IBGA vs. GSG
IBGA (iShares iBonds Dec 2044 Term Treasury ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - IBGA is a Intermediate Core Bond fund tracking the ICE 2044 Maturity US Treasury Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past year, IBGA returned -0.27% vs 37.47% for GSG. Their -0.26 correlation means they have often moved in opposite directions in the past. IBGA charges 0.07%/yr vs 0.75%/yr for GSG.
Performance
IBGA vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, IBGA achieves a -1.68% return, which is significantly lower than GSG's 32.52% return.
IBGA
- 1D
- 0.07%
- 1M
- -1.93%
- 6M
- -1.48%
- YTD
- -1.68%
- 1Y
- -0.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 0.94%
GSG
- 1D
- 0.36%
- 1M
- 5.78%
- 6M
- 21.95%
- YTD
- 32.52%
- 1Y
- 37.47%
- 3Y*
- 12.51%
- 5Y*
- 14.20%
- 10Y*
- 8.03%
- ALL TIME*
- -2.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $18.96M | $16.42M | $22.87M | |
| $409.82K | $308.92K | $376.59K |
IBGA vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBGA iShares iBonds Dec 2044 Term Treasury ETF | -1.68% | 6.09% | -2.18% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.52% | 5.93% | -0.68% |
Correlation
The correlation between IBGA and GSG is -0.41, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.41 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2024 | -0.26 |
The correlation between IBGA and GSG shifts across timeframes, from -0.41 (1 year) to -0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBGA vs. GSG — Risk / Return Rank
IBGA
GSG
IBGA vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2044 Term Treasury ETF (IBGA) 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.
| IBGA | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.58 | ||
| Sortino ratioReturn per unit of downside risk | -2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.27 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 2.00 | -2.04 |
| Martin ratioReturn relative to average drawdown | -0.09 | 6.32 | -6.41 |
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Drawdowns
IBGA vs. GSG - Drawdown Comparison
The maximum IBGA drawdown since its inception was -11.69%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for IBGA and GSG.
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Drawdown Indicators
| IBGA | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.69% | -89.62% | +77.93% |
Max Drawdown (1Y)Largest decline over 1 year | -6.60% | -18.81% | +12.21% |
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 DrawdownCurrent decline from peak | -5.92% | -59.99% | +54.07% |
Average DrawdownAverage peak-to-trough decline | -5.03% | -63.67% | +58.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 5.94% | -2.97% |
Volatility
IBGA vs. GSG - Volatility Comparison
The current volatility for iShares iBonds Dec 2044 Term Treasury ETF (IBGA) is 2.21%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.99%. This indicates that IBGA experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBGA | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.21% | 8.99% | -6.78% |
Volatility (6M)Calculated over the trailing 6-month period | 6.10% | 21.89% | -15.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.82% | 24.44% | -16.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.74% | 22.90% | -13.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.74% | 22.08% | -12.34% |
IBGA vs. GSG - Expense Ratio Comparison
IBGA has a 0.07% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
IBGA vs. GSG - Dividend Comparison
IBGA's dividend yield for the trailing twelve months is around 4.75%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% |
IBGA iShares iBonds Dec 2044 Term Treasury ETF | 4.75% | 4.49% | 2.03% |
Frequently Asked Questions
IBGA and GSG have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (8.99%) compared to IBGA (2.21%). In terms of maximum drawdown, IBGA dropped -11.69% vs GSG's -89.62%.
On 1-year performance, GSG leads with 37.47% vs -0.27% for IBGA. On fees, IBGA is cheaper at 0.07% per year. On volatility, IBGA has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GSG has performed better with a 37.47% return vs -0.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBGA is cheaper with a 0.07% expense ratio, compared with 0.75% for GSG.
IBGA has the higher dividend yield at 4.75%, compared with 0.00% for GSG.
IBGA is categorized as Intermediate Core Bond, while GSG is Commodities. IBGA tracks ICE 2044 Maturity US Treasury Index, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.07% for IBGA and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.54 vs -0.03), 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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