PTH vs. GSG
PTH (Invesco DWA Healthcare Momentum ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - PTH is a Momentum fund tracking the Dorsey Wright Healthcare Technical Leaders Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, PTH returned 12.78%/yr vs 7.69%/yr for GSG. At a 0.18 correlation, their price movements are largely independent. PTH charges 0.60%/yr vs 0.75%/yr for GSG.
Performance
PTH vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, PTH achieves a -1.13% return, which is significantly lower than GSG's 42.58% return. Over the past 10 years, PTH has outperformed GSG with an annualized return of 12.78%, while GSG has yielded a comparatively lower 7.69% annualized return.
PTH
- 1D
- 1.64%
- 1M
- -4.72%
- YTD
- -1.13%
- 6M
- -4.72%
- 1Y
- 34.27%
- 3Y*
- 8.31%
- 5Y*
- -0.77%
- 10Y*
- 12.78%
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%
PTH vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PTH Invesco DWA Healthcare Momentum ETF | -1.13% | 27.91% | 2.36% | -4.54% | -20.61% | -3.20% | 67.26% | 34.45% | -1.23% | 50.15% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between PTH and GSG is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 13, 2006 | 0.18 |
The correlation between PTH and GSG shifts across timeframes, from -0.21 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PTH vs. GSG — Risk / Return Rank
PTH
GSG
PTH vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Healthcare Momentum ETF (PTH) 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.
| PTH | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.40 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.87 | 5.47 | -2.60 |
| Martin ratioReturn relative to average drawdown | 7.37 | 14.39 | -7.02 |
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
| PTH | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.48 | 2.26 | -0.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | 0.70 | -0.73 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.35 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | -0.09 | +0.48 |
Drawdowns
PTH vs. GSG - Drawdown Comparison
The maximum PTH drawdown since its inception was -53.52%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for PTH and GSG.
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Drawdown Indicators
| PTH | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.52% | -89.62% | +36.10% |
Max Drawdown (1Y)Largest decline over 1 year | -11.98% | -9.46% | -2.52% |
Max Drawdown (3Y)Largest decline over 3 years | -28.70% | -14.94% | -13.76% |
Max Drawdown (5Y)Largest decline over 5 years | -50.07% | -29.12% | -20.95% |
Max Drawdown (10Y)Largest decline over 10 years | -53.52% | -57.64% | +4.12% |
Current DrawdownCurrent decline from peak | -19.32% | -56.95% | +37.63% |
Average DrawdownAverage peak-to-trough decline | -17.00% | -63.71% | +46.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.66% | 3.59% | +1.07% |
Volatility
PTH vs. GSG - Volatility Comparison
Invesco DWA Healthcare Momentum ETF (PTH) has a higher volatility of 8.84% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.65%. This indicates that PTH's price experiences larger fluctuations and is considered to be riskier 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
| PTH | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.84% | 7.65% | +1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 17.83% | 20.42% | -2.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.31% | 22.95% | +0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.49% | 22.61% | +2.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.24% | 22.03% | +5.21% |
PTH vs. GSG - Expense Ratio Comparison
PTH has a 0.60% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
PTH vs. GSG - Dividend Comparison
PTH's dividend yield for the trailing twelve months is around 3.11%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% |
PTH Invesco DWA Healthcare Momentum ETF | 3.11% | 3.07% | 0.06% |
Frequently Asked Questions
PTH and GSG have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PTH has higher volatility (8.84%) compared to GSG (7.65%). In terms of maximum drawdown, PTH dropped -53.52% vs GSG's -89.62%.
On 10-year performance, PTH leads with 12.78% vs 7.69% for GSG. On fees, PTH is cheaper at 0.60% per year. On volatility, GSG has been the lower-risk option at 7.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PTH has performed better with a 12.78% return vs 7.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PTH is cheaper with a 0.60% expense ratio, compared with 0.75% for GSG.
PTH has the higher dividend yield at 3.11%, compared with 0.00% for GSG.
PTH is categorized as Momentum, while GSG is Commodities. PTH tracks Dorsey Wright Healthcare Technical Leaders Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.60% for PTH and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (2.26 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.
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