GUSE vs. GSG

Last updated Jun 24, 2026

GUSE (Goldman Sachs Enhanced U.S. Equity ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - GUSE is a Large Cap Blend Equities fund actively managed by Goldman Sachs, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. GUSE is actively managed, while GSG is passively managed. At a correlation of -0.26, they often move in opposite directions. GUSE charges 0.30%/yr vs 0.75%/yr for GSG.

Performance

GUSE vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Enhanced U.S. Equity ETF (GUSE) 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, GUSE achieves a 9.12% return, which is significantly lower than GSG's 25.54% return.

GUSE

• 1D: -1.22%
• 1M: -0.47%
• YTD: 9.12%
• 6M: 8.10%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GSG

• 1D: -1.03%
• 1M: -12.93%
• YTD: 25.54%
• 6M: 23.88%
• 1Y: 27.65%
• 3Y*: 14.02%
• 5Y*: 12.78%
• 10Y*: 6.58%

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

GUSE vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025
GUSE Goldman Sachs Enhanced U.S. Equity ETF	9.12%	2.38%
GSG iShares S&P GSCI Commodity-Indexed Trust	25.54%	-0.82%

Correlation

The correlation between GUSE and GSG is -0.26, 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 Nov 17, 2025	-0.26

Return for Risk

GUSE vs. GSG — Risk / Return Rank

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

GUSE

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

GSG

GSG Risk / Return Rank: 37
GSG Sharpe Ratio Rank: 35
GSG Sortino Ratio Rank: 34
GSG Omega Ratio Rank: 36
GSG Calmar Ratio Rank: 34
GSG Martin Ratio Rank: 44

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.

GUSE vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Enhanced U.S. Equity ETF (GUSE) 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.

	GUSE	GSG	Difference
Sharpe ratio: Return per unit of total volatility	—	1.22	—
Sortino ratio: Return per unit of downside risk	—	1.73	—
Omega ratio: Gain probability vs. loss probability	—	1.23	—
Calmar ratio: Return relative to maximum drawdown	—	1.66	—
Martin ratio: Return relative to average drawdown	—	6.95	—

Drawdowns

GUSE vs. GSG - Drawdown Comparison

The maximum GUSE drawdown since its inception was -8.54%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for GUSE and GSG.

Drawdown Indicators

	GUSE	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-8.54%	-89.62%	+81.08%
Max Drawdown (1Y) Largest decline over 1 year	—	-16.74%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.74%	—
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	-2.95%	-62.10%	+59.15%
Average Drawdown Average peak-to-trough decline	-1.42%	-63.69%	+62.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.01%	—

Volatility

Volatility by Period

	GUSE	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.46%	—
Volatility (6M) Calculated over the trailing 6-month period	—	20.82%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.29%	23.17%	-8.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.29%	22.67%	-8.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.29%	22.01%	-7.72%

GUSE vs. GSG - Expense Ratio Comparison

GUSE has a 0.30% expense ratio, which is lower than GSG's 0.75% expense ratio.

Dividends

GUSE vs. GSG - Dividend Comparison

GUSE's dividend yield for the trailing twelve months is around 0.67%, while GSG has not paid dividends to shareholders.

Position	TTM	2025
GSG iShares S&P GSCI Commodity-Indexed Trust	0.00%	0.00%
GUSE Goldman Sachs Enhanced U.S. Equity ETF	0.67%	0.73%

Frequently Asked Questions

Can I hold both GUSE and GSG in my portfolio?

GUSE and GSG have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GUSE or GSG?

On fees, GUSE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GUSE or GSG?

GUSE is cheaper with a 0.30% expense ratio, compared with 0.75% for GSG.

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

GUSE has the higher dividend yield at 0.67%, compared with 0.00% for GSG.

What is the main difference between GUSE and GSG?

GUSE is categorized as Large Cap Blend Equities, while GSG is Commodities. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.30% for GUSE and 0.75% for GSG.