GSG vs. IBIT

Last updated Jun 4, 2026

GSG (iShares S&P GSCI Commodity-Indexed Trust) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - GSG is a Commodities fund tracking the S&P GSCI Total Return Index, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, GSG returned 51.52% vs -38.74% for IBIT. At a 0.07 correlation, their price movements are largely independent. GSG charges 0.75%/yr vs 0.25%/yr for IBIT.

Performance

GSG vs. IBIT - Performance Comparison

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

Returns By Period

In the year-to-date period, GSG achieves a 42.58% return, which is significantly higher than IBIT's -25.48% return.

GSG

• 1D: 0.77%
• 1M: -4.83%
• YTD: 42.58%
• 6M: 41.06%
• 1Y: 51.52%
• 3Y*: 19.31%
• 5Y*: 15.74%
• 10Y*: 7.69%

IBIT

• 1D: -2.76%
• 1M: -18.50%
• YTD: -25.48%
• 6M: -29.84%
• 1Y: -38.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GSG vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GSG iShares S&P GSCI Commodity-Indexed Trust	42.58%	5.93%	7.51%
IBIT iShares Bitcoin Trust ETF	-25.48%	-6.41%	99.21%

Correlation

The correlation between GSG and IBIT is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.07

Return for Risk

GSG vs. IBIT — Risk / Return Rank

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

GSG

GSG Risk / Return Rank: 71
GSG Sharpe Ratio Rank: 67
GSG Sortino Ratio Rank: 60
GSG Omega Ratio Rank: 65
GSG Calmar Ratio Rank: 89
GSG Martin Ratio Rank: 75

IBIT

IBIT Risk / Return Rank: 2
IBIT Sharpe Ratio Rank: 2
IBIT Sortino Ratio Rank: 2
IBIT Omega Ratio Rank: 2
IBIT Calmar Ratio Rank: 2
IBIT Martin Ratio Rank: 2

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. IBIT - 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 Bitcoin Trust ETF (IBIT). 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	IBIT	Difference
Sharpe ratio: Return per unit of total volatility	2.26	-0.89	+3.15
Sortino ratio: Return per unit of downside risk	2.88	-1.23	+4.10
Omega ratio: Gain probability vs. loss probability	1.40	0.86	+0.54
Calmar ratio: Return relative to maximum drawdown	5.47	-0.79	+6.26
Martin ratio: Return relative to average drawdown	14.39	-1.36	+15.76
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. IBIT - Sharpe Ratio Comparison

The current GSG Sharpe Ratio is 2.26, which is higher than the IBIT Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of GSG and IBIT, 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	IBIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	-0.89	+3.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	0.30	-0.38

Drawdowns

GSG vs. IBIT - Drawdown Comparison

The maximum GSG drawdown since its inception was -89.62%, which is greater than IBIT's maximum drawdown of -49.36%. Use the drawdown chart below to compare losses from any high point for GSG and IBIT.

Drawdown Indicators

	GSG	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-89.62%	-49.36%	-40.26%
Max Drawdown (1Y) Largest decline over 1 year	-9.46%	-49.36%	+39.90%
Max Drawdown (3Y) Largest decline over 3 years	-14.94%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-57.64%	—	—
Current Drawdown Current decline from peak	-56.95%	-48.10%	-8.85%
Average Drawdown Average peak-to-trough decline	-63.71%	-16.02%	-47.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	28.44%	-24.85%

Volatility

GSG vs. IBIT - Volatility Comparison

The current volatility for iShares S&P GSCI Commodity-Indexed Trust (GSG) is 7.65%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 9.50%. This indicates that GSG experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSG	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.65%	9.50%	-1.85%
Volatility (6M) Calculated over the trailing 6-month period	20.42%	34.44%	-14.02%
Volatility (1Y) Calculated over the trailing 1-year period	22.95%	43.73%	-20.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.61%	50.19%	-27.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.03%	50.19%	-28.16%

GSG vs. IBIT - Expense Ratio Comparison

GSG has a 0.75% expense ratio, which is higher than IBIT's 0.25% expense ratio.

Dividends

GSG vs. IBIT - Dividend Comparison

Neither GSG nor IBIT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GSG and IBIT in my portfolio?

GSG and IBIT have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSG or IBIT?

IBIT has higher volatility (9.50%) compared to GSG (7.65%). In terms of maximum drawdown, GSG dropped -89.62% vs IBIT's -49.36%.

Which ETF is better, GSG or IBIT?

On 1-year performance, GSG leads with 51.52% vs -38.74% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, GSG has been the lower-risk option at 7.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSG or IBIT?

Over the 1-year period, GSG has performed better with a 51.52% return vs -38.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSG or IBIT?

IBIT is cheaper with a 0.25% expense ratio, compared with 0.75% for GSG.

Which ETF pays a higher dividend yield, GSG or IBIT?

GSG and IBIT have nearly identical dividend yields, around 0.00%.

What is the main difference between GSG and IBIT?

GSG is categorized as Commodities, while IBIT is Cryptocurrency. GSG tracks S&P GSCI Total Return Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.75% for GSG and 0.25% for IBIT.

Which has better risk-adjusted returns?

GSG currently has the higher Sharpe Ratio (2.26 vs -0.89), 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.