CUT vs. GSG
CUT (Invesco MSCI Global Timber ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - CUT is a Materials fund tracking the Beacon Global Timber Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, CUT returned 4.16%/yr vs 7.61%/yr for GSG. At a 0.33 correlation, their price movements are largely independent. CUT charges 0.55%/yr vs 0.75%/yr for GSG.
Performance
CUT vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, CUT achieves a -2.02% return, which is significantly lower than GSG's 33.95% return. Over the past 10 years, CUT has underperformed GSG with an annualized return of 4.16%, while GSG has yielded a comparatively higher 7.61% annualized return.
CUT
- 1D
- 1.40%
- 1M
- 0.75%
- 6M
- -7.11%
- YTD
- -2.02%
- 1Y
- -4.61%
- 3Y*
- 0.28%
- 5Y*
- -2.70%
- 10Y*
- 4.16%
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%
CUT vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CUT Invesco MSCI Global Timber ETF | -2.02% | -5.92% | 1.82% | 8.65% | -16.38% | 12.29% | 18.05% | 23.35% | -21.70% | 30.41% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 33.95% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between CUT and GSG is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2007 | 0.33 |
The correlation between CUT and GSG shifts across timeframes, from -0.23 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CUT vs. GSG — Risk / Return Rank
CUT
GSG
CUT vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Global Timber ETF (CUT) 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.
| CUT | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.85 | ||
| Sortino ratioReturn per unit of downside risk | -2.42 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.29 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 2.00 | -2.23 |
| Martin ratioReturn relative to average drawdown | -0.45 | 6.66 | -7.11 |
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Drawdowns
CUT vs. GSG - Drawdown Comparison
The maximum CUT drawdown since its inception was -70.03%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for CUT and GSG.
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Drawdown Indicators
| CUT | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.03% | -89.62% | +19.59% |
Max Drawdown (1Y)Largest decline over 1 year | -19.62% | -18.81% | -0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -22.23% | -18.81% | -3.42% |
Max Drawdown (5Y)Largest decline over 5 years | -30.40% | -29.12% | -1.28% |
Max Drawdown (10Y)Largest decline over 10 years | -45.76% | -57.64% | +11.88% |
Current DrawdownCurrent decline from peak | -20.09% | -59.56% | +39.47% |
Average DrawdownAverage peak-to-trough decline | -15.30% | -63.68% | +48.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.21% | 5.63% | +4.58% |
Volatility
CUT vs. GSG - Volatility Comparison
The current volatility for Invesco MSCI Global Timber ETF (CUT) is 5.25%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that CUT 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
| CUT | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.25% | 7.17% | -1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 14.62% | 21.54% | -6.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.75% | 23.48% | -4.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.57% | 22.80% | -4.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.05% | 22.00% | -1.95% |
CUT vs. GSG - Expense Ratio Comparison
CUT has a 0.55% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
CUT vs. GSG - Dividend Comparison
CUT's dividend yield for the trailing twelve months is around 2.51%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CUT Invesco MSCI Global Timber ETF | 2.51% | 2.46% | 3.05% | 2.44% | 2.58% | 1.57% | 1.65% | 2.67% | 3.43% | 1.57% | 2.08% | 1.52% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CUT and GSG have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.17%) compared to CUT (5.25%). In terms of maximum drawdown, CUT dropped -70.03% vs GSG's -89.62%.
On 10-year performance, GSG leads with 7.61% vs 4.16% for CUT. On fees, CUT is cheaper at 0.55% per year. On volatility, CUT has been the lower-risk option at 5.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSG has performed better with a 7.61% return vs 4.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CUT is cheaper with a 0.55% expense ratio, compared with 0.75% for GSG.
CUT has the higher dividend yield at 2.51%, compared with 0.00% for GSG.
CUT is categorized as Materials, while GSG is Commodities. CUT tracks Beacon Global Timber Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.55% for CUT and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.60 vs -0.25), 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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