GSG vs. DBC

Last updated Apr 12, 2026

GSG (iShares S&P GSCI Commodity-Indexed Trust) and DBC (Invesco DB Commodity Index Tracking Fund) are both Commodities funds — GSG tracks the S&P GSCI Total Return Index while DBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past 10 years, GSG returned 7.93%/yr vs 9.46%/yr for DBC. Their correlation of 0.93 suggests significant overlap in exposure. GSG charges 0.75%/yr vs 0.85%/yr for DBC.

Performance

GSG vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P GSCI Commodity-Indexed Trust (GSG) and Invesco DB Commodity Index Tracking Fund (DBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSG achieves a 34.26% return, which is significantly higher than DBC's 27.46% return. Over the past 10 years, GSG has underperformed DBC with an annualized return of 7.93%, while DBC has yielded a comparatively higher 9.46% annualized return.

GSG

• 1D: -1.40%
• 1M: -0.42%
• YTD: 34.26%
• 6M: 37.91%
• 1Y: 46.59%
• 3Y*: 14.16%
• 5Y*: 17.09%
• 10Y*: 7.93%

DBC

• 1D: -0.73%
• 1M: -1.25%
• YTD: 27.46%
• 6M: 33.48%
• 1Y: 40.75%
• 3Y*: 10.32%
• 5Y*: 14.31%
• 10Y*: 9.46%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GSG vs. DBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSG iShares S&P GSCI Commodity-Indexed Trust	34.26%	5.93%	8.52%	-5.51%	24.08%	38.77%	-23.94%	15.62%	-13.88%	3.89%
DBC Invesco DB Commodity Index Tracking Fund	27.46%	8.10%	2.18%	-6.19%	19.34%	41.36%	-7.84%	11.84%	-11.63%	4.86%

Correlation

The correlation between GSG and DBC is 0.97 — these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jul 24, 2006	0.93

The correlation between GSG and DBC has been stable across timeframes, ranging from 0.93 to 0.97 — a consistent structural relationship.

Return for Risk

GSG vs. DBC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GSG

GSG Risk / Return Rank: 70
GSG Sharpe Ratio Rank: 65
GSG Sortino Ratio Rank: 57
GSG Omega Ratio Rank: 63
GSG Calmar Ratio Rank: 93
GSG Martin Ratio Rank: 73

DBC

DBC Risk / Return Rank: 70
DBC Sharpe Ratio Rank: 69
DBC Sortino Ratio Rank: 63
DBC Omega Ratio Rank: 63
DBC Calmar Ratio Rank: 91
DBC Martin Ratio Rank: 63

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. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P GSCI Commodity-Indexed Trust (GSG) and Invesco DB Commodity Index Tracking Fund (DBC). 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	DBC	Difference
Sharpe ratio Return per unit of total volatility	2.35	2.44	-0.10
Sortino ratio Return per unit of downside risk	3.04	3.20	-0.17
Omega ratio Gain probability vs. loss probability	1.43	1.43	0.00
Calmar ratio Return relative to maximum drawdown	6.98	6.54	+0.44
Martin ratio Return relative to average drawdown	16.94	14.58	+2.36
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. DBC - Sharpe Ratio Comparison

The current GSG Sharpe Ratio is 2.35, which is comparable to the DBC Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of GSG and DBC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GSG	DBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	2.44	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.76	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.54	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	0.10	-0.20

Drawdowns

GSG vs. DBC - Drawdown Comparison

The maximum GSG drawdown since its inception was -89.62%, which is greater than DBC's maximum drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for GSG and DBC.

Drawdown Indicators

	GSG	DBC	Difference
Max Drawdown Largest peak-to-trough decline	-89.62%	-76.36%	-13.26%
Max Drawdown (1Y) Largest decline over 1 year	-7.64%	-7.05%	-0.59%
Max Drawdown (5Y) Largest decline over 5 years	-29.12%	-27.34%	-1.78%
Max Drawdown (10Y) Largest decline over 10 years	-57.64%	-41.71%	-15.93%
Current Drawdown Current decline from peak	-59.47%	-26.27%	-33.20%
Average Drawdown Average peak-to-trough decline	-63.76%	-46.40%	-17.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	3.16%	-0.01%

Volatility

GSG vs. DBC - Volatility Comparison

iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 12.95% compared to Invesco DB Commodity Index Tracking Fund (DBC) at 7.93%. This indicates that GSG's price experiences larger fluctuations and is considered to be riskier than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSG	DBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.95%	7.93%	+5.02%
Volatility (6M) Calculated over the trailing 6-month period	18.41%	14.42%	+3.99%
Volatility (1Y) Calculated over the trailing 1-year period	21.27%	17.74%	+3.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.27%	19.02%	+3.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	17.74%	+4.16%

GSG vs. DBC - Expense Ratio Comparison

GSG has a 0.75% expense ratio, which is lower than DBC's 0.85% expense ratio.

Dividends

GSG vs. DBC - Dividend Comparison

GSG has not paid dividends to shareholders, while DBC's dividend yield for the trailing twelve months is around 2.61%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
DBC Invesco DB Commodity Index Tracking Fund	2.61%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%