LLYX vs. GSG

Last updated Jun 4, 2026

LLYX (Defiance Daily Target 2X Long LLY ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - LLYX is a Leveraged Equities fund actively managed by Defiance, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. LLYX is actively managed, while GSG is passively managed. Over the past year, LLYX returned 58.74% vs 51.52% for GSG. At a correlation of -0.13, they often move in opposite directions. LLYX charges 1.32%/yr vs 0.75%/yr for GSG.

Performance

LLYX vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long LLY ETF (LLYX) and iShares S&P GSCI Commodity-Indexed Trust (GSG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LLYX achieves a -9.81% return, which is significantly lower than GSG's 42.58% return.

LLYX

• 1D: 3.19%
• 1M: 23.54%
• YTD: -9.81%
• 6M: -3.59%
• 1Y: 58.74%
• 3Y*: —
• 5Y*: —
• 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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

LLYX vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LLYX Defiance Daily Target 2X Long LLY ETF	-9.81%	44.29%	-23.40%
GSG iShares S&P GSCI Commodity-Indexed Trust	42.58%	5.93%	3.77%

Correlation

The correlation between LLYX and GSG is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.24
Correlation (All Time) Calculated using the full available price history since Aug 9, 2024	-0.13

The correlation between LLYX and GSG shifts across timeframes, from -0.24 (1 year) to -0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

LLYX vs. GSG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

LLYX

LLYX Risk / Return Rank: 26
LLYX Sharpe Ratio Rank: 23
LLYX Sortino Ratio Rank: 28
LLYX Omega Ratio Rank: 30
LLYX Calmar Ratio Rank: 27
LLYX Martin Ratio Rank: 22

GSG

GSG Risk / Return Rank: 71
GSG Sharpe Ratio Rank: 67
GSG Sortino Ratio Rank: 60
GSG Omega Ratio Rank: 65
GSG Calmar Ratio Rank: 89
GSG Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

LLYX vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long LLY ETF (LLYX) 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.

	LLYX	GSG	Difference
Sharpe ratio Return per unit of total volatility	0.79	2.26	-1.47
Sortino ratio Return per unit of downside risk	1.48	2.88	-1.39
Omega ratio Gain probability vs. loss probability	1.20	1.40	-0.21
Calmar ratio Return relative to maximum drawdown	1.25	5.47	-4.23
Martin ratio Return relative to average drawdown	2.68	14.39	-11.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LLYX vs. GSG - Sharpe Ratio Comparison

The current LLYX Sharpe Ratio is 0.79, which is lower than the GSG Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of LLYX and GSG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LLYX	GSG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	2.26	-1.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	-0.09	+0.08

Drawdowns

LLYX vs. GSG - Drawdown Comparison

The maximum LLYX drawdown since its inception was -67.98%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for LLYX and GSG.

Drawdown Indicators

	LLYX	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-67.98%	-89.62%	+21.64%
Max Drawdown (1Y) Largest decline over 1 year	-47.36%	-9.46%	-37.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.94%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-57.64%	—
Current Drawdown Current decline from peak	-21.95%	-56.95%	+35.00%
Average Drawdown Average peak-to-trough decline	-33.60%	-63.71%	+30.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.00%	3.59%	+18.41%

Volatility

LLYX vs. GSG - Volatility Comparison

Defiance Daily Target 2X Long LLY ETF (LLYX) has a higher volatility of 18.20% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.65%. This indicates that LLYX's price experiences larger fluctuations and is considered to be riskier than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LLYX	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.20%	7.65%	+10.55%
Volatility (6M) Calculated over the trailing 6-month period	52.69%	20.42%	+32.27%
Volatility (1Y) Calculated over the trailing 1-year period	74.98%	22.95%	+52.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.29%	22.61%	+53.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.29%	22.03%	+54.26%

LLYX vs. GSG - Expense Ratio Comparison

LLYX has a 1.32% expense ratio, which is higher than GSG's 0.75% expense ratio.

Dividends

LLYX vs. GSG - Dividend Comparison

LLYX's dividend yield for the trailing twelve months is around 3.06%, while GSG has not paid dividends to shareholders.

Position	TTM	2025
GSG iShares S&P GSCI Commodity-Indexed Trust	0.00%	0.00%
LLYX Defiance Daily Target 2X Long LLY ETF	3.06%	2.76%

Frequently Asked Questions

Can I hold both LLYX and GSG in my portfolio?

LLYX and GSG have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LLYX or GSG?

LLYX has higher volatility (18.20%) compared to GSG (7.65%). In terms of maximum drawdown, LLYX dropped -67.98% vs GSG's -89.62%.

Which ETF is better, LLYX or GSG?

On 1-year performance, LLYX leads with 58.74% vs 51.52% for GSG. On fees, GSG is cheaper at 0.75% per year. On volatility, GSG has been the lower-risk option at 7.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LLYX or GSG?

Over the 1-year period, LLYX has performed better with a 58.74% return vs 51.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LLYX or GSG?

GSG is cheaper with a 0.75% expense ratio, compared with 1.32% for LLYX.

Which ETF pays a higher dividend yield, LLYX or GSG?

LLYX has the higher dividend yield at 3.06%, compared with 0.00% for GSG.

What is the main difference between LLYX and GSG?

LLYX is categorized as Leveraged Equities, while GSG is Commodities. They also come from different issuers: Defiance and iShares. Their fees differ too: 1.32% for LLYX and 0.75% for GSG.

Which has better risk-adjusted returns?

GSG currently has the higher Sharpe Ratio (2.26 vs 0.79), 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.