GRN vs. GSG
GRN (iPath Series B Carbon ETN) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both Commodities funds - GRN tracks the Barclays Global Carbon II Index while GSG tracks the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, GRN returned 9.52%/yr vs 15.74%/yr for GSG. At a 0.12 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.
Performance
GRN vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, GRN achieves a -8.60% return, which is significantly lower than GSG's 42.58% return.
GRN
- 1D
- -0.42%
- 1M
- 8.55%
- YTD
- -8.60%
- 6M
- -4.48%
- 1Y
- 9.03%
- 3Y*
- 0.39%
- 5Y*
- 9.52%
- 10Y*
- —
GSG
- 1D
- 0.77%
- 1M
- -4.83%
- YTD
- 42.58%
- 6M
- 41.06%
- 1Y
- 51.52%
- 3Y*
- 19.31%
- 5Y*
- 15.74%
- 10Y*
- 7.69%
GRN vs. GSG - 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% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 5.95% |
Correlation
The correlation between GRN and GSG is -0.06, 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 | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Sep 11, 2019 | 0.12 |
The correlation between GRN and GSG shifts across timeframes, from -0.06 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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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 | -1.93 | ||
| Sortino ratioReturn per unit of downside risk | -2.27 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.40 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.30 | 5.47 | -5.18 |
| Martin ratioReturn relative to average drawdown | 0.77 | 14.39 | -13.63 |
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 | 0.33 | 2.26 | -1.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | 0.70 | -0.46 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | -0.09 | +0.50 |
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% | -9.46% | -20.93% |
Max Drawdown (3Y)Largest decline over 3 years | -45.30% | -14.94% | -30.36% |
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 | -19.73% | -56.95% | +37.22% |
Average DrawdownAverage peak-to-trough decline | -17.54% | -63.71% | +46.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.83% | 3.59% | +8.24% |
Volatility
GRN vs. GSG - Volatility Comparison
The current volatility for iPath Series B Carbon ETN (GRN) is 6.65%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that GRN 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
| GRN | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.65% | 7.65% | -1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 24.47% | 20.42% | +4.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.74% | 22.95% | +4.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.82% | 22.61% | +17.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.95% | 22.03% | +19.92% |
GRN vs. GSG - Expense Ratio Comparison
Both GRN and GSG have an expense ratio of 0.75%.
Dividends
GRN vs. GSG - Dividend Comparison
Neither GRN nor GSG has paid dividends to shareholders.
Frequently Asked Questions
GRN and GSG have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.65%) compared to GRN (6.65%). In terms of maximum drawdown, GRN dropped -47.96% vs GSG's -89.62%.
On 5-year performance, GSG leads with 15.74% vs 9.52% for GRN. Both ETFs have the same 0.75% expense ratio. On volatility, GRN has been the lower-risk option at 6.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSG has performed better with a 15.74% return vs 9.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GRN and GSG have the same expense ratio: 0.75% per year.
GRN and GSG have nearly identical dividend yields, around 0.00%.
GRN tracks Barclays Global Carbon II Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Barclays Capital and iShares.
GSG currently has the higher Sharpe Ratio (2.26 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.
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