CMCI vs. GSG

Last updated Jun 24, 2026

CMCI (VanEck CMCI Commodity Strategy ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both Commodities funds - CMCI tracks the UBS Bloomberg CMCI Composite Total Return Index while GSG tracks the S&P GSCI Total Return Index. Both are passively managed. Over the past year, CMCI returned 19.16% vs 27.65% for GSG. Their correlation of 0.86 suggests significant overlap in exposure. CMCI charges 0.65%/yr vs 0.75%/yr for GSG.

Performance

CMCI vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck CMCI Commodity Strategy ETF (CMCI) 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, CMCI achieves a 15.08% return, which is significantly lower than GSG's 25.54% return.

CMCI

• 1D: -1.04%
• 1M: -6.48%
• YTD: 15.08%
• 6M: 14.93%
• 1Y: 19.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GSG

• 1D: -1.03%
• 1M: -12.93%
• YTD: 25.54%
• 6M: 23.88%
• 1Y: 27.65%
• 3Y*: 14.02%
• 5Y*: 12.78%
• 10Y*: 6.58%

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

CMCI vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	15.08%	7.90%	5.68%	-2.74%
GSG iShares S&P GSCI Commodity-Indexed Trust	25.54%	5.93%	8.52%	-5.15%

Correlation

The correlation between CMCI and GSG is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	0.86

The correlation between CMCI and GSG has been stable across timeframes, ranging from 0.86 to 0.86 - a consistent structural relationship.

Return for Risk

CMCI vs. GSG — Risk / Return Rank

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

CMCI

CMCI Risk / Return Rank: 48
CMCI Sharpe Ratio Rank: 48
CMCI Sortino Ratio Rank: 48
CMCI Omega Ratio Rank: 47
CMCI Calmar Ratio Rank: 44
CMCI Martin Ratio Rank: 54

GSG

GSG Risk / Return Rank: 37
GSG Sharpe Ratio Rank: 35
GSG Sortino Ratio Rank: 34
GSG Omega Ratio Rank: 36
GSG Calmar Ratio Rank: 34
GSG Martin Ratio Rank: 44

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.

CMCI vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck CMCI Commodity Strategy ETF (CMCI) 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.

	CMCI	GSG	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.22	+0.36
Sortino ratio: Return per unit of downside risk	2.21	1.73	+0.48
Omega ratio: Gain probability vs. loss probability	1.28	1.23	+0.05
Calmar ratio: Return relative to maximum drawdown	2.06	1.66	+0.40
Martin ratio: Return relative to average drawdown	8.69	6.95	+1.74

CMCI vs. GSG - Sharpe Ratio Comparison

The current CMCI Sharpe Ratio is 1.57, which is comparable to the GSG Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of CMCI 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

CMCI vs. GSG - Drawdown Comparison

The maximum CMCI drawdown since its inception was -11.54%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for CMCI and GSG.

Drawdown Indicators

	CMCI	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-11.54%	-89.62%	+78.08%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-16.74%	+7.38%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.74%	—
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	-9.36%	-62.10%	+52.74%
Average Drawdown Average peak-to-trough decline	-3.60%	-63.69%	+60.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	4.01%	-1.78%

Volatility

CMCI vs. GSG - Volatility Comparison

The current volatility for VanEck CMCI Commodity Strategy ETF (CMCI) is 2.95%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 5.46%. This indicates that CMCI 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

	CMCI	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	5.46%	-2.51%
Volatility (6M) Calculated over the trailing 6-month period	10.22%	20.82%	-10.60%
Volatility (1Y) Calculated over the trailing 1-year period	12.37%	23.17%	-10.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.60%	22.67%	-10.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.60%	22.01%	-9.41%

CMCI vs. GSG - Expense Ratio Comparison

CMCI has a 0.65% expense ratio, which is lower than GSG's 0.75% expense ratio.

Dividends

CMCI vs. GSG - Dividend Comparison

CMCI's dividend yield for the trailing twelve months is around 8.59%, while GSG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	8.59%	9.89%	3.93%	1.64%
GSG iShares S&P GSCI Commodity-Indexed Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CMCI and GSG in my portfolio?

CMCI and GSG have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMCI or GSG?

GSG has higher volatility (5.46%) compared to CMCI (2.95%). In terms of maximum drawdown, CMCI dropped -11.54% vs GSG's -89.62%.

Which ETF is better, CMCI or GSG?

On 1-year performance, GSG leads with 27.65% vs 19.16% for CMCI. On fees, CMCI is cheaper at 0.65% per year. On volatility, CMCI has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CMCI or GSG?

Over the 1-year period, GSG has performed better with a 27.65% return vs 19.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CMCI or GSG?

CMCI is cheaper with a 0.65% expense ratio, compared with 0.75% for GSG.

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

CMCI has the higher dividend yield at 8.59%, compared with 0.00% for GSG.

What is the main difference between CMCI and GSG?

CMCI tracks UBS Bloomberg CMCI Composite Total Return Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.65% for CMCI and 0.75% for GSG.

Which has better risk-adjusted returns?

CMCI currently has the higher Sharpe Ratio (1.57 vs 1.22), 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.