GSG vs. LQDW
GSG (iShares S&P GSCI Commodity-Indexed Trust) and LQDW (iShares Investment Grade Corporate Bond Buywrite Strategy ETF) are both exchange-traded funds - GSG is a Commodities fund tracking the S&P GSCI Total Return Index, while LQDW is a Corporate Bonds fund tracking the CBOE LQD BuyWrite Index. Both are passively managed. Over the past 3 years, GSG returned 14.02%/yr vs 3.70%/yr for LQDW. At a correlation of -0.07, they often move in opposite directions. GSG charges 0.75%/yr vs 0.34%/yr for LQDW.
Performance
GSG vs. LQDW - Performance Comparison
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Returns By Period
In the year-to-date period, GSG achieves a 25.54% return, which is significantly higher than LQDW's 1.88% return.
GSG
- 1D
- -1.03%
- 1M
- -12.93%
- YTD
- 25.54%
- 6M
- 23.88%
- 1Y
- 27.65%
- 3Y*
- 14.02%
- 5Y*
- 12.78%
- 10Y*
- 6.58%
LQDW
- 1D
- 0.18%
- 1M
- 1.36%
- YTD
- 1.88%
- 6M
- 2.02%
- 1Y
- 6.49%
- 3Y*
- 3.70%
- 5Y*
- —
- 10Y*
- —
GSG vs. LQDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 25.54% | 5.93% | 8.52% | -5.51% | -5.14% |
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 1.88% | 9.05% | 2.60% | 3.99% | -6.78% |
Correlation
The correlation between GSG and LQDW is -0.37, 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 | -0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | -0.07 |
Over the past year, the inverse relationship between GSG and LQDW has strengthened: their correlation has moved from -0.07 to -0.37, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
GSG vs. LQDW — Risk / Return Rank
GSG
LQDW
GSG vs. LQDW - 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 Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW). 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 | LQDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.36 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 2.52 | -0.86 |
| Martin ratioReturn relative to average drawdown | 6.95 | 9.34 | -2.39 |
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Drawdowns
GSG vs. LQDW - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, which is greater than LQDW's maximum drawdown of -9.20%. Use the drawdown chart below to compare losses from any high point for GSG and LQDW.
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Drawdown Indicators
| GSG | LQDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -9.20% | -80.42% |
Max Drawdown (1Y)Largest decline over 1 year | -16.74% | -2.59% | -14.15% |
Max Drawdown (3Y)Largest decline over 3 years | -16.74% | -6.74% | -10.00% |
Max Drawdown (5Y)Largest decline over 5 years | -29.12% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -57.64% | — | — |
Current DrawdownCurrent decline from peak | -62.10% | -0.04% | -62.06% |
Average DrawdownAverage peak-to-trough decline | -63.69% | -2.32% | -61.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.01% | 0.70% | +3.31% |
Volatility
GSG vs. LQDW - Volatility Comparison
iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 5.46% compared to iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) at 1.00%. This indicates that GSG's price experiences larger fluctuations and is considered to be riskier than LQDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSG | LQDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.46% | 1.00% | +4.46% |
Volatility (6M)Calculated over the trailing 6-month period | 20.82% | 3.12% | +17.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.17% | 3.62% | +19.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.67% | 5.47% | +17.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.01% | 5.47% | +16.54% |
GSG vs. LQDW - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is higher than LQDW's 0.34% expense ratio.
Dividends
GSG vs. LQDW - Dividend Comparison
GSG has not paid dividends to shareholders, while LQDW's dividend yield for the trailing twelve months is around 12.49%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 12.49% | 16.02% | 15.74% | 19.28% | 8.85% |
Frequently Asked Questions
GSG and LQDW have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (5.46%) compared to LQDW (1.00%). In terms of maximum drawdown, GSG dropped -89.62% vs LQDW's -9.20%.
On 3-year performance, GSG leads with 14.02% vs 3.70% for LQDW. On fees, LQDW is cheaper at 0.34% per year. On volatility, LQDW has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSG has performed better with a 14.02% return vs 3.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LQDW is cheaper with a 0.34% expense ratio, compared with 0.75% for GSG.
LQDW has the higher dividend yield at 12.49%, compared with 0.00% for GSG.
GSG is categorized as Commodities, while LQDW is Corporate Bonds. GSG tracks S&P GSCI Total Return Index, while LQDW tracks CBOE LQD BuyWrite Index. Their fees differ too: 0.75% for GSG and 0.34% for LQDW.
LQDW currently has the higher Sharpe Ratio (1.80 vs 1.22), 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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