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GSG vs. PDBC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

GSG vs. PDBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P GSCI Commodity-Indexed Trust (GSG) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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 26.84% return, which is significantly higher than PDBC's 23.47% return. Over the past 10 years, GSG has underperformed PDBC with an annualized return of 6.69%, while PDBC has yielded a comparatively higher 7.71% annualized return.


GSG

1D
-0.95%
1M
-12.03%
YTD
26.84%
6M
26.40%
1Y
23.99%
3Y*
14.41%
5Y*
13.07%
10Y*
6.69%

PDBC

1D
-0.85%
1M
-10.11%
YTD
23.47%
6M
23.29%
1Y
22.26%
3Y*
10.44%
5Y*
10.25%
10Y*
7.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GSG vs. PDBC - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
GSG
iShares S&P GSCI Commodity-Indexed Trust
26.84%5.93%8.52%-5.51%24.08%38.77%-23.94%15.62%-13.88%3.89%
PDBC
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF
23.47%5.96%2.09%-6.25%19.23%41.72%-7.84%11.44%-12.78%5.06%

Correlation

The correlation between GSG and PDBC is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.


Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.97

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

0.96

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

0.97

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

0.96

Correlation (All Time)
Calculated using the full available price history since Nov 7, 2014

0.93

The correlation between GSG and PDBC has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

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Return for Risk

GSG vs. PDBC — Risk / Return Rank

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

GSG
GSG Risk / Return Rank: 3232
Overall Rank
GSG Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
GSG Sortino Ratio Rank: 2929
Sortino Ratio Rank
GSG Omega Ratio Rank: 3030
Omega Ratio Rank
GSG Calmar Ratio Rank: 3131
Calmar Ratio Rank
GSG Martin Ratio Rank: 4040
Martin Ratio Rank

PDBC
PDBC Risk / Return Rank: 3535
Overall Rank
PDBC Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
PDBC Sortino Ratio Rank: 3232
Sortino Ratio Rank
PDBC Omega Ratio Rank: 3333
Omega Ratio Rank
PDBC Calmar Ratio Rank: 3434
Calmar Ratio Rank
PDBC Martin Ratio Rank: 4444
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. PDBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P GSCI Commodity-Indexed Trust (GSG) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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.


GSGPDBCDifference
Sharpe ratioReturn per unit of total volatility

-0.15

Sortino ratioReturn per unit of downside risk

-0.17

Omega ratioGain probability vs. loss probability

1.20

1.21

-0.02

Calmar ratioReturn relative to maximum drawdown

1.52

1.66

-0.14

Martin ratioReturn relative to average drawdown

6.22

7.01

-0.79

GSG vs. PDBC - Sharpe Ratio Comparison

The current GSG Sharpe Ratio is 1.04, which is comparable to the PDBC Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of GSG and PDBC, 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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Drawdowns

GSG vs. PDBC - Drawdown Comparison

The maximum GSG drawdown since its inception was -89.62%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for GSG and PDBC.


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Drawdown Indicators


GSGPDBCDifference

Max Drawdown

Largest peak-to-trough decline

-89.62%

-49.52%

-40.10%

Max Drawdown (1Y)

Largest decline over 1 year

-15.88%

-13.48%

-2.40%

Max Drawdown (3Y)

Largest decline over 3 years

-15.88%

-13.95%

-1.93%

Max Drawdown (5Y)

Largest decline over 5 years

-29.12%

-27.63%

-1.49%

Max Drawdown (10Y)

Largest decline over 10 years

-57.64%

-40.73%

-16.91%

Current Drawdown

Current decline from peak

-61.70%

-13.48%

-48.22%

Average Drawdown

Average peak-to-trough decline

-63.69%

-23.15%

-40.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.46%

4.04%

+0.42%

Volatility

GSG vs. PDBC - Volatility Comparison

iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 5.46% compared to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 4.38%. This indicates that GSG's price experiences larger fluctuations and is considered to be riskier than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


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Volatility by Period


GSGPDBCDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.46%

4.38%

+1.08%

Volatility (6M)

Calculated over the trailing 6-month period

20.81%

16.17%

+4.64%

Volatility (1Y)

Calculated over the trailing 1-year period

23.19%

18.73%

+4.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.66%

19.15%

+3.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.03%

17.78%

+4.25%

GSG vs. PDBC - Expense Ratio Comparison

GSG has a 0.75% expense ratio, which is higher than PDBC's 0.58% expense ratio.


Dividends

GSG vs. PDBC - Dividend Comparison

GSG has not paid dividends to shareholders, while PDBC's dividend yield for the trailing twelve months is around 3.11%.


PositionTTM2025202420232022202120202019201820172016
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%
PDBC
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF
3.11%3.84%4.42%4.21%13.05%50.83%0.01%1.40%1.00%3.83%6.51%

Frequently Asked Questions


With a correlation of 0.97, GSG and PDBC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

GSG has higher volatility (5.46%) compared to PDBC (4.38%). In terms of maximum drawdown, GSG dropped -89.62% vs PDBC's -49.52%.

On 10-year performance, PDBC leads with 7.71% vs 6.69% for GSG. On fees, PDBC is cheaper at 0.58% per year. On volatility, PDBC has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PDBC has performed better with a 7.71% return vs 6.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PDBC is cheaper with a 0.58% expense ratio, compared with 0.75% for GSG.

PDBC has the higher dividend yield at 3.11%, compared with 0.00% for GSG.

They also come from different issuers: iShares and Invesco. Their fees differ too: 0.75% for GSG and 0.58% for PDBC.

PDBC currently has the higher Sharpe Ratio (1.20 vs 1.04), 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.

Portfolio Optimizer

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