DNN vs. GSG

Last updated Jun 4, 2026

DNN (Denison Mines Corp) is a stock, while GSG (iShares S&P GSCI Commodity-Indexed Trust) is Commodities fund tracking the S&P GSCI Total Return Index. Over the past 10 years, DNN returned 20.73%/yr vs 7.69%/yr for GSG. At a 0.30 correlation, their price movements are largely independent.

Performance

DNN vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Denison Mines Corp (DNN) and iShares S&P GSCI Commodity-Indexed Trust (GSG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DNN achieves a 28.57% return, which is significantly lower than GSG's 42.58% return. Over the past 10 years, DNN has outperformed GSG with an annualized return of 20.73%, while GSG has yielded a comparatively lower 7.69% annualized return.

DNN

• 1D: -6.81%
• 1M: -9.04%
• YTD: 28.57%
• 6M: 26.67%
• 1Y: 102.37%
• 3Y*: 42.98%
• 5Y*: 20.08%
• 10Y*: 20.73%

GSG

• 1D: 0.77%
• 1M: -4.83%
• YTD: 42.58%
• 6M: 41.06%
• 1Y: 51.52%
• 3Y*: 19.31%
• 5Y*: 15.74%
• 10Y*: 7.69%

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

DNN vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DNN Denison Mines Corp	28.57%	47.78%	1.69%	53.91%	-16.06%	111.75%	54.05%	-9.48%	-15.64%	6.86%
GSG iShares S&P GSCI Commodity-Indexed Trust	42.58%	5.93%	8.52%	-5.51%	24.08%	38.77%	-23.94%	15.62%	-13.88%	3.89%

Correlation

The correlation between DNN and GSG is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jul 24, 2006	0.30

Over the past year, the correlation between DNN and GSG has dropped to 0.00 - well below their long-term average of 0.30, suggesting their price drivers have been diverging.

Return for Risk

DNN vs. GSG — Risk / Return Rank

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

DNN

DNN Risk / Return Rank: 81
DNN Sharpe Ratio Rank: 84
DNN Sortino Ratio Rank: 80
DNN Omega Ratio Rank: 75
DNN Calmar Ratio Rank: 85
DNN Martin Ratio Rank: 83

GSG

GSG Risk / Return Rank: 71
GSG Sharpe Ratio Rank: 67
GSG Sortino Ratio Rank: 60
GSG Omega Ratio Rank: 65
GSG Calmar Ratio Rank: 89
GSG Martin Ratio Rank: 75

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.

DNN vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Denison Mines Corp (DNN) 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.

	DNN	GSG	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.26	-0.55
Sortino ratio: Return per unit of downside risk	2.31	2.88	-0.57
Omega ratio: Gain probability vs. loss probability	1.27	1.40	-0.13
Calmar ratio: Return relative to maximum drawdown	3.49	5.47	-1.99
Martin ratio: Return relative to average drawdown	8.03	14.39	-6.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DNN vs. GSG - Sharpe Ratio Comparison

The current DNN Sharpe Ratio is 1.70, which is comparable to the GSG Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of DNN and GSG, 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

	DNN	GSG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	2.26	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.70	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.35	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	-0.09	+0.01

Drawdowns

DNN vs. GSG - Drawdown Comparison

The maximum DNN drawdown since its inception was -98.96%, which is greater than GSG's maximum drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for DNN and GSG.

Drawdown Indicators

	DNN	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-98.96%	-89.62%	-9.34%
Max Drawdown (1Y) Largest decline over 1 year	-29.50%	-9.46%	-20.04%
Max Drawdown (3Y) Largest decline over 3 years	-52.48%	-14.94%	-37.54%
Max Drawdown (5Y) Largest decline over 5 years	-55.66%	-29.12%	-26.54%
Max Drawdown (10Y) Largest decline over 10 years	-75.90%	-57.64%	-18.26%
Current Drawdown Current decline from peak	-82.26%	-56.95%	-25.31%
Average Drawdown Average peak-to-trough decline	-85.07%	-63.71%	-21.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.80%	3.59%	+9.21%

Volatility

DNN vs. GSG - Volatility Comparison

Denison Mines Corp (DNN) has a higher volatility of 17.16% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.65%. This indicates that DNN's price experiences larger fluctuations and is considered to be riskier than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DNN	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.16%	7.65%	+9.51%
Volatility (6M) Calculated over the trailing 6-month period	45.08%	20.42%	+24.66%
Volatility (1Y) Calculated over the trailing 1-year period	61.44%	22.95%	+38.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.44%	22.61%	+40.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.19%	22.03%	+42.16%

Dividends

DNN vs. GSG - Dividend Comparison

Neither DNN nor GSG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DNN and GSG in my portfolio?

DNN and GSG have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DNN or GSG?

DNN has higher volatility (17.16%) compared to GSG (7.65%). In terms of maximum drawdown, DNN dropped -98.96% vs GSG's -89.62%.

Which has better risk-adjusted returns?

GSG currently has the higher Sharpe Ratio (2.26 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.