GRN vs. FTGC
GRN (iPath Series B Carbon ETN) and FTGC (First Trust Global Tactical Commodity Strategy Fund) are both Commodities funds. GRN is passively managed, while FTGC is actively managed. Over the past 5 years, GRN returned 8.51%/yr vs 12.92%/yr for FTGC. At a 0.13 correlation, their price movements are largely independent. GRN charges 0.75%/yr vs 0.95%/yr for FTGC.
Performance
GRN vs. FTGC - Performance Comparison
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Returns By Period
In the year-to-date period, GRN achieves a -7.69% return, which is significantly lower than FTGC's 26.73% return.
GRN
- 1D
- 0.58%
- 1M
- 0.07%
- 6M
- -12.30%
- YTD
- -7.69%
- 1Y
- 13.20%
- 3Y*
- -3.13%
- 5Y*
- 8.51%
- 10Y*
- —
FTGC
- 1D
- 1.14%
- 1M
- 4.82%
- 6M
- 22.62%
- YTD
- 26.73%
- 1Y
- 35.36%
- 3Y*
- 15.45%
- 5Y*
- 12.92%
- 10Y*
- 7.76%
GRN vs. FTGC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GRN iPath Series B Carbon ETN | -7.69% | 20.33% | -7.34% | -2.99% | -0.07% | 147.21% | 30.47% | -8.41% |
FTGC First Trust Global Tactical Commodity Strategy Fund | 26.73% | 14.61% | 9.96% | -5.36% | 17.36% | 27.95% | 2.17% | 5.11% |
Correlation
The correlation between GRN and FTGC is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2019 | 0.13 |
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Return for Risk
GRN vs. FTGC — Risk / Return Rank
GRN
FTGC
GRN vs. FTGC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Series B Carbon ETN (GRN) and First Trust Global Tactical Commodity Strategy Fund (FTGC). 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.
| GRN | FTGC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -2.18 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.39 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.44 | 2.88 | -2.44 |
| Martin ratioReturn relative to average drawdown | 1.07 | 9.50 | -8.43 |
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Drawdowns
GRN vs. FTGC - Drawdown Comparison
The maximum GRN drawdown since its inception was -47.96%, smaller than the maximum FTGC drawdown of -59.47%. Use the drawdown chart below to compare losses from any high point for GRN and FTGC.
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Drawdown Indicators
| GRN | FTGC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.96% | -59.47% | +11.51% |
Max Drawdown (1Y)Largest decline over 1 year | -30.39% | -12.34% | -18.05% |
Max Drawdown (3Y)Largest decline over 3 years | -44.33% | -12.34% | -31.99% |
Max Drawdown (5Y)Largest decline over 5 years | -47.96% | -22.64% | -25.32% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.91% | — |
Current DrawdownCurrent decline from peak | -18.93% | -4.97% | -13.96% |
Average DrawdownAverage peak-to-trough decline | -17.56% | -27.24% | +9.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.36% | 3.73% | +8.63% |
Volatility
GRN vs. FTGC - Volatility Comparison
iPath Series B Carbon ETN (GRN) has a higher volatility of 6.27% compared to First Trust Global Tactical Commodity Strategy Fund (FTGC) at 4.60%. This indicates that GRN's price experiences larger fluctuations and is considered to be riskier than FTGC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GRN | FTGC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.27% | 4.60% | +1.67% |
Volatility (6M)Calculated over the trailing 6-month period | 25.07% | 13.43% | +11.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.77% | 15.83% | +11.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.57% | 15.87% | +23.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.67% | 14.72% | +26.95% |
GRN vs. FTGC - Expense Ratio Comparison
GRN has a 0.75% expense ratio, which is lower than FTGC's 0.95% expense ratio.
Dividends
GRN vs. FTGC - Dividend Comparison
GRN has not paid dividends to shareholders, while FTGC's dividend yield for the trailing twelve months is around 15.29%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FTGC First Trust Global Tactical Commodity Strategy Fund | 15.29% | 17.74% | 3.05% | 3.34% | 10.35% | 7.21% | 0.00% | 0.81% | 0.80% | 1.21% |
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
GRN and FTGC have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GRN has higher volatility (6.27%) compared to FTGC (4.60%). In terms of maximum drawdown, GRN dropped -47.96% vs FTGC's -59.47%.
On 5-year performance, FTGC leads with 12.92% vs 8.51% for GRN. On fees, GRN is cheaper at 0.75% per year. On volatility, FTGC has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FTGC has performed better with a 12.92% return vs 8.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GRN is cheaper with a 0.75% expense ratio, compared with 0.95% for FTGC.
FTGC has the higher dividend yield at 15.29%, compared with 0.00% for GRN.
They also come from different issuers: Barclays Capital and First Trust. Their fees differ too: 0.75% for GRN and 0.95% for FTGC.
FTGC currently has the higher Sharpe Ratio (2.25 vs 0.48), 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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