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GSG vs. VEU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GSG vs. VEU

Last updated Jun 9, 2026

GSG (iShares S&P GSCI Commodity-Indexed Trust) and VEU (Vanguard FTSE All-World ex-US ETF) are both exchange-traded funds - GSG is a Commodities fund tracking the S&P GSCI Total Return Index, while VEU is a Foreign Large Cap Equities fund tracking the FTSE All-World ex US Index. Both are passively managed. Over the past 10 years, GSG returned 7.20%/yr vs 9.86%/yr for VEU. At a 0.38 correlation, their price movements are largely independent. GSG charges 0.75%/yr vs 0.04%/yr for VEU.

Performance

GSG vs. VEU - 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 FTSE All-World ex-US ETF (VEU). 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 37.68% return, which is significantly higher than VEU's 11.45% return. Over the past 10 years, GSG has underperformed VEU with an annualized return of 7.20%, while VEU has yielded a comparatively higher 9.86% annualized return.

GSG

1D
0.51%
1M
-3.23%
YTD
37.68%
6M
36.50%
1Y
44.45%
3Y*
18.01%
5Y*
14.85%
10Y*
7.20%

VEU

1D
0.90%
1M
-1.72%
YTD
11.45%
6M
13.84%
1Y
27.37%
3Y*
18.27%
5Y*
8.16%
10Y*
9.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GSG vs. VEU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GSG
iShares S&P GSCI Commodity-Indexed Trust		37.68%5.93%8.52%-5.51%24.08%38.77%-23.94%15.62%-13.88%3.89%
VEU
Vanguard FTSE All-World ex-US ETF		11.45%32.35%5.56%15.84%-15.58%8.27%11.10%21.83%-14.18%27.40%

Correlation

The correlation between GSG and VEU is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.21

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

0.07

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

0.20

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

0.28

Correlation (All Time)
Calculated using the full available price history since Mar 8, 2007

0.38

The correlation between GSG and VEU shifts across timeframes, from -0.21 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P GSCI Commodity-Indexed Trust

Vanguard FTSE All-World ex-US ETF

Often compared with GSG:
GSG vs. DBCGSG vs. PDBCGSG vs. COMTGSG vs. VCMDXGSG vs. GLDGSG vs. HGERGSG vs. CGL.TO
Often compared with VEU:
VEU vs. VXUSVEU vs. VEAVEU vs. VOOVEU vs. VGKVEU vs. SPYVEU vs. ACWXVEU vs. VTI

Return for Risk

GSG vs. VEU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GSG
GSG Risk / Return Rank: 7070
Overall Rank
GSG Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
GSG Sortino Ratio Rank: 6060
Sortino Ratio Rank
GSG Omega Ratio Rank: 6464
Omega Ratio Rank
GSG Calmar Ratio Rank: 8888
Calmar Ratio Rank
GSG Martin Ratio Rank: 7171
Martin Ratio Rank
VEU
VEU Risk / Return Rank: 5656
Overall Rank
VEU Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
VEU Sortino Ratio Rank: 5555
Sortino Ratio Rank
VEU Omega Ratio Rank: 5858
Omega Ratio Rank
VEU Calmar Ratio Rank: 5454
Calmar Ratio Rank
VEU Martin Ratio Rank: 5858
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. VEU - 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 FTSE All-World ex-US ETF (VEU). 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.

GSGVEUDifference
Sharpe ratioReturn per unit of total volatility
1.93
1.74

+0.19

Sortino ratioReturn per unit of downside risk
2.53
2.39

+0.13

Omega ratioGain probability vs. loss probability

1.35

1.32

+0.03

Calmar ratioReturn relative to maximum drawdown

4.72

2.41

+2.32

Martin ratioReturn relative to average drawdown

12.04

9.28

+2.76

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. VEU - Sharpe Ratio Comparison

The current GSG Sharpe Ratio is 1.93, which is comparable to the VEU Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of GSG and VEU, 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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Sharpe Ratios by Period

GSGVEUDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.93

1.74

+0.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.66

0.51

+0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.33

0.57

-0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.09

0.25

-0.34

Drawdowns

GSG vs. VEU - Drawdown Comparison

The maximum GSG drawdown since its inception was -89.62%, which is greater than VEU's maximum drawdown of -61.52%. Use the drawdown chart below to compare losses from any high point for GSG and VEU.

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Drawdown Indicators

GSGVEUDifference

Max Drawdown

Largest peak-to-trough decline

-89.62%

-61.52%

-28.10%

Max Drawdown (1Y)

Largest decline over 1 year

-9.46%

-11.43%

+1.97%

Max Drawdown (3Y)

Largest decline over 3 years

-14.94%

-13.69%

-1.25%

Max Drawdown (5Y)

Largest decline over 5 years

-29.12%

-29.31%

+0.19%

Max Drawdown (10Y)

Largest decline over 10 years

-57.64%

-34.98%

-22.66%

Current Drawdown

Current decline from peak

-58.43%

-3.69%

-54.74%

Average Drawdown

Average peak-to-trough decline

-63.71%

-13.13%

-50.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.70%

2.96%

+0.74%

Volatility

GSG vs. VEU - Volatility Comparison

iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 7.05% compared to Vanguard FTSE All-World ex-US ETF (VEU) at 6.07%. This indicates that GSG's price experiences larger fluctuations and is considered to be riskier than VEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GSGVEUDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.05%

6.07%

+0.98%

Volatility (6M)

Calculated over the trailing 6-month period

20.66%

13.65%

+7.01%

Volatility (1Y)

Calculated over the trailing 1-year period

23.18%

15.80%

+7.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.64%

16.16%

+6.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.04%

17.25%

+4.79%

GSG vs. VEU - Expense Ratio Comparison

GSG has a 0.75% expense ratio, which is higher than VEU's 0.04% expense ratio.

Dividends

GSG vs. VEU - Dividend Comparison

GSG has not paid dividends to shareholders, while VEU's dividend yield for the trailing twelve months is around 2.68%.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%
VEU
Vanguard FTSE All-World ex-US ETF		2.68%3.09%3.24%3.32%3.12%3.08%2.00%3.10%3.27%2.66%2.96%2.95%

Frequently Asked Questions

GSG and VEU have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GSG has higher volatility (7.05%) compared to VEU (6.07%). In terms of maximum drawdown, GSG dropped -89.62% vs VEU's -61.52%.

On 10-year performance, VEU leads with 9.86% vs 7.20% for GSG. On fees, VEU is cheaper at 0.04% per year. On volatility, VEU has been the lower-risk option at 6.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VEU has performed better with a 9.86% return vs 7.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VEU is cheaper with a 0.04% expense ratio, compared with 0.75% for GSG.

VEU has the higher dividend yield at 2.68%, compared with 0.00% for GSG.

GSG is categorized as Commodities, while VEU is Foreign Large Cap Equities. GSG tracks S&P GSCI Total Return Index, while VEU tracks FTSE All-World ex US Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.75% for GSG and 0.04% for VEU.

GSG currently has the higher Sharpe Ratio (1.93 vs 1.74), 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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