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 -0.80%/yr vs 12.37%/yr for GSG. Their -0.20 correlation means they have often moved in opposite directions in the past. 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 -2.53% return, which is significantly lower than GSG's 32.05% return.
BBLB
- 1D
- 0.72%
- 1M
- -2.86%
- 6M
- -2.32%
- YTD
- -2.53%
- 1Y
- -1.51%
- 3Y*
- -0.80%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -2.81%
GSG
- 1D
- -2.34%
- 1M
- 7.33%
- 6M
- 21.51%
- YTD
- 32.05%
- 1Y
- 36.06%
- 3Y*
- 12.37%
- 5Y*
- 13.92%
- 10Y*
- 7.99%
- ALL TIME*
- -2.38%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $43.45K | $41.67K | $60.66K | |
| $18.82M | $16.77M | $25.29M |
BBLB vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BBLB JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF | -2.53% | 4.26% | -7.84% | -2.80% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.05% | 5.93% | 8.52% | -2.43% |
Correlation
The correlation between BBLB and GSG is -0.39, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.39 |
Correlation (3Y) Balances recent behavior with more history. | -0.21 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2023 | -0.20 |
The correlation between BBLB and GSG shifts across timeframes, from -0.39 (1 year) to -0.20 (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 | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -2.21 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.26 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 1.93 | -2.12 |
| Martin ratioReturn relative to average drawdown | -0.42 | 6.13 | -6.56 |
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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 | -7.76% | -18.81% | +11.05% |
Max Drawdown (3Y)Largest decline over 3 years | -14.67% | -18.81% | +4.14% |
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 | -10.92% | -60.13% | +49.21% |
Average DrawdownAverage peak-to-trough decline | -8.94% | -63.67% | +54.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.58% | 5.90% | -2.32% |
Volatility
BBLB vs. GSG - Volatility Comparison
The current volatility for JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB) is 2.67%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 9.06%. 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 | 2.67% | 9.06% | -6.39% |
Volatility (6M)Calculated over the trailing 6-month period | 6.95% | 22.00% | -15.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.26% | 24.45% | -15.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.62% | 22.90% | -9.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.62% | 22.09% | -8.47% |
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 4.99%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BBLB JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF | 4.99% | 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 -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (9.06%) compared to BBLB (2.67%). In terms of maximum drawdown, BBLB dropped -21.06% vs GSG's -89.62%.
On 3-year performance, GSG leads with 12.37% vs -0.80% for BBLB. On fees, BBLB is cheaper at 0.04% per year. On volatility, BBLB has been the lower-risk option at 2.67%. 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 12.37% return vs -0.80%. 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 4.99%, 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 (1.48 vs -0.16), 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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