CDX vs. GSG
CDX (Simplify High Yield ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - CDX is a High Yield Bonds fund actively managed by Simplify, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. CDX is actively managed, while GSG is passively managed. Over the past 3 years, CDX returned 7.14%/yr vs 14.41%/yr for GSG. At a correlation of -0.00, they often move in opposite directions. CDX charges 0.25%/yr vs 0.75%/yr for GSG.
Performance
CDX vs. GSG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CDX achieves a -2.68% return, which is significantly lower than GSG's 32.35% return.
CDX
- 1D
- -0.38%
- 1M
- -1.14%
- 6M
- -2.81%
- YTD
- -2.68%
- 1Y
- -1.92%
- 3Y*
- 7.14%
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- 3.60%
- 1M
- -0.20%
- 6M
- 28.24%
- YTD
- 32.35%
- 1Y
- 34.57%
- 3Y*
- 14.41%
- 5Y*
- 13.83%
- 10Y*
- 7.40%
CDX vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CDX Simplify High Yield ETF | -2.68% | 9.51% | 7.71% | 12.74% | -8.26% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.35% | 5.93% | 8.52% | -5.51% | 5.83% |
Correlation
The correlation between CDX and GSG is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | -0.00 |
Over the past year, the inverse relationship between CDX and GSG has strengthened: their correlation has moved from -0.00 to -0.27, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CDX vs. GSG — Risk / Return Rank
CDX
GSG
CDX vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield ETF (CDX) 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.
| CDX | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.81 | ||
| Sortino ratioReturn per unit of downside risk | -2.50 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.27 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 1.85 | -2.31 |
| Martin ratioReturn relative to average drawdown | -0.96 | 6.29 | -7.25 |
Loading charts...
Drawdowns
CDX vs. GSG - Drawdown Comparison
The maximum CDX drawdown since its inception was -13.24%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for CDX and GSG.
Loading charts...
Drawdown Indicators
| CDX | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -89.62% | +76.38% |
Max Drawdown (1Y)Largest decline over 1 year | -4.18% | -18.81% | +14.63% |
Max Drawdown (3Y)Largest decline over 3 years | -8.88% | -18.81% | +9.93% |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -7.63% | -60.04% | +52.41% |
Average DrawdownAverage peak-to-trough decline | -4.39% | -63.69% | +59.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 5.51% | -3.49% |
Volatility
CDX vs. GSG - Volatility Comparison
The current volatility for Simplify High Yield ETF (CDX) is 1.79%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.35%. This indicates that CDX 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.
Loading charts...
Volatility by Period
| CDX | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.79% | 7.35% | -5.56% |
Volatility (6M)Calculated over the trailing 6-month period | 4.98% | 21.50% | -16.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.83% | 23.48% | -17.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.01% | 22.80% | -11.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.01% | 22.00% | -10.99% |
CDX vs. GSG - Expense Ratio Comparison
CDX has a 0.25% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
CDX vs. GSG - Dividend Comparison
CDX's dividend yield for the trailing twelve months is around 8.35%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CDX Simplify High Yield ETF | 8.35% | 7.18% | 12.60% | 5.26% | 7.51% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CDX and GSG have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.35%) compared to CDX (1.79%). In terms of maximum drawdown, CDX dropped -13.24% vs GSG's -89.62%.
On 3-year performance, GSG leads with 14.41% vs 7.14% for CDX. On fees, CDX is cheaper at 0.25% per year. On volatility, CDX has been the lower-risk option at 1.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSG has performed better with a 14.41% return vs 7.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CDX is cheaper with a 0.25% expense ratio, compared with 0.75% for GSG.
CDX has the higher dividend yield at 8.35%, compared with 0.00% for GSG.
CDX is categorized as High Yield Bonds, while GSG is Commodities. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.25% for CDX and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.48 vs -0.33), 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.
Find the right allocation for CDX and GSG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer