GSG vs. ACWI
GSG (iShares S&P GSCI Commodity-Indexed Trust) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - GSG is a Commodities fund tracking the S&P GSCI Total Return Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, GSG returned 6.58%/yr vs 13.09%/yr for ACWI. At a 0.37 correlation, their price movements are largely independent. GSG charges 0.75%/yr vs 0.32%/yr for ACWI.
Performance
GSG vs. ACWI - Performance Comparison
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Returns By Period
In the year-to-date period, GSG achieves a 25.54% return, which is significantly higher than ACWI's 9.86% return. Over the past 10 years, GSG has underperformed ACWI with an annualized return of 6.58%, while ACWI has yielded a comparatively higher 13.09% annualized return.
GSG
- 1D
- -1.03%
- 1M
- -12.93%
- YTD
- 25.54%
- 6M
- 23.88%
- 1Y
- 27.65%
- 3Y*
- 14.02%
- 5Y*
- 12.78%
- 10Y*
- 6.58%
ACWI
- 1D
- -2.00%
- 1M
- -0.35%
- YTD
- 9.86%
- 6M
- 9.11%
- 1Y
- 25.60%
- 3Y*
- 20.00%
- 5Y*
- 10.74%
- 10Y*
- 13.09%
GSG vs. ACWI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 25.54% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
ACWI iShares MSCI ACWI ETF | 9.86% | 22.41% | 17.45% | 22.27% | -18.39% | 18.66% | 16.34% | 26.59% | -9.19% | 24.33% |
Correlation
The correlation between GSG and ACWI is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2008 | 0.37 |
The correlation between GSG and ACWI shifts across timeframes, from -0.18 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GSG vs. ACWI — Risk / Return Rank
GSG
ACWI
GSG vs. ACWI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P GSCI Commodity-Indexed Trust (GSG) and iShares MSCI ACWI ETF (ACWI). 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.
| GSG | ACWI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.34 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 2.64 | -0.98 |
| Martin ratioReturn relative to average drawdown | 6.95 | 11.51 | -4.56 |
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Drawdowns
GSG vs. ACWI - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, which is greater than ACWI's maximum drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for GSG and ACWI.
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Drawdown Indicators
| GSG | ACWI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -56.00% | -33.62% |
Max Drawdown (1Y)Largest decline over 1 year | -16.74% | -9.73% | -7.01% |
Max Drawdown (3Y)Largest decline over 3 years | -16.74% | -16.55% | -0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -29.12% | -26.42% | -2.70% |
Max Drawdown (10Y)Largest decline over 10 years | -57.64% | -33.53% | -24.11% |
Current DrawdownCurrent decline from peak | -62.10% | -2.83% | -59.27% |
Average DrawdownAverage peak-to-trough decline | -63.69% | -8.59% | -55.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.01% | 2.23% | +1.78% |
Volatility
GSG vs. ACWI - Volatility Comparison
iShares S&P GSCI Commodity-Indexed Trust (GSG) and iShares MSCI ACWI ETF (ACWI) have volatilities of 5.46% and 5.57%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSG | ACWI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.46% | 5.57% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 20.82% | 11.38% | +9.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.17% | 13.64% | +9.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.67% | 16.20% | +6.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.01% | 17.08% | +4.93% |
GSG vs. ACWI - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is higher than ACWI's 0.32% expense ratio.
Dividends
GSG vs. ACWI - Dividend Comparison
GSG has not paid dividends to shareholders, while ACWI's dividend yield for the trailing twelve months is around 1.45%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACWI iShares MSCI ACWI ETF | 1.45% | 1.55% | 1.70% | 1.88% | 1.79% | 1.71% | 1.43% | 2.33% | 2.18% | 1.94% | 2.19% | 2.56% |
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
GSG and ACWI have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ACWI has higher volatility (5.57%) compared to GSG (5.46%). In terms of maximum drawdown, GSG dropped -89.62% vs ACWI's -56.00%.
On 10-year performance, ACWI leads with 13.09% vs 6.58% for GSG. On fees, ACWI is cheaper at 0.32% per year. On volatility, GSG has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ACWI has performed better with a 13.09% return vs 6.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ACWI is cheaper with a 0.32% expense ratio, compared with 0.75% for GSG.
ACWI has the higher dividend yield at 1.45%, compared with 0.00% for GSG.
GSG is categorized as Commodities, while ACWI is Global Equities. GSG tracks S&P GSCI Total Return Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.75% for GSG and 0.32% for ACWI.
ACWI currently has the higher Sharpe Ratio (1.89 vs 1.22), 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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