KRBN vs. GSG
KRBN (KraneShares Global Carbon ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both Commodities funds - KRBN tracks the IHS Markit Global Carbon Index while GSG tracks the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, KRBN returned 7.47%/yr vs 15.74%/yr for GSG. At a 0.10 correlation, their price movements are largely independent. KRBN charges 0.79%/yr vs 0.75%/yr for GSG.
Performance
KRBN vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, KRBN achieves a -5.94% return, which is significantly lower than GSG's 42.58% return.
KRBN
- 1D
- -0.13%
- 1M
- 4.47%
- YTD
- -5.94%
- 6M
- -0.74%
- 1Y
- 15.04%
- 3Y*
- 3.45%
- 5Y*
- 7.47%
- 10Y*
- —
GSG
- 1D
- 0.77%
- 1M
- -4.83%
- YTD
- 42.58%
- 6M
- 41.06%
- 1Y
- 51.52%
- 3Y*
- 19.31%
- 5Y*
- 15.74%
- 10Y*
- 7.69%
KRBN vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
KRBN KraneShares Global Carbon ETF | -5.94% | 23.11% | -13.56% | 8.01% | -12.75% | 107.69% | 22.60% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | 15.67% |
Correlation
The correlation between KRBN and GSG is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jul 31, 2020 | 0.10 |
The correlation between KRBN and GSG shifts across timeframes, from -0.08 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KRBN vs. GSG — Risk / Return Rank
KRBN
GSG
KRBN vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares Global Carbon ETF (KRBN) 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.
| KRBN | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.46 | ||
| Sortino ratioReturn per unit of downside risk | -1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.40 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | 5.47 | -4.87 |
| Martin ratioReturn relative to average drawdown | 1.58 | 14.39 | -12.81 |
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
| KRBN | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.80 | 2.26 | -1.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.27 | 0.70 | -0.43 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | -0.09 | +0.65 |
Drawdowns
KRBN vs. GSG - Drawdown Comparison
The maximum KRBN drawdown since its inception was -36.42%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for KRBN and GSG.
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Drawdown Indicators
| KRBN | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.42% | -89.62% | +53.20% |
Max Drawdown (1Y)Largest decline over 1 year | -24.98% | -9.46% | -15.52% |
Max Drawdown (3Y)Largest decline over 3 years | -27.34% | -14.94% | -12.40% |
Max Drawdown (5Y)Largest decline over 5 years | -36.42% | -29.12% | -7.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -14.26% | -56.95% | +42.69% |
Average DrawdownAverage peak-to-trough decline | -16.14% | -63.71% | +47.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.54% | 3.59% | +5.95% |
Volatility
KRBN vs. GSG - Volatility Comparison
The current volatility for KraneShares Global Carbon ETF (KRBN) is 5.13%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that KRBN 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.
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Volatility by Period
| KRBN | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.13% | 7.65% | -2.52% |
Volatility (6M)Calculated over the trailing 6-month period | 16.61% | 20.42% | -3.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.93% | 22.95% | -4.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.10% | 22.61% | +5.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.63% | 22.03% | +6.60% |
KRBN vs. GSG - Expense Ratio Comparison
KRBN has a 0.79% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
KRBN vs. GSG - Dividend Comparison
KRBN's dividend yield for the trailing twelve months is around 2.02%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
KRBN KraneShares Global Carbon ETF | 2.02% | 1.90% | 7.10% | 7.60% | 22.91% | 0.49% |
Frequently Asked Questions
KRBN and GSG have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.65%) compared to KRBN (5.13%). In terms of maximum drawdown, KRBN dropped -36.42% vs GSG's -89.62%.
On 5-year performance, GSG leads with 15.74% vs 7.47% for KRBN. On fees, GSG is cheaper at 0.75% per year. On volatility, KRBN has been the lower-risk option at 5.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSG has performed better with a 15.74% return vs 7.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 0.79% for KRBN.
KRBN has the higher dividend yield at 2.02%, compared with 0.00% for GSG.
KRBN tracks IHS Markit Global Carbon Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: CICC and iShares. Their fees differ too: 0.79% for KRBN and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (2.26 vs 0.80), 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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