SOLZ vs. GSG

Last updated Jun 4, 2026

SOLZ (Solana ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - SOLZ is a Cryptocurrency fund actively managed by Volatility Shares, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. SOLZ is actively managed, while GSG is passively managed. Over the past year, SOLZ returned -59.43% vs 51.52% for GSG. At a 0.02 correlation, their price movements are largely independent. SOLZ charges 0.95%/yr vs 0.75%/yr for GSG.

Performance

SOLZ vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Solana ETF (SOLZ) 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, SOLZ achieves a -42.90% return, which is significantly lower than GSG's 42.58% return.

SOLZ

• 1D: -4.69%
• 1M: -15.18%
• YTD: -42.90%
• 6M: -50.08%
• 1Y: -59.43%
• 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%

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

SOLZ vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025
SOLZ Solana ETF	-42.90%	-12.47%
GSG iShares S&P GSCI Commodity-Indexed Trust	42.58%	2.95%

Correlation

The correlation between SOLZ and GSG is -0.06, 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	-0.06
Correlation (All Time) Calculated using the full available price history since Mar 21, 2025	0.02

Return for Risk

SOLZ vs. GSG — Risk / Return Rank

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

SOLZ

SOLZ Risk / Return Rank: 2
SOLZ Sharpe Ratio Rank: 3
SOLZ Sortino Ratio Rank: 2
SOLZ Omega Ratio Rank: 3
SOLZ Calmar Ratio Rank: 2
SOLZ Martin Ratio Rank: 3

GSG

GSG Risk / Return Rank: 71
GSG Sharpe Ratio Rank: 67
GSG Sortino Ratio Rank: 60
GSG Omega Ratio Rank: 65
GSG Calmar Ratio Rank: 89
GSG Martin Ratio Rank: 75

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.

SOLZ vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Solana ETF (SOLZ) 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.

	SOLZ	GSG	Difference
Sharpe ratio: Return per unit of total volatility	-0.81	2.26	-3.06
Sortino ratio: Return per unit of downside risk	-1.18	2.88	-4.06
Omega ratio: Gain probability vs. loss probability	0.87	1.40	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.82	5.47	-6.30
Martin ratio: Return relative to average drawdown	-1.29	14.39	-15.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOLZ vs. GSG - Sharpe Ratio Comparison

The current SOLZ Sharpe Ratio is -0.81, which is lower than the GSG Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of SOLZ 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.

Sharpe Ratios by Period

	SOLZ	GSG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.81	2.26	-3.06
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	-0.58	-0.09	-0.49

Drawdowns

SOLZ vs. GSG - Drawdown Comparison

The maximum SOLZ drawdown since its inception was -72.41%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for SOLZ and GSG.

Drawdown Indicators

	SOLZ	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-72.41%	-89.62%	+17.21%
Max Drawdown (1Y) Largest decline over 1 year	-72.41%	-9.46%	-62.95%
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 Drawdown Current decline from peak	-72.41%	-56.95%	-15.46%
Average Drawdown Average peak-to-trough decline	-34.11%	-63.71%	+29.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.03%	3.59%	+42.44%

Volatility

SOLZ vs. GSG - Volatility Comparison

Solana ETF (SOLZ) has a higher volatility of 16.15% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.65%. This indicates that SOLZ's price experiences larger fluctuations and is considered to be riskier than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOLZ	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.15%	7.65%	+8.50%
Volatility (6M) Calculated over the trailing 6-month period	50.76%	20.42%	+30.34%
Volatility (1Y) Calculated over the trailing 1-year period	74.02%	22.95%	+51.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.07%	22.61%	+53.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.07%	22.03%	+54.04%

SOLZ vs. GSG - Expense Ratio Comparison

SOLZ has a 0.95% expense ratio, which is higher than GSG's 0.75% expense ratio.

Dividends

SOLZ vs. GSG - Dividend Comparison

SOLZ's dividend yield for the trailing twelve months is around 3.92%, while GSG has not paid dividends to shareholders.

Position	TTM	2025
GSG iShares S&P GSCI Commodity-Indexed Trust	0.00%	0.00%
SOLZ Solana ETF	3.92%	1.75%

Frequently Asked Questions

Can I hold both SOLZ and GSG in my portfolio?

SOLZ and GSG have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOLZ or GSG?

SOLZ has higher volatility (16.15%) compared to GSG (7.65%). In terms of maximum drawdown, SOLZ dropped -72.41% vs GSG's -89.62%.

Which ETF is better, SOLZ or GSG?

On 1-year performance, GSG leads with 51.52% vs -59.43% for SOLZ. On fees, GSG is cheaper at 0.75% per year. On volatility, GSG has been the lower-risk option at 7.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOLZ or GSG?

Over the 1-year period, GSG has performed better with a 51.52% return vs -59.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOLZ or GSG?

GSG is cheaper with a 0.75% expense ratio, compared with 0.95% for SOLZ.

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

SOLZ has the higher dividend yield at 3.92%, compared with 0.00% for GSG.

What is the main difference between SOLZ and GSG?

SOLZ is categorized as Cryptocurrency, while GSG is Commodities. They also come from different issuers: Volatility Shares and iShares. Their fees differ too: 0.95% for SOLZ and 0.75% for GSG.

Which has better risk-adjusted returns?

GSG currently has the higher Sharpe Ratio (2.26 vs -0.81), 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.