RPHS vs. GSG

Last updated Jul 17, 2026

RPHS (Regents Park Hedged Market Strategy ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - RPHS is a Diversified Portfolio fund actively managed by Regents Park, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. RPHS is actively managed, while GSG is passively managed. Over the past 3 years, RPHS returned 13.17%/yr vs 15.32%/yr for GSG. At a 0.07 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

RPHS vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Regents Park Hedged Market Strategy ETF (RPHS) 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, RPHS achieves a 5.19% return, which is significantly lower than GSG's 33.95% return.

RPHS

• 1D: 0.00%
• 1M: -0.63%
• 6M: 4.43%
• YTD: 5.19%
• 1Y: 13.51%
• 3Y*: 13.17%
• 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%

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

RPHS vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
RPHS Regents Park Hedged Market Strategy ETF	5.19%	11.74%	17.84%	11.36%	-15.25%
GSG iShares S&P GSCI Commodity-Indexed Trust	33.95%	5.93%	8.52%	-5.51%	-9.35%

Correlation

The correlation between RPHS and GSG is -0.14, 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	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022	0.07

The correlation between RPHS and GSG shifts across timeframes, from -0.14 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RPHS vs. GSG — Risk / Return Rank

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

RPHS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

GSG

GSG Risk / Return Rank: 54
GSG Sharpe Ratio Rank: 60
GSG Sortino Ratio Rank: 56
GSG Omega Ratio Rank: 57
GSG Calmar Ratio Rank: 48
GSG Martin Ratio Rank: 49

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.

RPHS vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Regents Park Hedged Market Strategy ETF (RPHS) 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.

	RPHS	GSG	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.60	-0.36
Sortino ratio: Return per unit of downside risk	1.78	2.20	-0.41
Omega ratio: Gain probability vs. loss probability	1.23	1.29	-0.06
Calmar ratio: Return relative to maximum drawdown	1.68	2.00	-0.31
Martin ratio: Return relative to average drawdown	6.35	6.66	-0.31

RPHS vs. GSG - Sharpe Ratio Comparison

The current RPHS Sharpe Ratio is 1.25, which is comparable to the GSG Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of RPHS 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

RPHS vs. GSG - Drawdown Comparison

The maximum RPHS drawdown since its inception was -16.51%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for RPHS and GSG.

Drawdown Indicators

	RPHS	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-16.51%	-89.62%	+73.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.81%	-18.81%	+11.00%
Max Drawdown (3Y) Largest decline over 3 years	-10.84%	-18.81%	+7.97%
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	-1.94%	-59.56%	+57.62%
Average Drawdown Average peak-to-trough decline	-6.21%	-63.68%	+57.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	5.63%	-3.56%

Volatility

RPHS vs. GSG - Volatility Comparison

The current volatility for Regents Park Hedged Market Strategy ETF (RPHS) is 2.90%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that RPHS 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

	RPHS	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	7.17%	-4.27%
Volatility (6M) Calculated over the trailing 6-month period	7.69%	21.54%	-13.85%
Volatility (1Y) Calculated over the trailing 1-year period	10.57%	23.48%	-12.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.39%	22.80%	-11.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.39%	22.00%	-10.61%

RPHS vs. GSG - Expense Ratio Comparison

Both RPHS and GSG have an expense ratio of 0.75%.

Dividends

RPHS vs. GSG - Dividend Comparison

Neither RPHS nor GSG has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
GSG iShares S&P GSCI Commodity-Indexed Trust	0.00%	0.00%	0.00%	0.00%	0.00%
RPHS Regents Park Hedged Market Strategy ETF	34.69%	11.13%	3.68%	5.23%	1.29%

Frequently Asked Questions

Can I hold both RPHS and GSG in my portfolio?

RPHS and GSG have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RPHS or GSG?

GSG has higher volatility (7.17%) compared to RPHS (2.90%). In terms of maximum drawdown, RPHS dropped -16.51% vs GSG's -89.62%.

Which ETF is better, RPHS or GSG?

On 3-year performance, GSG leads with 15.32% vs 13.17% for RPHS. Both ETFs have the same 0.75% expense ratio. On volatility, RPHS has been the lower-risk option at 2.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RPHS or GSG?

Over the 3-year period, GSG has performed better with a 15.32% return vs 13.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RPHS or GSG?

RPHS and GSG have the same expense ratio: 0.75% per year.

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

RPHS has the higher dividend yield at 34.69%, compared with 0.00% for GSG.

What is the main difference between RPHS and GSG?

RPHS is categorized as Diversified Portfolio, while GSG is Commodities. They also come from different issuers: Regents Park and iShares.

Which has better risk-adjusted returns?

GSG currently has the higher Sharpe Ratio (1.60 vs 1.25), 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.