CMDY vs. GSG
CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both Commodities funds from iShares - CMDY tracks the Bloomberg Roll Select Commodity Total Return Index while GSG tracks the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, CMDY returned 10.49%/yr vs 15.39%/yr for GSG. A 0.79 correlation means they provide meaningful diversification when combined. CMDY charges 0.28%/yr vs 0.75%/yr for GSG.
Performance
CMDY vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, CMDY achieves a 24.16% return, which is significantly lower than GSG's 40.46% return.
CMDY
- 1D
- -1.01%
- 1M
- -3.07%
- YTD
- 24.16%
- 6M
- 23.07%
- 1Y
- 35.71%
- 3Y*
- 15.11%
- 5Y*
- 10.49%
- 10Y*
- —
GSG
- 1D
- -1.49%
- 1M
- -5.32%
- YTD
- 40.46%
- 6M
- 38.18%
- 1Y
- 49.68%
- 3Y*
- 18.78%
- 5Y*
- 15.39%
- 10Y*
- 7.42%
CMDY vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 24.16% | 15.81% | 5.43% | -9.33% | 14.55% | 26.38% | 1.15% | 4.96% | -11.11% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 40.46% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -15.03% |
Correlation
The correlation between CMDY 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 (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2018 | 0.79 |
The correlation between CMDY and GSG has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.
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Return for Risk
CMDY vs. GSG — Risk / Return Rank
CMDY
GSG
CMDY vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) 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.
| CMDY | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.39 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.64 | 5.28 | -0.64 |
| Martin ratioReturn relative to average drawdown | 13.86 | 13.78 | +0.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CMDY | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.23 | 2.17 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | 0.68 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | -0.09 | +0.64 |
Drawdowns
CMDY vs. GSG - Drawdown Comparison
The maximum CMDY drawdown since its inception was -31.19%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for CMDY and GSG.
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Drawdown Indicators
| CMDY | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.19% | -89.62% | +58.43% |
Max Drawdown (1Y)Largest decline over 1 year | -7.73% | -9.46% | +1.73% |
Max Drawdown (3Y)Largest decline over 3 years | -10.08% | -14.94% | +4.86% |
Max Drawdown (5Y)Largest decline over 5 years | -26.56% | -29.12% | +2.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -4.95% | -57.59% | +52.64% |
Average DrawdownAverage peak-to-trough decline | -13.14% | -63.71% | +50.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.58% | 3.62% | -1.04% |
Volatility
CMDY vs. GSG - Volatility Comparison
The current volatility for iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) is 5.11%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.72%. This indicates that CMDY 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
| CMDY | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.11% | 7.72% | -2.61% |
Volatility (6M)Calculated over the trailing 6-month period | 14.25% | 20.48% | -6.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.10% | 23.01% | -6.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.80% | 22.61% | -6.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.63% | 22.03% | -7.40% |
CMDY vs. GSG - Expense Ratio Comparison
CMDY has a 0.28% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
CMDY vs. GSG - Dividend Comparison
CMDY's dividend yield for the trailing twelve months is around 10.38%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 10.38% | 12.89% | 4.23% | 5.10% | 3.98% | 16.09% | 0.15% | 2.21% | 1.73% |
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% |
Frequently Asked Questions
CMDY 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.
GSG has higher volatility (7.72%) compared to CMDY (5.11%). In terms of maximum drawdown, CMDY dropped -31.19% vs GSG's -89.62%.
On 5-year performance, GSG leads with 15.39% vs 10.49% for CMDY. On fees, CMDY is cheaper at 0.28% per year. On volatility, CMDY has been the lower-risk option at 5.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSG has performed better with a 15.39% return vs 10.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMDY is cheaper with a 0.28% expense ratio, compared with 0.75% for GSG.
CMDY has the higher dividend yield at 10.38%, compared with 0.00% for GSG.
CMDY tracks Bloomberg Roll Select Commodity Total Return Index, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.28% for CMDY and 0.75% for GSG.
CMDY currently has the higher Sharpe Ratio (2.23 vs 2.17), 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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