GSG vs. CMDT
Compare and contrast key facts about iShares S&P GSCI Commodity-Indexed Trust (GSG) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT).
GSG and CMDT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GSG is a passively managed fund by iShares that tracks the performance of the S&P GSCI Total Return Index. It was launched on Jul 21, 2006. CMDT is a passively managed fund by PIMCO that tracks the performance of the Bloomberg Roll Select Commodity Total Return Index. It was launched on May 9, 2023. Both GSG and CMDT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
GSG vs. CMDT - Performance Comparison
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GSG vs. CMDT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 39.85% | 5.93% | 8.52% | 3.03% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 16.96% | 12.78% | 6.93% | 5.50% |
Returns By Period
In the year-to-date period, GSG achieves a 39.85% return, which is significantly higher than CMDT's 16.96% return.
GSG
- 1D
- -1.01%
- 1M
- 24.23%
- YTD
- 39.85%
- 6M
- 40.40%
- 1Y
- 41.63%
- 3Y*
- 17.03%
- 5Y*
- 17.93%
- 10Y*
- 9.09%
CMDT
- 1D
- -0.74%
- 1M
- 8.58%
- YTD
- 16.96%
- 6M
- 19.62%
- 1Y
- 24.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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GSG vs. CMDT - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is higher than CMDT's 0.65% expense ratio.
Return for Risk
GSG vs. CMDT — Risk / Return Rank
GSG
CMDT
GSG vs. CMDT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P GSCI Commodity-Indexed Trust (GSG) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). 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 | CMDT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.98 | 1.85 | +0.13 |
Sortino ratioReturn per unit of downside risk | 2.66 | 2.50 | +0.16 |
Omega ratioGain probability vs. loss probability | 1.36 | 1.34 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 3.70 | 2.72 | +0.98 |
Martin ratioReturn relative to average drawdown | 10.32 | 10.00 | +0.32 |
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 | CMDT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 1.85 | +0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.82 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | 1.22 | -1.32 |
Correlation
The correlation between GSG and CMDT is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
GSG vs. CMDT - Dividend Comparison
GSG has not paid dividends to shareholders, while CMDT's dividend yield for the trailing twelve months is around 2.60%.
| TTM | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.60% | 3.04% | 8.80% | 2.71% |
Drawdowns
GSG vs. CMDT - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, which is greater than CMDT's maximum drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for GSG and CMDT.
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Drawdown Indicators
| GSG | CMDT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -9.69% | -79.93% |
Max Drawdown (1Y)Largest decline over 1 year | -11.91% | -9.21% | -2.70% |
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 | -57.78% | -0.74% | -57.04% |
Average DrawdownAverage peak-to-trough decline | -63.77% | -2.79% | -60.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.27% | 2.51% | +1.76% |
Volatility
GSG vs. CMDT - Volatility Comparison
iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 11.08% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 5.26%. This indicates that GSG's price experiences larger fluctuations and is considered to be riskier than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSG | CMDT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.08% | 5.26% | +5.82% |
Volatility (6M)Calculated over the trailing 6-month period | 16.24% | 9.59% | +6.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.16% | 13.23% | +7.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.97% | 12.13% | +9.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.78% | 12.13% | +9.65% |