GSG vs. CMDT
GSG (iShares S&P GSCI Commodity-Indexed Trust) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both Commodities funds - GSG tracks the S&P GSCI Total Return Index while CMDT tracks the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 3 years, GSG returned 19.31%/yr vs 16.90%/yr for CMDT. Their correlation of 0.88 suggests significant overlap in exposure. GSG charges 0.75%/yr vs 0.65%/yr for CMDT.
Performance
GSG vs. CMDT - 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 CMDT's 23.96% 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%
CMDT
- 1D
- -0.03%
- 1M
- -0.63%
- YTD
- 23.96%
- 6M
- 24.09%
- 1Y
- 35.85%
- 3Y*
- 16.90%
- 5Y*
- —
- 10Y*
- —
GSG vs. CMDT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | 3.03% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 23.96% | 12.78% | 6.93% | 5.50% |
Correlation
The correlation between GSG and CMDT is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since May 11, 2023 | 0.88 |
The correlation between GSG and CMDT has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.
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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 | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.50 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 5.47 | 8.03 | -2.56 |
| Martin ratioReturn relative to average drawdown | 14.39 | 22.12 | -7.72 |
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 | 2.26 | 2.92 | -0.66 |
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 | 1.32 | -1.41 |
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 | -9.46% | -4.49% | -4.97% |
Max Drawdown (3Y)Largest decline over 3 years | -14.94% | -9.69% | -5.25% |
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% | -2.86% | -54.09% |
Average DrawdownAverage peak-to-trough decline | -63.71% | -2.69% | -61.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.59% | 1.63% | +1.96% |
Volatility
GSG vs. CMDT - Volatility Comparison
iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 7.65% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 4.33%. 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 | 7.65% | 4.33% | +3.32% |
Volatility (6M)Calculated over the trailing 6-month period | 20.42% | 10.30% | +10.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.95% | 12.35% | +10.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.61% | 12.21% | +10.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.03% | 12.21% | +9.82% |
GSG vs. CMDT - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is higher than CMDT's 0.65% expense ratio.
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 2.44%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.44% | 3.04% | 8.80% | 2.71% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GSG and CMDT have a correlation of 0.84, 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 CMDT (4.33%). In terms of maximum drawdown, GSG dropped -89.62% vs CMDT's -9.69%.
On 3-year performance, GSG leads with 19.31% vs 16.90% for CMDT. On fees, CMDT is cheaper at 0.65% per year. On volatility, CMDT has been the lower-risk option at 4.33%. 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 16.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMDT is cheaper with a 0.65% expense ratio, compared with 0.75% for GSG.
CMDT has the higher dividend yield at 2.44%, compared with 0.00% for GSG.
GSG tracks S&P GSCI Total Return Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.75% for GSG and 0.65% for CMDT.
CMDT currently has the higher Sharpe Ratio (2.92 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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