XJAN vs. GSG

Last updated Jun 24, 2026

XJAN (FT Vest U.S. Equity Enhance & Moderate Buffer ETF - January) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - XJAN is a Options Trading fund actively managed by FT Vest, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. XJAN is actively managed, while GSG is passively managed. Over the past year, XJAN returned 10.72% vs 27.65% for GSG. At a correlation of -0.01, they often move in opposite directions. XJAN charges 0.85%/yr vs 0.75%/yr for GSG.

Performance

XJAN vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Enhance & Moderate Buffer ETF - January (XJAN) 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, XJAN achieves a 3.66% return, which is significantly lower than GSG's 25.54% return.

XJAN

• 1D: -0.37%
• 1M: 0.01%
• YTD: 3.66%
• 6M: 3.81%
• 1Y: 10.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GSG

• 1D: -1.03%
• 1M: -12.93%
• YTD: 25.54%
• 6M: 23.88%
• 1Y: 27.65%
• 3Y*: 14.02%
• 5Y*: 12.78%
• 10Y*: 6.58%

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

XJAN vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XJAN FT Vest U.S. Equity Enhance & Moderate Buffer ETF - January	3.66%	9.14%	9.08%
GSG iShares S&P GSCI Commodity-Indexed Trust	25.54%	5.93%	6.98%

Correlation

The correlation between XJAN and GSG is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Jan 22, 2024	-0.01

Over the past year, the inverse relationship between XJAN and GSG has strengthened: their correlation has moved from -0.01 to -0.22, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

XJAN vs. GSG — Risk / Return Rank

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

XJAN

XJAN Risk / Return Rank: 79
XJAN Sharpe Ratio Rank: 79
XJAN Sortino Ratio Rank: 83
XJAN Omega Ratio Rank: 89
XJAN Calmar Ratio Rank: 60
XJAN Martin Ratio Rank: 82

GSG

GSG Risk / Return Rank: 37
GSG Sharpe Ratio Rank: 35
GSG Sortino Ratio Rank: 34
GSG Omega Ratio Rank: 36
GSG Calmar Ratio Rank: 34
GSG Martin Ratio Rank: 44

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.

XJAN vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - January (XJAN) 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.

	XJAN	GSG	Difference
Sharpe ratio: Return per unit of total volatility	2.26	1.22	+1.05
Sortino ratio: Return per unit of downside risk	3.34	1.73	+1.61
Omega ratio: Gain probability vs. loss probability	1.51	1.23	+0.28
Calmar ratio: Return relative to maximum drawdown	2.66	1.66	+1.00
Martin ratio: Return relative to average drawdown	15.07	6.95	+8.12

XJAN vs. GSG - Sharpe Ratio Comparison

The current XJAN Sharpe Ratio is 2.26, which is higher than the GSG Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of XJAN 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.

Drawdowns

XJAN vs. GSG - Drawdown Comparison

The maximum XJAN drawdown since its inception was -10.04%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for XJAN and GSG.

Drawdown Indicators

	XJAN	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-10.04%	-89.62%	+79.58%
Max Drawdown (1Y) Largest decline over 1 year	-4.05%	-16.74%	+12.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.74%	—
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	-0.56%	-62.10%	+61.54%
Average Drawdown Average peak-to-trough decline	-0.58%	-63.69%	+63.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	4.01%	-3.30%

Volatility

XJAN vs. GSG - Volatility Comparison

The current volatility for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - January (XJAN) is 1.39%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 5.46%. This indicates that XJAN 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.

Volatility by Period

	XJAN	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.39%	5.46%	-4.07%
Volatility (6M) Calculated over the trailing 6-month period	4.29%	20.82%	-16.53%
Volatility (1Y) Calculated over the trailing 1-year period	4.78%	23.17%	-18.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.19%	22.67%	-15.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.19%	22.01%	-14.82%

XJAN vs. GSG - Expense Ratio Comparison

XJAN has a 0.85% expense ratio, which is higher than GSG's 0.75% expense ratio.

Dividends

XJAN vs. GSG - Dividend Comparison

Neither XJAN nor GSG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XJAN and GSG in my portfolio?

XJAN and GSG have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XJAN or GSG?

GSG has higher volatility (5.46%) compared to XJAN (1.39%). In terms of maximum drawdown, XJAN dropped -10.04% vs GSG's -89.62%.

Which ETF is better, XJAN or GSG?

On 1-year performance, GSG leads with 27.65% vs 10.72% for XJAN. On fees, GSG is cheaper at 0.75% per year. On volatility, XJAN has been the lower-risk option at 1.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XJAN or GSG?

Over the 1-year period, GSG has performed better with a 27.65% return vs 10.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XJAN or GSG?

GSG is cheaper with a 0.75% expense ratio, compared with 0.85% for XJAN.

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

XJAN and GSG have nearly identical dividend yields, around 0.00%.

What is the main difference between XJAN and GSG?

XJAN is categorized as Options Trading, while GSG is Commodities. They also come from different issuers: FT Vest and iShares. Their fees differ too: 0.85% for XJAN and 0.75% for GSG.

Which has better risk-adjusted returns?

XJAN currently has the higher Sharpe Ratio (2.26 vs 1.22), 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.