CCRV vs. GSG

Last updated Jun 3, 2026

CCRV (iShares Commodity Curve Carry Strategy ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both Commodities funds from iShares - CCRV tracks the CCRV-US - ICE BofA Commodity Enhanced Carry Index while GSG tracks the S&P GSCI Total Return Index. Both are passively managed. Their correlation of 0.82 suggests significant overlap in exposure. CCRV charges 0.40%/yr vs 0.75%/yr for GSG.

Performance

CCRV vs. GSG - Performance Comparison

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

Returns By Period

CCRV

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GSG

• 1D: 0.49%
• 1M: -3.72%
• YTD: 41.50%
• 6M: 40.89%
• 1Y: 51.06%
• 3Y*: 19.01%
• 5Y*: 15.80%
• 10Y*: 7.61%

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

CCRV vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CCRV iShares Commodity Curve Carry Strategy ETF	0.00%	-0.05%	5.74%	5.47%	19.91%	33.78%	7.37%
GSG iShares S&P GSCI Commodity-Indexed Trust	41.50%	5.93%	8.52%	-5.51%	24.08%	38.77%	12.30%

Correlation

The correlation between CCRV and GSG is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Sep 4, 2020	0.82

Over the past year, the correlation between CCRV and GSG has dropped to 0.26 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

Return for Risk

CCRV vs. GSG — Risk / Return Rank

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

GSG

GSG Risk / Return Rank: 72
GSG Sharpe Ratio Rank: 67
GSG Sortino Ratio Rank: 60
GSG Omega Ratio Rank: 66
GSG Calmar Ratio Rank: 90
GSG Martin Ratio Rank: 77

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.

CCRV vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Commodity Curve Carry Strategy ETF (CCRV) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CCRV	GSG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.24	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.09	—

Drawdowns

Drawdown Indicators

	CCRV	GSG	Difference
Max Drawdown Largest peak-to-trough decline	—	-89.62%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-9.46%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-14.94%	—
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	—	-57.28%	—
Average Drawdown Average peak-to-trough decline	—	-63.72%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.57%	—

Volatility

Volatility by Period

	CCRV	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.89%	—
Volatility (6M) Calculated over the trailing 6-month period	—	20.41%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	23.01%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	22.61%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	22.03%	—

CCRV vs. GSG - Expense Ratio Comparison

CCRV has a 0.40% expense ratio, which is lower than GSG's 0.75% expense ratio.

Dividends

CCRV vs. GSG - Dividend Comparison

Neither CCRV nor GSG has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
CCRV iShares Commodity Curve Carry Strategy ETF	0.00%	0.00%	4.43%	7.26%	33.27%	26.22%
GSG iShares S&P GSCI Commodity-Indexed Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CCRV and GSG in my portfolio?

CCRV 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 ETF is better, CCRV or GSG?

On fees, CCRV is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CCRV or GSG?

CCRV is cheaper with a 0.40% expense ratio, compared with 0.75% for GSG.

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

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

What is the main difference between CCRV and GSG?

CCRV tracks CCRV-US - ICE BofA Commodity Enhanced Carry Index, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.40% for CCRV and 0.75% for GSG.