BBLB vs. GSG
BBLB (JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - BBLB is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 3 years, BBLB returned -1.91%/yr vs 15.01%/yr for GSG. At a correlation of -0.19, they often move in opposite directions. BBLB charges 0.04%/yr vs 0.75%/yr for GSG.
Performance
BBLB vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, BBLB achieves a -1.35% return, which is significantly lower than GSG's 34.43% return.
BBLB
- 1D
- 0.17%
- 1M
- -1.44%
- 6M
- -1.94%
- YTD
- -1.35%
- 1Y
- 2.86%
- 3Y*
- -1.91%
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- 1.57%
- 1M
- 1.37%
- 6M
- 28.74%
- YTD
- 34.43%
- 1Y
- 38.08%
- 3Y*
- 15.01%
- 5Y*
- 14.34%
- 10Y*
- 7.57%
BBLB vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BBLB JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF | -1.35% | 4.26% | -7.84% | -2.80% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 34.43% | 5.93% | 8.52% | -2.43% |
Correlation
The correlation between BBLB and GSG is -0.37, 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 | -0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2023 | -0.19 |
The correlation between BBLB and GSG shifts across timeframes, from -0.37 (1 year) to -0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BBLB vs. GSG — Risk / Return Rank
BBLB
GSG
BBLB vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB) 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.
| BBLB | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.33 | ||
| Sortino ratioReturn per unit of downside risk | -1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.29 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 2.03 | -1.65 |
| Martin ratioReturn relative to average drawdown | 0.89 | 6.88 | -5.99 |
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Drawdowns
BBLB vs. GSG - Drawdown Comparison
The maximum BBLB drawdown since its inception was -21.06%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for BBLB and GSG.
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Drawdown Indicators
| BBLB | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.06% | -89.62% | +68.56% |
Max Drawdown (1Y)Largest decline over 1 year | -7.53% | -18.81% | +11.28% |
Max Drawdown (3Y)Largest decline over 3 years | -18.68% | -18.81% | +0.13% |
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 | -9.84% | -59.41% | +49.57% |
Average DrawdownAverage peak-to-trough decline | -8.91% | -63.69% | +54.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.23% | 5.55% | -2.32% |
Volatility
BBLB vs. GSG - Volatility Comparison
The current volatility for JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB) is 2.55%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.37%. This indicates that BBLB 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
| BBLB | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.55% | 7.37% | -4.82% |
Volatility (6M)Calculated over the trailing 6-month period | 6.84% | 21.54% | -14.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.37% | 23.48% | -14.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.69% | 22.80% | -9.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.69% | 22.00% | -8.31% |
BBLB vs. GSG - Expense Ratio Comparison
BBLB has a 0.04% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
BBLB vs. GSG - Dividend Comparison
BBLB's dividend yield for the trailing twelve months is around 5.05%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BBLB JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF | 5.05% | 5.03% | 5.34% | 2.82% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BBLB and GSG have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.37%) compared to BBLB (2.55%). In terms of maximum drawdown, BBLB dropped -21.06% vs GSG's -89.62%.
On 3-year performance, GSG leads with 15.01% vs -1.91% for BBLB. On fees, BBLB is cheaper at 0.04% per year. On volatility, BBLB has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSG has performed better with a 15.01% return vs -1.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BBLB is cheaper with a 0.04% expense ratio, compared with 0.75% for GSG.
BBLB has the higher dividend yield at 5.05%, compared with 0.00% for GSG.
BBLB is categorized as Government Bonds, while GSG is Commodities. BBLB tracks ICE U.S. Treasury 20+ Year Bond Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.04% for BBLB and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.63 vs 0.31), 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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