GSC vs. DBC
GSC (Goldman Sachs Small Cap Core Equity ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - GSC is a Small Cap Blend Equities fund actively managed by Goldman Sachs, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. GSC is actively managed, while DBC is passively managed. Over the past 10 years, GSC returned 12.86%/yr vs 9.54%/yr for DBC. Their 0.51 correlation means they have sometimes moved together and sometimes differently. GSC charges 0.75%/yr vs 0.85%/yr for DBC.
Performance
GSC vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, GSC achieves a 21.42% return, which is significantly lower than DBC's 31.71% return. Over the past 10 years, GSC has outperformed DBC with an annualized return of 12.86%, while DBC has yielded a comparatively lower 9.54% annualized return.
GSC
- 1D
- -0.09%
- 1M
- -2.02%
- 6M
- 15.43%
- YTD
- 21.42%
- 1Y
- 31.55%
- 3Y*
- 28.29%
- 5Y*
- 21.67%
- 10Y*
- 12.86%
- ALL TIME*
- 0.25%
DBC
- 1D
- 0.44%
- 1M
- 10.84%
- 6M
- 20.55%
- YTD
- 31.71%
- 1Y
- 37.81%
- 3Y*
- 11.07%
- 5Y*
- 11.66%
- 10Y*
- 9.54%
- ALL TIME*
- 2.04%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.92M | $29.19M | $34.33M | |
| $837.33K | $802.46K | $944.68K |
GSC vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSC Goldman Sachs Small Cap Core Equity ETF | 21.42% | 6.29% | 13.79% | 33.52% | 28.40% | 58.09% | -33.08% | 29.69% | -19.52% | 2.90% |
DBC Invesco DB Commodity Index Tracking Fund | 31.71% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
Correlation
The correlation between GSC and DBC is -0.14, 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. | -0.14 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.14 |
Correlation (All Time) Calculated using the full available price history since Dec 27, 2007 | 0.51 |
The correlation between GSC and DBC shifts across timeframes, from -0.14 (1 year) to 0.51 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GSC vs. DBC — Risk / Return Rank
GSC
DBC
GSC vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Small Cap Core Equity ETF (GSC) and Invesco DB Commodity Index Tracking Fund (DBC). 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.
| GSC | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | +1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.99 | 1.31 | +0.68 |
| Calmar ratioReturn relative to maximum drawdown | 0.53 | 2.16 | -1.64 |
| Martin ratioReturn relative to average drawdown | 1.81 | 7.20 | -5.39 |
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Drawdowns
GSC vs. DBC - Drawdown Comparison
The maximum GSC drawdown since its inception was -88.63%, which is greater than DBC's maximum drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for GSC and DBC.
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Drawdown Indicators
| GSC | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -76.36% | -12.27% |
Max Drawdown (1Y)Largest decline over 1 year | -58.25% | -16.54% | -41.71% |
Max Drawdown (3Y)Largest decline over 3 years | -58.25% | -16.54% | -41.71% |
Max Drawdown (5Y)Largest decline over 5 years | -58.25% | -27.34% | -30.91% |
Max Drawdown (10Y)Largest decline over 10 years | -66.06% | -41.71% | -24.35% |
Current DrawdownCurrent decline from peak | -27.89% | -23.81% | -4.08% |
Average DrawdownAverage peak-to-trough decline | -59.00% | -46.07% | -12.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.94% | 5.00% | +11.94% |
Volatility
GSC vs. DBC - Volatility Comparison
The current volatility for Goldman Sachs Small Cap Core Equity ETF (GSC) is 4.73%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 7.01%. This indicates that GSC experiences smaller price fluctuations and is considered to be less risky than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSC | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.73% | 7.01% | -2.28% |
Volatility (6M)Calculated over the trailing 6-month period | 125.41% | 17.35% | +108.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 403.84% | 19.58% | +384.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 218.74% | 19.31% | +199.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 160.37% | 17.87% | +142.50% |
GSC vs. DBC - Expense Ratio Comparison
GSC has a 0.75% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
GSC vs. DBC - Dividend Comparison
GSC's dividend yield for the trailing twelve months is around 0.13%, less than DBC's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.53% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
GSC Goldman Sachs Small Cap Core Equity ETF | 0.13% | 0.16% | 0.66% | 0.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GSC and DBC have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (7.01%) compared to GSC (4.73%). In terms of maximum drawdown, GSC dropped -88.63% vs DBC's -76.36%.
On 10-year performance, GSC leads with 12.86% vs 9.54% for DBC. On fees, GSC is cheaper at 0.75% per year. On volatility, GSC has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSC has performed better with a 12.86% return vs 9.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSC is cheaper with a 0.75% expense ratio, compared with 0.85% for DBC.
DBC has the higher dividend yield at 2.53%, compared with 0.13% for GSC.
GSC is categorized as Small Cap Blend Equities, while DBC is Commodities. They also come from different issuers: Goldman Sachs and Invesco. Their fees differ too: 0.75% for GSC and 0.85% for DBC.
DBC currently has the higher Sharpe Ratio (1.83 vs 0.08), 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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