OCTP vs. GSG

Last updated Aug 6, 2026

OCTP (PGIM S&P 500 Buffer 12 ETF - October) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - OCTP is a Defined Outcome fund actively managed by PGIM, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. OCTP is actively managed, while GSG is passively managed. Over the past year, OCTP returned 15.38% vs 37.47% for GSG. Their -0.01 correlation means they have often moved in opposite directions in the past. OCTP charges 0.50%/yr vs 0.75%/yr for GSG.

Performance

OCTP vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 12 ETF - October (OCTP) and iShares S&P GSCI Commodity-Indexed Trust (GSG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OCTP achieves a 8.43% return, which is significantly lower than GSG's 32.52% return.

OCTP

• 1D: 0.55%
• 1M: 1.48%
• 6M: 7.92%
• YTD: 8.43%
• 1Y: 15.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.13%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GSG iShares S&P GSCI Commodity-Indexed Trust	$18.96M	$16.42M	$22.87M
OCTP PGIM S&P 500 Buffer 12 ETF - October	$93.17K	$118.06K	$174.30K

OCTP vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OCTP PGIM S&P 500 Buffer 12 ETF - October	8.43%	13.14%	7.17%
GSG iShares S&P GSCI Commodity-Indexed Trust	32.52%	5.93%	-1.85%

Correlation

The correlation between OCTP and GSG is -0.15, 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.	-0.15
Correlation (All Time) Calculated using the full available price history since May 17, 2024	-0.01

The correlation between OCTP and GSG shifts across timeframes, from -0.15 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OCTP vs. GSG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OCTP

OCTP Risk / Return Rank: 72
OCTP Sharpe Ratio Rank: 59
OCTP Sortino Ratio Rank: 61
OCTP Omega Ratio Rank: 80
OCTP Calmar Ratio Rank: 74
OCTP Martin Ratio Rank: 86

GSG

GSG Risk / Return Rank: 51
GSG Sharpe Ratio Rank: 55
GSG Sortino Ratio Rank: 52
GSG Omega Ratio Rank: 53
GSG Calmar Ratio Rank: 49
GSG Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OCTP vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 12 ETF - October (OCTP) 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.

	OCTP	GSG	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.54	+0.08
Sortino ratio: Return per unit of downside risk	2.36	2.10	+0.26
Omega ratio: Gain probability vs. loss probability	1.38	1.27	+0.11
Calmar ratio: Return relative to maximum drawdown	2.96	2.00	+0.96
Martin ratio: Return relative to average drawdown	13.86	6.32	+7.54

OCTP vs. GSG - Sharpe Ratio Comparison

The current OCTP Sharpe Ratio is 1.62, which is comparable to the GSG Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of OCTP and GSG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OCTP vs. GSG - Drawdown Comparison

The maximum OCTP drawdown since its inception was -11.96%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for OCTP and GSG.

Drawdown Indicators

	OCTP	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-11.96%	-89.62%	+77.66%
Max Drawdown (1Y) Largest decline over 1 year	-5.22%	-18.81%	+13.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-57.64%	—
Current Drawdown Current decline from peak	0.00%	-59.99%	+59.99%
Average Drawdown Average peak-to-trough decline	-1.01%	-63.67%	+62.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	5.94%	-4.83%

Volatility

OCTP vs. GSG - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 12 ETF - October (OCTP) is 1.90%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.99%. This indicates that OCTP 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.

Volatility by Period

	OCTP	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.90%	8.99%	-7.09%
Volatility (6M) Calculated over the trailing 6-month period	8.44%	21.89%	-13.45%
Volatility (1Y) Calculated over the trailing 1-year period	9.55%	24.44%	-14.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.29%	22.90%	-12.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.29%	22.08%	-11.79%

OCTP vs. GSG - Expense Ratio Comparison

OCTP has a 0.50% expense ratio, which is lower than GSG's 0.75% expense ratio.

Dividends

OCTP vs. GSG - Dividend Comparison

Neither OCTP nor GSG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OCTP and GSG in my portfolio?

OCTP 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.

Which is riskier, OCTP or GSG?

GSG has higher volatility (8.99%) compared to OCTP (1.90%). In terms of maximum drawdown, OCTP dropped -11.96% vs GSG's -89.62%.

Which ETF is better, OCTP or GSG?

On 1-year performance, GSG leads with 37.47% vs 15.38% for OCTP. On fees, OCTP is cheaper at 0.50% per year. On volatility, OCTP has been the lower-risk option at 1.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OCTP or GSG?

Over the 1-year period, GSG has performed better with a 37.47% return vs 15.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OCTP or GSG?

OCTP is cheaper with a 0.50% expense ratio, compared with 0.75% for GSG.

Which ETF pays a higher dividend yield, OCTP or GSG?

OCTP and GSG have nearly identical dividend yields, around 0.00%.

What is the main difference between OCTP and GSG?

OCTP is categorized as Defined Outcome, while GSG is Commodities. They also come from different issuers: PGIM and iShares. Their fees differ too: 0.50% for OCTP and 0.75% for GSG.

Which has better risk-adjusted returns?

OCTP currently has the higher Sharpe Ratio (1.62 vs 1.54), 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.