MARZ vs. GSG
MARZ (TrueShares Structured Outcome (March) ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - MARZ is a Defined Outcome fund tracking the S&P 500 Price Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, MARZ returned 9.98%/yr vs 13.83%/yr for GSG. At a 0.12 correlation, their price movements are largely independent. MARZ charges 0.79%/yr vs 0.75%/yr for GSG.
Performance
MARZ vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, MARZ achieves a 7.36% return, which is significantly lower than GSG's 32.35% return.
MARZ
- 1D
- -0.54%
- 1M
- 0.87%
- 6M
- 5.52%
- YTD
- 7.36%
- 1Y
- 15.21%
- 3Y*
- 14.46%
- 5Y*
- 9.98%
- 10Y*
- —
GSG
- 1D
- 3.60%
- 1M
- -0.20%
- 6M
- 28.24%
- YTD
- 32.35%
- 1Y
- 34.57%
- 3Y*
- 14.41%
- 5Y*
- 13.83%
- 10Y*
- 7.40%
MARZ vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MARZ TrueShares Structured Outcome (March) ETF | 7.36% | 12.90% | 17.90% | 20.37% | -12.70% | 17.04% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.35% | 5.93% | 8.52% | -5.51% | 24.08% | 20.15% |
Correlation
The correlation between MARZ and GSG is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2021 | 0.13 |
The correlation between MARZ and GSG shifts across timeframes, from -0.14 (1 year) to 0.13 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MARZ vs. GSG — Risk / Return Rank
MARZ
GSG
MARZ vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (March) ETF (MARZ) 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.
| MARZ | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.27 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | 1.85 | +0.20 |
| Martin ratioReturn relative to average drawdown | 8.41 | 6.29 | +2.11 |
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Drawdowns
MARZ vs. GSG - Drawdown Comparison
The maximum MARZ drawdown since its inception was -18.89%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for MARZ and GSG.
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Drawdown Indicators
| MARZ | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.89% | -89.62% | +70.73% |
Max Drawdown (1Y)Largest decline over 1 year | -7.45% | -18.81% | +11.36% |
Max Drawdown (3Y)Largest decline over 3 years | -14.84% | -18.81% | +3.97% |
Max Drawdown (5Y)Largest decline over 5 years | -18.89% | -29.12% | +10.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -1.02% | -60.04% | +59.02% |
Average DrawdownAverage peak-to-trough decline | -3.97% | -63.69% | +59.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 5.51% | -3.70% |
Volatility
MARZ vs. GSG - Volatility Comparison
The current volatility for TrueShares Structured Outcome (March) ETF (MARZ) is 3.13%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.35%. This indicates that MARZ 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
| MARZ | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.13% | 7.35% | -4.22% |
Volatility (6M)Calculated over the trailing 6-month period | 8.10% | 21.50% | -13.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.17% | 23.48% | -13.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.37% | 22.80% | -10.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.20% | 22.00% | -9.80% |
MARZ vs. GSG - Expense Ratio Comparison
MARZ has a 0.79% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
MARZ vs. GSG - Dividend Comparison
MARZ's dividend yield for the trailing twelve months is around 3.07%, 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% |
MARZ TrueShares Structured Outcome (March) ETF | 3.07% | 3.30% | 4.55% | 7.33% | 0.78% | 2.43% |
Frequently Asked Questions
MARZ and GSG have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.35%) compared to MARZ (3.13%). In terms of maximum drawdown, MARZ dropped -18.89% vs GSG's -89.62%.
On 5-year performance, GSG leads with 13.83% vs 9.98% for MARZ. On fees, GSG is cheaper at 0.75% per year. On volatility, MARZ has been the lower-risk option at 3.13%. 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 13.83% return vs 9.98%. 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 MARZ.
MARZ has the higher dividend yield at 3.07%, compared with 0.00% for GSG.
MARZ is categorized as Defined Outcome, while GSG is Commodities. MARZ tracks S&P 500 Price Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: TrueShares and iShares. Their fees differ too: 0.79% for MARZ and 0.75% for GSG.
MARZ currently has the higher Sharpe Ratio (1.51 vs 1.48), 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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