GSY vs. MURGY
GSY (Invesco Ultra Short Duration ETF) is Ultrashort Bond fund actively managed by Invesco, while MURGY (Muenchener Rueckver Ges) is a stock. Over the past 10 years, GSY returned 2.88%/yr vs 18.87%/yr for MURGY. At a 0.04 correlation, their price movements are largely independent.
Performance
GSY vs. MURGY - Performance Comparison
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Returns By Period
In the year-to-date period, GSY achieves a 2.11% return, which is significantly higher than MURGY's -6.54% return. Over the past 10 years, GSY has underperformed MURGY with an annualized return of 2.88%, while MURGY has yielded a comparatively higher 18.87% annualized return.
GSY
- 1D
- 0.02%
- 1M
- 0.35%
- 6M
- 1.91%
- YTD
- 2.11%
- 1Y
- 4.34%
- 3Y*
- 5.39%
- 5Y*
- 3.75%
- 10Y*
- 2.88%
- ALL TIME*
- 1.96%
MURGY
- 1D
- -0.42%
- 1M
- 11.24%
- 6M
- 0.96%
- YTD
- -6.54%
- 1Y
- -7.52%
- 3Y*
- 20.20%
- 5Y*
- 21.53%
- 10Y*
- 18.87%
- ALL TIME*
- 15.07%
GSY vs. MURGY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 2.11% | 4.96% | 5.95% | 5.99% | 0.01% | 0.03% | 1.88% | 3.39% | 2.18% | 1.86% |
MURGY Muenchener Rueckver Ges | -6.54% | 36.01% | 23.53% | 34.32% | 14.50% | 2.58% | 4.34% | 38.79% | 4.17% | 28.67% |
Correlation
The correlation between GSY and MURGY is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2008 | 0.04 |
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Return for Risk
GSY vs. MURGY — Risk / Return Rank
GSY
MURGY
GSY vs. MURGY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Ultra Short Duration ETF (GSY) and Muenchener Rueckver Ges (MURGY). 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.
| GSY | MURGY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +10.88 | ||
| Sortino ratioReturn per unit of downside risk | +24.51 | ||
| Omega ratioGain probability vs. loss probability | 5.84 | 0.96 | +4.88 |
| Calmar ratioReturn relative to maximum drawdown | 72.75 | -0.30 | +73.04 |
| Martin ratioReturn relative to average drawdown | 324.54 | -0.60 | +325.13 |
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Drawdowns
GSY vs. MURGY - Drawdown Comparison
The maximum GSY drawdown since its inception was -12.14%, smaller than the maximum MURGY drawdown of -48.01%. Use the drawdown chart below to compare losses from any high point for GSY and MURGY.
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Drawdown Indicators
| GSY | MURGY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.14% | -48.01% | +35.87% |
Max Drawdown (1Y)Largest decline over 1 year | -0.06% | -25.23% | +25.17% |
Max Drawdown (3Y)Largest decline over 3 years | -0.18% | -25.23% | +25.05% |
Max Drawdown (5Y)Largest decline over 5 years | -1.48% | -29.54% | +28.06% |
Max Drawdown (10Y)Largest decline over 10 years | -5.25% | -48.01% | +42.76% |
Current DrawdownCurrent decline from peak | 0.00% | -12.88% | +12.88% |
Average DrawdownAverage peak-to-trough decline | -2.37% | -8.75% | +6.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 12.66% | -12.65% |
Volatility
GSY vs. MURGY - Volatility Comparison
The current volatility for Invesco Ultra Short Duration ETF (GSY) is 0.13%, while Muenchener Rueckver Ges (MURGY) has a volatility of 4.97%. This indicates that GSY experiences smaller price fluctuations and is considered to be less risky than MURGY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSY | MURGY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.13% | 4.97% | -4.84% |
Volatility (6M)Calculated over the trailing 6-month period | 0.32% | 16.78% | -16.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.41% | 22.48% | -22.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.59% | 24.32% | -23.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.22% | 25.63% | -24.41% |
Dividends
GSY vs. MURGY - Dividend Comparison
GSY's dividend yield for the trailing twelve months is around 4.64%, less than MURGY's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 4.64% | 4.56% | 5.31% | 4.95% | 1.70% | 0.58% | 1.45% | 2.71% | 2.30% | 1.80% | 1.21% | 1.17% |
MURGY Muenchener Rueckver Ges | 4.71% | 3.31% | 3.21% | 2.98% | 3.73% | 2.68% | 2.50% | 2.44% | 3.39% | 10.17% | 9.45% | 4.25% |
Frequently Asked Questions
GSY and MURGY have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MURGY has higher volatility (4.97%) compared to GSY (0.13%). In terms of maximum drawdown, GSY dropped -12.14% vs MURGY's -48.01%.
GSY currently has the higher Sharpe Ratio (10.54 vs -0.34), 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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