short Duration ETF	4.34%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%

Frequently Asked Questions

Can I hold both CET and GSY in my portfolio?

CET and GSY have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CET or GSY?

CET has higher volatility (3.03%) compared to GSY (0.14%). In terms of maximum drawdown, CET dropped -56.69% vs GSY's -12.14%.

Which has better risk-adjusted returns?

GSY currently has the higher Sharpe Ratio (11.52 vs 1.70), 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.