GSG vs. VCMDX

Last updated Apr 1, 2026

Compare and contrast key facts about iShares S&P GSCI Commodity-Indexed Trust (GSG) and Vanguard Commodity Strategy Fund Admiral Shares (VCMDX).

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. VCMDX is managed by Vanguard. It was launched on Jun 25, 2019.

Performance

GSG vs. VCMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P GSCI Commodity-Indexed Trust (GSG) and Vanguard Commodity Strategy Fund Admiral Shares (VCMDX). The values are adjusted to include any dividend payments, if applicable.

GSG vs. VCMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GSG iShares S&P GSCI Commodity-Indexed Trust	39.85%	5.93%	8.52%	-5.51%	24.08%	38.77%	-23.94%	2.08%
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	18.30%	18.20%	5.27%	-7.45%	13.83%	34.82%	5.07%	2.74%

Returns By Period

In the year-to-date period, GSG achieves a 39.85% return, which is significantly higher than VCMDX's 18.30% 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%

VCMDX

• 1D: 0.39%
• 1M: 6.43%
• YTD: 18.30%
• 6M: 24.60%
• 1Y: 26.59%
• 3Y*: 12.12%
• 5Y*: 14.20%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GSG vs. VCMDX - Expense Ratio Comparison

GSG has a 0.75% expense ratio, which is higher than VCMDX's 0.20% expense ratio.

GSG

iShares S&P GSCI Commodity-Indexed Trust

VCMDX

Vanguard Commodity Strategy Fund Admiral Shares

Return for Risk

GSG vs. VCMDX — Risk / Return Rank

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

GSG

GSG Risk / Return Rank: 91
GSG Sharpe Ratio Rank: 91
GSG Sortino Ratio Rank: 92
GSG Omega Ratio Rank: 89
GSG Calmar Ratio Rank: 94
GSG Martin Ratio Rank: 88

VCMDX

VCMDX Risk / Return Rank: 88
VCMDX Sharpe Ratio Rank: 88
VCMDX Sortino Ratio Rank: 86
VCMDX Omega Ratio Rank: 83
VCMDX Calmar Ratio Rank: 94
VCMDX Martin Ratio Rank: 88

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. VCMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P GSCI Commodity-Indexed Trust (GSG) and Vanguard Commodity Strategy Fund Admiral Shares (VCMDX). 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	VCMDX	Difference
Sharpe ratio Return per unit of total volatility	1.98	1.76	+0.22
Sortino ratio Return per unit of downside risk	2.66	2.25	+0.41
Omega ratio Gain probability vs. loss probability	1.36	1.33	+0.03
Calmar ratio Return relative to maximum drawdown	3.70	3.10	+0.59
Martin ratio Return relative to average drawdown	10.32	9.46	+0.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSG vs. VCMDX - Sharpe Ratio Comparison

The current GSG Sharpe Ratio is 1.98, which is comparable to the VCMDX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of GSG and VCMDX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GSG	VCMDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	1.76	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.90	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	0.83	-0.93

Correlation

The correlation between GSG and VCMDX is 0.79, 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. VCMDX - Dividend Comparison

GSG has not paid dividends to shareholders, while VCMDX's dividend yield for the trailing twelve months is around 12.86%.

	TTM	2025	2024	2023	2022	2021	2020	2019
GSG iShares S&P GSCI Commodity-Indexed Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	12.86%	15.21%	2.19%	2.50%	14.21%	30.56%	0.50%	0.60%

Drawdowns

GSG vs. VCMDX - Drawdown Comparison

The maximum GSG drawdown since its inception was -89.62%, which is greater than VCMDX's maximum drawdown of -26.67%. Use the drawdown chart below to compare losses from any high point for GSG and VCMDX.

Drawdown Indicators

	GSG	VCMDX	Difference
Max Drawdown Largest peak-to-trough decline	-89.62%	-26.67%	-62.95%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-8.92%	-2.99%
Max Drawdown (5Y) Largest decline over 5 years	-29.12%	-25.45%	-3.67%
Max Drawdown (10Y) Largest decline over 10 years	-57.64%	—	—
Current Drawdown Current decline from peak	-57.78%	-1.31%	-56.47%
Average Drawdown Average peak-to-trough decline	-63.77%	-11.10%	-52.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	2.93%	+1.34%

Volatility

GSG vs. VCMDX - Volatility Comparison

iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 11.08% compared to Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) at 5.98%. This indicates that GSG's price experiences larger fluctuations and is considered to be riskier than VCMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSG	VCMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.08%	5.98%	+5.10%
Volatility (6M) Calculated over the trailing 6-month period	16.24%	12.19%	+4.05%
Volatility (1Y) Calculated over the trailing 1-year period	21.16%	15.62%	+5.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.97%	15.81%	+6.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	15.40%	+6.38%