QTPI vs. GSG
QTPI (North Square RCIM Tax-Advantaged Preferred and Income Securities ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - QTPI is a Preferred Stock/Convertible Bonds fund actively managed by North Square, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. QTPI is actively managed, while GSG is passively managed. Over the past year, QTPI returned 4.58% vs 37.41% for GSG. At a 0.02 correlation, their price movements are largely independent. QTPI charges 0.60%/yr vs 0.75%/yr for GSG.
Performance
QTPI vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, QTPI achieves a 1.42% return, which is significantly lower than GSG's 33.95% return.
QTPI
- 1D
- -0.23%
- 1M
- 0.26%
- 6M
- 0.98%
- YTD
- 1.42%
- 1Y
- 4.58%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- -0.93%
- 1M
- 4.15%
- 6M
- 29.74%
- YTD
- 33.95%
- 1Y
- 37.41%
- 3Y*
- 15.32%
- 5Y*
- 14.20%
- 10Y*
- 7.61%
QTPI vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
QTPI North Square RCIM Tax-Advantaged Preferred and Income Securities ETF | 1.42% | 7.37% | 0.19% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 33.95% | 5.93% | 2.74% |
Correlation
The correlation between QTPI and GSG is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024 | 0.02 |
The correlation between QTPI and GSG shifts across timeframes, from -0.09 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QTPI vs. GSG — Risk / Return Rank
QTPI
GSG
QTPI vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (QTPI) 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.
| QTPI | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.29 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 2.00 | +0.18 |
| Martin ratioReturn relative to average drawdown | 8.82 | 6.66 | +2.16 |
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Drawdowns
QTPI vs. GSG - Drawdown Comparison
The maximum QTPI drawdown since its inception was -4.08%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for QTPI and GSG.
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Drawdown Indicators
| QTPI | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.08% | -89.62% | +85.54% |
Max Drawdown (1Y)Largest decline over 1 year | -2.11% | -18.81% | +16.70% |
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 DrawdownCurrent decline from peak | -0.50% | -59.56% | +59.06% |
Average DrawdownAverage peak-to-trough decline | -0.39% | -63.68% | +63.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.52% | 5.63% | -5.11% |
Volatility
QTPI vs. GSG - Volatility Comparison
The current volatility for North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (QTPI) is 1.08%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that QTPI 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
| QTPI | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 7.17% | -6.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.26% | 21.54% | -18.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.11% | 23.48% | -19.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.92% | 22.80% | -17.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 22.00% | -17.08% |
QTPI vs. GSG - Expense Ratio Comparison
QTPI has a 0.60% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
QTPI vs. GSG - Dividend Comparison
QTPI's dividend yield for the trailing twelve months is around 4.41%, 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% |
QTPI North Square RCIM Tax-Advantaged Preferred and Income Securities ETF | 4.41% | 4.58% | 0.10% |
Frequently Asked Questions
QTPI and GSG have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.17%) compared to QTPI (1.08%). In terms of maximum drawdown, QTPI dropped -4.08% vs GSG's -89.62%.
On 1-year performance, GSG leads with 37.41% vs 4.58% for QTPI. On fees, QTPI is cheaper at 0.60% per year. On volatility, QTPI has been the lower-risk option at 1.08%. 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 37.41% return vs 4.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QTPI is cheaper with a 0.60% expense ratio, compared with 0.75% for GSG.
QTPI has the higher dividend yield at 4.41%, compared with 0.00% for GSG.
QTPI is categorized as Preferred Stock/Convertible Bonds, while GSG is Commodities. They also come from different issuers: North Square and iShares. Their fees differ too: 0.60% for QTPI and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.60 vs 1.13), 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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