BKHY vs. GSG
BKHY (BNY Mellon High Yield Beta ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - BKHY is a High Yield Bonds fund tracking the Bloomberg US Corporate High Yield Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, BKHY returned 4.07%/yr vs 13.92%/yr for GSG. Their 0.14 correlation means their historical movements had little consistent relationship. BKHY charges 0.22%/yr vs 0.75%/yr for GSG.
Performance
BKHY vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, BKHY achieves a 2.54% return, which is significantly lower than GSG's 32.05% return.
BKHY
- 1D
- 0.32%
- 1M
- 0.19%
- 6M
- 1.77%
- YTD
- 2.54%
- 1Y
- 5.76%
- 3Y*
- 8.60%
- 5Y*
- 4.07%
- 10Y*
- —
- ALL TIME*
- 6.55%
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) |
|---|---|---|---|
| $1.29M | $953.81K | $870.21K | |
| $18.82M | $16.77M | $25.29M |
BKHY vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BKHY BNY Mellon High Yield Beta ETF | 2.54% | 8.48% | 8.37% | 12.40% | -10.97% | 4.75% | 17.83% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.05% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | 46.44% |
Correlation
The correlation between BKHY and GSG is -0.30, 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. | -0.30 |
Correlation (3Y) Balances recent behavior with more history. | -0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Apr 24, 2020 | 0.14 |
The correlation between BKHY and GSG shifts across timeframes, from -0.30 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BKHY vs. GSG — Risk / Return Rank
BKHY
GSG
BKHY vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BNY Mellon High Yield Beta ETF (BKHY) 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.
| BKHY | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.26 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 1.93 | +0.36 |
| Martin ratioReturn relative to average drawdown | 10.28 | 6.13 | +4.15 |
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Drawdowns
BKHY vs. GSG - Drawdown Comparison
The maximum BKHY drawdown since its inception was -15.89%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for BKHY and GSG.
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Drawdown Indicators
| BKHY | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.89% | -89.62% | +73.73% |
Max Drawdown (1Y)Largest decline over 1 year | -2.53% | -18.81% | +16.28% |
Max Drawdown (3Y)Largest decline over 3 years | -4.87% | -18.81% | +13.94% |
Max Drawdown (5Y)Largest decline over 5 years | -15.89% | -29.12% | +13.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | 0.00% | -60.13% | +60.13% |
Average DrawdownAverage peak-to-trough decline | -2.90% | -63.67% | +60.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.56% | 5.90% | -5.34% |
Volatility
BKHY vs. GSG - Volatility Comparison
The current volatility for BNY Mellon High Yield Beta ETF (BKHY) is 0.89%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 9.06%. This indicates that BKHY 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
| BKHY | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 9.06% | -8.17% |
Volatility (6M)Calculated over the trailing 6-month period | 3.11% | 22.00% | -18.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.72% | 24.45% | -20.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 22.90% | -15.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.28% | 22.09% | -14.81% |
BKHY vs. GSG - Expense Ratio Comparison
BKHY has a 0.22% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
BKHY vs. GSG - Dividend Comparison
BKHY's dividend yield for the trailing twelve months is around 7.41%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BKHY BNY Mellon High Yield Beta ETF | 7.41% | 7.33% | 7.34% | 8.67% | 6.59% | 6.78% | 4.65% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BKHY and GSG have a correlation of -0.30, 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 BKHY (0.89%). In terms of maximum drawdown, BKHY dropped -15.89% vs GSG's -89.62%.
On 5-year performance, GSG leads with 13.92% vs 4.07% for BKHY. On fees, BKHY is cheaper at 0.22% per year. On volatility, BKHY has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSG has performed better with a 13.92% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BKHY is cheaper with a 0.22% expense ratio, compared with 0.75% for GSG.
BKHY has the higher dividend yield at 7.41%, compared with 0.00% for GSG.
BKHY is categorized as High Yield Bonds, while GSG is Commodities. BKHY tracks Bloomberg US Corporate High Yield Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: BNY Mellon and iShares. Their fees differ too: 0.22% for BKHY and 0.75% for GSG.
BKHY currently has the higher Sharpe Ratio (1.55 vs 1.48), 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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