TUR vs. GSIB

Last updated Jun 13, 2026

TUR (iShares MSCI Turkey ETF) and GSIB (Themes Global Systemically Important Banks ETF) are both exchange-traded funds - TUR is a Emerging Markets Equities fund tracking the MSCI Turkey Investable Market Index, while GSIB is a Financials Equities fund actively managed by Themes. TUR is passively managed, while GSIB is actively managed. Over the past year, TUR returned 28.22% vs 45.35% for GSIB. At a 0.27 correlation, their price movements are largely independent. TUR charges 0.59%/yr vs 0.35%/yr for GSIB.

Performance

TUR vs. GSIB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Turkey ETF (TUR) and Themes Global Systemically Important Banks ETF (GSIB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TUR having a 14.64% return and GSIB slightly lower at 13.98%.

TUR

• 1D: 0.82%
• 1M: -6.87%
• YTD: 14.64%
• 6M: 14.49%
• 1Y: 28.22%
• 3Y*: 12.86%
• 5Y*: 13.69%
• 10Y*: 2.98%

GSIB

• 1D: 1.92%
• 1M: 6.83%
• YTD: 13.98%
• 6M: 16.88%
• 1Y: 45.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TUR vs. GSIB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TUR iShares MSCI Turkey ETF	14.64%	-1.54%	12.91%	-5.23%
GSIB Themes Global Systemically Important Banks ETF	13.98%	61.67%	32.86%	1.75%

Correlation

The correlation between TUR and GSIB is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.27

TUR vs. GSIB - Sectors Allocation Comparison

Sectors	TUR	GSIB
Industrials	32.0%	-
Financial Services	22.0%	100.0%
Consumer Defensive	11.4%	-
Basic Materials	9.8%	-
Consumer Cyclical	6.3%	-
Energy	5.9%	-
Real Estate	4.1%	-
Utilities	3.5%	-
Communication Services	3.2%	-
Healthcare	1.8%	-
Technology	0.8%	-

Return for Risk

TUR vs. GSIB — Risk / Return Rank

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

TUR

TUR Risk / Return Rank: 37
TUR Sharpe Ratio Rank: 35
TUR Sortino Ratio Rank: 36
TUR Omega Ratio Rank: 37
TUR Calmar Ratio Rank: 40
TUR Martin Ratio Rank: 37

GSIB

GSIB Risk / Return Rank: 81
GSIB Sharpe Ratio Rank: 89
GSIB Sortino Ratio Rank: 89
GSIB Omega Ratio Rank: 83
GSIB Calmar Ratio Rank: 74
GSIB Martin Ratio Rank: 71

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.

TUR vs. GSIB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Turkey ETF (TUR) and Themes Global Systemically Important Banks ETF (GSIB). 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.

	TUR	GSIB	Difference
Sharpe ratio: Return per unit of total volatility	1.12	2.59	-1.47
Sortino ratio: Return per unit of downside risk	1.68	3.58	-1.89
Omega ratio: Gain probability vs. loss probability	1.22	1.43	-0.21
Calmar ratio: Return relative to maximum drawdown	1.76	3.28	-1.51
Martin ratio: Return relative to average drawdown	5.03	11.54	-6.51

TUR vs. GSIB - Sharpe Ratio Comparison

The current TUR Sharpe Ratio is 1.12, which is lower than the GSIB Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of TUR and GSIB, 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

TUR vs. GSIB - Drawdown Comparison

The maximum TUR drawdown since its inception was -72.34%, which is greater than GSIB's maximum drawdown of -17.71%. Use the drawdown chart below to compare losses from any high point for TUR and GSIB.

Drawdown Indicators

	TUR	GSIB	Difference
Max Drawdown Largest peak-to-trough decline	-72.34%	-17.71%	-54.63%
Max Drawdown (1Y) Largest decline over 1 year	-16.07%	-13.90%	-2.17%
Max Drawdown (3Y) Largest decline over 3 years	-31.63%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.63%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-59.25%	—	—
Current Drawdown Current decline from peak	-27.85%	0.00%	-27.85%
Average Drawdown Average peak-to-trough decline	-39.88%	-2.05%	-37.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.64%	3.94%	+1.70%

Volatility

TUR vs. GSIB - Volatility Comparison

iShares MSCI Turkey ETF (TUR) has a higher volatility of 14.05% compared to Themes Global Systemically Important Banks ETF (GSIB) at 5.59%. This indicates that TUR's price experiences larger fluctuations and is considered to be riskier than GSIB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TUR	GSIB	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.05%	5.59%	+8.46%
Volatility (6M) Calculated over the trailing 6-month period	20.08%	14.41%	+5.67%
Volatility (1Y) Calculated over the trailing 1-year period	25.42%	17.63%	+7.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.15%	18.51%	+15.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.38%	18.51%	+15.87%

TUR vs. GSIB - Expense Ratio Comparison

TUR has a 0.59% expense ratio, which is higher than GSIB's 0.35% expense ratio.

Dividends

TUR vs. GSIB - Dividend Comparison

TUR's dividend yield for the trailing twelve months is around 2.09%, more than GSIB's 1.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSIB Themes Global Systemically Important Banks ETF	1.67%	1.91%	1.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TUR iShares MSCI Turkey ETF	2.09%	2.40%	1.79%	4.43%	1.97%	4.22%	0.87%	3.29%	4.05%	2.64%	2.89%	3.04%

Frequently Asked Questions

Can I hold both TUR and GSIB in my portfolio?

TUR and GSIB have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TUR or GSIB?

TUR has higher volatility (14.05%) compared to GSIB (5.59%). In terms of maximum drawdown, TUR dropped -72.34% vs GSIB's -17.71%.

Which ETF is better, TUR or GSIB?

On 1-year performance, GSIB leads with 45.35% vs 28.22% for TUR. On fees, GSIB is cheaper at 0.35% per year. On volatility, GSIB has been the lower-risk option at 5.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TUR or GSIB?

Over the 1-year period, GSIB has performed better with a 45.35% return vs 28.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TUR or GSIB?

GSIB is cheaper with a 0.35% expense ratio, compared with 0.59% for TUR.

Which ETF pays a higher dividend yield, TUR or GSIB?

TUR has the higher dividend yield at 2.09%, compared with 1.67% for GSIB.

What is the main difference between TUR and GSIB?

TUR is categorized as Emerging Markets Equities, while GSIB is Financials Equities. They also come from different issuers: iShares and Themes. Their fees differ too: 0.59% for TUR and 0.35% for GSIB.

Which has better risk-adjusted returns?

GSIB currently has the higher Sharpe Ratio (2.59 vs 1.12), 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.