iPath Series B Carbon ETN (GRN) Performance
GRN total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +1.2% since Dec 31, 2025
- 1 year
- +11.1% total return
- 5 years
- +8.2% a year
- Since first price
- −5.9% a year since 2019
GRN trailing returns vs SPY, QQQ, AGG
| Period | GRN total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +0.7% | +0.7% | −1.0% | −5.0% | +0.9% |
| 3 months | +3.3% | +3.3% | +3.2% | +1.9% | −0.4% |
| 6 months | +17.4% | +17.4% | +7.8% | +8.4% | −1.5% |
| YTD | +1.2% | +1.2% | +12.3% | +15.1% | −1.0% |
| 1 year | +11.1% | +11.1% | +14.4% | +15.9% | −1.1% |
| 3 years | +7.8%+2.5%/yr | +7.8% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +48.0%+8.2%/yr | +48.0% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionSep 10, 2019 | −35.4%−5.9%/yr | −35.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: GRN vs SPY
From Sep 10, 2019: GRN grew to $6,462, SPY to $28,303.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
GRN returns by calendar year
3 of 6 full years positive. Best 2021 (+147.2%), worst 2024 (−7.3%). 2026 is year to date.
GRN annual returns table
| Year | GRN | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +1.2% | −30.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +20.3% | −25.6% | +17.7% | +20.8% | +7.2% |
| 2024 | −7.3% | −31.8% | +24.9% | +25.6% | +1.3% |
| 2023 | −3.0% | −31.6% | +26.2% | +54.9% | +5.7% |
| 2022 | −0.1% | −40.6% | −18.2% | −32.6% | −13.0% |
| 2021 | +147.2% | −18.1% | +28.7% | +27.4% | −1.8% |
| 2020 | +30.5% | −40.5% | +18.3% | +48.6% | +7.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
GRN largest drawdowns
Now 35.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Sep 16, 2019 | −88.7% | Mar 18, 2020 | not yet | 6 months | 7.1 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
GRN risk statistics
| Statistic | 3 years | 5 years | Since 2019 |
|---|---|---|---|
| Annualized return | +1.6% | +7.0% | +19.3% |
| Volatility (annualized) | 27.3% | 31.8% | 35.8% |
| Sharpe ratio | 0.04 | 0.25 | 0.60 |
| Sortino ratio | 0.05 | 0.39 | 0.98 |
| Best month | +14.7% | +29.2% | +29.2% |
| Worst month | −19.4% | −19.4% | −30.6% |
| Best 12 months | +31.8% | +37.2% | +169.5% |
| Worst 12 months | −19.9% | −43.1% | −43.1% |
| Positive months | 64% | 58% | 60% |
| Beta vs S&P 500 | 0.07 | 0.16 | — |
| Correlation with S&P 500 | 0.03 | 0.08 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
GRN rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 74 | −43.1% | +12.9% | +169.5% | 72% |
| 3-year (a year) | 50 | −10.7% | +4.2% | +76.2% | 60% |
| 5-year (a year) | 26 | +6.7% | +20.9% | +32.6% | 100% |
Every holding period starting at a month-end since 2019. Returns for 3 years and longer are annualized.
GRN performance overview
iPath Series B Carbon ETN (GRN) returned +11.1% over the past year and +8.2% a year over five years, with distributions reinvested. Since its first recorded price in 2019 it has returned −5.9% a year, turning $10,000 into about $6,462. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −88.7%, from Sep 16, 2019 to Mar 18, 2020; the fund has not yet regained that high. GRN finished 3 of its 6 full calendar years with a gain; the best year was 2021 (+147.2%) and the worst 2024 (−7.3%). Volatility has been 35.8% a year.
Related: GRN chart. See the GRN overview for the latest quote and fund facts.
GRN performance FAQ
What is the GRN return over the past year?
GRN returned +11.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 11.1%.
What is the average annual return of GRN?
GRN has returned +8.2% a year over 5 years, −5.9% a year since September 10, 2019 (total return, distributions reinvested).
How much would $10,000 invested in GRN be worth?
$10,000 invested in GRN at its first recorded close on September 10, 2019 would be worth about $6,462 on October 23, 2026 with distributions reinvested.
What was the worst year for GRN?
The worst calendar year was 2024, with a total return of −7.3%. The best was 2021 at +147.2%.
What is the biggest drawdown of GRN?
The largest peak-to-trough decline was −88.7% between September 16, 2019 and March 18, 2020. It has not yet recovered to that high; it is 35.9% below its peak.
How volatile is GRN?
Over the past 3 years GRN had an annualized volatility of 27.3% and a Sharpe ratio of 0.04 (excess return over 1–3 month T-bills per unit of risk).