SMLL vs. GSG
SMLL (Harbor Active Small Cap ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - SMLL is a Small Cap Blend Equities fund actively managed by Harbor, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. SMLL is actively managed, while GSG is passively managed. Over the past year, SMLL returned -0.04% vs 49.68% for GSG. At a correlation of -0.00, they often move in opposite directions. SMLL charges 0.80%/yr vs 0.75%/yr for GSG.
Performance
SMLL vs. GSG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SMLL achieves a 3.16% return, which is significantly lower than GSG's 40.46% return.
SMLL
- 1D
- 1.29%
- 1M
- 0.19%
- YTD
- 3.16%
- 6M
- 2.75%
- 1Y
- -0.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- -1.49%
- 1M
- -5.32%
- YTD
- 40.46%
- 6M
- 38.18%
- 1Y
- 49.68%
- 3Y*
- 18.78%
- 5Y*
- 15.39%
- 10Y*
- 7.42%
SMLL vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMLL Harbor Active Small Cap ETF | 3.16% | -6.31% | 10.75% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 40.46% | 5.93% | 2.16% |
Correlation
The correlation between SMLL and GSG is -0.16, 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 | -0.16 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2024 | -0.00 |
The correlation between SMLL and GSG shifts across timeframes, from -0.16 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SMLL vs. GSG — Risk / Return Rank
SMLL
GSG
SMLL vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harbor Active Small Cap ETF (SMLL) 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.
| SMLL | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.17 | ||
| Sortino ratioReturn per unit of downside risk | -2.66 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.39 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.00 | 5.28 | -5.28 |
| Martin ratioReturn relative to average drawdown | -0.01 | 13.78 | -13.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SMLL | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.00 | 2.17 | -2.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | -0.09 | +0.28 |
Drawdowns
SMLL vs. GSG - Drawdown Comparison
The maximum SMLL drawdown since its inception was -23.56%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for SMLL and GSG.
Loading charts...
Drawdown Indicators
| SMLL | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.56% | -89.62% | +66.06% |
Max Drawdown (1Y)Largest decline over 1 year | -15.53% | -9.46% | -6.07% |
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 | -10.33% | -57.59% | +47.26% |
Average DrawdownAverage peak-to-trough decline | -8.71% | -63.71% | +55.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.61% | 3.62% | +3.99% |
Volatility
SMLL vs. GSG - Volatility Comparison
The current volatility for Harbor Active Small Cap ETF (SMLL) is 4.31%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.72%. This indicates that SMLL 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.
Loading charts...
Volatility by Period
| SMLL | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.31% | 7.72% | -3.41% |
Volatility (6M)Calculated over the trailing 6-month period | 11.87% | 20.48% | -8.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.42% | 23.01% | -5.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.39% | 22.61% | -2.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.39% | 22.03% | -1.64% |
SMLL vs. GSG - Expense Ratio Comparison
SMLL has a 0.80% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
SMLL vs. GSG - Dividend Comparison
SMLL's dividend yield for the trailing twelve months is around 2.30%, 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% |
SMLL Harbor Active Small Cap ETF | 2.30% | 2.37% | 0.52% |
Frequently Asked Questions
SMLL and GSG have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.72%) compared to SMLL (4.31%). In terms of maximum drawdown, SMLL dropped -23.56% vs GSG's -89.62%.
On 1-year performance, GSG leads with 49.68% vs -0.04% for SMLL. On fees, GSG is cheaper at 0.75% per year. On volatility, SMLL has been the lower-risk option at 4.31%. 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 49.68% return vs -0.04%. 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 0.80% for SMLL.
SMLL has the higher dividend yield at 2.30%, compared with 0.00% for GSG.
SMLL is categorized as Small Cap Blend Equities, while GSG is Commodities. They also come from different issuers: Harbor and iShares. Their fees differ too: 0.80% for SMLL and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (2.17 vs -0.00), 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.
Find the right allocation for SMLL and GSG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer