MPRO vs. GSG
MPRO (Monarch ProCap ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - MPRO is a Diversified Portfolio fund tracking the Monarch ProCap Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, MPRO returned 5.46%/yr vs 15.74%/yr for GSG. At a 0.10 correlation, their price movements are largely independent. MPRO charges 1.17%/yr vs 0.75%/yr for GSG.
Performance
MPRO vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, MPRO achieves a 5.93% return, which is significantly lower than GSG's 42.58% return.
MPRO
- 1D
- -0.28%
- 1M
- 0.89%
- YTD
- 5.93%
- 6M
- 5.81%
- 1Y
- 12.85%
- 3Y*
- 9.93%
- 5Y*
- 5.46%
- 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%
MPRO vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MPRO Monarch ProCap ETF | 5.93% | 9.33% | 8.37% | 10.55% | -9.38% | 11.79% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | -5.51% | 24.08% | 21.69% |
Correlation
The correlation between MPRO and GSG is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Mar 25, 2021 | 0.10 |
The correlation between MPRO and GSG shifts across timeframes, from -0.27 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MPRO vs. GSG — Risk / Return Rank
MPRO
GSG
MPRO vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Monarch ProCap ETF (MPRO) 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.
| MPRO | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.40 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 5.47 | -3.20 |
| Martin ratioReturn relative to average drawdown | 8.99 | 14.39 | -5.41 |
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
| MPRO | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | 2.26 | -0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 0.70 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | -0.09 | +0.82 |
Drawdowns
MPRO vs. GSG - Drawdown Comparison
The maximum MPRO drawdown since its inception was -14.51%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for MPRO and GSG.
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Drawdown Indicators
| MPRO | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.51% | -89.62% | +75.11% |
Max Drawdown (1Y)Largest decline over 1 year | -5.67% | -9.46% | +3.79% |
Max Drawdown (3Y)Largest decline over 3 years | -9.64% | -14.94% | +5.30% |
Max Drawdown (5Y)Largest decline over 5 years | -14.51% | -29.12% | +14.61% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -0.87% | -56.95% | +56.08% |
Average DrawdownAverage peak-to-trough decline | -3.46% | -63.71% | +60.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.43% | 3.59% | -2.16% |
Volatility
MPRO vs. GSG - Volatility Comparison
The current volatility for Monarch ProCap ETF (MPRO) is 1.74%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that MPRO 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
| MPRO | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.74% | 7.65% | -5.91% |
Volatility (6M)Calculated over the trailing 6-month period | 5.02% | 20.42% | -15.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.64% | 22.95% | -16.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.25% | 22.61% | -13.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.22% | 22.03% | -12.81% |
MPRO vs. GSG - Expense Ratio Comparison
MPRO has a 1.17% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
MPRO vs. GSG - Dividend Comparison
MPRO's dividend yield for the trailing twelve months is around 1.88%, 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% |
MPRO Monarch ProCap ETF | 1.88% | 1.93% | 1.64% | 1.40% | 1.09% | 0.95% |
Frequently Asked Questions
MPRO and GSG have a correlation of -0.27, 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 MPRO (1.74%). In terms of maximum drawdown, MPRO dropped -14.51% vs GSG's -89.62%.
On 5-year performance, GSG leads with 15.74% vs 5.46% for MPRO. On fees, GSG is cheaper at 0.75% per year. On volatility, MPRO has been the lower-risk option at 1.74%. 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 5.46%. 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 1.17% for MPRO.
MPRO has the higher dividend yield at 1.88%, compared with 0.00% for GSG.
MPRO is categorized as Diversified Portfolio, while GSG is Commodities. MPRO tracks Monarch ProCap Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Monarch and iShares. Their fees differ too: 1.17% for MPRO and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (2.26 vs 1.95), 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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