PAPR vs. GSG
PAPR (Innovator U.S. Equity Power Buffer ETF - April) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - PAPR is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect April Series Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, PAPR returned 8.37%/yr vs 15.74%/yr for GSG. At a 0.19 correlation, their price movements are largely independent. PAPR charges 0.79%/yr vs 0.75%/yr for GSG.
Performance
PAPR vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, PAPR achieves a 7.72% return, which is significantly lower than GSG's 42.58% return.
PAPR
- 1D
- -0.18%
- 1M
- 1.59%
- YTD
- 7.72%
- 6M
- 8.40%
- 1Y
- 14.95%
- 3Y*
- 11.66%
- 5Y*
- 8.37%
- 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%
PAPR vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PAPR Innovator U.S. Equity Power Buffer ETF - April | 7.72% | 6.58% | 12.28% | 16.45% | -4.29% | 7.51% | 4.62% | 6.47% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 0.19% |
Correlation
The correlation between PAPR 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 (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2019 | 0.19 |
The correlation between PAPR and GSG shifts across timeframes, from -0.23 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PAPR vs. GSG — Risk / Return Rank
PAPR
GSG
PAPR vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - April (PAPR) 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.
| PAPR | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.30 | ||
| Sortino ratioReturn per unit of downside risk | +5.48 | ||
| Omega ratioGain probability vs. loss probability | 2.12 | 1.40 | +0.72 |
| Calmar ratioReturn relative to maximum drawdown | 18.05 | 5.47 | +12.57 |
| Martin ratioReturn relative to average drawdown | 82.05 | 14.39 | +67.66 |
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
| PAPR | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.56 | 2.26 | +2.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.03 | 0.70 | +0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.83 | -0.09 | +0.92 |
Drawdowns
PAPR vs. GSG - Drawdown Comparison
The maximum PAPR drawdown since its inception was -15.31%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for PAPR and GSG.
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Drawdown Indicators
| PAPR | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -89.62% | +74.31% |
Max Drawdown (1Y)Largest decline over 1 year | -0.83% | -9.46% | +8.63% |
Max Drawdown (3Y)Largest decline over 3 years | -11.87% | -14.94% | +3.07% |
Max Drawdown (5Y)Largest decline over 5 years | -11.87% | -29.12% | +17.25% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -0.21% | -56.95% | +56.74% |
Average DrawdownAverage peak-to-trough decline | -1.57% | -63.71% | +62.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | 3.59% | -3.41% |
Volatility
PAPR vs. GSG - Volatility Comparison
The current volatility for Innovator U.S. Equity Power Buffer ETF - April (PAPR) is 0.86%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that PAPR 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
| PAPR | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 7.65% | -6.79% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 20.42% | -17.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.29% | 22.95% | -19.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.21% | 22.61% | -14.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.44% | 22.03% | -12.59% |
PAPR vs. GSG - Expense Ratio Comparison
PAPR has a 0.79% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
PAPR vs. GSG - Dividend Comparison
Neither PAPR nor GSG has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PAPR Innovator U.S. Equity Power Buffer ETF - April | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.07% |
Frequently Asked Questions
PAPR 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 PAPR (0.86%). In terms of maximum drawdown, PAPR dropped -15.31% vs GSG's -89.62%.
On 5-year performance, GSG leads with 15.74% vs 8.37% for PAPR. On fees, GSG is cheaper at 0.75% per year. On volatility, PAPR has been the lower-risk option at 0.86%. 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 15.74% return vs 8.37%. 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 0.79% for PAPR.
PAPR and GSG have nearly identical dividend yields, around 0.00%.
PAPR is categorized as Defined Outcome, while GSG is Commodities. PAPR tracks Cboe S&P 500 15% Buffer Protect April Series Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for PAPR and 0.75% for GSG.
PAPR currently has the higher Sharpe Ratio (4.56 vs 2.26), 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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