GSG vs. NBCM
GSG (iShares S&P GSCI Commodity-Indexed Trust) and NBCM (Neuberger Berman Commodity Strategy ETF) are both Commodities funds. GSG is passively managed, while NBCM is actively managed. Over the past 3 years, GSG returned 13.48%/yr vs 14.74%/yr for NBCM. Their correlation of 0.87 suggests significant overlap in exposure. GSG charges 0.75%/yr vs 0.66%/yr for NBCM.
Performance
GSG vs. NBCM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GSG achieves a 27.75% return, which is significantly higher than NBCM's 21.59% return.
GSG
- 1D
- -0.27%
- 1M
- -4.84%
- 6M
- 24.99%
- YTD
- 27.75%
- 1Y
- 29.89%
- 3Y*
- 13.48%
- 5Y*
- 12.99%
- 10Y*
- 6.90%
NBCM
- 1D
- -0.29%
- 1M
- -1.75%
- 6M
- 18.42%
- YTD
- 21.59%
- 1Y
- 31.14%
- 3Y*
- 14.74%
- 5Y*
- —
- 10Y*
- —
GSG vs. NBCM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 27.75% | 5.93% | 8.52% | -5.51% | -1.62% |
NBCM Neuberger Berman Commodity Strategy ETF | 21.59% | 17.45% | 6.55% | -6.41% | 5.39% |
Correlation
The correlation between GSG and NBCM is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2022 | 0.87 |
The correlation between GSG and NBCM has been stable across timeframes, ranging from 0.85 to 0.87 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GSG vs. NBCM — Risk / Return Rank
GSG
NBCM
GSG vs. NBCM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P GSCI Commodity-Indexed Trust (GSG) and Neuberger Berman Commodity Strategy ETF (NBCM). 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 | NBCM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.32 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 2.20 | -0.52 |
| Martin ratioReturn relative to average drawdown | 5.80 | 7.47 | -1.67 |
Loading charts...
Drawdowns
GSG vs. NBCM - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, which is greater than NBCM's maximum drawdown of -14.78%. Use the drawdown chart below to compare losses from any high point for GSG and NBCM.
Loading charts...
Drawdown Indicators
| GSG | NBCM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -14.78% | -74.84% |
Max Drawdown (1Y)Largest decline over 1 year | -18.81% | -14.78% | -4.03% |
Max Drawdown (3Y)Largest decline over 3 years | -18.81% | -14.78% | -4.03% |
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 | -61.43% | -10.56% | -50.87% |
Average DrawdownAverage peak-to-trough decline | -63.69% | -4.35% | -59.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.45% | 4.35% | +1.10% |
Volatility
GSG vs. NBCM - Volatility Comparison
iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 6.34% compared to Neuberger Berman Commodity Strategy ETF (NBCM) at 4.62%. This indicates that GSG's price experiences larger fluctuations and is considered to be riskier than NBCM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GSG | NBCM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.34% | 4.62% | +1.72% |
Volatility (6M)Calculated over the trailing 6-month period | 21.28% | 15.35% | +5.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.22% | 17.89% | +5.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.74% | 14.99% | +7.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.98% | 14.99% | +6.99% |
GSG vs. NBCM - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is higher than NBCM's 0.66% expense ratio.
Dividends
GSG vs. NBCM - Dividend Comparison
GSG has not paid dividends to shareholders, while NBCM's dividend yield for the trailing twelve months is around 6.95%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
NBCM Neuberger Berman Commodity Strategy ETF | 6.95% | 8.46% | 5.22% | 4.37% | 0.80% |
Frequently Asked Questions
GSG and NBCM have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (6.34%) compared to NBCM (4.62%). In terms of maximum drawdown, GSG dropped -89.62% vs NBCM's -14.78%.
On 3-year performance, NBCM leads with 14.74% vs 13.48% for GSG. On fees, NBCM is cheaper at 0.66% per year. On volatility, NBCM has been the lower-risk option at 4.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, NBCM has performed better with a 14.74% return vs 13.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NBCM is cheaper with a 0.66% expense ratio, compared with 0.75% for GSG.
NBCM has the higher dividend yield at 6.95%, compared with 0.00% for GSG.
They also come from different issuers: iShares and Neuberger Berman. Their fees differ too: 0.75% for GSG and 0.66% for NBCM.
NBCM currently has the higher Sharpe Ratio (1.82 vs 1.37), 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.
Find the right allocation for GSG and NBCM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer