BLV vs. GSG
BLV (Vanguard Long-Term Bond ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, BLV returned 0.32%/yr vs 8.24%/yr for GSG. Their -0.16 correlation means they have often moved in opposite directions in the past. BLV charges 0.03%/yr vs 0.75%/yr for GSG.
Performance
BLV vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, BLV achieves a -2.38% return, which is significantly lower than GSG's 35.21% return. Over the past 10 years, BLV has underperformed GSG with an annualized return of 0.32%, while GSG has yielded a comparatively higher 8.24% annualized return.
BLV
- 1D
- 0.44%
- 1M
- -3.14%
- 6M
- -2.34%
- YTD
- -2.38%
- 1Y
- -0.29%
- 3Y*
- 2.08%
- 5Y*
- -5.11%
- 10Y*
- 0.32%
- ALL TIME*
- 4.05%
GSG
- 1D
- -2.68%
- 1M
- 9.90%
- 6M
- 27.47%
- YTD
- 35.21%
- 1Y
- 38.52%
- 3Y*
- 13.26%
- 5Y*
- 14.69%
- 10Y*
- 8.24%
- ALL TIME*
- -2.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $51.99M | $52.76M | $45.16M | |
| $17.98M | $16.40M | $25.53M |
BLV vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | -2.38% | 6.44% | -3.65% | 7.35% | -26.95% | -2.89% | 16.13% | 18.99% | -4.17% | 10.74% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 35.21% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between BLV and GSG is -0.40, 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. | -0.40 |
Correlation (3Y) Balances recent behavior with more history. | -0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.12 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.12 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007 | -0.16 |
Over the past year, the inverse relationship between BLV and GSG has strengthened: their correlation has moved from -0.16 to -0.40, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BLV vs. GSG — Risk / Return Rank
BLV
GSG
BLV vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Bond ETF (BLV) 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.
| BLV | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.63 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.28 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.06 | -2.11 |
| Martin ratioReturn relative to average drawdown | -0.11 | 6.61 | -6.72 |
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Drawdowns
BLV vs. GSG - Drawdown Comparison
The maximum BLV drawdown since its inception was -38.29%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for BLV and GSG.
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Drawdown Indicators
| BLV | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.29% | -89.62% | +51.33% |
Max Drawdown (1Y)Largest decline over 1 year | -5.92% | -18.81% | +12.89% |
Max Drawdown (3Y)Largest decline over 3 years | -11.70% | -18.81% | +7.11% |
Max Drawdown (5Y)Largest decline over 5 years | -36.27% | -29.12% | -7.15% |
Max Drawdown (10Y)Largest decline over 10 years | -38.29% | -57.64% | +19.35% |
Current DrawdownCurrent decline from peak | -26.16% | -59.18% | +33.02% |
Average DrawdownAverage peak-to-trough decline | -9.64% | -63.67% | +54.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 5.85% | -3.19% |
Volatility
BLV vs. GSG - Volatility Comparison
The current volatility for Vanguard Long-Term Bond ETF (BLV) is 2.19%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.75%. This indicates that BLV 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
| BLV | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.19% | 8.75% | -6.56% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 22.27% | -16.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.77% | 24.37% | -16.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.91% | 22.89% | -9.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.95% | 22.07% | -10.12% |
BLV vs. GSG - Expense Ratio Comparison
BLV has a 0.03% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
BLV vs. GSG - Dividend Comparison
BLV's dividend yield for the trailing twelve months is around 4.97%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | 4.97% | 4.67% | 5.09% | 4.06% | 4.17% | 3.37% | 6.12% | 3.57% | 4.07% | 3.63% | 4.16% | 4.37% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BLV and GSG have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (8.75%) compared to BLV (2.19%). In terms of maximum drawdown, BLV dropped -38.29% vs GSG's -89.62%.
On 10-year performance, GSG leads with 8.24% vs 0.32% for BLV. On fees, BLV is cheaper at 0.03% per year. On volatility, BLV has been the lower-risk option at 2.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSG has performed better with a 8.24% return vs 0.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BLV is cheaper with a 0.03% expense ratio, compared with 0.75% for GSG.
BLV has the higher dividend yield at 4.97%, compared with 0.00% for GSG.
BLV is categorized as Long-Term Bond, while GSG is Commodities. BLV tracks Bloomberg U.S. Long Government/Credit Float Adjusted Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for BLV and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.59 vs -0.04), 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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