MVPA vs. GSG
MVPA (Miller Value Partners Appreciation ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - MVPA is a Global Equities fund actively managed by Miller, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. MVPA is actively managed, while GSG is passively managed. Over the past year, MVPA returned -2.84% vs 51.52% for GSG. At a 0.05 correlation, their price movements are largely independent. MVPA charges 0.60%/yr vs 0.75%/yr for GSG.
Performance
MVPA vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, MVPA achieves a -2.87% return, which is significantly lower than GSG's 42.58% return.
MVPA
- 1D
- -1.85%
- 1M
- -4.89%
- YTD
- -2.87%
- 6M
- -4.30%
- 1Y
- -2.84%
- 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%
MVPA vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MVPA Miller Value Partners Appreciation ETF | -2.87% | -2.92% | 40.69% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 3.96% |
Correlation
The correlation between MVPA and GSG is -0.15, 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 | -0.15 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024 | 0.05 |
The correlation between MVPA and GSG shifts across timeframes, from -0.15 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MVPA vs. GSG — Risk / Return Rank
MVPA
GSG
MVPA vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Miller Value Partners Appreciation ETF (MVPA) 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.
| MVPA | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.41 | ||
| Sortino ratioReturn per unit of downside risk | -2.96 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.40 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.19 | 5.47 | -5.66 |
| Martin ratioReturn relative to average drawdown | -0.41 | 14.39 | -14.80 |
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
| MVPA | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.15 | 2.26 | -2.41 |
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 | 0.56 | -0.09 | +0.65 |
Drawdowns
MVPA vs. GSG - Drawdown Comparison
The maximum MVPA drawdown since its inception was -25.91%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for MVPA and GSG.
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Drawdown Indicators
| MVPA | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.91% | -89.62% | +63.71% |
Max Drawdown (1Y)Largest decline over 1 year | -15.15% | -9.46% | -5.69% |
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 | -12.59% | -56.95% | +44.36% |
Average DrawdownAverage peak-to-trough decline | -7.29% | -63.71% | +56.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.95% | 3.59% | +3.36% |
Volatility
MVPA vs. GSG - Volatility Comparison
The current volatility for Miller Value Partners Appreciation ETF (MVPA) is 4.54%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that MVPA 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
| MVPA | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.54% | 7.65% | -3.11% |
Volatility (6M)Calculated over the trailing 6-month period | 13.83% | 20.42% | -6.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.66% | 22.95% | -4.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.06% | 22.61% | +0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.06% | 22.03% | +1.03% |
MVPA vs. GSG - Expense Ratio Comparison
MVPA has a 0.60% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
MVPA vs. GSG - Dividend Comparison
MVPA's dividend yield for the trailing twelve months is around 0.58%, 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% |
MVPA Miller Value Partners Appreciation ETF | 0.58% | 0.56% | 0.94% |
Frequently Asked Questions
MVPA and GSG have a correlation of -0.15, 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 MVPA (4.54%). In terms of maximum drawdown, MVPA dropped -25.91% vs GSG's -89.62%.
On 1-year performance, GSG leads with 51.52% vs -2.84% for MVPA. On fees, MVPA is cheaper at 0.60% per year. On volatility, MVPA has been the lower-risk option at 4.54%. 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 -2.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MVPA is cheaper with a 0.60% expense ratio, compared with 0.75% for GSG.
MVPA has the higher dividend yield at 0.58%, compared with 0.00% for GSG.
MVPA is categorized as Global Equities, while GSG is Commodities. They also come from different issuers: Miller and iShares. Their fees differ too: 0.60% for MVPA and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (2.26 vs -0.15), 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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