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The iPath Global Carbon ETN Underperformed All Other ETFs Today

Thursday, January 12, 2017 15:49
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The iPath Global Carbon ETN (GRN) underperformed all other non-leveraged, non-inverse exchange traded products in the U.S. today, producing a -10.06% one-day return and trailing the wider markets by a total of 9.81 percentage points.

Behind The Losses

GRN closed today at $6.17 per share, down $0.69 (-10.06%). Putting this move in context, the S&P 500 index — largely considered the most popular and useful benchmark for equity performance — closed down $0.57 (-0.25%) on the day.

GRN’s trading volume today was a total of 1,283 shares, which was a decrease of 85% versus its average daily trading volume of 8,410. Rising trading volume generally an indicator of increased demand for a particular security, and is typically associated with a specific news event or trend that draws investors into or out of specific asset classes, or sectors or subsectors within those classes.

Including any dividends as well as today’s losses, GRN has now fallen a total of -18.92% year-to-date, versus a 1.34% gain in the S&P 500 during the same timeframe.

Ironically, GRN was the best performing non-leveraged fund yesterday, illustrating just how volatile this ETP has become.

A Look Under The Hood

iPath Global Carbon ETN is a Commodity-focused product issued by iPath. Its expense ratio of 0.75% makes it the #54 cheapest ETF among 121 total funds in the Commodity ETFs category.

GRN currently boasts $1.27M in assets under management (AUM), placing it #109 of 121 ETFs in its category, and #1877 of 1917 total ETFs in the U.S. exchange traded universe.

The investment objective of the iPath Global Carbon ETN is to provide investors with exposure to the Barclays Global Carbon Index Total Return. The Index is designed to measure the performance of the most liquid carbon-related credit plans. Each carbon-related credit plan included in the Index is represented by the most liquid instrument available in the marketplace. The Index expects to incorporate new carbon-related credit plans as they develop around the world.


GRN currently has an ETF Daily News SMART Grade of C (Neutral), and is ranked #91 of 123 funds in the Commodity ETFs category.

For more information about this ETF, including full ratings, news, data, and more, please visit GRN’s ticker page.

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