MVRL vs. GSG
MVRL (ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - MVRL is a REIT fund tracking the MVIS US Mortgage REITs Index (150%), while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, MVRL returned -5.73%/yr vs 14.20%/yr for GSG. At a 0.15 correlation, their price movements are largely independent. MVRL charges 0.95%/yr vs 0.75%/yr for GSG.
Performance
MVRL vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, MVRL achieves a 4.46% return, which is significantly lower than GSG's 33.95% return.
MVRL
- 1D
- 1.44%
- 1M
- 5.60%
- 6M
- -4.15%
- YTD
- 4.46%
- 1Y
- 12.92%
- 3Y*
- 5.47%
- 5Y*
- -5.73%
- 10Y*
- —
GSG
- 1D
- -0.93%
- 1M
- 4.15%
- 6M
- 29.74%
- YTD
- 33.95%
- 1Y
- 37.41%
- 3Y*
- 15.32%
- 5Y*
- 14.20%
- 10Y*
- 7.61%
MVRL vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | 4.46% | 14.96% | -3.45% | 12.30% | -42.41% | 21.71% | 66.40% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 33.95% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | 23.05% |
Correlation
The correlation between MVRL and GSG is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.15 |
The correlation between MVRL and GSG shifts across timeframes, from -0.20 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MVRL vs. GSG — Risk / Return Rank
MVRL
GSG
MVRL vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) 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.
| MVRL | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.29 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | 2.00 | -1.38 |
| Martin ratioReturn relative to average drawdown | 1.53 | 6.66 | -5.13 |
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Drawdowns
MVRL vs. GSG - Drawdown Comparison
The maximum MVRL drawdown since its inception was -60.25%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for MVRL and GSG.
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Drawdown Indicators
| MVRL | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.25% | -89.62% | +29.37% |
Max Drawdown (1Y)Largest decline over 1 year | -20.93% | -18.81% | -2.12% |
Max Drawdown (3Y)Largest decline over 3 years | -32.20% | -18.81% | -13.39% |
Max Drawdown (5Y)Largest decline over 5 years | -59.63% | -29.12% | -30.51% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -33.80% | -59.56% | +25.76% |
Average DrawdownAverage peak-to-trough decline | -31.89% | -63.68% | +31.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.45% | 5.63% | +2.82% |
Volatility
MVRL vs. GSG - Volatility Comparison
ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) has a higher volatility of 8.33% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.17%. This indicates that MVRL's price experiences larger fluctuations and is considered to be riskier 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
| MVRL | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.33% | 7.17% | +1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 21.07% | 21.54% | -0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.01% | 23.48% | +4.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.52% | 22.80% | +13.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.51% | 22.00% | +15.51% |
MVRL vs. GSG - Expense Ratio Comparison
MVRL has a 0.95% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
MVRL vs. GSG - Dividend Comparison
MVRL's dividend yield for the trailing twelve months is around 19.54%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | 19.54% | 19.15% | 19.27% | 18.69% | 25.21% | 12.33% | 5.63% |
Frequently Asked Questions
MVRL and GSG have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MVRL has higher volatility (8.33%) compared to GSG (7.17%). In terms of maximum drawdown, MVRL dropped -60.25% vs GSG's -89.62%.
On 5-year performance, GSG leads with 14.20% vs -5.73% for MVRL. On fees, GSG is cheaper at 0.75% per year. On volatility, GSG has been the lower-risk option at 7.17%. 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 14.20% return vs -5.73%. 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 MVRL.
MVRL has the higher dividend yield at 19.54%, compared with 0.00% for GSG.
MVRL is categorized as REIT, while GSG is Commodities. MVRL tracks MVIS US Mortgage REITs Index (150%), while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.95% for MVRL and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.60 vs 0.46), 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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