GSG vs. BNDI
GSG (iShares S&P GSCI Commodity-Indexed Trust) and BNDI (Neos Enhanced Income Aggregate Bond ETF) are both exchange-traded funds - GSG is a Commodities fund tracking the S&P GSCI Total Return Index, while BNDI is a Intermediate Core-Plus Bond fund actively managed by Neos. GSG is passively managed, while BNDI is actively managed. Over the past 3 years, GSG returned 19.31%/yr vs 4.83%/yr for BNDI. At a correlation of -0.11, they often move in opposite directions. GSG charges 0.75%/yr vs 0.58%/yr for BNDI.
Performance
GSG vs. BNDI - Performance Comparison
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Returns By Period
In the year-to-date period, GSG achieves a 42.58% return, which is significantly higher than BNDI's 1.29% return.
GSG
- 1D
- 0.77%
- 1M
- -4.83%
- YTD
- 42.58%
- 6M
- 41.06%
- 1Y
- 51.52%
- 3Y*
- 19.31%
- 5Y*
- 15.74%
- 10Y*
- 7.69%
BNDI
- 1D
- -0.21%
- 1M
- 0.36%
- YTD
- 1.29%
- 6M
- 1.22%
- 1Y
- 7.00%
- 3Y*
- 4.83%
- 5Y*
- —
- 10Y*
- —
GSG vs. BNDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | -5.51% | -6.72% |
BNDI Neos Enhanced Income Aggregate Bond ETF | 1.29% | 7.95% | 1.74% | 6.89% | -2.60% |
Correlation
The correlation between GSG and BNDI is -0.40, 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 | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022 | -0.11 |
Over the past year, the inverse relationship between GSG and BNDI has strengthened: their correlation has moved from -0.11 to -0.40, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
GSG vs. BNDI — Risk / Return Rank
GSG
BNDI
GSG vs. BNDI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P GSCI Commodity-Indexed Trust (GSG) and Neos Enhanced Income Aggregate Bond ETF (BNDI). 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.
| GSG | BNDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.57 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.30 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 5.47 | 2.56 | +2.92 |
| Martin ratioReturn relative to average drawdown | 14.39 | 9.12 | +5.27 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GSG | BNDI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.26 | 1.69 | +0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | 0.65 | -0.73 |
Drawdowns
GSG vs. BNDI - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, which is greater than BNDI's maximum drawdown of -6.98%. Use the drawdown chart below to compare losses from any high point for GSG and BNDI.
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Drawdown Indicators
| GSG | BNDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -6.98% | -82.64% |
Max Drawdown (1Y)Largest decline over 1 year | -9.46% | -2.75% | -6.71% |
Max Drawdown (3Y)Largest decline over 3 years | -14.94% | -5.83% | -9.11% |
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 | -56.95% | -0.84% | -56.11% |
Average DrawdownAverage peak-to-trough decline | -63.71% | -1.71% | -62.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.59% | 0.77% | +2.82% |
Volatility
GSG vs. BNDI - Volatility Comparison
iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 7.65% compared to Neos Enhanced Income Aggregate Bond ETF (BNDI) at 1.38%. This indicates that GSG's price experiences larger fluctuations and is considered to be riskier than BNDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSG | BNDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.65% | 1.38% | +6.27% |
Volatility (6M)Calculated over the trailing 6-month period | 20.42% | 3.08% | +17.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.95% | 4.17% | +18.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.61% | 6.19% | +16.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.03% | 6.19% | +15.84% |
GSG vs. BNDI - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is higher than BNDI's 0.58% expense ratio.
Dividends
GSG vs. BNDI - Dividend Comparison
GSG has not paid dividends to shareholders, while BNDI's dividend yield for the trailing twelve months is around 5.80%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BNDI Neos Enhanced Income Aggregate Bond ETF | 5.80% | 5.69% | 5.54% | 5.17% | 1.68% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GSG and BNDI 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.
GSG has higher volatility (7.65%) compared to BNDI (1.38%). In terms of maximum drawdown, GSG dropped -89.62% vs BNDI's -6.98%.
On 3-year performance, GSG leads with 19.31% vs 4.83% for BNDI. On fees, BNDI is cheaper at 0.58% per year. On volatility, BNDI has been the lower-risk option at 1.38%. 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 19.31% return vs 4.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDI is cheaper with a 0.58% expense ratio, compared with 0.75% for GSG.
BNDI has the higher dividend yield at 5.80%, compared with 0.00% for GSG.
GSG is categorized as Commodities, while BNDI is Intermediate Core-Plus Bond. They also come from different issuers: iShares and Neos. Their fees differ too: 0.75% for GSG and 0.58% for BNDI.
GSG currently has the higher Sharpe Ratio (2.26 vs 1.69), 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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