CATF vs. GSG

Last updated Jul 17, 2026

CATF (American Century California Municipal Bond ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - CATF is a Municipal Bonds fund actively managed by American Century, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. CATF is actively managed, while GSG is passively managed. Over the past year, CATF returned 7.34% vs 37.41% for GSG. At a correlation of -0.19, they often move in opposite directions. CATF charges 0.27%/yr vs 0.75%/yr for GSG.

Performance

CATF vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century California Municipal Bond ETF (CATF) and iShares S&P GSCI Commodity-Indexed Trust (GSG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CATF achieves a 1.57% return, which is significantly lower than GSG's 33.95% return.

CATF

• 1D: -0.18%
• 1M: -0.52%
• 6M: 0.82%
• YTD: 1.57%
• 1Y: 7.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GSG

• 1D: -0.93%
• 1M: 4.15%
• 6M: 29.74%
• YTD: 33.95%
• 1Y: 37.41%
• 3Y*: 15.32%
• 5Y*: 14.20%
• 10Y*: 7.61%

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

CATF vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CATF American Century California Municipal Bond ETF	1.57%	3.78%	0.62%
GSG iShares S&P GSCI Commodity-Indexed Trust	33.95%	5.93%	-1.05%

Correlation

The correlation between CATF and GSG is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	-0.19

Return for Risk

CATF vs. GSG — Risk / Return Rank

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

CATF

CATF Risk / Return Rank: 81
CATF Sharpe Ratio Rank: 90
CATF Sortino Ratio Rank: 92
CATF Omega Ratio Rank: 92
CATF Calmar Ratio Rank: 67
CATF Martin Ratio Rank: 66

GSG

GSG Risk / Return Rank: 54
GSG Sharpe Ratio Rank: 60
GSG Sortino Ratio Rank: 56
GSG Omega Ratio Rank: 57
GSG Calmar Ratio Rank: 48
GSG Martin Ratio Rank: 49

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.

CATF vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century California Municipal Bond ETF (CATF) 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.

	CATF	GSG	Difference
Sharpe ratio: Return per unit of total volatility	2.38	1.60	+0.78
Sortino ratio: Return per unit of downside risk	3.59	2.20	+1.39
Omega ratio: Gain probability vs. loss probability	1.49	1.29	+0.21
Calmar ratio: Return relative to maximum drawdown	2.67	2.00	+0.67
Martin ratio: Return relative to average drawdown	9.28	6.66	+2.62

CATF vs. GSG - Sharpe Ratio Comparison

The current CATF Sharpe Ratio is 2.38, which is higher than the GSG Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of CATF 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.

Drawdowns

CATF vs. GSG - Drawdown Comparison

The maximum CATF drawdown since its inception was -4.83%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for CATF and GSG.

Drawdown Indicators

	CATF	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-4.83%	-89.62%	+84.79%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-18.81%	+16.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-57.64%	—
Current Drawdown Current decline from peak	-0.92%	-59.56%	+58.64%
Average Drawdown Average peak-to-trough decline	-1.22%	-63.68%	+62.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	5.63%	-4.84%

Volatility

CATF vs. GSG - Volatility Comparison

The current volatility for American Century California Municipal Bond ETF (CATF) is 0.73%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that CATF 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.

Volatility by Period

	CATF	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	7.17%	-6.44%
Volatility (6M) Calculated over the trailing 6-month period	2.30%	21.54%	-19.24%
Volatility (1Y) Calculated over the trailing 1-year period	3.11%	23.48%	-20.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.25%	22.80%	-18.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.25%	22.00%	-17.75%

CATF vs. GSG - Expense Ratio Comparison

CATF has a 0.27% expense ratio, which is lower than GSG's 0.75% expense ratio.

Dividends

CATF vs. GSG - Dividend Comparison

CATF's dividend yield for the trailing twelve months is around 3.53%, while GSG has not paid dividends to shareholders.

Position	TTM	2025	2024
CATF American Century California Municipal Bond ETF	3.53%	3.40%	1.32%
GSG iShares S&P GSCI Commodity-Indexed Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CATF and GSG in my portfolio?

CATF and GSG have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CATF or GSG?

GSG has higher volatility (7.17%) compared to CATF (0.73%). In terms of maximum drawdown, CATF dropped -4.83% vs GSG's -89.62%.

Which ETF is better, CATF or GSG?

On 1-year performance, GSG leads with 37.41% vs 7.34% for CATF. On fees, CATF is cheaper at 0.27% per year. On volatility, CATF has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CATF or GSG?

Over the 1-year period, GSG has performed better with a 37.41% return vs 7.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CATF or GSG?

CATF is cheaper with a 0.27% expense ratio, compared with 0.75% for GSG.

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

CATF has the higher dividend yield at 3.53%, compared with 0.00% for GSG.

What is the main difference between CATF and GSG?

CATF is categorized as Municipal Bonds, while GSG is Commodities. They also come from different issuers: American Century and iShares. Their fees differ too: 0.27% for CATF and 0.75% for GSG.

Which has better risk-adjusted returns?

CATF currently has the higher Sharpe Ratio (2.38 vs 1.60), 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.