FRI vs. GSG
FRI (First Trust S&P REIT Index Fund) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - FRI is a REIT fund tracking the S&P United States REIT, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, FRI returned 5.67%/yr vs 7.61%/yr for GSG. At a 0.17 correlation, their price movements are largely independent. FRI charges 0.50%/yr vs 0.75%/yr for GSG.
Performance
FRI vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, FRI achieves a 21.19% return, which is significantly lower than GSG's 33.95% return. Over the past 10 years, FRI has underperformed GSG with an annualized return of 5.67%, while GSG has yielded a comparatively higher 7.61% annualized return.
FRI
- 1D
- 2.48%
- 1M
- 4.21%
- 6M
- 17.34%
- YTD
- 21.19%
- 1Y
- 23.85%
- 3Y*
- 11.98%
- 5Y*
- 5.30%
- 10Y*
- 5.67%
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%
FRI vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 21.19% | 2.80% | 7.84% | 13.33% | -24.66% | 42.55% | -7.90% | 23.67% | -4.28% | 3.86% |
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 FRI and GSG is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since May 10, 2007 | 0.17 |
The correlation between FRI and GSG shifts across timeframes, from -0.16 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FRI vs. GSG — Risk / Return Rank
FRI
GSG
FRI vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust S&P REIT Index Fund (FRI) 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.
| FRI | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.29 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.16 | 2.00 | +1.17 |
| Martin ratioReturn relative to average drawdown | 10.12 | 6.66 | +3.46 |
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Drawdowns
FRI vs. GSG - Drawdown Comparison
The maximum FRI drawdown since its inception was -71.95%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for FRI and GSG.
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Drawdown Indicators
| FRI | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.95% | -89.62% | +17.67% |
Max Drawdown (1Y)Largest decline over 1 year | -7.57% | -18.81% | +11.24% |
Max Drawdown (3Y)Largest decline over 3 years | -18.90% | -18.81% | -0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -31.21% | -29.12% | -2.09% |
Max Drawdown (10Y)Largest decline over 10 years | -44.16% | -57.64% | +13.48% |
Current DrawdownCurrent decline from peak | 0.00% | -59.56% | +59.56% |
Average DrawdownAverage peak-to-trough decline | -13.62% | -63.68% | +50.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.36% | 5.63% | -3.27% |
Volatility
FRI vs. GSG - Volatility Comparison
The current volatility for First Trust S&P REIT Index Fund (FRI) is 5.13%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that FRI 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
| FRI | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.13% | 7.17% | -2.04% |
Volatility (6M)Calculated over the trailing 6-month period | 10.58% | 21.54% | -10.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.84% | 23.48% | -9.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.73% | 22.80% | -4.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.10% | 22.00% | -0.90% |
FRI vs. GSG - Expense Ratio Comparison
FRI has a 0.50% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
FRI vs. GSG - Dividend Comparison
FRI's dividend yield for the trailing twelve months is around 2.37%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 2.37% | 2.99% | 3.33% | 3.24% | 2.52% | 1.44% | 3.08% | 2.28% | 3.21% | 2.82% | 3.27% | 2.66% |
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
FRI and GSG have a correlation of -0.16, 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 FRI (5.13%). In terms of maximum drawdown, FRI dropped -71.95% vs GSG's -89.62%.
On 10-year performance, GSG leads with 7.61% vs 5.67% for FRI. On fees, FRI is cheaper at 0.50% per year. On volatility, FRI has been the lower-risk option at 5.13%. 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 5.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FRI is cheaper with a 0.50% expense ratio, compared with 0.75% for GSG.
FRI has the higher dividend yield at 2.37%, compared with 0.00% for GSG.
FRI is categorized as REIT, while GSG is Commodities. FRI tracks S&P United States REIT, 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 FRI and 0.75% for GSG.
FRI currently has the higher Sharpe Ratio (1.73 vs 1.60), 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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