GSG vs. DVY
GSG (iShares S&P GSCI Commodity-Indexed Trust) and DVY (iShares Select Dividend ETF) are both exchange-traded funds - GSG is a Commodities fund tracking the S&P GSCI Total Return Index, while DVY is a Large Cap Value Equities fund tracking the Dow Jones U.S. Select Dividend Index. Both are passively managed. Over the past 10 years, GSG returned 8.71%/yr vs 10.35%/yr for DVY. Their 0.29 correlation means their historical movements had little consistent relationship. GSG charges 0.75%/yr vs 0.39%/yr for DVY.
Performance
GSG vs. DVY - Performance Comparison
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Returns By Period
In the year-to-date period, GSG achieves a 42.11% return, which is significantly higher than DVY's 17.29% return. Over the past 10 years, GSG has underperformed DVY with an annualized return of 8.71%, while DVY has yielded a comparatively higher 10.35% annualized return.
GSG
- 1D
- -1.12%
- 1M
- 13.47%
- 6M
- 32.35%
- YTD
- 42.11%
- 1Y
- 46.16%
- 3Y*
- 15.32%
- 5Y*
- 15.35%
- 10Y*
- 8.71%
- ALL TIME*
- -2.03%
DVY
- 1D
- 1.31%
- 1M
- 3.82%
- 6M
- 11.93%
- YTD
- 17.29%
- 1Y
- 22.32%
- 3Y*
- 15.86%
- 5Y*
- 11.17%
- 10Y*
- 10.35%
- ALL TIME*
- 9.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $86.69M | $71.80M | $68.36M | |
| $14.36M | $16.94M | $27.13M |
GSG vs. DVY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.11% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
DVY iShares Select Dividend ETF | 17.29% | 11.60% | 16.24% | 1.12% | 1.80% | 31.70% | -4.91% | 22.62% | -6.36% | 14.82% |
Correlation
The correlation between GSG and DVY is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.07 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.20 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jul 21, 2006 | 0.29 |
The correlation between GSG and DVY shifts across timeframes, from -0.07 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GSG vs. DVY — Risk / Return Rank
GSG
DVY
GSG vs. DVY - 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 Select Dividend ETF (DVY). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GSG | DVY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.35 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 3.35 | -0.95 |
| Martin ratioReturn relative to average drawdown | 7.82 | 11.83 | -4.01 |
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Drawdowns
GSG vs. DVY - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, which is greater than DVY's maximum drawdown of -62.59%. Use the drawdown chart below to compare losses from any high point for GSG and DVY.
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Drawdown Indicators
| GSG | DVY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -62.59% | -27.03% |
Max Drawdown (1Y)Largest decline over 1 year | -18.81% | -6.89% | -11.92% |
Max Drawdown (3Y)Largest decline over 3 years | -18.81% | -16.00% | -2.81% |
Max Drawdown (5Y)Largest decline over 5 years | -29.12% | -17.54% | -11.58% |
Max Drawdown (10Y)Largest decline over 10 years | -57.64% | -41.59% | -16.05% |
Current DrawdownCurrent decline from peak | -57.10% | 0.00% | -57.10% |
Average DrawdownAverage peak-to-trough decline | -63.68% | -8.74% | -54.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.75% | 1.94% | +3.81% |
Volatility
GSG vs. DVY - Volatility Comparison
iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 6.47% compared to iShares Select Dividend ETF (DVY) at 3.69%. This indicates that GSG's price experiences larger fluctuations and is considered to be riskier than DVY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSG | DVY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.47% | 3.69% | +2.78% |
Volatility (6M)Calculated over the trailing 6-month period | 21.68% | 7.72% | +13.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.69% | 11.22% | +12.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.75% | 15.10% | +7.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.01% | 18.01% | +4.00% |
GSG vs. DVY - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is higher than DVY's 0.39% expense ratio.
Dividends
GSG vs. DVY - Dividend Comparison
GSG has not paid dividends to shareholders, while DVY's dividend yield for the trailing twelve months is around 3.23%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DVY iShares Select Dividend ETF | 3.23% | 3.65% | 3.65% | 3.82% | 3.43% | 3.12% | 3.66% | 3.41% | 3.58% | 3.00% | 3.04% | 3.45% |
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 DVY have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (6.47%) compared to DVY (3.69%). In terms of maximum drawdown, GSG dropped -89.62% vs DVY's -62.59%.
On 10-year performance, DVY leads with 10.35% vs 8.71% for GSG. On fees, DVY is cheaper at 0.39% per year. On volatility, DVY has been the lower-risk option at 3.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DVY has performed better with a 10.35% return vs 8.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DVY is cheaper with a 0.39% expense ratio, compared with 0.75% for GSG.
DVY has the higher dividend yield at 3.23%, compared with 0.00% for GSG.
GSG is categorized as Commodities, while DVY is Large Cap Value Equities. GSG tracks S&P GSCI Total Return Index, while DVY tracks Dow Jones U.S. Select Dividend Index. Their fees differ too: 0.75% for GSG and 0.39% for DVY.
DVY currently has the higher Sharpe Ratio (2.06 vs 1.90), 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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