FTBD vs. GSG
FTBD (Fidelity Tactical Bond ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - FTBD is a Nontraditional Bonds fund actively managed by Fidelity, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. FTBD is actively managed, while GSG is passively managed. Over the past 3 years, FTBD returned 5.02%/yr vs 13.26%/yr for GSG. Their -0.13 correlation means they have often moved in opposite directions in the past. FTBD charges 0.55%/yr vs 0.75%/yr for GSG.
Performance
FTBD vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, FTBD achieves a 0.47% return, which is significantly lower than GSG's 35.21% return.
FTBD
- 1D
- 0.25%
- 1M
- -1.05%
- 6M
- 0.11%
- YTD
- 0.47%
- 1Y
- 3.10%
- 3Y*
- 5.02%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.01%
GSG
- 1D
- -2.68%
- 1M
- 9.90%
- 6M
- 27.47%
- YTD
- 35.21%
- 1Y
- 38.52%
- 3Y*
- 13.26%
- 5Y*
- 14.69%
- 10Y*
- 8.24%
- ALL TIME*
- -2.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $267.16K | $242.83K | $184.76K | |
| $17.98M | $16.40M | $25.53M |
FTBD vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FTBD Fidelity Tactical Bond ETF | 0.47% | 8.35% | 1.77% | 3.65% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 35.21% | 5.93% | 8.52% | -5.91% |
Correlation
The correlation between FTBD and GSG is -0.39, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.39 |
Correlation (3Y) Balances recent behavior with more history. | -0.17 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2023 | -0.13 |
Over the past year, the inverse relationship between FTBD and GSG has strengthened: their correlation has moved from -0.13 to -0.39, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FTBD vs. GSG — Risk / Return Rank
FTBD
GSG
FTBD vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Tactical Bond ETF (FTBD) 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.
| FTBD | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.28 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 2.06 | -1.01 |
| Martin ratioReturn relative to average drawdown | 3.21 | 6.61 | -3.39 |
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Drawdowns
FTBD vs. GSG - Drawdown Comparison
The maximum FTBD drawdown since its inception was -6.98%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for FTBD and GSG.
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Drawdown Indicators
| FTBD | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.98% | -89.62% | +82.64% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -18.81% | +15.83% |
Max Drawdown (3Y)Largest decline over 3 years | -5.31% | -18.81% | +13.50% |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -1.66% | -59.18% | +57.52% |
Average DrawdownAverage peak-to-trough decline | -1.55% | -63.67% | +62.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 5.85% | -4.88% |
Volatility
FTBD vs. GSG - Volatility Comparison
The current volatility for Fidelity Tactical Bond ETF (FTBD) is 1.42%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.75%. This indicates that FTBD 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
| FTBD | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 8.75% | -7.33% |
Volatility (6M)Calculated over the trailing 6-month period | 3.46% | 22.27% | -18.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.23% | 24.37% | -20.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.80% | 22.89% | -17.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.80% | 22.07% | -16.27% |
FTBD vs. GSG - Expense Ratio Comparison
FTBD has a 0.55% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
FTBD vs. GSG - Dividend Comparison
FTBD's dividend yield for the trailing twelve months is around 5.07%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FTBD Fidelity Tactical Bond ETF | 5.07% | 5.04% | 4.76% | 4.69% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FTBD and GSG have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (8.75%) compared to FTBD (1.42%). In terms of maximum drawdown, FTBD dropped -6.98% vs GSG's -89.62%.
On 3-year performance, GSG leads with 13.26% vs 5.02% for FTBD. On fees, FTBD is cheaper at 0.55% per year. On volatility, FTBD has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSG has performed better with a 13.26% return vs 5.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FTBD is cheaper with a 0.55% expense ratio, compared with 0.75% for GSG.
FTBD has the higher dividend yield at 5.07%, compared with 0.00% for GSG.
FTBD is categorized as Nontraditional Bonds, while GSG is Commodities. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.55% for FTBD and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.59 vs 0.74), 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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