QMNV vs. GSG
QMNV (FT Vest Nasdaq-100 Moderate Buffer ETF - November) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - QMNV is a Defined Outcome fund actively managed by First Trust, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. QMNV is actively managed, while GSG is passively managed. Over the past year, QMNV returned 20.18% vs 51.52% for GSG. At a correlation of -0.04, they often move in opposite directions. QMNV charges 0.90%/yr vs 0.75%/yr for GSG.
Performance
QMNV vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, QMNV achieves a 7.25% return, which is significantly lower than GSG's 42.58% return.
QMNV
- 1D
- -0.06%
- 1M
- 2.45%
- YTD
- 7.25%
- 6M
- 7.34%
- 1Y
- 20.18%
- 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%
QMNV vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
QMNV FT Vest Nasdaq-100 Moderate Buffer ETF - November | 7.25% | 15.74% | 1.28% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 3.03% |
Correlation
The correlation between QMNV and GSG is -0.22, 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 | -0.22 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024 | -0.05 |
The correlation between QMNV and GSG shifts across timeframes, from -0.22 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QMNV vs. GSG — Risk / Return Rank
QMNV
GSG
QMNV vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Vest Nasdaq-100 Moderate Buffer ETF - November (QMNV) 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.
| QMNV | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.40 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 3.54 | 5.47 | -1.93 |
| Martin ratioReturn relative to average drawdown | 17.89 | 14.39 | +3.49 |
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
| QMNV | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.04 | 2.26 | +0.79 |
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 | 1.46 | -0.09 | +1.55 |
Drawdowns
QMNV vs. GSG - Drawdown Comparison
The maximum QMNV drawdown since its inception was -12.82%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for QMNV and GSG.
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Drawdown Indicators
| QMNV | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.82% | -89.62% | +76.80% |
Max Drawdown (1Y)Largest decline over 1 year | -5.73% | -9.46% | +3.73% |
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 DrawdownCurrent decline from peak | -0.08% | -56.95% | +56.87% |
Average DrawdownAverage peak-to-trough decline | -1.30% | -63.71% | +62.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 3.59% | -2.46% |
Volatility
QMNV vs. GSG - Volatility Comparison
The current volatility for FT Vest Nasdaq-100 Moderate Buffer ETF - November (QMNV) is 0.93%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that QMNV 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
| QMNV | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 7.65% | -6.72% |
Volatility (6M)Calculated over the trailing 6-month period | 5.81% | 20.42% | -14.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.67% | 22.95% | -16.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.09% | 22.61% | -11.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.09% | 22.03% | -10.94% |
QMNV vs. GSG - Expense Ratio Comparison
QMNV has a 0.90% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
QMNV vs. GSG - Dividend Comparison
Neither QMNV nor GSG has paid dividends to shareholders.
Frequently Asked Questions
QMNV and GSG have a correlation of -0.22, 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 QMNV (0.93%). In terms of maximum drawdown, QMNV dropped -12.82% vs GSG's -89.62%.
On 1-year performance, GSG leads with 51.52% vs 20.18% for QMNV. On fees, GSG is cheaper at 0.75% per year. On volatility, QMNV has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GSG has performed better with a 51.52% return vs 20.18%. 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 0.90% for QMNV.
QMNV and GSG have nearly identical dividend yields, around 0.00%.
QMNV is categorized as Defined Outcome, while GSG is Commodities. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.90% for QMNV and 0.75% for GSG.
QMNV currently has the higher Sharpe Ratio (3.04 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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