GSG vs. ISCMF

Last updated Jun 4, 2026

GSG (iShares S&P GSCI Commodity-Indexed Trust) and ISCMF (iShares Diversified Commodity Swap UCITS ETF) are both Commodities funds from iShares - GSG tracks the S&P GSCI Total Return Index while ISCMF tracks the Bloomberg Commodity Index. Both are passively managed. Over the past 3 years, GSG returned 19.31%/yr vs 15.20%/yr for ISCMF. At a 0.09 correlation, their price movements are largely independent. GSG charges 0.75%/yr vs 0.19%/yr for ISCMF.

Performance

GSG vs. ISCMF - 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 Diversified Commodity Swap UCITS ETF (ISCMF). 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 ISCMF's 22.87% 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%

ISCMF

• 1D: 0.00%
• 1M: -0.67%
• YTD: 22.87%
• 6M: 27.76%
• 1Y: 37.85%
• 3Y*: 15.20%
• 5Y*: —
• 10Y*: —

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

GSG vs. ISCMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GSG iShares S&P GSCI Commodity-Indexed Trust	42.58%	5.93%	8.52%	-5.51%	-5.64%
ISCMF iShares Diversified Commodity Swap UCITS ETF	22.87%	19.65%	3.13%	-9.58%	-5.08%

Correlation

The correlation between GSG and ISCMF is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Mar 18, 2022	0.09

Return for Risk

GSG vs. ISCMF — 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

ISCMF

ISCMF Risk / Return Rank: 83
ISCMF Sharpe Ratio Rank: 61
ISCMF Sortino Ratio Rank: 83
ISCMF Omega Ratio Rank: 99
ISCMF Calmar Ratio Rank: 93
ISCMF Martin Ratio Rank: 80

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. ISCMF - 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 Diversified Commodity Swap UCITS ETF (ISCMF). 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	ISCMF	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.05	+0.20
Sortino ratio: Return per unit of downside risk	2.88	3.74	-0.86
Omega ratio: Gain probability vs. loss probability	1.40	2.53	-1.12
Calmar ratio: Return relative to maximum drawdown	5.47	6.69	-1.21
Martin ratio: Return relative to average drawdown	14.39	15.68	-1.29
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. ISCMF - Sharpe Ratio Comparison

The current GSG Sharpe Ratio is 2.26, which is comparable to the ISCMF Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of GSG and ISCMF, 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	ISCMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	2.05	+0.20
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	0.45	-0.54

Drawdowns

GSG vs. ISCMF - Drawdown Comparison

The maximum GSG drawdown since its inception was -89.62%, which is greater than ISCMF's maximum drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for GSG and ISCMF.

Drawdown Indicators

	GSG	ISCMF	Difference
Max Drawdown Largest peak-to-trough decline	-89.62%	-25.42%	-64.20%
Max Drawdown (1Y) Largest decline over 1 year	-9.46%	-5.69%	-3.77%
Max Drawdown (3Y) Largest decline over 3 years	-14.94%	-7.62%	-7.32%
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%	-5.26%	-51.69%
Average Drawdown Average peak-to-trough decline	-63.71%	-13.43%	-50.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	2.42%	+1.17%

Volatility

GSG vs. ISCMF - Volatility Comparison

iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 7.65% compared to iShares Diversified Commodity Swap UCITS ETF (ISCMF) at 7.14%. This indicates that GSG's price experiences larger fluctuations and is considered to be riskier than ISCMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSG	ISCMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.65%	7.14%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	20.42%	15.90%	+4.52%
Volatility (1Y) Calculated over the trailing 1-year period	22.95%	18.53%	+4.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.61%	14.38%	+8.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.03%	14.38%	+7.65%

GSG vs. ISCMF - Expense Ratio Comparison

GSG has a 0.75% expense ratio, which is higher than ISCMF's 0.19% expense ratio.

Dividends

GSG vs. ISCMF - Dividend Comparison

Neither GSG nor ISCMF has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GSG and ISCMF in my portfolio?

GSG and ISCMF have a correlation of 0.14, 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 ISCMF?

GSG has higher volatility (7.65%) compared to ISCMF (7.14%). In terms of maximum drawdown, GSG dropped -89.62% vs ISCMF's -25.42%.

Which ETF is better, GSG or ISCMF?

On 3-year performance, GSG leads with 19.31% vs 15.20% for ISCMF. On fees, ISCMF is cheaper at 0.19% per year. On volatility, ISCMF has been the lower-risk option at 7.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSG or ISCMF?

Over the 3-year period, GSG has performed better with a 19.31% return vs 15.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSG or ISCMF?

ISCMF is cheaper with a 0.19% expense ratio, compared with 0.75% for GSG.

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

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

What is the main difference between GSG and ISCMF?

GSG tracks S&P GSCI Total Return Index, while ISCMF tracks Bloomberg Commodity Index. Their fees differ too: 0.75% for GSG and 0.19% for ISCMF.

Which has better risk-adjusted returns?

GSG currently has the higher Sharpe Ratio (2.26 vs 2.05), 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.