GSG vs. EFV
GSG (iShares S&P GSCI Commodity-Indexed Trust) and EFV (iShares MSCI EAFE Value ETF) are both exchange-traded funds - GSG is a Commodities fund tracking the S&P GSCI Total Return Index, while EFV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Value Index. Both are passively managed. Over the past 10 years, GSG returned 6.89%/yr vs 10.55%/yr for EFV. At a 0.36 correlation, their price movements are largely independent. GSG charges 0.75%/yr vs 0.39%/yr for EFV.
Performance
GSG vs. EFV - Performance Comparison
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Returns By Period
In the year-to-date period, GSG achieves a 32.61% return, which is significantly higher than EFV's 10.56% return. Over the past 10 years, GSG has underperformed EFV with an annualized return of 6.89%, while EFV has yielded a comparatively higher 10.55% annualized return.
GSG
- 1D
- -1.23%
- 1M
- -10.40%
- YTD
- 32.61%
- 6M
- 33.30%
- 1Y
- 36.64%
- 3Y*
- 16.62%
- 5Y*
- 13.86%
- 10Y*
- 6.89%
EFV
- 1D
- 0.48%
- 1M
- 0.52%
- YTD
- 10.56%
- 6M
- 12.39%
- 1Y
- 27.62%
- 3Y*
- 21.79%
- 5Y*
- 12.36%
- 10Y*
- 10.55%
GSG vs. EFV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.61% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
EFV iShares MSCI EAFE Value ETF | 10.56% | 42.22% | 5.35% | 18.85% | -5.22% | 11.08% | -2.97% | 15.80% | -14.67% | 21.22% |
Correlation
The correlation between GSG and EFV is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Jul 21, 2006 | 0.36 |
The correlation between GSG and EFV shifts across timeframes, from -0.21 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GSG vs. EFV — Risk / Return Rank
GSG
EFV
GSG vs. EFV - 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 MSCI EAFE Value ETF (EFV). 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 | EFV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.34 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.05 | 2.55 | +0.51 |
| Martin ratioReturn relative to average drawdown | 9.32 | 9.40 | -0.07 |
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Drawdowns
GSG vs. EFV - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, which is greater than EFV's maximum drawdown of -63.94%. Use the drawdown chart below to compare losses from any high point for GSG and EFV.
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Drawdown Indicators
| GSG | EFV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -63.94% | -25.68% |
Max Drawdown (1Y)Largest decline over 1 year | -12.05% | -10.90% | -1.15% |
Max Drawdown (3Y)Largest decline over 3 years | -14.94% | -13.72% | -1.22% |
Max Drawdown (5Y)Largest decline over 5 years | -29.12% | -25.84% | -3.28% |
Max Drawdown (10Y)Largest decline over 10 years | -57.64% | -43.16% | -14.48% |
Current DrawdownCurrent decline from peak | -59.96% | -1.24% | -58.72% |
Average DrawdownAverage peak-to-trough decline | -63.69% | -14.81% | -48.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.94% | 2.96% | +0.98% |
Volatility
GSG vs. EFV - Volatility Comparison
iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 6.25% compared to iShares MSCI EAFE Value ETF (EFV) at 4.62%. This indicates that GSG's price experiences larger fluctuations and is considered to be riskier than EFV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSG | EFV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.25% | 4.62% | +1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 20.77% | 11.98% | +8.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.25% | 14.58% | +8.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.66% | 16.02% | +6.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.04% | 17.85% | +4.19% |
GSG vs. EFV - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is higher than EFV's 0.39% expense ratio.
Dividends
GSG vs. EFV - Dividend Comparison
GSG has not paid dividends to shareholders, while EFV's dividend yield for the trailing twelve months is around 3.76%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFV iShares MSCI EAFE Value ETF | 3.76% | 4.16% | 4.66% | 4.36% | 4.17% | 4.07% | 2.42% | 4.62% | 4.56% | 3.56% | 3.28% | 3.59% |
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 EFV have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (6.25%) compared to EFV (4.62%). In terms of maximum drawdown, GSG dropped -89.62% vs EFV's -63.94%.
On 10-year performance, EFV leads with 10.55% vs 6.89% for GSG. On fees, EFV is cheaper at 0.39% per year. On volatility, EFV has been the lower-risk option at 4.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EFV has performed better with a 10.55% return vs 6.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFV is cheaper with a 0.39% expense ratio, compared with 0.75% for GSG.
EFV has the higher dividend yield at 3.76%, compared with 0.00% for GSG.
GSG is categorized as Commodities, while EFV is Foreign Large Cap Equities. GSG tracks S&P GSCI Total Return Index, while EFV tracks MSCI EAFE Value Index. Their fees differ too: 0.75% for GSG and 0.39% for EFV.
EFV currently has the higher Sharpe Ratio (1.90 vs 1.58), 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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