GRN vs. VTIP
GRN (iPath Series B Carbon ETN) and VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) are both exchange-traded funds - GRN is a Commodities fund tracking the Barclays Global Carbon II Index, while VTIP is a Inflation-Protected Bonds fund tracking the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. Both are passively managed. Over the past 5 years, GRN returned 9.52%/yr vs 3.37%/yr for VTIP. At a 0.02 correlation, their price movements are largely independent. GRN charges 0.75%/yr vs 0.03%/yr for VTIP.
Performance
GRN vs. VTIP - 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 VTIP's 2.05% return.
GRN
- 1D
- -0.42%
- 1M
- 8.55%
- YTD
- -8.60%
- 6M
- -4.48%
- 1Y
- 9.03%
- 3Y*
- 0.39%
- 5Y*
- 9.52%
- 10Y*
- —
VTIP
- 1D
- 0.00%
- 1M
- 0.04%
- YTD
- 2.05%
- 6M
- 2.03%
- 1Y
- 4.70%
- 3Y*
- 5.26%
- 5Y*
- 3.37%
- 10Y*
- 3.14%
GRN vs. VTIP - 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% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 2.05% | 6.07% | 4.74% | 4.62% | -2.94% | 5.36% | 4.95% | 1.21% |
Correlation
The correlation between GRN and VTIP is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Sep 11, 2019 | 0.02 |
The correlation between GRN and VTIP shifts across timeframes, from -0.13 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GRN vs. VTIP — Risk / Return Rank
GRN
VTIP
GRN vs. VTIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Series B Carbon ETN (GRN) and Vanguard Short-Term Inflation-Protected Securities ETF (VTIP). 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 | VTIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.82 | ||
| Sortino ratioReturn per unit of downside risk | -4.75 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.67 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | 0.30 | 6.75 | -6.45 |
| Martin ratioReturn relative to average drawdown | 0.77 | 26.06 | -25.30 |
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 | VTIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.33 | 3.15 | -2.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | 1.22 | -0.98 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.15 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.89 | -0.48 |
Drawdowns
GRN vs. VTIP - Drawdown Comparison
The maximum GRN drawdown since its inception was -47.96%, which is greater than VTIP's maximum drawdown of -6.27%. Use the drawdown chart below to compare losses from any high point for GRN and VTIP.
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Drawdown Indicators
| GRN | VTIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.96% | -6.27% | -41.69% |
Max Drawdown (1Y)Largest decline over 1 year | -30.39% | -0.70% | -29.69% |
Max Drawdown (3Y)Largest decline over 3 years | -45.30% | -0.98% | -44.32% |
Max Drawdown (5Y)Largest decline over 5 years | -47.96% | -5.50% | -42.46% |
Max Drawdown (10Y)Largest decline over 10 years | — | -6.27% | — |
Current DrawdownCurrent decline from peak | -19.73% | -0.02% | -19.71% |
Average DrawdownAverage peak-to-trough decline | -17.54% | -1.04% | -16.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.83% | 0.18% | +11.65% |
Volatility
GRN vs. VTIP - Volatility Comparison
iPath Series B Carbon ETN (GRN) has a higher volatility of 6.65% compared to Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) at 0.43%. This indicates that GRN's price experiences larger fluctuations and is considered to be riskier than VTIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GRN | VTIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.65% | 0.43% | +6.22% |
Volatility (6M)Calculated over the trailing 6-month period | 24.47% | 1.02% | +23.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.74% | 1.50% | +26.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.82% | 2.77% | +37.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.95% | 2.74% | +39.21% |
GRN vs. VTIP - Expense Ratio Comparison
GRN has a 0.75% expense ratio, which is higher than VTIP's 0.03% expense ratio.
Dividends
GRN vs. VTIP - Dividend Comparison
GRN has not paid dividends to shareholders, while VTIP's dividend yield for the trailing twelve months is around 3.58%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 3.58% | 3.81% | 2.70% | 2.86% | 6.84% | 4.68% | 1.20% | 1.95% | 2.45% | 1.52% | 0.76% |
Frequently Asked Questions
GRN and VTIP have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GRN has higher volatility (6.65%) compared to VTIP (0.43%). In terms of maximum drawdown, GRN dropped -47.96% vs VTIP's -6.27%.
On 5-year performance, GRN leads with 9.52% vs 3.37% for VTIP. On fees, VTIP is cheaper at 0.03% per year. On volatility, VTIP has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GRN has performed better with a 9.52% return vs 3.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTIP is cheaper with a 0.03% expense ratio, compared with 0.75% for GRN.
VTIP has the higher dividend yield at 3.58%, compared with 0.00% for GRN.
GRN is categorized as Commodities, while VTIP is Inflation-Protected Bonds. GRN tracks Barclays Global Carbon II Index, while VTIP tracks Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. They also come from different issuers: Barclays Capital and Vanguard. Their fees differ too: 0.75% for GRN and 0.03% for VTIP.
VTIP currently has the higher Sharpe Ratio (3.15 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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