BDRY vs. GSG

Last updated Jun 4, 2026

BDRY (Breakwave Dry Bulk Shipping ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both Commodities funds - BDRY tracks the Breakwave Dry Freight Futures Index while GSG tracks the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, BDRY returned -11.69%/yr vs 15.74%/yr for GSG. At a 0.03 correlation, their price movements are largely independent. BDRY charges 3.76%/yr vs 0.75%/yr for GSG.

Performance

BDRY vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Breakwave Dry Bulk Shipping ETF (BDRY) and iShares S&P GSCI Commodity-Indexed Trust (GSG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BDRY having a 43.90% return and GSG slightly lower at 42.58%.

BDRY

• 1D: -2.47%
• 1M: 7.04%
• YTD: 43.90%
• 6M: 35.70%
• 1Y: 142.69%
• 3Y*: 27.14%
• 5Y*: -11.69%
• 10Y*: —

GSG

• 1D: 0.77%
• 1M: -4.83%
• YTD: 42.58%
• 6M: 41.06%
• 1Y: 51.52%
• 3Y*: 19.31%
• 5Y*: 15.74%
• 10Y*: 7.69%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BDRY vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BDRY Breakwave Dry Bulk Shipping ETF	43.90%	44.24%	-47.40%	25.79%	-68.84%	282.99%	-50.16%	-15.92%	-27.98%
GSG iShares S&P GSCI Commodity-Indexed Trust	42.58%	5.93%	8.52%	-5.51%	24.08%	38.77%	-23.94%	15.62%	-15.13%

Correlation

The correlation between BDRY and GSG is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.00
Correlation (All Time) Calculated using the full available price history since Mar 23, 2018	0.03

Return for Risk

BDRY vs. GSG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BDRY

BDRY Risk / Return Rank: 85
BDRY Sharpe Ratio Rank: 92
BDRY Sortino Ratio Rank: 79
BDRY Omega Ratio Rank: 74
BDRY Calmar Ratio Rank: 93
BDRY Martin Ratio Rank: 88

GSG

GSG Risk / Return Rank: 71
GSG Sharpe Ratio Rank: 67
GSG Sortino Ratio Rank: 60
GSG Omega Ratio Rank: 65
GSG Calmar Ratio Rank: 89
GSG Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BDRY vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Breakwave Dry Bulk Shipping ETF (BDRY) 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.

	BDRY	GSG	Difference
Sharpe ratio Return per unit of total volatility	3.40	2.26	+1.14
Sortino ratio Return per unit of downside risk	3.58	2.88	+0.70
Omega ratio Gain probability vs. loss probability	1.45	1.40	+0.04
Calmar ratio Return relative to maximum drawdown	6.65	5.47	+1.17
Martin ratio Return relative to average drawdown	19.36	14.39	+4.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDRY vs. GSG - Sharpe Ratio Comparison

The current BDRY Sharpe Ratio is 3.40, which is higher than the GSG Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of BDRY and GSG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BDRY	GSG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.40	2.26	+1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.19	0.70	-0.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.13	-0.09	-0.05

Drawdowns

BDRY vs. GSG - Drawdown Comparison

The maximum BDRY drawdown since its inception was -89.16%, roughly equal to the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for BDRY and GSG.

Drawdown Indicators

	BDRY	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-89.16%	-89.62%	+0.46%
Max Drawdown (1Y) Largest decline over 1 year	-21.60%	-9.46%	-12.14%
Max Drawdown (3Y) Largest decline over 3 years	-69.71%	-14.94%	-54.77%
Max Drawdown (5Y) Largest decline over 5 years	-89.16%	-29.12%	-60.04%
Max Drawdown (10Y) Largest decline over 10 years	—	-57.64%	—
Current Drawdown Current decline from peak	-69.60%	-56.95%	-12.65%
Average Drawdown Average peak-to-trough decline	-58.38%	-63.71%	+5.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.40%	3.59%	+3.81%

Volatility

BDRY vs. GSG - Volatility Comparison

Breakwave Dry Bulk Shipping ETF (BDRY) has a higher volatility of 11.26% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.65%. This indicates that BDRY's price experiences larger fluctuations and is considered to be riskier than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDRY	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.26%	7.65%	+3.61%
Volatility (6M) Calculated over the trailing 6-month period	30.02%	20.42%	+9.60%
Volatility (1Y) Calculated over the trailing 1-year period	42.29%	22.95%	+19.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.70%	22.61%	+38.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.58%	22.03%	+40.55%

BDRY vs. GSG - Expense Ratio Comparison

BDRY has a 3.76% expense ratio, which is higher than GSG's 0.75% expense ratio.

Dividends

BDRY vs. GSG - Dividend Comparison

Neither BDRY nor GSG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BDRY and GSG in my portfolio?

BDRY and GSG have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDRY or GSG?

BDRY has higher volatility (11.26%) compared to GSG (7.65%). In terms of maximum drawdown, BDRY dropped -89.16% vs GSG's -89.62%.

Which ETF is better, BDRY or GSG?

On 5-year performance, GSG leads with 15.74% vs -11.69% for BDRY. On fees, GSG is cheaper at 0.75% per year. On volatility, GSG has been the lower-risk option at 7.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDRY or GSG?

Over the 5-year period, GSG has performed better with a 15.74% return vs -11.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDRY or GSG?

GSG is cheaper with a 0.75% expense ratio, compared with 3.76% for BDRY.

Which ETF pays a higher dividend yield, BDRY or GSG?

BDRY and GSG have nearly identical dividend yields, around 0.00%.

What is the main difference between BDRY and GSG?

BDRY tracks Breakwave Dry Freight Futures Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: ETFMG and iShares. Their fees differ too: 3.76% for BDRY and 0.75% for GSG.

Which has better risk-adjusted returns?

BDRY currently has the higher Sharpe Ratio (3.40 vs 2.26), 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.