PBNV vs. GSG

Last updated Jul 14, 2026

PBNV (PGIM S&P 500 Buffer 20 ETF - November) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - PBNV is a Defined Outcome fund actively managed by PGIM, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. PBNV is actively managed, while GSG is passively managed. Over the past year, PBNV returned 10.68% vs 34.57% for GSG. At a 0.02 correlation, their price movements are largely independent. PBNV charges 0.50%/yr vs 0.75%/yr for GSG.

Performance

PBNV vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 20 ETF - November (PBNV) 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, PBNV achieves a 5.78% return, which is significantly lower than GSG's 32.35% return.

PBNV

• 1D: -0.15%
• 1M: 1.00%
• 6M: 4.89%
• YTD: 5.78%
• 1Y: 10.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GSG

• 1D: 3.60%
• 1M: -0.20%
• 6M: 28.24%
• YTD: 32.35%
• 1Y: 34.57%
• 3Y*: 14.41%
• 5Y*: 13.83%
• 10Y*: 7.40%

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

PBNV vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBNV PGIM S&P 500 Buffer 20 ETF - November	5.78%	9.61%	7.28%
GSG iShares S&P GSCI Commodity-Indexed Trust	32.35%	5.93%	-2.99%

Correlation

The correlation between PBNV and GSG is -0.12, 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	-0.12
Correlation (All Time) Calculated using the full available price history since May 22, 2024	0.02

The correlation between PBNV and GSG shifts across timeframes, from -0.12 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PBNV vs. GSG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PBNV

PBNV Risk / Return Rank: 80
PBNV Sharpe Ratio Rank: 81
PBNV Sortino Ratio Rank: 84
PBNV Omega Ratio Rank: 87
PBNV Calmar Ratio Rank: 66
PBNV Martin Ratio Rank: 84

GSG

GSG Risk / Return Rank: 51
GSG Sharpe Ratio Rank: 55
GSG Sortino Ratio Rank: 53
GSG Omega Ratio Rank: 53
GSG Calmar Ratio Rank: 46
GSG Martin Ratio Rank: 47

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PBNV vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - November (PBNV) 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.

	PBNV	GSG	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.48	+0.58
Sortino ratio: Return per unit of downside risk	2.98	2.06	+0.92
Omega ratio: Gain probability vs. loss probability	1.42	1.27	+0.16
Calmar ratio: Return relative to maximum drawdown	2.64	1.85	+0.80
Martin ratio: Return relative to average drawdown	13.10	6.29	+6.81

PBNV vs. GSG - Sharpe Ratio Comparison

The current PBNV Sharpe Ratio is 2.06, which is higher than the GSG Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of PBNV 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

PBNV vs. GSG - Drawdown Comparison

The maximum PBNV drawdown since its inception was -8.37%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for PBNV and GSG.

Drawdown Indicators

	PBNV	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-8.37%	-89.62%	+81.25%
Max Drawdown (1Y) Largest decline over 1 year	-4.06%	-18.81%	+14.75%
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	-0.15%	-60.04%	+59.89%
Average Drawdown Average peak-to-trough decline	-0.67%	-63.69%	+63.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	5.51%	-4.69%

Volatility

PBNV vs. GSG - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 20 ETF - November (PBNV) is 1.52%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.35%. This indicates that PBNV 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

	PBNV	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	7.35%	-5.83%
Volatility (6M) Calculated over the trailing 6-month period	4.53%	21.50%	-16.97%
Volatility (1Y) Calculated over the trailing 1-year period	5.22%	23.48%	-18.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.90%	22.80%	-15.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.90%	22.00%	-15.10%

PBNV vs. GSG - Expense Ratio Comparison

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

Dividends

PBNV vs. GSG - Dividend Comparison

Neither PBNV nor GSG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PBNV and GSG in my portfolio?

PBNV and GSG have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBNV or GSG?

GSG has higher volatility (7.35%) compared to PBNV (1.52%). In terms of maximum drawdown, PBNV dropped -8.37% vs GSG's -89.62%.

Which ETF is better, PBNV or GSG?

On 1-year performance, GSG leads with 34.57% vs 10.68% for PBNV. On fees, PBNV is cheaper at 0.50% per year. On volatility, PBNV has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBNV or GSG?

Over the 1-year period, GSG has performed better with a 34.57% return vs 10.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBNV or GSG?

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

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

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

What is the main difference between PBNV and GSG?

PBNV 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 PBNV and 0.75% for GSG.

Which has better risk-adjusted returns?

PBNV currently has the higher Sharpe Ratio (2.06 vs 1.48), 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.