FIW vs. GSG
FIW (First Trust Water ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - FIW is a Water Equities fund tracking the ISE Clean Edge Water Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, FIW returned 12.18%/yr vs 7.40%/yr for GSG. At a 0.30 correlation, their price movements are largely independent. FIW charges 0.50%/yr vs 0.75%/yr for GSG.
Performance
FIW vs. GSG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FIW achieves a -0.70% return, which is significantly lower than GSG's 32.35% return. Over the past 10 years, FIW has outperformed GSG with an annualized return of 12.18%, while GSG has yielded a comparatively lower 7.40% annualized return.
FIW
- 1D
- -0.41%
- 1M
- 2.07%
- 6M
- -5.26%
- YTD
- -0.70%
- 1Y
- -1.44%
- 3Y*
- 7.15%
- 5Y*
- 5.72%
- 10Y*
- 12.18%
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%
FIW vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FIW First Trust Water ETF | -0.70% | 7.20% | 8.38% | 20.35% | -15.70% | 32.00% | 21.15% | 37.37% | -9.23% | 24.69% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.35% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between FIW 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 | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since May 11, 2007 | 0.30 |
The correlation between FIW and GSG shifts across timeframes, from -0.23 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.
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
FIW vs. GSG — Risk / Return Rank
FIW
GSG
FIW vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Water ETF (FIW) 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.
| FIW | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.57 | ||
| Sortino ratioReturn per unit of downside risk | -2.08 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.27 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 1.85 | -1.95 |
| Martin ratioReturn relative to average drawdown | -0.25 | 6.29 | -6.54 |
Loading charts...
Drawdowns
FIW vs. GSG - Drawdown Comparison
The maximum FIW drawdown since its inception was -52.75%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for FIW and GSG.
Loading charts...
Drawdown Indicators
| FIW | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.75% | -89.62% | +36.87% |
Max Drawdown (1Y)Largest decline over 1 year | -13.81% | -18.81% | +5.00% |
Max Drawdown (3Y)Largest decline over 3 years | -18.32% | -18.81% | +0.49% |
Max Drawdown (5Y)Largest decline over 5 years | -28.53% | -29.12% | +0.59% |
Max Drawdown (10Y)Largest decline over 10 years | -36.60% | -57.64% | +21.04% |
Current DrawdownCurrent decline from peak | -6.87% | -60.04% | +53.17% |
Average DrawdownAverage peak-to-trough decline | -8.29% | -63.69% | +55.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.86% | 5.51% | +0.35% |
Volatility
FIW vs. GSG - Volatility Comparison
The current volatility for First Trust Water ETF (FIW) is 5.00%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.35%. This indicates that FIW 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
| FIW | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.00% | 7.35% | -2.35% |
Volatility (6M)Calculated over the trailing 6-month period | 12.22% | 21.50% | -9.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.05% | 23.48% | -7.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.44% | 22.80% | -4.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.88% | 22.00% | -2.12% |
FIW vs. GSG - Expense Ratio Comparison
FIW has a 0.50% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
FIW vs. GSG - Dividend Comparison
FIW's dividend yield for the trailing twelve months is around 0.72%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIW First Trust Water ETF | 0.72% | 0.69% | 0.69% | 0.68% | 0.67% | 0.37% | 0.56% | 0.55% | 0.73% | 1.13% | 0.51% | 0.76% |
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
FIW 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 (7.35%) compared to FIW (5.00%). In terms of maximum drawdown, FIW dropped -52.75% vs GSG's -89.62%.
On 10-year performance, FIW leads with 12.18% vs 7.40% for GSG. On fees, FIW is cheaper at 0.50% per year. On volatility, FIW has been the lower-risk option at 5.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FIW has performed better with a 12.18% return vs 7.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FIW is cheaper with a 0.50% expense ratio, compared with 0.75% for GSG.
FIW has the higher dividend yield at 0.72%, compared with 0.00% for GSG.
FIW is categorized as Water Equities, while GSG is Commodities. FIW tracks ISE Clean Edge Water Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.50% for FIW and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.48 vs -0.09), 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 FIW 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