GRN vs. ZSB
GRN (iPath Series B Carbon ETN) and ZSB (USCF Sustainable Battery Metals Strategy Fund) are both exchange-traded funds - GRN is a Commodities fund tracking the Barclays Global Carbon II Index, while ZSB is a Lithium & Battery Metals fund tracking the S&P GSCI Electric Vehicle Meals Index. Both are passively managed. Over the past 3 years, GRN returned -2.34%/yr vs 1.91%/yr for ZSB. At a 0.27 correlation, their price movements are largely independent. GRN charges 0.75%/yr vs 0.59%/yr for ZSB.
Performance
GRN vs. ZSB - Performance Comparison
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Returns By Period
In the year-to-date period, GRN achieves a -6.37% return, which is significantly lower than ZSB's 4.41% return.
GRN
- 1D
- -1.04%
- 1M
- 5.40%
- YTD
- -6.37%
- 6M
- -7.21%
- 1Y
- 10.17%
- 3Y*
- -2.34%
- 5Y*
- 7.90%
- 10Y*
- —
ZSB
- 1D
- -2.97%
- 1M
- -7.84%
- YTD
- 4.41%
- 6M
- 6.25%
- 1Y
- 59.70%
- 3Y*
- 1.91%
- 5Y*
- —
- 10Y*
- —
GRN vs. ZSB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GRN iPath Series B Carbon ETN | -6.37% | 20.33% | -7.34% | -1.51% |
ZSB USCF Sustainable Battery Metals Strategy Fund | 4.41% | 64.34% | -19.70% | -31.38% |
Correlation
The correlation between GRN and ZSB is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2023 | 0.27 |
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Return for Risk
GRN vs. ZSB — Risk / Return Rank
GRN
ZSB
GRN vs. ZSB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Series B Carbon ETN (GRN) and USCF Sustainable Battery Metals Strategy Fund (ZSB). 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 | ZSB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.42 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.34 | 3.58 | -3.25 |
| Martin ratioReturn relative to average drawdown | 0.85 | 9.56 | -8.71 |
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Drawdowns
GRN vs. ZSB - Drawdown Comparison
The maximum GRN drawdown since its inception was -47.96%, roughly equal to the maximum ZSB drawdown of -49.26%. Use the drawdown chart below to compare losses from any high point for GRN and ZSB.
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Drawdown Indicators
| GRN | ZSB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.96% | -49.26% | +1.30% |
Max Drawdown (1Y)Largest decline over 1 year | -30.39% | -16.75% | -13.64% |
Max Drawdown (3Y)Largest decline over 3 years | -44.33% | -43.22% | -1.11% |
Max Drawdown (5Y)Largest decline over 5 years | -47.96% | — | — |
Current DrawdownCurrent decline from peak | -17.77% | -11.97% | -5.80% |
Average DrawdownAverage peak-to-trough decline | -17.55% | -30.58% | +13.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.04% | 6.27% | +5.77% |
Volatility
GRN vs. ZSB - Volatility Comparison
iPath Series B Carbon ETN (GRN) has a higher volatility of 6.18% compared to USCF Sustainable Battery Metals Strategy Fund (ZSB) at 5.63%. This indicates that GRN's price experiences larger fluctuations and is considered to be riskier than ZSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GRN | ZSB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.18% | 5.63% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 24.78% | 22.46% | +2.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.76% | 26.67% | +1.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.81% | 19.62% | +20.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.82% | 19.62% | +22.20% |
GRN vs. ZSB - Expense Ratio Comparison
GRN has a 0.75% expense ratio, which is higher than ZSB's 0.59% expense ratio.
Dividends
GRN vs. ZSB - Dividend Comparison
GRN has not paid dividends to shareholders, while ZSB's dividend yield for the trailing twelve months is around 0.88%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GRN iPath Series B Carbon ETN | 0.00% | 0.00% | 0.00% | 0.00% |
ZSB USCF Sustainable Battery Metals Strategy Fund | 0.88% | 0.92% | 2.96% | 3.59% |
Frequently Asked Questions
GRN and ZSB have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GRN has higher volatility (6.18%) compared to ZSB (5.63%). In terms of maximum drawdown, GRN dropped -47.96% vs ZSB's -49.26%.
On 3-year performance, ZSB leads with 1.91% vs -2.34% for GRN. On fees, ZSB is cheaper at 0.59% per year. On volatility, ZSB has been the lower-risk option at 5.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ZSB has performed better with a 1.91% return vs -2.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZSB is cheaper with a 0.59% expense ratio, compared with 0.75% for GRN.
ZSB has the higher dividend yield at 0.88%, compared with 0.00% for GRN.
GRN is categorized as Commodities, while ZSB is Lithium & Battery Metals. GRN tracks Barclays Global Carbon II Index, while ZSB tracks S&P GSCI Electric Vehicle Meals Index. They also come from different issuers: Barclays Capital and USCF. Their fees differ too: 0.75% for GRN and 0.59% for ZSB.
ZSB currently has the higher Sharpe Ratio (2.26 vs 0.37), 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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