BNDX vs. GSG
BNDX (Vanguard Total International Bond ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, BNDX returned 1.55%/yr vs 6.90%/yr for GSG. At a correlation of -0.13, they often move in opposite directions. BNDX charges 0.07%/yr vs 0.75%/yr for GSG.
Performance
BNDX vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, BNDX achieves a 0.87% return, which is significantly lower than GSG's 27.75% return. Over the past 10 years, BNDX has underperformed GSG with an annualized return of 1.55%, while GSG has yielded a comparatively higher 6.90% annualized return.
BNDX
- 1D
- 0.12%
- 1M
- -0.14%
- 6M
- 0.42%
- YTD
- 0.87%
- 1Y
- 2.34%
- 3Y*
- 4.46%
- 5Y*
- 0.27%
- 10Y*
- 1.55%
GSG
- 1D
- -0.27%
- 1M
- -3.66%
- 6M
- 24.99%
- YTD
- 27.75%
- 1Y
- 29.89%
- 3Y*
- 13.48%
- 5Y*
- 12.99%
- 10Y*
- 6.90%
BNDX vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 0.87% | 2.86% | 3.57% | 8.77% | -12.76% | -2.29% | 4.65% | 7.87% | 2.81% | 2.40% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 27.75% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between BNDX and GSG is -0.44, 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 | -0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | -0.13 |
Over the past year, the inverse relationship between BNDX and GSG has strengthened: their correlation has moved from -0.13 to -0.44, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BNDX vs. GSG — Risk / Return Rank
BNDX
GSG
BNDX vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Bond ETF (BNDX) 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.
| BNDX | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.77 | ||
| Sortino ratioReturn per unit of downside risk | -1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.25 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 1.69 | -0.97 |
| Martin ratioReturn relative to average drawdown | 1.95 | 5.80 | -3.85 |
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Drawdowns
BNDX vs. GSG - Drawdown Comparison
The maximum BNDX drawdown since its inception was -16.23%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for BNDX and GSG.
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Drawdown Indicators
| BNDX | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.23% | -89.62% | +73.39% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -18.81% | +15.88% |
Max Drawdown (3Y)Largest decline over 3 years | -2.93% | -18.81% | +15.88% |
Max Drawdown (5Y)Largest decline over 5 years | -15.86% | -29.12% | +13.26% |
Max Drawdown (10Y)Largest decline over 10 years | -16.23% | -57.64% | +41.41% |
Current DrawdownCurrent decline from peak | -1.16% | -61.43% | +60.27% |
Average DrawdownAverage peak-to-trough decline | -3.09% | -63.69% | +60.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 5.45% | -4.37% |
Volatility
BNDX vs. GSG - Volatility Comparison
The current volatility for Vanguard Total International Bond ETF (BNDX) is 1.08%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 6.34%. This indicates that BNDX 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
| BNDX | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 6.34% | -5.26% |
Volatility (6M)Calculated over the trailing 6-month period | 3.04% | 21.28% | -18.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.51% | 23.22% | -19.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.90% | 22.74% | -17.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.09% | 21.98% | -17.89% |
BNDX vs. GSG - Expense Ratio Comparison
BNDX has a 0.07% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
BNDX vs. GSG - Dividend Comparison
BNDX's dividend yield for the trailing twelve months is around 4.50%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.50% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
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
BNDX and GSG have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (6.34%) compared to BNDX (1.08%). In terms of maximum drawdown, BNDX dropped -16.23% vs GSG's -89.62%.
On 10-year performance, GSG leads with 6.90% vs 1.55% for BNDX. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 1.08%. 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 6.90% return vs 1.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDX is cheaper with a 0.07% expense ratio, compared with 0.75% for GSG.
BNDX has the higher dividend yield at 4.50%, compared with 0.00% for GSG.
BNDX is categorized as Global Bonds, while GSG is Commodities. BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.07% for BNDX and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.37 vs 0.60), 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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