GNOV vs. GSG
GNOV (FT Cboe Vest U.S. Equity Moderate Buffer ETF - November) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - GNOV is a Options Trading fund actively managed by FT Vest, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. GNOV is actively managed, while GSG is passively managed. Over the past year, GNOV returned 15.15% vs 37.47% for GSG. Their -0.02 correlation means they have often moved in opposite directions in the past. GNOV charges 0.85%/yr vs 0.75%/yr for GSG.
Performance
GNOV vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, GNOV achieves a 6.84% return, which is significantly lower than GSG's 32.52% return.
GNOV
- 1D
- 0.11%
- 1M
- 1.19%
- 6M
- 6.53%
- YTD
- 6.84%
- 1Y
- 15.15%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.67%
GSG
- 1D
- 0.36%
- 1M
- 5.78%
- 6M
- 21.95%
- YTD
- 32.52%
- 1Y
- 37.47%
- 3Y*
- 12.51%
- 5Y*
- 14.20%
- 10Y*
- 8.03%
- ALL TIME*
- -2.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $251.82K | $210.13K | $431.35K | |
| $18.96M | $16.42M | $22.87M |
GNOV vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GNOV FT Cboe Vest U.S. Equity Moderate Buffer ETF - November | 6.84% | 13.55% | 10.35% | 3.19% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.52% | 5.93% | 8.52% | -3.56% |
Correlation
The correlation between GNOV and GSG is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.23 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023 | -0.02 |
Over the past year, the inverse relationship between GNOV and GSG has strengthened: their correlation has moved from -0.02 to -0.23, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
GNOV vs. GSG — Risk / Return Rank
GNOV
GSG
GNOV vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - November (GNOV) 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.
| GNOV | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.10 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.27 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 3.34 | 2.00 | +1.34 |
| Martin ratioReturn relative to average drawdown | 18.44 | 6.32 | +12.12 |
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Drawdowns
GNOV vs. GSG - Drawdown Comparison
The maximum GNOV drawdown since its inception was -10.70%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for GNOV and GSG.
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Drawdown Indicators
| GNOV | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.70% | -89.62% | +78.92% |
Max Drawdown (1Y)Largest decline over 1 year | -4.56% | -18.81% | +14.25% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.81% | — |
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 | 0.00% | -59.99% | +59.99% |
Average DrawdownAverage peak-to-trough decline | -0.68% | -63.67% | +62.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 5.94% | -5.12% |
Volatility
GNOV vs. GSG - Volatility Comparison
The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - November (GNOV) is 1.33%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.99%. This indicates that GNOV 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
| GNOV | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 8.99% | -7.66% |
Volatility (6M)Calculated over the trailing 6-month period | 4.75% | 21.89% | -17.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.77% | 24.44% | -18.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.49% | 22.90% | -15.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.49% | 22.08% | -14.59% |
GNOV vs. GSG - Expense Ratio Comparison
GNOV has a 0.85% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
GNOV vs. GSG - Dividend Comparison
Neither GNOV nor GSG has paid dividends to shareholders.
Frequently Asked Questions
GNOV and GSG have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (8.99%) compared to GNOV (1.33%). In terms of maximum drawdown, GNOV dropped -10.70% vs GSG's -89.62%.
On 1-year performance, GSG leads with 37.47% vs 15.15% for GNOV. On fees, GSG is cheaper at 0.75% per year. On volatility, GNOV has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GSG has performed better with a 37.47% return vs 15.15%. 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 0.85% for GNOV.
GNOV and GSG have nearly identical dividend yields, around 0.00%.
GNOV is categorized as Options Trading, while GSG is Commodities. They also come from different issuers: FT Vest and iShares. Their fees differ too: 0.85% for GNOV and 0.75% for GSG.
GNOV currently has the higher Sharpe Ratio (2.64 vs 1.54), 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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