MSSS vs. GSG
MSSS (Monarch Select Subsector ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - MSSS is a Mid Cap Blend Equities fund tracking the Monarch Select Subsector Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past year, MSSS returned 19.87% vs 51.52% for GSG. At a correlation of -0.06, they often move in opposite directions. MSSS charges 1.43%/yr vs 0.75%/yr for GSG.
Performance
MSSS vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, MSSS achieves a 12.62% return, which is significantly lower than GSG's 42.58% return.
MSSS
- 1D
- -0.73%
- 1M
- 4.26%
- YTD
- 12.62%
- 6M
- 11.81%
- 1Y
- 19.87%
- 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%
MSSS vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSSS Monarch Select Subsector ETF | 12.62% | 10.31% | 9.27% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 2.01% |
Correlation
The correlation between MSSS and GSG is -0.23, 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 | -0.23 |
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024 | -0.06 |
The correlation between MSSS and GSG shifts across timeframes, from -0.23 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MSSS vs. GSG — Risk / Return Rank
MSSS
GSG
MSSS vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Monarch Select Subsector ETF (MSSS) 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.
| MSSS | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.73 | ||
| Sortino ratioReturn per unit of downside risk | -0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.40 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.96 | 5.47 | -3.51 |
| Martin ratioReturn relative to average drawdown | 7.71 | 14.39 | -6.69 |
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
| MSSS | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.52 | 2.26 | -0.73 |
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 | 0.92 | -0.09 | +1.00 |
Drawdowns
MSSS vs. GSG - Drawdown Comparison
The maximum MSSS drawdown since its inception was -19.14%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for MSSS and GSG.
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Drawdown Indicators
| MSSS | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.14% | -89.62% | +70.48% |
Max Drawdown (1Y)Largest decline over 1 year | -10.18% | -9.46% | -0.72% |
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 | -1.31% | -56.95% | +55.64% |
Average DrawdownAverage peak-to-trough decline | -3.08% | -63.71% | +60.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.58% | 3.59% | -1.01% |
Volatility
MSSS vs. GSG - Volatility Comparison
The current volatility for Monarch Select Subsector ETF (MSSS) is 3.13%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that MSSS 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
| MSSS | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.13% | 7.65% | -4.52% |
Volatility (6M)Calculated over the trailing 6-month period | 9.81% | 20.42% | -10.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.11% | 22.95% | -9.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.04% | 22.61% | -6.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.04% | 22.03% | -5.99% |
MSSS vs. GSG - Expense Ratio Comparison
MSSS has a 1.43% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
MSSS vs. GSG - Dividend Comparison
MSSS's dividend yield for the trailing twelve months is around 0.34%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% |
MSSS Monarch Select Subsector ETF | 0.34% | 0.21% | 0.42% |
Frequently Asked Questions
MSSS and GSG have a correlation of -0.23, 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 MSSS (3.13%). In terms of maximum drawdown, MSSS dropped -19.14% vs GSG's -89.62%.
On 1-year performance, GSG leads with 51.52% vs 19.87% for MSSS. On fees, GSG is cheaper at 0.75% per year. On volatility, MSSS 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 1-year period, GSG has performed better with a 51.52% return vs 19.87%. 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 1.43% for MSSS.
MSSS has the higher dividend yield at 0.34%, compared with 0.00% for GSG.
MSSS is categorized as Mid Cap Blend Equities, while GSG is Commodities. MSSS tracks Monarch Select Subsector Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Monarch and iShares. Their fees differ too: 1.43% for MSSS and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (2.26 vs 1.52), 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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