GSG vs. IAU
Compare and contrast key facts about iShares S&P GSCI Commodity-Indexed Trust (GSG) and iShares Gold Trust (IAU).
GSG and IAU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. IAU is a passively managed fund by iShares that tracks the performance of the LBMA Gold Price. It was launched on Jan 21, 2005. Both GSG and IAU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
GSG vs. IAU - Performance Comparison
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GSG vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 39.85% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
IAU iShares Gold Trust | 8.61% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Returns By Period
In the year-to-date period, GSG achieves a 39.85% return, which is significantly higher than IAU's 8.61% return. Over the past 10 years, GSG has underperformed IAU with an annualized return of 9.09%, while IAU has yielded a comparatively higher 14.08% annualized 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%
IAU
- 1D
- 3.80%
- 1M
- -11.01%
- YTD
- 8.61%
- 6M
- 21.15%
- 1Y
- 49.53%
- 3Y*
- 33.12%
- 5Y*
- 21.78%
- 10Y*
- 14.08%
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GSG vs. IAU - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is higher than IAU's 0.25% expense ratio.
Return for Risk
GSG vs. IAU — Risk / Return Rank
GSG
IAU
GSG vs. IAU - 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 Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.98 | 1.80 | +0.18 |
Sortino ratioReturn per unit of downside risk | 2.66 | 2.24 | +0.43 |
Omega ratioGain probability vs. loss probability | 1.36 | 1.33 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 3.70 | 2.69 | +1.00 |
Martin ratioReturn relative to average drawdown | 10.32 | 9.97 | +0.35 |
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 | IAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 1.80 | +0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.82 | 1.24 | -0.42 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.89 | -0.47 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | 0.64 | -0.74 |
Correlation
The correlation between GSG and IAU is 0.26, 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. IAU - Dividend Comparison
Neither GSG nor IAU has paid dividends to shareholders.
Drawdowns
GSG vs. IAU - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for GSG and IAU.
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Drawdown Indicators
| GSG | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -45.14% | -44.48% |
Max Drawdown (1Y)Largest decline over 1 year | -11.91% | -19.18% | +7.27% |
Max Drawdown (5Y)Largest decline over 5 years | -29.12% | -20.93% | -8.19% |
Max Drawdown (10Y)Largest decline over 10 years | -57.64% | -21.82% | -35.82% |
Current DrawdownCurrent decline from peak | -57.78% | -13.20% | -44.58% |
Average DrawdownAverage peak-to-trough decline | -63.77% | -15.98% | -47.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.27% | 5.18% | -0.91% |
Volatility
GSG vs. IAU - Volatility Comparison
iShares S&P GSCI Commodity-Indexed Trust (GSG) and iShares Gold Trust (IAU) have volatilities of 11.08% and 11.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSG | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.08% | 11.02% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 16.24% | 24.11% | -7.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.16% | 27.62% | -6.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.97% | 17.69% | +4.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.78% | 15.82% | +5.96% |