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GSG vs. IEI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GSG vs. IEI

Last updated Jun 9, 2026

GSG (iShares S&P GSCI Commodity-Indexed Trust) and IEI (iShares 3-7 Year Treasury Bond ETF) are both exchange-traded funds - GSG is a Commodities fund tracking the S&P GSCI Total Return Index, while IEI is a Government Bonds fund tracking the ICE U.S. Treasury 3-7 Year Bond Index. Both are passively managed. Over the past 10 years, GSG returned 7.20%/yr vs 1.22%/yr for IEI. At a correlation of -0.18, they often move in opposite directions. GSG charges 0.75%/yr vs 0.15%/yr for IEI.

Performance

GSG vs. IEI - 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 3-7 Year Treasury Bond ETF (IEI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GSG achieves a 37.68% return, which is significantly higher than IEI's -0.73% return. Over the past 10 years, GSG has outperformed IEI with an annualized return of 7.20%, while IEI has yielded a comparatively lower 1.22% annualized return.

GSG

1D
0.51%
1M
-3.23%
YTD
37.68%
6M
36.50%
1Y
44.45%
3Y*
18.01%
5Y*
14.85%
10Y*
7.20%

IEI

1D
-0.02%
1M
-0.82%
YTD
-0.73%
6M
-0.33%
1Y
3.29%
3Y*
3.51%
5Y*
0.13%
10Y*
1.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GSG vs. IEI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GSG
iShares S&P GSCI Commodity-Indexed Trust		37.68%5.93%8.52%-5.51%24.08%38.77%-23.94%15.62%-13.88%3.89%
IEI
iShares 3-7 Year Treasury Bond ETF		-0.73%6.96%1.81%4.42%-9.51%-2.54%6.95%5.71%1.36%1.22%

Correlation

The correlation between GSG and IEI is -0.33, 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

-0.33

Correlation (3Y)
Calculated over the trailing 3-year period

-0.19

Correlation (5Y)
Calculated over the trailing 5-year period

-0.12

Correlation (10Y)
Calculated over the trailing 10-year period

-0.15

Correlation (All Time)
Calculated using the full available price history since Jan 11, 2007

-0.18

The correlation between GSG and IEI shifts across timeframes, from -0.33 (1 year) to -0.12 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P GSCI Commodity-Indexed Trust

iShares 3-7 Year Treasury Bond ETF

Often compared with GSG:
GSG vs. DBCGSG vs. PDBCGSG vs. COMTGSG vs. VCMDXGSG vs. GLDGSG vs. HGERGSG vs. CGL.TO
Often compared with IEI:
IEI vs. IEFIEI vs. VGITIEI vs. TLTIEI vs. BNDIEI vs. TIPIEI vs. TLHIEI vs. IMTB

Return for Risk

GSG vs. IEI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GSG
GSG Risk / Return Rank: 7070
Overall Rank
GSG Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
GSG Sortino Ratio Rank: 6060
Sortino Ratio Rank
GSG Omega Ratio Rank: 6464
Omega Ratio Rank
GSG Calmar Ratio Rank: 8888
Calmar Ratio Rank
GSG Martin Ratio Rank: 7171
Martin Ratio Rank
IEI
IEI Risk / Return Rank: 3232
Overall Rank
IEI Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
IEI Sortino Ratio Rank: 3535
Sortino Ratio Rank
IEI Omega Ratio Rank: 3131
Omega Ratio Rank
IEI Calmar Ratio Rank: 3030
Calmar Ratio Rank
IEI Martin Ratio Rank: 2929
Martin Ratio Rank
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. IEI - 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 3-7 Year Treasury Bond ETF (IEI). 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.

GSGIEIDifference
Sharpe ratioReturn per unit of total volatility
1.93
1.11

+0.82

Sortino ratioReturn per unit of downside risk
2.53
1.68

+0.84

Omega ratioGain probability vs. loss probability

1.35

1.19

+0.16

Calmar ratioReturn relative to maximum drawdown

4.72

1.32

+3.40

Martin ratioReturn relative to average drawdown

12.04

3.85

+8.19

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. IEI - Sharpe Ratio Comparison

The current GSG Sharpe Ratio is 1.93, which is higher than the IEI Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of GSG and IEI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GSGIEIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.93

1.11

+0.82

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.66

0.03

+0.63

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.33

0.31

+0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.09

0.69

-0.79

Drawdowns

GSG vs. IEI - Drawdown Comparison

The maximum GSG drawdown since its inception was -89.62%, which is greater than IEI's maximum drawdown of -14.60%. Use the drawdown chart below to compare losses from any high point for GSG and IEI.

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Drawdown Indicators

GSGIEIDifference

Max Drawdown

Largest peak-to-trough decline

-89.62%

-14.60%

-75.02%

Max Drawdown (1Y)

Largest decline over 1 year

-9.46%

-2.50%

-6.96%

Max Drawdown (3Y)

Largest decline over 3 years

-14.94%

-3.66%

-11.28%

Max Drawdown (5Y)

Largest decline over 5 years

-29.12%

-13.88%

-15.24%

Max Drawdown (10Y)

Largest decline over 10 years

-57.64%

-14.60%

-43.04%

Current Drawdown

Current decline from peak

-58.43%

-2.16%

-56.27%

Average Drawdown

Average peak-to-trough decline

-63.71%

-2.67%

-61.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.70%

0.86%

+2.84%

Volatility

GSG vs. IEI - Volatility Comparison

iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 7.05% compared to iShares 3-7 Year Treasury Bond ETF (IEI) at 0.91%. This indicates that GSG's price experiences larger fluctuations and is considered to be riskier than IEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GSGIEIDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.05%

0.91%

+6.14%

Volatility (6M)

Calculated over the trailing 6-month period

20.66%

2.15%

+18.51%

Volatility (1Y)

Calculated over the trailing 1-year period

23.18%

2.98%

+20.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.64%

4.77%

+17.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.04%

3.93%

+18.11%

GSG vs. IEI - Expense Ratio Comparison

GSG has a 0.75% expense ratio, which is higher than IEI's 0.15% expense ratio.

Dividends

GSG vs. IEI - Dividend Comparison

GSG has not paid dividends to shareholders, while IEI's dividend yield for the trailing twelve months is around 3.65%.

PositionTTM20252024202320222021202020192018201720162015
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%
IEI
iShares 3-7 Year Treasury Bond ETF		3.65%3.48%3.18%2.36%1.37%0.73%1.12%2.01%1.95%1.51%1.33%1.39%

Frequently Asked Questions

GSG and IEI have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GSG has higher volatility (7.05%) compared to IEI (0.91%). In terms of maximum drawdown, GSG dropped -89.62% vs IEI's -14.60%.

On 10-year performance, GSG leads with 7.20% vs 1.22% for IEI. On fees, IEI is cheaper at 0.15% per year. On volatility, IEI has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GSG has performed better with a 7.20% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEI is cheaper with a 0.15% expense ratio, compared with 0.75% for GSG.

IEI has the higher dividend yield at 3.65%, compared with 0.00% for GSG.

GSG is categorized as Commodities, while IEI is Government Bonds. GSG tracks S&P GSCI Total Return Index, while IEI tracks ICE U.S. Treasury 3-7 Year Bond Index. Their fees differ too: 0.75% for GSG and 0.15% for IEI.

GSG currently has the higher Sharpe Ratio (1.93 vs 1.11), 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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