UJUN vs. GSG
UJUN (Innovator U.S. Equity Ultra Buffer ETF - June) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - UJUN is a Large Cap Blend Equities fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect June Series Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, UJUN returned 6.41%/yr vs 15.39%/yr for GSG. At a 0.19 correlation, their price movements are largely independent. UJUN charges 0.79%/yr vs 0.75%/yr for GSG.
Performance
UJUN vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, UJUN achieves a 3.46% return, which is significantly lower than GSG's 40.46% return.
UJUN
- 1D
- 0.14%
- 1M
- 0.52%
- YTD
- 3.46%
- 6M
- 4.28%
- 1Y
- 10.70%
- 3Y*
- 11.33%
- 5Y*
- 6.41%
- 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%
UJUN vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
UJUN Innovator U.S. Equity Ultra Buffer ETF - June | 3.46% | 10.63% | 12.49% | 12.17% | -8.86% | 5.09% | 7.15% | 6.80% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 40.46% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 8.79% |
Correlation
The correlation between UJUN and GSG is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2019 | 0.19 |
The correlation between UJUN and GSG shifts across timeframes, from -0.17 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UJUN vs. GSG — Risk / Return Rank
UJUN
GSG
UJUN vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - June (UJUN) 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.
| UJUN | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.39 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 3.79 | 5.28 | -1.49 |
| Martin ratioReturn relative to average drawdown | 23.27 | 13.78 | +9.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UJUN | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.58 | 2.17 | +0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.77 | 0.68 | +0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | -0.09 | +0.86 |
Drawdowns
UJUN vs. GSG - Drawdown Comparison
The maximum UJUN drawdown since its inception was -13.73%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for UJUN and GSG.
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Drawdown Indicators
| UJUN | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.73% | -89.62% | +75.89% |
Max Drawdown (1Y)Largest decline over 1 year | -2.84% | -9.46% | +6.62% |
Max Drawdown (3Y)Largest decline over 3 years | -11.24% | -14.94% | +3.70% |
Max Drawdown (5Y)Largest decline over 5 years | -11.96% | -29.12% | +17.16% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -0.15% | -57.59% | +57.44% |
Average DrawdownAverage peak-to-trough decline | -2.06% | -63.71% | +61.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 3.62% | -3.16% |
Volatility
UJUN vs. GSG - Volatility Comparison
The current volatility for Innovator U.S. Equity Ultra Buffer ETF - June (UJUN) is 0.43%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.72%. This indicates that UJUN 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.
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Volatility by Period
| UJUN | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 7.72% | -7.29% |
Volatility (6M)Calculated over the trailing 6-month period | 3.25% | 20.48% | -17.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.20% | 23.01% | -18.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.32% | 22.61% | -14.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.77% | 22.03% | -13.26% |
UJUN vs. GSG - Expense Ratio Comparison
UJUN has a 0.79% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
UJUN vs. GSG - Dividend Comparison
Neither UJUN nor GSG has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UJUN Innovator U.S. Equity Ultra Buffer ETF - June | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.89% |
Frequently Asked Questions
UJUN and GSG have a correlation of -0.17, 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 UJUN (0.43%). In terms of maximum drawdown, UJUN dropped -13.73% vs GSG's -89.62%.
On 5-year performance, GSG leads with 15.39% vs 6.41% for UJUN. On fees, GSG is cheaper at 0.75% per year. On volatility, UJUN has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSG has performed better with a 15.39% return vs 6.41%. 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 0.79% for UJUN.
UJUN and GSG have nearly identical dividend yields, around 0.00%.
UJUN is categorized as Large Cap Blend Equities, while GSG is Commodities. UJUN tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect June Series Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for UJUN and 0.75% for GSG.
UJUN currently has the higher Sharpe Ratio (2.58 vs 2.17), 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.
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