PQJA vs. GSG

Last updated Jun 4, 2026

PQJA (PGIM Nasdaq-100 Buffer 12 ETF - January) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - PQJA is a Defined Outcome fund actively managed by PGIM, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. PQJA is actively managed, while GSG is passively managed. Over the past year, PQJA returned 22.65% vs 51.52% for GSG. At a correlation of -0.07, they often move in opposite directions. PQJA charges 0.50%/yr vs 0.75%/yr for GSG.

Performance

PQJA vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA) 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, PQJA achieves a 8.72% return, which is significantly lower than GSG's 42.58% return.

PQJA

• 1D: -0.09%
• 1M: 3.19%
• YTD: 8.72%
• 6M: 10.05%
• 1Y: 22.65%
• 3Y*: —
• 5Y*: —
• 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%

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

PQJA vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025
PQJA PGIM Nasdaq-100 Buffer 12 ETF - January	8.72%	16.94%
GSG iShares S&P GSCI Commodity-Indexed Trust	42.58%	4.87%

Correlation

The correlation between PQJA and GSG is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	-0.07

The correlation between PQJA and GSG shifts across timeframes, from -0.26 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PQJA vs. GSG — Risk / Return Rank

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

PQJA

PQJA Risk / Return Rank: 82
PQJA Sharpe Ratio Rank: 85
PQJA Sortino Ratio Rank: 87
PQJA Omega Ratio Rank: 88
PQJA Calmar Ratio Rank: 68
PQJA Martin Ratio Rank: 82

GSG

GSG Risk / Return Rank: 71
GSG Sharpe Ratio Rank: 67
GSG Sortino Ratio Rank: 60
GSG Omega Ratio Rank: 65
GSG Calmar Ratio Rank: 89
GSG Martin Ratio Rank: 75

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.

PQJA vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA) 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.

	PQJA	GSG	Difference
Sharpe ratio: Return per unit of total volatility	2.77	2.26	+0.51
Sortino ratio: Return per unit of downside risk	3.93	2.88	+1.05
Omega ratio: Gain probability vs. loss probability	1.55	1.40	+0.15
Calmar ratio: Return relative to maximum drawdown	3.36	5.47	-2.11
Martin ratio: Return relative to average drawdown	16.33	14.39	+1.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PQJA vs. GSG - Sharpe Ratio Comparison

The current PQJA Sharpe Ratio is 2.77, which is comparable to the GSG Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of PQJA 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.

Sharpe Ratios by Period

	PQJA	GSG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	2.26	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.39	-0.09	+1.48

Drawdowns

PQJA vs. GSG - Drawdown Comparison

The maximum PQJA drawdown since its inception was -14.72%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for PQJA and GSG.

Drawdown Indicators

	PQJA	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-14.72%	-89.62%	+74.90%
Max Drawdown (1Y) Largest decline over 1 year	-6.77%	-9.46%	+2.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.94%	—
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	-0.09%	-56.95%	+56.86%
Average Drawdown Average peak-to-trough decline	-1.65%	-63.71%	+62.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	3.59%	-2.20%

Volatility

PQJA vs. GSG - Volatility Comparison

The current volatility for PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA) is 1.20%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that PQJA 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

	PQJA	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	7.65%	-6.45%
Volatility (6M) Calculated over the trailing 6-month period	6.66%	20.42%	-13.76%
Volatility (1Y) Calculated over the trailing 1-year period	8.24%	22.95%	-14.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.42%	22.61%	-9.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.42%	22.03%	-8.61%

PQJA vs. GSG - Expense Ratio Comparison

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

Dividends

PQJA vs. GSG - Dividend Comparison

Neither PQJA nor GSG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PQJA and GSG in my portfolio?

PQJA and GSG have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PQJA or GSG?

GSG has higher volatility (7.65%) compared to PQJA (1.20%). In terms of maximum drawdown, PQJA dropped -14.72% vs GSG's -89.62%.

Which ETF is better, PQJA or GSG?

On 1-year performance, GSG leads with 51.52% vs 22.65% for PQJA. On fees, PQJA is cheaper at 0.50% per year. On volatility, PQJA has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PQJA or GSG?

Over the 1-year period, GSG has performed better with a 51.52% return vs 22.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PQJA or GSG?

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

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

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

What is the main difference between PQJA and GSG?

PQJA 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 PQJA and 0.75% for GSG.

Which has better risk-adjusted returns?

PQJA currently has the higher Sharpe Ratio (2.77 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.