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GSG vs. BYLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GSG vs. BYLD

Last updated Jun 5, 2026

GSG (iShares S&P GSCI Commodity-Indexed Trust) and BYLD (iShares Yield Optimized Bond ETF) are both exchange-traded funds - GSG is a Commodities fund tracking the S&P GSCI Total Return Index, while BYLD is a Intermediate Core-Plus Bond fund tracking the Morningstar U.S. Bond Market Yield-Optimized Index. Both are passively managed. Over the past 10 years, GSG returned 7.42%/yr vs 2.99%/yr for BYLD. At a 0.03 correlation, their price movements are largely independent. GSG charges 0.75%/yr vs 0.17%/yr for BYLD.

Performance

GSG vs. BYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P GSCI Commodity-Indexed Trust (GSG) and iShares Yield Optimized Bond ETF (BYLD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GSG achieves a 40.46% return, which is significantly higher than BYLD's 1.37% return. Over the past 10 years, GSG has outperformed BYLD with an annualized return of 7.42%, while BYLD has yielded a comparatively lower 2.99% annualized return.

GSG

1D
-1.49%
1M
-5.32%
YTD
40.46%
6M
38.18%
1Y
49.68%
3Y*
18.78%
5Y*
15.39%
10Y*
7.42%

BYLD

1D
0.13%
1M
0.61%
YTD
1.37%
6M
1.48%
1Y
6.74%
3Y*
6.57%
5Y*
2.24%
10Y*
2.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GSG vs. BYLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GSG
iShares S&P GSCI Commodity-Indexed Trust		40.46%5.93%8.52%-5.51%24.08%38.77%-23.94%15.62%-13.88%3.89%
BYLD
iShares Yield Optimized Bond ETF		1.37%8.41%4.17%8.30%-10.33%-1.25%4.25%12.79%-1.50%4.75%

Correlation

The correlation between GSG and BYLD is -0.39, 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

-0.39

Correlation (3Y)
Calculated over the trailing 3-year period

-0.12

Correlation (5Y)
Calculated over the trailing 5-year period

-0.04

Correlation (10Y)
Calculated over the trailing 10-year period

0.02

Correlation (All Time)
Calculated using the full available price history since Apr 25, 2014

0.03

The correlation between GSG and BYLD shifts across timeframes, from -0.39 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P GSCI Commodity-Indexed Trust

iShares Yield Optimized Bond ETF

Often compared with GSG:
GSG vs. DBCGSG vs. PDBCGSG vs. COMTGSG vs. VCMDXGSG vs. GLDGSG vs. HGERGSG vs. CGL.TO
Often compared with BYLD:
BYLD vs. IGEBBYLD vs. FBNDBYLD vs. BONDBYLD vs. TOTLBYLD vs. BNDBYLD vs. USHYBYLD vs. AGG

Return for Risk

GSG vs. BYLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GSG
GSG Risk / Return Rank: 7171
Overall Rank
GSG Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
GSG Sortino Ratio Rank: 6060
Sortino Ratio Rank
GSG Omega Ratio Rank: 6666
Omega Ratio Rank
GSG Calmar Ratio Rank: 8989
Calmar Ratio Rank
GSG Martin Ratio Rank: 7474
Martin Ratio Rank
BYLD
BYLD Risk / Return Rank: 5555
Overall Rank
BYLD Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
BYLD Sortino Ratio Rank: 5757
Sortino Ratio Rank
BYLD Omega Ratio Rank: 5555
Omega Ratio Rank
BYLD Calmar Ratio Rank: 5151
Calmar Ratio Rank
BYLD Martin Ratio Rank: 5858
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GSG vs. BYLD - 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 Yield Optimized Bond ETF (BYLD). 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.

GSGBYLDDifference
Sharpe ratioReturn per unit of total volatility
2.17
1.78

+0.39

Sortino ratioReturn per unit of downside risk
2.79
2.65

+0.13

Omega ratioGain probability vs. loss probability

1.39

1.33

+0.06

Calmar ratioReturn relative to maximum drawdown

5.28

2.50

+2.78

Martin ratioReturn relative to average drawdown

13.78

10.15

+3.63

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSG vs. BYLD - Sharpe Ratio Comparison

The current GSG Sharpe Ratio is 2.17, which is comparable to the BYLD Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of GSG and BYLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GSGBYLDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.17

1.78

+0.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.68

0.43

+0.25

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.34

0.55

-0.21

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.09

0.57

-0.66

Drawdowns

GSG vs. BYLD - Drawdown Comparison

The maximum GSG drawdown since its inception was -89.62%, which is greater than BYLD's maximum drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for GSG and BYLD.

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Drawdown Indicators

GSGBYLDDifference

Max Drawdown

Largest peak-to-trough decline

-89.62%

-14.75%

-74.87%

Max Drawdown (1Y)

Largest decline over 1 year

-9.46%

-2.71%

-6.75%

Max Drawdown (3Y)

Largest decline over 3 years

-14.94%

-3.94%

-11.00%

Max Drawdown (5Y)

Largest decline over 5 years

-29.12%

-14.65%

-14.47%

Max Drawdown (10Y)

Largest decline over 10 years

-57.64%

-14.75%

-42.89%

Current Drawdown

Current decline from peak

-57.59%

-0.21%

-57.38%

Average Drawdown

Average peak-to-trough decline

-63.71%

-2.51%

-61.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.62%

0.67%

+2.95%

Volatility

GSG vs. BYLD - Volatility Comparison

iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 7.72% compared to iShares Yield Optimized Bond ETF (BYLD) at 1.42%. This indicates that GSG's price experiences larger fluctuations and is considered to be riskier than BYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GSGBYLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.72%

1.42%

+6.30%

Volatility (6M)

Calculated over the trailing 6-month period

20.48%

2.94%

+17.54%

Volatility (1Y)

Calculated over the trailing 1-year period

23.01%

3.82%

+19.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.61%

5.19%

+17.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.03%

5.43%

+16.60%

GSG vs. BYLD - Expense Ratio Comparison

GSG has a 0.75% expense ratio, which is higher than BYLD's 0.17% expense ratio.

Dividends

GSG vs. BYLD - Dividend Comparison

GSG has not paid dividends to shareholders, while BYLD's dividend yield for the trailing twelve months is around 5.35%.

PositionTTM20252024202320222021202020192018201720162015
BYLD
iShares Yield Optimized Bond ETF		5.35%5.32%5.31%4.45%3.39%2.18%3.41%3.67%4.22%3.22%3.14%3.37%
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 BYLD have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GSG has higher volatility (7.72%) compared to BYLD (1.42%). In terms of maximum drawdown, GSG dropped -89.62% vs BYLD's -14.75%.

On 10-year performance, GSG leads with 7.42% vs 2.99% for BYLD. On fees, BYLD is cheaper at 0.17% per year. On volatility, BYLD has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GSG has performed better with a 7.42% return vs 2.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BYLD is cheaper with a 0.17% expense ratio, compared with 0.75% for GSG.

BYLD has the higher dividend yield at 5.35%, compared with 0.00% for GSG.

GSG is categorized as Commodities, while BYLD is Intermediate Core-Plus Bond. GSG tracks S&P GSCI Total Return Index, while BYLD tracks Morningstar U.S. Bond Market Yield-Optimized Index. Their fees differ too: 0.75% for GSG and 0.17% for BYLD.

GSG currently has the higher Sharpe Ratio (2.17 vs 1.78), 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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