USNZ vs. GSG
USNZ (Xtrackers Net Zero Pathway Paris Aligned US Equity ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - USNZ is a Large Cap Blend Equities fund tracking the Solactive ISS ESG United States Net Zero Pathway Enhanced Index - Benchmark TR Net, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 3 years, USNZ returned 19.04%/yr vs 14.41%/yr for GSG. At a 0.08 correlation, their price movements are largely independent. USNZ charges 0.10%/yr vs 0.75%/yr for GSG.
Performance
USNZ vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, USNZ achieves a 10.14% return, which is significantly lower than GSG's 32.35% return.
USNZ
- 1D
- -0.89%
- 1M
- 1.58%
- 6M
- 8.57%
- YTD
- 10.14%
- 1Y
- 21.71%
- 3Y*
- 19.04%
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- 3.60%
- 1M
- -0.20%
- 6M
- 28.24%
- YTD
- 32.35%
- 1Y
- 34.57%
- 3Y*
- 14.41%
- 5Y*
- 13.83%
- 10Y*
- 7.40%
USNZ vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 10.14% | 17.76% | 21.96% | 27.76% | 0.80% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.35% | 5.93% | 8.52% | -5.51% | -11.32% |
Correlation
The correlation between USNZ and GSG is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2022 | 0.08 |
The correlation between USNZ and GSG shifts across timeframes, from -0.18 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USNZ vs. GSG — Risk / Return Rank
USNZ
GSG
USNZ vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) 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.
| USNZ | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.27 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.97 | 1.85 | +0.12 |
| Martin ratioReturn relative to average drawdown | 8.24 | 6.29 | +1.94 |
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Drawdowns
USNZ vs. GSG - Drawdown Comparison
The maximum USNZ drawdown since its inception was -19.16%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for USNZ and GSG.
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Drawdown Indicators
| USNZ | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.16% | -89.62% | +70.46% |
Max Drawdown (1Y)Largest decline over 1 year | -11.07% | -18.81% | +7.74% |
Max Drawdown (3Y)Largest decline over 3 years | -19.16% | -18.81% | -0.35% |
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 | -1.38% | -60.04% | +58.66% |
Average DrawdownAverage peak-to-trough decline | -3.29% | -63.69% | +60.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.64% | 5.51% | -2.87% |
Volatility
USNZ vs. GSG - Volatility Comparison
The current volatility for Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) is 4.46%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.35%. This indicates that USNZ 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
| USNZ | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.46% | 7.35% | -2.89% |
Volatility (6M)Calculated over the trailing 6-month period | 11.21% | 21.50% | -10.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.74% | 23.48% | -9.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.63% | 22.80% | -6.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.63% | 22.00% | -5.37% |
USNZ vs. GSG - Expense Ratio Comparison
USNZ has a 0.10% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
USNZ vs. GSG - Dividend Comparison
USNZ's dividend yield for the trailing twelve months is around 0.95%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 0.95% | 1.02% | 1.14% | 1.19% | 0.80% |
Frequently Asked Questions
USNZ and GSG have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.35%) compared to USNZ (4.46%). In terms of maximum drawdown, USNZ dropped -19.16% vs GSG's -89.62%.
On 3-year performance, USNZ leads with 19.04% vs 14.41% for GSG. On fees, USNZ is cheaper at 0.10% per year. On volatility, USNZ has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USNZ has performed better with a 19.04% return vs 14.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USNZ is cheaper with a 0.10% expense ratio, compared with 0.75% for GSG.
USNZ has the higher dividend yield at 0.95%, compared with 0.00% for GSG.
USNZ is categorized as Large Cap Blend Equities, while GSG is Commodities. USNZ tracks Solactive ISS ESG United States Net Zero Pathway Enhanced Index - Benchmark TR Net, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.10% for USNZ and 0.75% for GSG.
USNZ currently has the higher Sharpe Ratio (1.59 vs 1.48), 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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