GSG vs. CMCI
GSG (iShares S&P GSCI Commodity-Indexed Trust) and CMCI (VanEck CMCI Commodity Strategy ETF) are both Commodities funds - GSG tracks the S&P GSCI Total Return Index while CMCI tracks the UBS Bloomberg CMCI Composite Total Return Index. Both are passively managed. Over the past year, GSG returned 51.52% vs 30.85% for CMCI. Their correlation of 0.86 suggests significant overlap in exposure. GSG charges 0.75%/yr vs 0.65%/yr for CMCI.
Performance
GSG vs. CMCI - 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 CMCI's 23.01% 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%
CMCI
- 1D
- -0.31%
- 1M
- -0.41%
- YTD
- 23.01%
- 6M
- 23.83%
- 1Y
- 30.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GSG vs. CMCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | -5.02% |
CMCI VanEck CMCI Commodity Strategy ETF | 23.01% | 7.90% | 5.68% | -2.87% |
Correlation
The correlation between GSG and CMCI is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Aug 24, 2023 | 0.86 |
The correlation between GSG and CMCI has been stable across timeframes, ranging from 0.86 to 0.86 - a consistent structural relationship.
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Return for Risk
GSG vs. CMCI — Risk / Return Rank
GSG
CMCI
GSG vs. CMCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P GSCI Commodity-Indexed Trust (GSG) and VanEck CMCI Commodity Strategy ETF (CMCI). 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 | CMCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.46 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 5.47 | 6.16 | -0.69 |
| Martin ratioReturn relative to average drawdown | 14.39 | 16.15 | -1.76 |
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 | CMCI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.26 | 2.54 | -0.29 |
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 | 0.94 | -1.02 |
Drawdowns
GSG vs. CMCI - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, which is greater than CMCI's maximum drawdown of -11.54%. Use the drawdown chart below to compare losses from any high point for GSG and CMCI.
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Drawdown Indicators
| GSG | CMCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -11.54% | -78.08% |
Max Drawdown (1Y)Largest decline over 1 year | -9.46% | -5.03% | -4.43% |
Max Drawdown (3Y)Largest decline over 3 years | -14.94% | — | — |
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% | -3.12% | -53.83% |
Average DrawdownAverage peak-to-trough decline | -63.71% | -3.54% | -60.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.59% | 1.92% | +1.67% |
Volatility
GSG vs. CMCI - Volatility Comparison
iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 7.65% compared to VanEck CMCI Commodity Strategy ETF (CMCI) at 4.25%. This indicates that GSG's price experiences larger fluctuations and is considered to be riskier than CMCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSG | CMCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.65% | 4.25% | +3.40% |
Volatility (6M)Calculated over the trailing 6-month period | 20.42% | 10.14% | +10.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.95% | 12.19% | +10.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.61% | 12.63% | +9.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.03% | 12.63% | +9.40% |
GSG vs. CMCI - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is higher than CMCI's 0.65% expense ratio.
Dividends
GSG vs. CMCI - Dividend Comparison
GSG has not paid dividends to shareholders, while CMCI's dividend yield for the trailing twelve months is around 8.04%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CMCI VanEck CMCI Commodity Strategy ETF | 8.04% | 9.89% | 3.93% | 1.64% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GSG and CMCI have a correlation of 0.86, 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 CMCI (4.25%). In terms of maximum drawdown, GSG dropped -89.62% vs CMCI's -11.54%.
On 1-year performance, GSG leads with 51.52% vs 30.85% for CMCI. On fees, CMCI is cheaper at 0.65% per year. On volatility, CMCI has been the lower-risk option at 4.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GSG has performed better with a 51.52% return vs 30.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMCI is cheaper with a 0.65% expense ratio, compared with 0.75% for GSG.
CMCI has the higher dividend yield at 8.04%, compared with 0.00% for GSG.
GSG tracks S&P GSCI Total Return Index, while CMCI tracks UBS Bloomberg CMCI Composite Total Return Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.75% for GSG and 0.65% for CMCI.
CMCI currently has the higher Sharpe Ratio (2.54 vs 2.26), 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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