GSG vs. PDBC
Compare and contrast key facts about iShares S&P GSCI Commodity-Indexed Trust (GSG) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC).
GSG and PDBC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GSG is a passively managed fund by iShares that tracks the performance of the S&P GSCI Total Return Index. It was launched on Jul 21, 2006. PDBC is an actively managed fund by Invesco. It was launched on Nov 7, 2014.
Performance
GSG vs. PDBC - Performance Comparison
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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 | 39.85% | 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 | 30.72% | 5.96% | 2.09% | -6.25% | 19.23% | 41.72% | -7.84% | 11.44% | -12.78% | 5.06% |
Returns By Period
In the year-to-date period, GSG achieves a 39.85% return, which is significantly higher than PDBC's 30.72% return. Over the past 10 years, GSG has underperformed PDBC with an annualized return of 9.09%, while PDBC has yielded a comparatively higher 9.86% annualized return.
GSG
- 1D
- -1.01%
- 1M
- 24.23%
- YTD
- 39.85%
- 6M
- 40.40%
- 1Y
- 41.63%
- 3Y*
- 17.03%
- 5Y*
- 17.93%
- 10Y*
- 9.09%
PDBC
- 1D
- -1.03%
- 1M
- 16.09%
- YTD
- 30.72%
- 6M
- 33.97%
- 1Y
- 32.00%
- 3Y*
- 11.28%
- 5Y*
- 14.29%
- 10Y*
- 9.86%
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GSG vs. PDBC - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is higher than PDBC's 0.58% expense ratio.
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.
| GSG | PDBC | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.98 | 1.72 | +0.26 |
Sortino ratioReturn per unit of downside risk | 2.66 | 2.31 | +0.36 |
Omega ratioGain probability vs. loss probability | 1.36 | 1.31 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 3.70 | 3.04 | +0.66 |
Martin ratioReturn relative to average drawdown | 10.32 | 7.48 | +2.84 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GSG | PDBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 1.72 | +0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.82 | 0.76 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.56 | -0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | 0.22 | -0.31 |
Correlation
The correlation between GSG and PDBC is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
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 2.94%.
| 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 | 2.94% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
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 | -11.91% | -11.07% | -0.84% |
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 | -57.78% | -1.03% | -56.75% |
Average DrawdownAverage peak-to-trough decline | -63.77% | -23.53% | -40.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.27% | 4.50% | -0.23% |
Volatility
GSG vs. PDBC - Volatility Comparison
iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 11.08% compared to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 8.15%. 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 | 11.08% | 8.15% | +2.93% |
Volatility (6M)Calculated over the trailing 6-month period | 16.24% | 13.88% | +2.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.16% | 18.72% | +2.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.97% | 18.92% | +3.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.78% | 17.69% | +4.09% |