FLYU vs. GSG
FLYU (MicroSectors Travel 3X Leveraged ETNs) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - FLYU is a Leveraged Equities fund tracking the MerQube MicroSectors U.S. Travel Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 3 years, FLYU returned 1.34%/yr vs 14.41%/yr for GSG. At a 0.03 correlation, their price movements are largely independent. FLYU charges 0.95%/yr vs 0.75%/yr for GSG.
Performance
FLYU vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, FLYU achieves a -15.58% return, which is significantly lower than GSG's 32.35% return.
FLYU
- 1D
- -4.41%
- 1M
- 3.14%
- 6M
- -21.69%
- YTD
- -15.58%
- 1Y
- -20.87%
- 3Y*
- 1.34%
- 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%
FLYU vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLYU MicroSectors Travel 3X Leveraged ETNs | -15.58% | -2.29% | 33.00% | 111.16% | -19.09% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.35% | 5.93% | 8.52% | -5.51% | -13.28% |
Correlation
The correlation between FLYU and GSG is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022 | 0.03 |
The correlation between FLYU and GSG shifts across timeframes, from -0.33 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FLYU vs. GSG — Risk / Return Rank
FLYU
GSG
FLYU vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel 3X Leveraged ETNs (FLYU) 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.
| FLYU | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.98 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.27 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 1.85 | -2.25 |
| Martin ratioReturn relative to average drawdown | -0.82 | 6.29 | -7.11 |
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Drawdowns
FLYU vs. GSG - Drawdown Comparison
The maximum FLYU drawdown since its inception was -69.00%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for FLYU and GSG.
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Drawdown Indicators
| FLYU | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.00% | -89.62% | +20.62% |
Max Drawdown (1Y)Largest decline over 1 year | -52.33% | -18.81% | -33.52% |
Max Drawdown (3Y)Largest decline over 3 years | -69.00% | -18.81% | -50.19% |
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 | -33.03% | -60.04% | +27.01% |
Average DrawdownAverage peak-to-trough decline | -26.55% | -63.69% | +37.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.61% | 5.51% | +20.10% |
Volatility
FLYU vs. GSG - Volatility Comparison
MicroSectors Travel 3X Leveraged ETNs (FLYU) has a higher volatility of 23.31% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.35%. This indicates that FLYU'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.
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Volatility by Period
| FLYU | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.31% | 7.35% | +15.96% |
Volatility (6M)Calculated over the trailing 6-month period | 61.10% | 21.50% | +39.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.61% | 23.48% | +51.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.06% | 22.80% | +60.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 83.06% | 22.00% | +61.06% |
FLYU vs. GSG - Expense Ratio Comparison
FLYU has a 0.95% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
FLYU vs. GSG - Dividend Comparison
Neither FLYU nor GSG has paid dividends to shareholders.
Frequently Asked Questions
FLYU and GSG have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLYU has higher volatility (23.31%) compared to GSG (7.35%). In terms of maximum drawdown, FLYU dropped -69.00% vs GSG's -89.62%.
On 3-year performance, GSG leads with 14.41% vs 1.34% for FLYU. On fees, GSG is cheaper at 0.75% per year. On volatility, GSG has been the lower-risk option at 7.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSG has performed better with a 14.41% return vs 1.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 0.95% for FLYU.
FLYU and GSG have nearly identical dividend yields, around 0.00%.
FLYU is categorized as Leveraged Equities, while GSG is Commodities. FLYU tracks MerQube MicroSectors U.S. Travel Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: REX and iShares. Their fees differ too: 0.95% for FLYU and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.48 vs -0.28), 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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