GRN vs. GSG
Compare and contrast key facts about iPath Series B Carbon ETN (GRN) and iShares S&P GSCI Commodity-Indexed Trust (GSG).
GRN and GSG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GRN is a passively managed fund by Barclays Capital that tracks the performance of the Barclays Global Carbon II Index. It was launched on Sep 10, 2019. GSG is a passively managed fund by iShares that tracks the performance of the S&P GSCI Total Return Index. It was launched on Jul 21, 2006. Both GRN and GSG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
GRN vs. GSG - Performance Comparison
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GRN vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GRN iPath Series B Carbon ETN | -16.12% | 20.33% | -7.34% | -2.99% | -0.07% | 147.21% | 30.47% | -8.41% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 39.85% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 5.95% |
Returns By Period
In the year-to-date period, GRN achieves a -16.12% return, which is significantly lower than GSG's 39.85% return.
GRN
- 1D
- 1.04%
- 1M
- 4.57%
- YTD
- -16.12%
- 6M
- -4.84%
- 1Y
- 7.43%
- 3Y*
- -7.04%
- 5Y*
- 11.37%
- 10Y*
- —
GSG
- 1D
- -1.01%
- 1M
- 24.23%
- YTD
- 39.85%
- 6M
- 40.40%
- 1Y
- 41.63%
- 3Y*
- 17.03%
- 5Y*
- 17.93%
- 10Y*
- 9.09%
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GRN vs. GSG - Expense Ratio Comparison
Both GRN and GSG have an expense ratio of 0.75%.
Return for Risk
GRN vs. GSG — Risk / Return Rank
GRN
GSG
GRN vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Series B Carbon ETN (GRN) 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.
| GRN | GSG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.25 | 1.98 | -1.73 |
Sortino ratioReturn per unit of downside risk | 0.55 | 2.66 | -2.12 |
Omega ratioGain probability vs. loss probability | 1.07 | 1.36 | -0.29 |
Calmar ratioReturn relative to maximum drawdown | 0.22 | 3.70 | -3.48 |
Martin ratioReturn relative to average drawdown | 0.71 | 10.32 | -9.61 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GRN | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.25 | 1.98 | -1.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.82 | -0.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.42 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | -0.09 | +0.48 |
Correlation
The correlation between GRN and GSG is 0.13, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
GRN vs. GSG - Dividend Comparison
Neither GRN nor GSG has paid dividends to shareholders.
Drawdowns
GRN vs. GSG - Drawdown Comparison
The maximum GRN drawdown since its inception was -47.96%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for GRN and GSG.
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Drawdown Indicators
| GRN | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.96% | -89.62% | +41.66% |
Max Drawdown (1Y)Largest decline over 1 year | -30.39% | -11.91% | -18.48% |
Max Drawdown (5Y)Largest decline over 5 years | -47.96% | -29.12% | -18.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -26.34% | -57.78% | +31.44% |
Average DrawdownAverage peak-to-trough decline | -17.38% | -63.77% | +46.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.46% | 4.27% | +5.19% |
Volatility
GRN vs. GSG - Volatility Comparison
iPath Series B Carbon ETN (GRN) has a higher volatility of 13.05% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 11.08%. This indicates that GRN'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
| GRN | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.05% | 11.08% | +1.97% |
Volatility (6M)Calculated over the trailing 6-month period | 23.68% | 16.24% | +7.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.63% | 21.16% | +8.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.22% | 21.97% | +18.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.32% | 21.78% | +20.54% |