GTOP vs. GSG

Last updated Jul 14, 2026

GTOP (Goldman Sachs Technology Opportunities ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - GTOP is a Technology Equities fund actively managed by Goldman Sachs, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. GTOP is actively managed, while GSG is passively managed. At a correlation of -0.19, they often move in opposite directions. GTOP charges 0.65%/yr vs 0.75%/yr for GSG.

Performance

GTOP vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Technology Opportunities ETF (GTOP) and iShares S&P GSCI Commodity-Indexed Trust (GSG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GTOP achieves a 22.31% return, which is significantly lower than GSG's 32.35% return.

GTOP

• 1D: -2.11%
• 1M: 0.63%
• 6M: 19.63%
• YTD: 22.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GSG

• 1D: 3.60%
• 1M: -0.20%
• 6M: 28.24%
• YTD: 32.35%
• 1Y: 34.57%
• 3Y*: 14.41%
• 5Y*: 13.83%
• 10Y*: 7.40%

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

GTOP vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025
GTOP Goldman Sachs Technology Opportunities ETF	22.31%	-1.02%
GSG iShares S&P GSCI Commodity-Indexed Trust	32.35%	-2.45%

Correlation

The correlation between GTOP and GSG is -0.19, 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 (All Time) Calculated using the full available price history since Dec 8, 2025	-0.19

Return for Risk

GTOP vs. GSG — Risk / Return Rank

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

GTOP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

GSG

GSG Risk / Return Rank: 51
GSG Sharpe Ratio Rank: 55
GSG Sortino Ratio Rank: 53
GSG Omega Ratio Rank: 53
GSG Calmar Ratio Rank: 46
GSG Martin Ratio Rank: 47

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.

GTOP vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Technology Opportunities ETF (GTOP) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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.

	GTOP	GSG	Difference
Sharpe ratio: Return per unit of total volatility	—	1.48	—
Sortino ratio: Return per unit of downside risk	—	2.06	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	1.85	—
Martin ratio: Return relative to average drawdown	—	6.29	—

Drawdowns

GTOP vs. GSG - Drawdown Comparison

The maximum GTOP drawdown since its inception was -14.47%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for GTOP and GSG.

Drawdown Indicators

	GTOP	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-14.47%	-89.62%	+75.15%
Max Drawdown (1Y) Largest decline over 1 year	—	-18.81%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-57.64%	—
Current Drawdown Current decline from peak	-4.36%	-60.04%	+55.68%
Average Drawdown Average peak-to-trough decline	-3.50%	-63.69%	+60.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.51%	—

Volatility

Volatility by Period

	GTOP	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	21.50%	—
Volatility (1Y) Calculated over the trailing 1-year period	24.62%	23.48%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.62%	22.80%	+1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.62%	22.00%	+2.62%

GTOP vs. GSG - Expense Ratio Comparison

GTOP has a 0.65% expense ratio, which is lower than GSG's 0.75% expense ratio.

Dividends

GTOP vs. GSG - Dividend Comparison

Neither GTOP nor GSG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GTOP and GSG in my portfolio?

GTOP and GSG have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GTOP or GSG?

On fees, GTOP is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GTOP or GSG?

GTOP is cheaper with a 0.65% expense ratio, compared with 0.75% for GSG.

Which ETF pays a higher dividend yield, GTOP or GSG?

GTOP and GSG have nearly identical dividend yields, around 0.00%.

What is the main difference between GTOP and GSG?

GTOP is categorized as Technology Equities, while GSG is Commodities. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.65% for GTOP and 0.75% for GSG.