GSG vs. PDBC
GSG (iShares S&P GSCI Commodity-Indexed Trust) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both Commodities funds. GSG is passively managed, while PDBC is actively managed. Over the past 10 years, GSG returned 6.69%/yr vs 7.71%/yr for PDBC. Their correlation of 0.93 suggests significant overlap in exposure. GSG charges 0.75%/yr vs 0.58%/yr for PDBC.
Performance
GSG vs. PDBC - Performance Comparison
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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%
GSG vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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
GSG
PDBC
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.
| GSG | PDBC | Difference | |
|---|---|---|---|
| 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 |
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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
| GSG | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -61.70% | -13.48% | -48.22% |
Average DrawdownAverage peak-to-trough decline | -63.69% | -23.15% | -40.54% |
Ulcer IndexDepth 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
| GSG | PDBC | Difference | |
|---|---|---|---|
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%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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.
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