GSG vs. VIOO
GSG (iShares S&P GSCI Commodity-Indexed Trust) and VIOO (Vanguard S&P Small-Cap 600 ETF) are both exchange-traded funds - GSG is a Commodities fund tracking the S&P GSCI Total Return Index, while VIOO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, GSG returned 6.69%/yr vs 11.35%/yr for VIOO. At a 0.29 correlation, their price movements are largely independent. GSG charges 0.75%/yr vs 0.07%/yr for VIOO.
Performance
GSG vs. VIOO - 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 VIOO's 19.73% return. Over the past 10 years, GSG has underperformed VIOO with an annualized return of 6.69%, while VIOO has yielded a comparatively higher 11.35% 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%
VIOO
- 1D
- 0.05%
- 1M
- 4.59%
- YTD
- 19.73%
- 6M
- 16.79%
- 1Y
- 36.99%
- 3Y*
- 16.33%
- 5Y*
- 6.65%
- 10Y*
- 11.35%
GSG vs. VIOO - 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% |
VIOO Vanguard S&P Small-Cap 600 ETF | 19.73% | 6.04% | 8.48% | 16.16% | -16.26% | 26.79% | 11.47% | 22.68% | -8.65% | 13.16% |
Correlation
The correlation between GSG and VIOO is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | 0.29 |
The correlation between GSG and VIOO shifts across timeframes, from -0.18 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GSG vs. VIOO — Risk / Return Rank
GSG
VIOO
GSG vs. VIOO - 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 S&P Small-Cap 600 ETF (VIOO). 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 | VIOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.36 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 4.24 | -2.72 |
| Martin ratioReturn relative to average drawdown | 6.22 | 14.31 | -8.09 |
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Drawdowns
GSG vs. VIOO - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, which is greater than VIOO's maximum drawdown of -44.15%. Use the drawdown chart below to compare losses from any high point for GSG and VIOO.
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Drawdown Indicators
| GSG | VIOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -44.15% | -45.47% |
Max Drawdown (1Y)Largest decline over 1 year | -15.88% | -8.77% | -7.11% |
Max Drawdown (3Y)Largest decline over 3 years | -15.88% | -27.93% | +12.05% |
Max Drawdown (5Y)Largest decline over 5 years | -29.12% | -27.93% | -1.19% |
Max Drawdown (10Y)Largest decline over 10 years | -57.64% | -44.15% | -13.49% |
Current DrawdownCurrent decline from peak | -61.70% | -0.12% | -61.58% |
Average DrawdownAverage peak-to-trough decline | -63.69% | -7.31% | -56.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.46% | 2.59% | +1.87% |
Volatility
GSG vs. VIOO - Volatility Comparison
iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 5.46% compared to Vanguard S&P Small-Cap 600 ETF (VIOO) at 4.93%. This indicates that GSG's price experiences larger fluctuations and is considered to be riskier than VIOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSG | VIOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.46% | 4.93% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 20.81% | 12.10% | +8.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.19% | 17.80% | +5.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.66% | 21.40% | +1.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.03% | 23.01% | -0.98% |
GSG vs. VIOO - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is higher than VIOO's 0.07% expense ratio.
Dividends
GSG vs. VIOO - Dividend Comparison
GSG has not paid dividends to shareholders, while VIOO's dividend yield for the trailing twelve months is around 1.13%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VIOO Vanguard S&P Small-Cap 600 ETF | 1.13% | 1.36% | 1.48% | 1.47% | 1.51% | 1.16% | 1.09% | 1.37% | 1.32% | 1.11% | 1.06% | 1.26% |
Frequently Asked Questions
GSG and VIOO have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (5.46%) compared to VIOO (4.93%). In terms of maximum drawdown, GSG dropped -89.62% vs VIOO's -44.15%.
On 10-year performance, VIOO leads with 11.35% vs 6.69% for GSG. On fees, VIOO is cheaper at 0.07% per year. On volatility, VIOO has been the lower-risk option at 4.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VIOO has performed better with a 11.35% return vs 6.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIOO is cheaper with a 0.07% expense ratio, compared with 0.75% for GSG.
VIOO has the higher dividend yield at 1.13%, compared with 0.00% for GSG.
GSG is categorized as Commodities, while VIOO is Small Cap Blend Equities. GSG tracks S&P GSCI Total Return Index, while VIOO tracks S&P SmallCap 600 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.75% for GSG and 0.07% for VIOO.
VIOO currently has the higher Sharpe Ratio (2.09 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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