SFEB vs. GSG

Last updated Jun 24, 2026

SFEB (FT Vest U.S. Small Cap Moderate Buffer ETF - February) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - SFEB is a Defined Outcome fund actively managed by First Trust, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. SFEB is actively managed, while GSG is passively managed. Over the past year, SFEB returned 23.07% vs 27.65% for GSG. At a correlation of -0.00, they often move in opposite directions. SFEB charges 0.90%/yr vs 0.75%/yr for GSG.

Performance

SFEB vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Small Cap Moderate Buffer ETF - February (SFEB) 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, SFEB achieves a 10.55% return, which is significantly lower than GSG's 25.54% return.

SFEB

• 1D: -0.52%
• 1M: 1.52%
• YTD: 10.55%
• 6M: 9.53%
• 1Y: 23.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GSG

• 1D: -1.03%
• 1M: -12.93%
• YTD: 25.54%
• 6M: 23.88%
• 1Y: 27.65%
• 3Y*: 14.02%
• 5Y*: 12.78%
• 10Y*: 6.58%

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

SFEB vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SFEB FT Vest U.S. Small Cap Moderate Buffer ETF - February	10.55%	9.24%	9.37%
GSG iShares S&P GSCI Commodity-Indexed Trust	25.54%	5.93%	3.13%

Correlation

The correlation between SFEB 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 (All Time) Calculated using the full available price history since Feb 20, 2024	-0.00

Over the past year, the inverse relationship between SFEB and GSG has strengthened: their correlation has moved from -0.00 to -0.21, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

SFEB vs. GSG — Risk / Return Rank

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

SFEB

SFEB Risk / Return Rank: 86
SFEB Sharpe Ratio Rank: 84
SFEB Sortino Ratio Rank: 87
SFEB Omega Ratio Rank: 82
SFEB Calmar Ratio Rank: 87
SFEB Martin Ratio Rank: 89

GSG

GSG Risk / Return Rank: 37
GSG Sharpe Ratio Rank: 35
GSG Sortino Ratio Rank: 34
GSG Omega Ratio Rank: 36
GSG Calmar Ratio Rank: 34
GSG Martin Ratio Rank: 44

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.

SFEB vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Small Cap Moderate Buffer ETF - February (SFEB) 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.

	SFEB	GSG	Difference
Sharpe ratio: Return per unit of total volatility	2.43	1.22	+1.21
Sortino ratio: Return per unit of downside risk	3.50	1.73	+1.76
Omega ratio: Gain probability vs. loss probability	1.44	1.23	+0.21
Calmar ratio: Return relative to maximum drawdown	4.44	1.66	+2.78
Martin ratio: Return relative to average drawdown	18.15	6.95	+11.20

SFEB vs. GSG - Sharpe Ratio Comparison

The current SFEB Sharpe Ratio is 2.43, which is higher than the GSG Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of SFEB 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

SFEB vs. GSG - Drawdown Comparison

The maximum SFEB drawdown since its inception was -16.67%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for SFEB and GSG.

Drawdown Indicators

	SFEB	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-16.67%	-89.62%	+72.95%
Max Drawdown (1Y) Largest decline over 1 year	-5.22%	-16.74%	+11.52%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.74%	—
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	-0.52%	-62.10%	+61.58%
Average Drawdown Average peak-to-trough decline	-2.46%	-63.69%	+61.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	4.01%	-2.74%

Volatility

SFEB vs. GSG - Volatility Comparison

The current volatility for FT Vest U.S. Small Cap Moderate Buffer ETF - February (SFEB) is 2.60%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 5.46%. This indicates that SFEB 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

	SFEB	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.60%	5.46%	-2.86%
Volatility (6M) Calculated over the trailing 6-month period	6.75%	20.82%	-14.07%
Volatility (1Y) Calculated over the trailing 1-year period	9.56%	23.17%	-13.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.02%	22.67%	-10.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.02%	22.01%	-9.99%

SFEB vs. GSG - Expense Ratio Comparison

SFEB has a 0.90% expense ratio, which is higher than GSG's 0.75% expense ratio.

Dividends

SFEB vs. GSG - Dividend Comparison

Neither SFEB nor GSG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SFEB and GSG in my portfolio?

SFEB 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.

Which is riskier, SFEB or GSG?

GSG has higher volatility (5.46%) compared to SFEB (2.60%). In terms of maximum drawdown, SFEB dropped -16.67% vs GSG's -89.62%.

Which ETF is better, SFEB or GSG?

On 1-year performance, GSG leads with 27.65% vs 23.07% for SFEB. On fees, GSG is cheaper at 0.75% per year. On volatility, SFEB has been the lower-risk option at 2.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SFEB or GSG?

Over the 1-year period, GSG has performed better with a 27.65% return vs 23.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SFEB or GSG?

GSG is cheaper with a 0.75% expense ratio, compared with 0.90% for SFEB.

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

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

What is the main difference between SFEB and GSG?

SFEB 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 SFEB and 0.75% for GSG.

Which has better risk-adjusted returns?

SFEB currently has the higher Sharpe Ratio (2.43 vs 1.22), 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.