GSG vs. AGRO
GSG (iShares S&P GSCI Commodity-Indexed Trust) is Commodities fund tracking the S&P GSCI Total Return Index, while AGRO (Adecoagro S.A.) is a stock. Over the past 10 years, GSG returned 6.90%/yr vs 0.95%/yr for AGRO. At a 0.24 correlation, their price movements are largely independent.
Performance
GSG vs. AGRO - Performance Comparison
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Returns By Period
In the year-to-date period, GSG achieves a 27.75% return, which is significantly lower than AGRO's 31.16% return. Over the past 10 years, GSG has outperformed AGRO with an annualized return of 6.90%, while AGRO has yielded a comparatively lower 0.95% annualized return.
GSG
- 1D
- -0.27%
- 1M
- -4.84%
- 6M
- 24.99%
- YTD
- 27.75%
- 1Y
- 29.89%
- 3Y*
- 13.48%
- 5Y*
- 12.99%
- 10Y*
- 6.90%
AGRO
- 1D
- 3.10%
- 1M
- -11.80%
- 6M
- 24.56%
- YTD
- 31.16%
- 1Y
- 12.50%
- 3Y*
- 5.30%
- 5Y*
- 4.61%
- 10Y*
- 0.95%
GSG vs. AGRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 27.75% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
AGRO Adecoagro S.A. | 31.16% | -12.37% | -12.39% | 38.60% | 11.50% | 12.94% | -18.76% | 20.26% | -32.69% | -0.39% |
Correlation
The correlation between GSG and AGRO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2011 | 0.24 |
The correlation between GSG and AGRO shifts across timeframes, from 0.24 (all time) to 0.40 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GSG vs. AGRO — Risk / Return Rank
GSG
AGRO
GSG vs. AGRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P GSCI Commodity-Indexed Trust (GSG) and Adecoagro S.A. (AGRO). 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 | AGRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.10 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 0.41 | +1.28 |
| Martin ratioReturn relative to average drawdown | 5.80 | 1.04 | +4.77 |
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Drawdowns
GSG vs. AGRO - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, which is greater than AGRO's maximum drawdown of -73.70%. Use the drawdown chart below to compare losses from any high point for GSG and AGRO.
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Drawdown Indicators
| GSG | AGRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -73.70% | -15.92% |
Max Drawdown (1Y)Largest decline over 1 year | -18.81% | -39.99% | +21.18% |
Max Drawdown (3Y)Largest decline over 3 years | -18.81% | -39.99% | +21.18% |
Max Drawdown (5Y)Largest decline over 5 years | -29.12% | -45.34% | +16.22% |
Max Drawdown (10Y)Largest decline over 10 years | -57.64% | -72.07% | +14.43% |
Current DrawdownCurrent decline from peak | -61.43% | -32.08% | -29.35% |
Average DrawdownAverage peak-to-trough decline | -63.69% | -31.48% | -32.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.45% | 15.75% | -10.30% |
Volatility
GSG vs. AGRO - Volatility Comparison
The current volatility for iShares S&P GSCI Commodity-Indexed Trust (GSG) is 6.34%, while Adecoagro S.A. (AGRO) has a volatility of 16.23%. This indicates that GSG experiences smaller price fluctuations and is considered to be less risky than AGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSG | AGRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.34% | 16.23% | -9.89% |
Volatility (6M)Calculated over the trailing 6-month period | 21.28% | 40.67% | -19.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.22% | 48.55% | -25.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.74% | 42.03% | -19.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.98% | 39.97% | -17.99% |
Dividends
GSG vs. AGRO - Dividend Comparison
GSG has not paid dividends to shareholders, while AGRO's dividend yield for the trailing twelve months is around 2.87%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
AGRO Adecoagro S.A. | 2.87% | 4.41% | 3.63% | 2.95% | 3.83% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GSG and AGRO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGRO has higher volatility (16.23%) compared to GSG (6.34%). In terms of maximum drawdown, GSG dropped -89.62% vs AGRO's -73.70%.
GSG currently has the higher Sharpe Ratio (1.37 vs 0.34), 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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