ORR vs. GSG

Last updated Aug 6, 2026

ORR (Militia Long/Short Equity ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - ORR is a Long-Short fund actively managed by Militia, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. ORR is actively managed, while GSG is passively managed. Over the past year, ORR returned 28.26% vs 37.47% for GSG. Their -0.06 correlation means they have often moved in opposite directions in the past. ORR charges 10.91%/yr vs 0.75%/yr for GSG.

Performance

ORR vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Militia Long/Short Equity ETF (ORR) 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, ORR achieves a 15.02% return, which is significantly lower than GSG's 32.52% return.

ORR

• 1D: 0.46%
• 1M: 4.55%
• 6M: 6.10%
• YTD: 15.02%
• 1Y: 28.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 30.86%

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
ORR Militia Long/Short Equity ETF	$2.80M	$2.79M	$3.69M

ORR vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025
ORR Militia Long/Short Equity ETF	15.02%	31.99%
GSG iShares S&P GSCI Commodity-Indexed Trust	32.52%	0.96%

Correlation

The correlation between ORR and GSG is -0.20, 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.	-0.20
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	-0.06

The correlation between ORR and GSG shifts across timeframes, from -0.20 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ORR vs. GSG — Risk / Return Rank

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

ORR

ORR Risk / Return Rank: 69
ORR Sharpe Ratio Rank: 77
ORR Sortino Ratio Rank: 76
ORR Omega Ratio Rank: 72
ORR Calmar Ratio Rank: 72
ORR Martin Ratio Rank: 49

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.

ORR vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Militia Long/Short Equity ETF (ORR) 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.

	ORR	GSG	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.54	+0.44
Sortino ratio: Return per unit of downside risk	2.75	2.10	+0.65
Omega ratio: Gain probability vs. loss probability	1.34	1.27	+0.07
Calmar ratio: Return relative to maximum drawdown	2.87	2.00	+0.87
Martin ratio: Return relative to average drawdown	6.34	6.32	+0.02

ORR vs. GSG - Sharpe Ratio Comparison

The current ORR Sharpe Ratio is 1.98, which is comparable to the GSG Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of ORR 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

ORR vs. GSG - Drawdown Comparison

The maximum ORR drawdown since its inception was -9.90%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for ORR and GSG.

Drawdown Indicators

	ORR	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-9.90%	-89.62%	+79.72%
Max Drawdown (1Y) Largest decline over 1 year	-9.90%	-18.81%	+8.91%
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	-2.58%	-63.67%	+61.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.47%	5.94%	-1.47%

Volatility

ORR vs. GSG - Volatility Comparison

The current volatility for Militia Long/Short Equity ETF (ORR) is 3.43%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.99%. This indicates that ORR 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

	ORR	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	8.99%	-5.56%
Volatility (6M) Calculated over the trailing 6-month period	11.50%	21.89%	-10.39%
Volatility (1Y) Calculated over the trailing 1-year period	14.35%	24.44%	-10.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.30%	22.90%	-7.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.30%	22.08%	-6.78%

ORR vs. GSG - Expense Ratio Comparison

ORR has a 10.91% expense ratio, which is higher than GSG's 0.75% expense ratio.

Dividends

ORR vs. GSG - Dividend Comparison

Neither ORR nor GSG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ORR and GSG in my portfolio?

ORR 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.

Which is riskier, ORR or GSG?

GSG has higher volatility (8.99%) compared to ORR (3.43%). In terms of maximum drawdown, ORR dropped -9.90% vs GSG's -89.62%.

Which ETF is better, ORR or GSG?

On 1-year performance, GSG leads with 37.47% vs 28.26% for ORR. On fees, GSG is cheaper at 0.75% per year. On volatility, ORR has been the lower-risk option at 3.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ORR or GSG?

Over the 1-year period, GSG has performed better with a 37.47% return vs 28.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ORR or GSG?

GSG is cheaper with a 0.75% expense ratio, compared with 10.91% for ORR.

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

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

What is the main difference between ORR and GSG?

ORR is categorized as Long-Short, while GSG is Commodities. They also come from different issuers: Militia and iShares. Their fees differ too: 10.91% for ORR and 0.75% for GSG.

Which has better risk-adjusted returns?

ORR currently has the higher Sharpe Ratio (1.98 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.