GSG vs. BTC-USD
GSG (iShares S&P GSCI Commodity-Indexed Trust) is Commodities fund tracking the S&P GSCI Total Return Index, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, GSG returned 6.89%/yr vs 57.32%/yr for BTC-USD. At a 0.03 correlation, their price movements are largely independent.
Performance
GSG vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, GSG achieves a 32.61% return, which is significantly higher than BTC-USD's -27.32% return. Over the past 10 years, GSG has underperformed BTC-USD with an annualized return of 6.89%, while BTC-USD has yielded a comparatively higher 57.32% annualized return.
GSG
- 1D
- -1.23%
- 1M
- -10.40%
- YTD
- 32.61%
- 6M
- 33.30%
- 1Y
- 36.64%
- 3Y*
- 16.62%
- 5Y*
- 13.86%
- 10Y*
- 6.89%
BTC-USD
- 1D
- 0.05%
- 1M
- -19.79%
- YTD
- -27.32%
- 6M
- -29.56%
- 1Y
- -39.85%
- 3Y*
- 34.86%
- 5Y*
- 10.27%
- 10Y*
- 57.32%
GSG vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.61% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
BTC-USD Bitcoin | -27.32% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
Correlation
The correlation between GSG and BTC-USD is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2012 | 0.03 |
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Return for Risk
GSG vs. BTC-USD — Risk / Return Rank
GSG
BTC-USD
GSG vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P GSCI Commodity-Indexed Trust (GSG) and Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.51 | ||
| Sortino ratioReturn per unit of downside risk | +3.45 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.87 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 3.05 | -0.78 | +3.83 |
| Martin ratioReturn relative to average drawdown | 9.32 | -1.36 | +10.68 |
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Drawdowns
GSG vs. BTC-USD - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, which is greater than BTC-USD's maximum drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for GSG and BTC-USD.
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Drawdown Indicators
| GSG | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -85.30% | -4.32% |
Max Drawdown (1Y)Largest decline over 1 year | -12.05% | -51.21% | +39.16% |
Max Drawdown (3Y)Largest decline over 3 years | -14.94% | -51.21% | +36.27% |
Max Drawdown (5Y)Largest decline over 5 years | -29.12% | -76.67% | +47.55% |
Max Drawdown (10Y)Largest decline over 10 years | -57.64% | -83.80% | +26.16% |
Current DrawdownCurrent decline from peak | -59.96% | -49.01% | -10.95% |
Average DrawdownAverage peak-to-trough decline | -63.69% | -42.35% | -21.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.94% | 35.02% | -31.08% |
Volatility
GSG vs. BTC-USD - Volatility Comparison
The current volatility for iShares S&P GSCI Commodity-Indexed Trust (GSG) is 6.25%, while Bitcoin (BTC-USD) has a volatility of 12.11%. This indicates that GSG experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSG | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.25% | 12.11% | -5.86% |
Volatility (6M)Calculated over the trailing 6-month period | 20.77% | 34.59% | -13.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.25% | 35.62% | -12.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.66% | 44.71% | -22.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.04% | 56.62% | -34.58% |
Frequently Asked Questions
GSG and BTC-USD have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (12.11%) compared to GSG (6.25%). In terms of maximum drawdown, GSG dropped -89.62% vs BTC-USD's -85.30%.
GSG currently has the higher Sharpe Ratio (1.58 vs -0.93), 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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