GSG vs. JEPQ
GSG (iShares S&P GSCI Commodity-Indexed Trust) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - GSG is a Commodities fund tracking the S&P GSCI Total Return Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, GSG returned 15.32%/yr vs 17.64%/yr for JEPQ. Their 0.09 correlation means their historical movements had little consistent relationship. GSG charges 0.75%/yr vs 0.35%/yr for JEPQ.
Performance
GSG vs. JEPQ - Performance Comparison
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Returns By Period
In the year-to-date period, GSG achieves a 42.11% return, which is significantly higher than JEPQ's 5.52% return.
GSG
- 1D
- -1.12%
- 1M
- 13.47%
- 6M
- 32.35%
- YTD
- 42.11%
- 1Y
- 46.16%
- 3Y*
- 15.32%
- 5Y*
- 15.35%
- 10Y*
- 8.71%
- ALL TIME*
- -2.03%
JEPQ
- 1D
- -0.97%
- 1M
- -2.60%
- 6M
- 3.56%
- YTD
- 5.52%
- 1Y
- 17.19%
- 3Y*
- 17.64%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 15.50%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.36M | $16.94M | $27.13M | |
| $411.15M | $392.07M | $419.06M |
GSG vs. JEPQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.11% | 5.93% | 8.52% | -5.51% | -9.89% |
JEPQ JPMorgan Nasdaq Equity Premium Income ETF | 5.52% | 15.18% | 24.85% | 36.28% | -11.16% |
Correlation
The correlation between GSG and JEPQ is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.07 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 4, 2022 | 0.09 |
The correlation between GSG and JEPQ shifts across timeframes, from -0.07 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GSG vs. JEPQ — Risk / Return Rank
GSG
JEPQ
GSG vs. JEPQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P GSCI Commodity-Indexed Trust (GSG) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). 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.
| GSG | JEPQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.23 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 1.97 | +0.42 |
| Martin ratioReturn relative to average drawdown | 7.82 | 8.72 | -0.90 |
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Drawdowns
GSG vs. JEPQ - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for GSG and JEPQ.
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Drawdown Indicators
| GSG | JEPQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -20.07% | -69.55% |
Max Drawdown (1Y)Largest decline over 1 year | -18.81% | -8.82% | -9.99% |
Max Drawdown (3Y)Largest decline over 3 years | -18.81% | -20.07% | +1.26% |
Max Drawdown (5Y)Largest decline over 5 years | -29.12% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -57.64% | — | — |
Current DrawdownCurrent decline from peak | -57.10% | -4.71% | -52.39% |
Average DrawdownAverage peak-to-trough decline | -63.68% | -3.37% | -60.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.75% | 1.99% | +3.76% |
Volatility
GSG vs. JEPQ - Volatility Comparison
iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 6.47% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 5.63%. This indicates that GSG's price experiences larger fluctuations and is considered to be riskier than JEPQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSG | JEPQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.47% | 5.63% | +0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 21.68% | 11.56% | +10.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.69% | 14.13% | +9.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.75% | 16.84% | +5.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.01% | 16.84% | +5.17% |
GSG vs. JEPQ - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is higher than JEPQ's 0.35% expense ratio.
Dividends
GSG vs. JEPQ - Dividend Comparison
GSG has not paid dividends to shareholders, while JEPQ's dividend yield for the trailing twelve months is around 10.80%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
JEPQ JPMorgan Nasdaq Equity Premium Income ETF | 10.80% | 10.53% | 9.65% | 10.03% | 9.44% |
Frequently Asked Questions
GSG and JEPQ have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (6.47%) compared to JEPQ (5.63%). In terms of maximum drawdown, GSG dropped -89.62% vs JEPQ's -20.07%.
On 3-year performance, JEPQ leads with 17.64% vs 15.32% for GSG. On fees, JEPQ is cheaper at 0.35% per year. On volatility, JEPQ 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, JEPQ has performed better with a 17.64% return vs 15.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JEPQ is cheaper with a 0.35% expense ratio, compared with 0.75% for GSG.
JEPQ has the higher dividend yield at 10.80%, compared with 0.00% for GSG.
GSG is categorized as Commodities, while JEPQ is Nasdaq-100. GSG tracks S&P GSCI Total Return Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.75% for GSG and 0.35% for JEPQ.
GSG currently has the higher Sharpe Ratio (1.90 vs 1.23), 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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