GSG vs. BDRY
GSG (iShares S&P GSCI Commodity-Indexed Trust) and BDRY (Breakwave Dry Bulk Shipping ETF) are both Commodities funds - GSG tracks the S&P GSCI Total Return Index while BDRY tracks the Breakwave Dry Freight Futures Index. Both are passively managed. Over the past 5 years, GSG returned 12.78%/yr vs -16.41%/yr for BDRY. At a 0.03 correlation, their price movements are largely independent. GSG charges 0.75%/yr vs 3.76%/yr for BDRY.
Performance
GSG vs. BDRY - Performance Comparison
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Returns By Period
In the year-to-date period, GSG achieves a 25.54% return, which is significantly lower than BDRY's 34.21% 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%
BDRY
- 1D
- 1.64%
- 1M
- -7.14%
- YTD
- 34.21%
- 6M
- 34.67%
- 1Y
- 103.63%
- 3Y*
- 24.09%
- 5Y*
- -16.41%
- 10Y*
- —
GSG vs. BDRY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 25.54% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -16.15% |
BDRY Breakwave Dry Bulk Shipping ETF | 34.21% | 44.24% | -47.40% | 25.79% | -68.84% | 282.99% | -50.16% | -15.92% | -27.66% |
Correlation
The correlation between GSG and BDRY is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2018 | 0.03 |
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Return for Risk
GSG vs. BDRY — Risk / Return Rank
GSG
BDRY
GSG vs. BDRY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P GSCI Commodity-Indexed Trust (GSG) and Breakwave Dry Bulk Shipping ETF (BDRY). 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 | BDRY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.26 | ||
| Sortino ratioReturn per unit of downside risk | -1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.36 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 4.82 | -3.17 |
| Martin ratioReturn relative to average drawdown | 6.95 | 13.59 | -6.64 |
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Drawdowns
GSG vs. BDRY - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, roughly equal to the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for GSG and BDRY.
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Drawdown Indicators
| GSG | BDRY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -89.16% | -0.46% |
Max Drawdown (1Y)Largest decline over 1 year | -16.74% | -21.60% | +4.86% |
Max Drawdown (3Y)Largest decline over 3 years | -16.74% | -69.71% | +52.97% |
Max Drawdown (5Y)Largest decline over 5 years | -29.12% | -89.16% | +60.04% |
Max Drawdown (10Y)Largest decline over 10 years | -57.64% | — | — |
Current DrawdownCurrent decline from peak | -62.10% | -71.65% | +9.55% |
Average DrawdownAverage peak-to-trough decline | -63.69% | -58.43% | -5.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.01% | 7.65% | -3.64% |
Volatility
GSG vs. BDRY - Volatility Comparison
The current volatility for iShares S&P GSCI Commodity-Indexed Trust (GSG) is 5.46%, while Breakwave Dry Bulk Shipping ETF (BDRY) has a volatility of 7.30%. This indicates that GSG experiences smaller price fluctuations and is considered to be less risky than BDRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSG | BDRY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.46% | 7.30% | -1.84% |
Volatility (6M)Calculated over the trailing 6-month period | 20.82% | 29.14% | -8.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.17% | 42.10% | -18.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.67% | 60.24% | -37.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.01% | 62.40% | -40.39% |
GSG vs. BDRY - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is lower than BDRY's 3.76% expense ratio.
Dividends
GSG vs. BDRY - Dividend Comparison
Neither GSG nor BDRY has paid dividends to shareholders.
Frequently Asked Questions
GSG and BDRY have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDRY has higher volatility (7.30%) compared to GSG (5.46%). In terms of maximum drawdown, GSG dropped -89.62% vs BDRY's -89.16%.
On 5-year performance, GSG leads with 12.78% vs -16.41% for BDRY. On fees, GSG is cheaper at 0.75% 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 5-year period, GSG has performed better with a 12.78% return vs -16.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 3.76% for BDRY.
GSG and BDRY have nearly identical dividend yields, around 0.00%.
GSG tracks S&P GSCI Total Return Index, while BDRY tracks Breakwave Dry Freight Futures Index. They also come from different issuers: iShares and ETFMG. Their fees differ too: 0.75% for GSG and 3.76% for BDRY.
BDRY currently has the higher Sharpe Ratio (2.48 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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