IBGB vs. GSG

Last updated Aug 5, 2026

IBGB (iShares iBonds Dec 2045 Term Treasury ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - IBGB is a Government Bonds fund tracking the ICE 2045 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, IBGB returned -0.26% vs 36.06% for GSG. Their -0.33 correlation means they have often moved in opposite directions in the past. IBGB charges 0.07%/yr vs 0.75%/yr for GSG.

Performance

IBGB vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2045 Term Treasury ETF (IBGB) 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, IBGB achieves a -1.86% return, which is significantly lower than GSG's 32.05% return.

IBGB

• 1D: 0.77%
• 1M: -2.11%
• 6M: -1.81%
• YTD: -1.86%
• 1Y: -0.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.52%

GSG

• 1D: -2.34%
• 1M: 7.33%
• 6M: 21.51%
• YTD: 32.05%
• 1Y: 36.06%
• 3Y*: 12.37%
• 5Y*: 13.92%
• 10Y*: 7.99%
• ALL TIME*: -2.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GSG iShares S&P GSCI Commodity-Indexed Trust	$18.82M	$16.77M	$25.29M
IBGB iShares iBonds Dec 2045 Term Treasury ETF	$32.56K	$33.15K	$77.72K

IBGB vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025
IBGB iShares iBonds Dec 2045 Term Treasury ETF	-1.86%	2.62%
GSG iShares S&P GSCI Commodity-Indexed Trust	32.05%	2.67%

Correlation

The correlation between IBGB and GSG is -0.40, 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.	-0.40
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025	-0.33

Return for Risk

IBGB vs. GSG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IBGB

IBGB Risk / Return Rank: 9
IBGB Sharpe Ratio Rank: 10
IBGB Sortino Ratio Rank: 9
IBGB Omega Ratio Rank: 9
IBGB Calmar Ratio Rank: 10
IBGB Martin Ratio Rank: 10

GSG

GSG Risk / Return Rank: 50
GSG Sharpe Ratio Rank: 53
GSG Sortino Ratio Rank: 51
GSG Omega Ratio Rank: 52
GSG Calmar Ratio Rank: 48
GSG Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IBGB vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2045 Term Treasury ETF (IBGB) 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.

	IBGB	GSG	Difference
Sharpe ratio: Return per unit of total volatility	-0.03	1.48	-1.51
Sortino ratio: Return per unit of downside risk	0.01	2.04	-2.03
Omega ratio: Gain probability vs. loss probability	1.00	1.26	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.04	1.93	-1.96
Martin ratio: Return relative to average drawdown	-0.08	6.13	-6.22

IBGB vs. GSG - Sharpe Ratio Comparison

The current IBGB Sharpe Ratio is -0.03, which is lower than the GSG Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of IBGB and GSG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IBGB vs. GSG - Drawdown Comparison

The maximum IBGB drawdown since its inception was -8.09%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for IBGB and GSG.

Drawdown Indicators

	IBGB	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-8.09%	-89.62%	+81.53%
Max Drawdown (1Y) Largest decline over 1 year	-6.79%	-18.81%	+12.02%
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	-5.59%	-60.13%	+54.54%
Average Drawdown Average peak-to-trough decline	-3.31%	-63.67%	+60.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	5.90%	-2.83%

Volatility

IBGB vs. GSG - Volatility Comparison

The current volatility for iShares iBonds Dec 2045 Term Treasury ETF (IBGB) is 2.36%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 9.06%. This indicates that IBGB 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.

Volatility by Period

	IBGB	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.36%	9.06%	-6.70%
Volatility (6M) Calculated over the trailing 6-month period	6.21%	22.00%	-15.79%
Volatility (1Y) Calculated over the trailing 1-year period	8.02%	24.45%	-16.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.37%	22.90%	-13.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.37%	22.09%	-12.72%

IBGB vs. GSG - Expense Ratio Comparison

IBGB has a 0.07% expense ratio, which is lower than GSG's 0.75% expense ratio.

Dividends

IBGB vs. GSG - Dividend Comparison

IBGB's dividend yield for the trailing twelve months is around 4.74%, while GSG has not paid dividends to shareholders.

Position	TTM	2025
GSG iShares S&P GSCI Commodity-Indexed Trust	0.00%	0.00%
IBGB iShares iBonds Dec 2045 Term Treasury ETF	4.74%	3.53%

Frequently Asked Questions

Can I hold both IBGB and GSG in my portfolio?

IBGB and GSG have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBGB or GSG?

GSG has higher volatility (9.06%) compared to IBGB (2.36%). In terms of maximum drawdown, IBGB dropped -8.09% vs GSG's -89.62%.

Which ETF is better, IBGB or GSG?

On 1-year performance, GSG leads with 36.06% vs -0.26% for IBGB. On fees, IBGB is cheaper at 0.07% per year. On volatility, IBGB has been the lower-risk option at 2.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBGB or GSG?

Over the 1-year period, GSG has performed better with a 36.06% return vs -0.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBGB or GSG?

IBGB is cheaper with a 0.07% expense ratio, compared with 0.75% for GSG.

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

IBGB has the higher dividend yield at 4.74%, compared with 0.00% for GSG.

What is the main difference between IBGB and GSG?

IBGB is categorized as Government Bonds, while GSG is Commodities. IBGB tracks ICE 2045 Maturity US Treasury Index, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.07% for IBGB and 0.75% for GSG.

Which has better risk-adjusted returns?

GSG currently has the higher Sharpe Ratio (1.48 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.