I've been thinking about this lately, but haven't been able to properly wrap my head around it. I recall that the prime-corrected F-statistics (and Fst analogues) were formulated because Fst is limited by the average subpopulation heterozygosity (Hs) such that the maximum possible value of Fst is 1-Hs (Fst(max) = 1 - Hs). So G'st accounts for this and normalizes the value by dividing Gst by Gst(max) (in other words, G'st = Gst/Gst(max)).
This makes intuitive sense, especially in situations where there are lots of alleles; subpopulation heterozygosity can be high, even if two populations have no alleles in common, and Fst fails to reflect this.
But the statistic is framed and defined by heterozygosity, not the number of alleles. So G'st can still produce values significantly larger than Gst even when there are only two alleles (as with many SNP datasets).
So my question is: is the G'st statistic (and, by extension, G''st) appropriate for biallelic SNP data? Or are they simply not intended for this particular case?