GRN vs. FSPGX

Last updated Jun 4, 2026

GRN (iPath Series B Carbon ETN) and FSPGX (Fidelity Large Cap Growth Index Fund) are both funds - GRN is a Commodities fund tracking the Barclays Global Carbon II Index, while FSPGX is a Large Cap Growth Equities fund managed by Fidelity. Over the past 5 years, GRN returned 9.52%/yr vs 16.03%/yr for FSPGX. At a 0.14 correlation, their price movements are largely independent. GRN charges 0.75%/yr vs 0.04%/yr for FSPGX.

Performance

GRN vs. FSPGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Series B Carbon ETN (GRN) and Fidelity Large Cap Growth Index Fund (FSPGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GRN achieves a -8.60% return, which is significantly lower than FSPGX's 8.60% return.

GRN

• 1D: -0.42%
• 1M: 8.55%
• YTD: -8.60%
• 6M: -4.48%
• 1Y: 9.03%
• 3Y*: 0.39%
• 5Y*: 9.52%
• 10Y*: —

FSPGX

• 1D: -0.38%
• 1M: 7.10%
• YTD: 8.60%
• 6M: 7.98%
• 1Y: 27.43%
• 3Y*: 25.53%
• 5Y*: 16.03%
• 10Y*: —

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

GRN vs. FSPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GRN iPath Series B Carbon ETN	-8.60%	20.33%	-7.34%	-2.99%	-0.07%	147.21%	30.47%	-8.41%
FSPGX Fidelity Large Cap Growth Index Fund	8.60%	18.54%	33.27%	42.77%	-29.17%	27.57%	38.46%	10.40%

Correlation

The correlation between GRN and FSPGX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Sep 11, 2019	0.14

The correlation between GRN and FSPGX shifts across timeframes, from 0.10 (5 years) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GRN vs. FSPGX — Risk / Return Rank

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

GRN

GRN Risk / Return Rank: 13
GRN Sharpe Ratio Rank: 13
GRN Sortino Ratio Rank: 13
GRN Omega Ratio Rank: 14
GRN Calmar Ratio Rank: 12
GRN Martin Ratio Rank: 13

FSPGX

FSPGX Risk / Return Rank: 32
FSPGX Sharpe Ratio Rank: 41
FSPGX Sortino Ratio Rank: 36
FSPGX Omega Ratio Rank: 37
FSPGX Calmar Ratio Rank: 22
FSPGX Martin Ratio Rank: 23

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.

GRN vs. FSPGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Series B Carbon ETN (GRN) and Fidelity Large Cap Growth Index Fund (FSPGX). 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.

	GRN	FSPGX	Difference
Sharpe ratio Return per unit of total volatility	0.33	1.85	-1.52
Sortino ratio Return per unit of downside risk	0.61	2.50	-1.89
Omega ratio Gain probability vs. loss probability	1.08	1.32	-0.24
Calmar ratio Return relative to maximum drawdown	0.30	1.76	-1.46
Martin ratio Return relative to average drawdown	0.77	5.90	-5.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GRN vs. FSPGX - Sharpe Ratio Comparison

The current GRN Sharpe Ratio is 0.33, which is lower than the FSPGX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of GRN and FSPGX, 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

	GRN	FSPGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.33	1.85	-1.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.75	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.90	-0.48

Drawdowns

GRN vs. FSPGX - Drawdown Comparison

The maximum GRN drawdown since its inception was -47.96%, which is greater than FSPGX's maximum drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for GRN and FSPGX.

Drawdown Indicators

	GRN	FSPGX	Difference
Max Drawdown Largest peak-to-trough decline	-47.96%	-32.66%	-15.30%
Max Drawdown (1Y) Largest decline over 1 year	-30.39%	-16.17%	-14.22%
Max Drawdown (3Y) Largest decline over 3 years	-45.30%	-23.32%	-21.98%
Max Drawdown (5Y) Largest decline over 5 years	-47.96%	-32.66%	-15.30%
Current Drawdown Current decline from peak	-19.73%	-0.38%	-19.35%
Average Drawdown Average peak-to-trough decline	-17.54%	-6.37%	-11.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.83%	4.81%	+7.02%

Volatility

GRN vs. FSPGX - Volatility Comparison

iPath Series B Carbon ETN (GRN) has a higher volatility of 6.65% compared to Fidelity Large Cap Growth Index Fund (FSPGX) at 3.32%. This indicates that GRN's price experiences larger fluctuations and is considered to be riskier than FSPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GRN	FSPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.65%	3.32%	+3.33%
Volatility (6M) Calculated over the trailing 6-month period	24.47%	11.58%	+12.89%
Volatility (1Y) Calculated over the trailing 1-year period	27.74%	15.39%	+12.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.82%	21.49%	+18.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.95%	21.55%	+20.40%

GRN vs. FSPGX - Expense Ratio Comparison

GRN has a 0.75% expense ratio, which is higher than FSPGX's 0.04% expense ratio.

Dividends

GRN vs. FSPGX - Dividend Comparison

GRN has not paid dividends to shareholders, while FSPGX's dividend yield for the trailing twelve months is around 0.32%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSPGX Fidelity Large Cap Growth Index Fund	0.32%	0.34%	0.37%	0.73%	0.86%	2.22%	1.76%	1.04%	1.32%	0.22%
GRN iPath Series B Carbon ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GRN and FSPGX in my portfolio?

GRN and FSPGX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRN or FSPGX?

GRN has higher volatility (6.65%) compared to FSPGX (3.32%). In terms of maximum drawdown, GRN dropped -47.96% vs FSPGX's -32.66%.

Which has better risk-adjusted returns?

FSPGX currently has the higher Sharpe Ratio (1.85 vs 0.33), 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.