HTAX vs. GSG
HTAX (Nomura National High-Yield Municipal Bond ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - HTAX is a High Yield Muni fund actively managed by Nomura, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. HTAX is actively managed, while GSG is passively managed. Over the past year, HTAX returned 7.93% vs 38.52% for GSG. Their -0.23 correlation means they have often moved in opposite directions in the past. HTAX charges 0.49%/yr vs 0.75%/yr for GSG.
Performance
HTAX vs. GSG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HTAX achieves a 2.39% return, which is significantly lower than GSG's 35.21% return.
HTAX
- 1D
- -0.09%
- 1M
- -2.59%
- 6M
- 1.25%
- YTD
- 2.39%
- 1Y
- 7.93%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.35%
GSG
- 1D
- -2.68%
- 1M
- 9.90%
- 6M
- 27.47%
- YTD
- 35.21%
- 1Y
- 38.52%
- 3Y*
- 13.26%
- 5Y*
- 14.69%
- 10Y*
- 8.24%
- ALL TIME*
- -2.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $17.98M | $16.40M | $25.53M | |
| $216.86K | $121.02K | $106.11K |
HTAX vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HTAX Nomura National High-Yield Municipal Bond ETF | 2.39% | 0.92% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 35.21% | 5.20% |
Correlation
The correlation between HTAX and GSG is -0.29, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.29 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025 | -0.23 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HTAX vs. GSG — Risk / Return Rank
HTAX
GSG
HTAX vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nomura National High-Yield Municipal Bond ETF (HTAX) 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.
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.
| HTAX | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.28 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 2.06 | +0.54 |
| Martin ratioReturn relative to average drawdown | 9.78 | 6.61 | +3.18 |
Loading charts...
Drawdowns
HTAX vs. GSG - Drawdown Comparison
The maximum HTAX drawdown since its inception was -6.10%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for HTAX and GSG.
Loading charts...
Drawdown Indicators
| HTAX | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.10% | -89.62% | +83.52% |
Max Drawdown (1Y)Largest decline over 1 year | -3.06% | -18.81% | +15.75% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.81% | — |
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 | -2.59% | -59.18% | +56.59% |
Average DrawdownAverage peak-to-trough decline | -1.66% | -63.67% | +62.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 5.85% | -5.04% |
Volatility
HTAX vs. GSG - Volatility Comparison
The current volatility for Nomura National High-Yield Municipal Bond ETF (HTAX) is 1.42%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.75%. This indicates that HTAX 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.
Loading charts...
Volatility by Period
| HTAX | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 8.75% | -7.33% |
Volatility (6M)Calculated over the trailing 6-month period | 3.59% | 22.27% | -18.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.65% | 24.37% | -19.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.31% | 22.89% | -16.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.31% | 22.07% | -15.76% |
HTAX vs. GSG - Expense Ratio Comparison
HTAX has a 0.49% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
HTAX vs. GSG - Dividend Comparison
HTAX's dividend yield for the trailing twelve months is around 4.64%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% |
HTAX Nomura National High-Yield Municipal Bond ETF | 4.64% | 3.67% |
Frequently Asked Questions
HTAX and GSG have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (8.75%) compared to HTAX (1.42%). In terms of maximum drawdown, HTAX dropped -6.10% vs GSG's -89.62%.
On 1-year performance, GSG leads with 38.52% vs 7.93% for HTAX. On fees, HTAX is cheaper at 0.49% per year. On volatility, HTAX has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GSG has performed better with a 38.52% return vs 7.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HTAX is cheaper with a 0.49% expense ratio, compared with 0.75% for GSG.
HTAX has the higher dividend yield at 4.64%, compared with 0.00% for GSG.
HTAX is categorized as High Yield Muni, while GSG is Commodities. They also come from different issuers: Nomura and iShares. Their fees differ too: 0.49% for HTAX and 0.75% for GSG.
HTAX currently has the higher Sharpe Ratio (1.72 vs 1.59), 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.
Find the right allocation for HTAX and GSG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer