MAPP vs. GSG
MAPP (Harbor Multi-Asset Explorer ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - MAPP is a Global Allocation fund actively managed by Harbor, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. MAPP is actively managed, while GSG is passively managed. Over the past year, MAPP returned 21.23% vs 51.52% for GSG. At a 0.06 correlation, their price movements are largely independent. MAPP charges 0.92%/yr vs 0.75%/yr for GSG.
Performance
MAPP vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, MAPP achieves a 7.25% return, which is significantly lower than GSG's 42.58% return.
MAPP
- 1D
- -0.65%
- 1M
- 2.82%
- YTD
- 7.25%
- 6M
- 8.20%
- 1Y
- 21.23%
- 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%
MAPP vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MAPP Harbor Multi-Asset Explorer ETF | 7.25% | 18.67% | 14.25% | 3.86% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | -12.36% |
Correlation
The correlation between MAPP and GSG is -0.19, 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 | -0.19 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2023 | 0.06 |
The correlation between MAPP and GSG shifts across timeframes, from -0.19 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MAPP vs. GSG — Risk / Return Rank
MAPP
GSG
MAPP vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harbor Multi-Asset Explorer ETF (MAPP) 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.
| MAPP | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.40 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.45 | 5.47 | -2.02 |
| Martin ratioReturn relative to average drawdown | 13.70 | 14.39 | -0.69 |
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
| MAPP | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.39 | 2.26 | +0.13 |
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 | 1.53 | -0.09 | +1.62 |
Drawdowns
MAPP vs. GSG - Drawdown Comparison
The maximum MAPP drawdown since its inception was -12.92%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for MAPP and GSG.
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Drawdown Indicators
| MAPP | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.92% | -89.62% | +76.70% |
Max Drawdown (1Y)Largest decline over 1 year | -6.17% | -9.46% | +3.29% |
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 DrawdownCurrent decline from peak | -0.65% | -56.95% | +56.30% |
Average DrawdownAverage peak-to-trough decline | -1.38% | -63.71% | +62.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.55% | 3.59% | -2.04% |
Volatility
MAPP vs. GSG - Volatility Comparison
The current volatility for Harbor Multi-Asset Explorer ETF (MAPP) is 2.98%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that MAPP 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
| MAPP | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.98% | 7.65% | -4.67% |
Volatility (6M)Calculated over the trailing 6-month period | 7.07% | 20.42% | -13.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.94% | 22.95% | -14.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.75% | 22.61% | -11.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.75% | 22.03% | -11.28% |
MAPP vs. GSG - Expense Ratio Comparison
MAPP has a 0.92% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
MAPP vs. GSG - Dividend Comparison
MAPP's dividend yield for the trailing twelve months is around 2.76%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
MAPP Harbor Multi-Asset Explorer ETF | 2.76% | 2.96% | 2.41% | 2.78% |
Frequently Asked Questions
MAPP and GSG have a correlation of -0.19, 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 MAPP (2.98%). In terms of maximum drawdown, MAPP dropped -12.92% vs GSG's -89.62%.
On 1-year performance, GSG leads with 51.52% vs 21.23% for MAPP. On fees, GSG is cheaper at 0.75% per year. On volatility, MAPP has been the lower-risk option at 2.98%. 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 51.52% return vs 21.23%. 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 0.92% for MAPP.
MAPP has the higher dividend yield at 2.76%, compared with 0.00% for GSG.
MAPP is categorized as Global Allocation, while GSG is Commodities. They also come from different issuers: Harbor and iShares. Their fees differ too: 0.92% for MAPP and 0.75% for GSG.
MAPP currently has the higher Sharpe Ratio (2.39 vs 2.26), 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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