MMSC vs. GSG
MMSC (First Trust Multi-Manager Small Cap Opportunities ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - MMSC is a Small Cap Growth Equities fund actively managed by First Trust, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. MMSC is actively managed, while GSG is passively managed. Over the past 3 years, MMSC returned 20.89%/yr vs 12.51%/yr for GSG. Their 0.12 correlation means their historical movements had little consistent relationship. MMSC charges 0.95%/yr vs 0.75%/yr for GSG.
Performance
MMSC vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, MMSC achieves a 19.38% return, which is significantly lower than GSG's 32.52% return.
MMSC
- 1D
- -0.07%
- 1M
- -1.12%
- 6M
- 14.88%
- YTD
- 19.38%
- 1Y
- 35.89%
- 3Y*
- 20.89%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.21%
GSG
- 1D
- 0.36%
- 1M
- 5.78%
- 6M
- 21.95%
- YTD
- 32.52%
- 1Y
- 37.47%
- 3Y*
- 12.51%
- 5Y*
- 14.20%
- 10Y*
- 8.03%
- ALL TIME*
- -2.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $18.96M | $16.42M | $22.87M | |
| $102.31K | $129.37K | $128.38K |
MMSC vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MMSC First Trust Multi-Manager Small Cap Opportunities ETF | 19.38% | 15.45% | 22.19% | 18.76% | -30.98% | 1.25% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.52% | 5.93% | 8.52% | -5.51% | 24.08% | -2.84% |
Correlation
The correlation between MMSC and GSG is -0.14, 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. | -0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 14, 2021 | 0.12 |
The correlation between MMSC and GSG shifts across timeframes, from -0.14 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MMSC vs. GSG — Risk / Return Rank
MMSC
GSG
MMSC vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) 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.
| MMSC | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.27 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 2.00 | +0.55 |
| Martin ratioReturn relative to average drawdown | 8.81 | 6.32 | +2.49 |
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Drawdowns
MMSC vs. GSG - Drawdown Comparison
The maximum MMSC drawdown since its inception was -40.82%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for MMSC and GSG.
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Drawdown Indicators
| MMSC | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.82% | -89.62% | +48.80% |
Max Drawdown (1Y)Largest decline over 1 year | -14.10% | -18.81% | +4.71% |
Max Drawdown (3Y)Largest decline over 3 years | -29.76% | -18.81% | -10.95% |
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 | -3.29% | -59.99% | +56.70% |
Average DrawdownAverage peak-to-trough decline | -18.22% | -63.67% | +45.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.09% | 5.94% | -1.85% |
Volatility
MMSC vs. GSG - Volatility Comparison
The current volatility for First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) is 6.99%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.99%. This indicates that MMSC 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
| MMSC | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.99% | 8.99% | -2.00% |
Volatility (6M)Calculated over the trailing 6-month period | 19.05% | 21.89% | -2.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.22% | 24.44% | -0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.54% | 22.90% | +1.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.54% | 22.08% | +2.46% |
MMSC vs. GSG - Expense Ratio Comparison
MMSC has a 0.95% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
MMSC vs. GSG - Dividend Comparison
Neither MMSC nor GSG has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% |
MMSC First Trust Multi-Manager Small Cap Opportunities ETF | 0.00% | 0.00% | 0.41% |
Frequently Asked Questions
MMSC 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 (8.99%) compared to MMSC (6.99%). In terms of maximum drawdown, MMSC dropped -40.82% vs GSG's -89.62%.
On 3-year performance, MMSC leads with 20.89% vs 12.51% for GSG. On fees, GSG is cheaper at 0.75% per year. On volatility, MMSC has been the lower-risk option at 6.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MMSC has performed better with a 20.89% return vs 12.51%. 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 0.95% for MMSC.
MMSC and GSG have nearly identical dividend yields, around 0.00%.
MMSC is categorized as Small Cap Growth Equities, while GSG is Commodities. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.95% for MMSC and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.54 vs 1.49), 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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