GSG vs. EAF

Last updated Apr 1, 2026

Compare and contrast key facts about iShares S&P GSCI Commodity-Indexed Trust (GSG) and GrafTech International Ltd. (EAF).

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.

Performance

GSG vs. EAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P GSCI Commodity-Indexed Trust (GSG) and GrafTech International Ltd. (EAF). The values are adjusted to include any dividend payments, if applicable.

GSG vs. EAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GSG iShares S&P GSCI Commodity-Indexed Trust	39.85%	5.93%	8.52%	-5.51%	24.08%	38.77%	-23.94%	15.62%	-19.38%
EAF GrafTech International Ltd.	-56.29%	-10.35%	-21.00%	-53.81%	-59.53%	11.34%	-6.94%	4.40%	-15.76%

Returns By Period

In the year-to-date period, GSG achieves a 39.85% return, which is significantly higher than EAF's -56.29% 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%

EAF

• 1D: 9.18%
• 1M: -2.45%
• YTD: -56.29%
• 6M: -47.11%
• 1Y: -22.46%
• 3Y*: -48.10%
• 5Y*: -44.04%
• 10Y*: —

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

Return for Risk

GSG vs. EAF — Risk / Return Rank

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

GSG

GSG Risk / Return Rank: 91
GSG Sharpe Ratio Rank: 91
GSG Sortino Ratio Rank: 92
GSG Omega Ratio Rank: 89
GSG Calmar Ratio Rank: 94
GSG Martin Ratio Rank: 88

EAF

EAF Risk / Return Rank: 35
EAF Sharpe Ratio Rank: 32
EAF Sortino Ratio Rank: 44
EAF Omega Ratio Rank: 44
EAF Calmar Ratio Rank: 29
EAF Martin Ratio Rank: 27

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. EAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P GSCI Commodity-Indexed Trust (GSG) and GrafTech International Ltd. (EAF). 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	EAF	Difference
Sharpe ratio Return per unit of total volatility	1.98	-0.19	+2.17
Sortino ratio Return per unit of downside risk	2.66	0.57	+2.09
Omega ratio Gain probability vs. loss probability	1.36	1.07	+0.29
Calmar ratio Return relative to maximum drawdown	3.70	-0.39	+4.09
Martin ratio Return relative to average drawdown	10.32	-0.84	+11.16
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. EAF - Sharpe Ratio Comparison

The current GSG Sharpe Ratio is 1.98, which is higher than the EAF Sharpe Ratio of -0.19. The chart below compares the historical Sharpe Ratios of GSG and EAF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GSG	EAF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	-0.19	+2.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	-0.53	+1.35
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	-0.41	+0.32

Correlation

The correlation between GSG and EAF is 0.18, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GSG vs. EAF - Dividend Comparison

Neither GSG nor EAF has paid dividends to shareholders.

	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%
EAF GrafTech International Ltd.	0.00%	0.00%	0.00%	0.91%	0.84%	0.34%	1.08%	2.93%	8.17%

Drawdowns

GSG vs. EAF - Drawdown Comparison

The maximum GSG drawdown since its inception was -89.62%, smaller than the maximum EAF drawdown of -97.38%. Use the drawdown chart below to compare losses from any high point for GSG and EAF.

Drawdown Indicators

	GSG	EAF	Difference
Max Drawdown Largest peak-to-trough decline	-89.62%	-97.38%	+7.76%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-73.61%	+61.70%
Max Drawdown (5Y) Largest decline over 5 years	-29.12%	-96.18%	+67.06%
Max Drawdown (10Y) Largest decline over 10 years	-57.64%	—	—
Current Drawdown Current decline from peak	-57.78%	-96.61%	+38.83%
Average Drawdown Average peak-to-trough decline	-63.77%	-63.66%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	34.01%	-29.74%

Volatility

GSG vs. EAF - Volatility Comparison

The current volatility for iShares S&P GSCI Commodity-Indexed Trust (GSG) is 11.08%, while GrafTech International Ltd. (EAF) has a volatility of 23.43%. This indicates that GSG experiences smaller price fluctuations and is considered to be less risky than EAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSG	EAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.08%	23.43%	-12.35%
Volatility (6M) Calculated over the trailing 6-month period	16.24%	87.99%	-71.75%
Volatility (1Y) Calculated over the trailing 1-year period	21.16%	117.79%	-96.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.97%	82.90%	-60.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	75.52%	-53.74%