IBGK vs. GSG

Last updated Jul 15, 2026

IBGK (iShares iBonds Dec 2054 Term Treasury ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - IBGK is a Long-Term Bond fund tracking the ICE 2054 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, IBGK returned 2.63% vs 38.08% for GSG. At a correlation of -0.23, they often move in opposite directions. IBGK charges 0.07%/yr vs 0.75%/yr for GSG.

Performance

IBGK vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2054 Term Treasury ETF (IBGK) 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, IBGK achieves a -1.40% return, which is significantly lower than GSG's 34.43% return.

IBGK

• 1D: 0.11%
• 1M: -1.50%
• 6M: -1.91%
• YTD: -1.40%
• 1Y: 2.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GSG

• 1D: 1.57%
• 1M: 1.37%
• 6M: 28.74%
• YTD: 34.43%
• 1Y: 38.08%
• 3Y*: 15.01%
• 5Y*: 14.34%
• 10Y*: 7.57%

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

IBGK vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBGK iShares iBonds Dec 2054 Term Treasury ETF	-1.40%	3.66%	-3.44%
GSG iShares S&P GSCI Commodity-Indexed Trust	34.43%	5.93%	-0.68%

Correlation

The correlation between IBGK and GSG is -0.36, 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	-0.36
Correlation (All Time) Calculated using the full available price history since Jun 12, 2024	-0.23

The correlation between IBGK and GSG shifts across timeframes, from -0.36 (1 year) to -0.23 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IBGK vs. GSG — Risk / Return Rank

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

IBGK

IBGK Risk / Return Rank: 14
IBGK Sharpe Ratio Rank: 14
IBGK Sortino Ratio Rank: 13
IBGK Omega Ratio Rank: 13
IBGK Calmar Ratio Rank: 14
IBGK Martin Ratio Rank: 14

GSG

GSG Risk / Return Rank: 56
GSG Sharpe Ratio Rank: 62
GSG Sortino Ratio Rank: 59
GSG Omega Ratio Rank: 60
GSG Calmar Ratio Rank: 51
GSG Martin Ratio Rank: 51

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.

IBGK vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2054 Term Treasury ETF (IBGK) 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.

	IBGK	GSG	Difference
Sharpe ratio: Return per unit of total volatility	0.29	1.63	-1.34
Sortino ratio: Return per unit of downside risk	0.49	2.23	-1.74
Omega ratio: Gain probability vs. loss probability	1.05	1.29	-0.24
Calmar ratio: Return relative to maximum drawdown	0.36	2.03	-1.67
Martin ratio: Return relative to average drawdown	0.84	6.88	-6.04

IBGK vs. GSG - Sharpe Ratio Comparison

The current IBGK Sharpe Ratio is 0.29, which is lower than the GSG Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of IBGK 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

IBGK vs. GSG - Drawdown Comparison

The maximum IBGK drawdown since its inception was -14.62%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for IBGK and GSG.

Drawdown Indicators

	IBGK	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-14.62%	-89.62%	+75.00%
Max Drawdown (1Y) Largest decline over 1 year	-7.29%	-18.81%	+11.52%
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	-10.14%	-59.41%	+49.27%
Average Drawdown Average peak-to-trough decline	-8.08%	-63.69%	+55.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	5.55%	-2.42%

Volatility

IBGK vs. GSG - Volatility Comparison

The current volatility for iShares iBonds Dec 2054 Term Treasury ETF (IBGK) is 2.51%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.37%. This indicates that IBGK 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

	IBGK	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	7.37%	-4.86%
Volatility (6M) Calculated over the trailing 6-month period	6.51%	21.54%	-15.03%
Volatility (1Y) Calculated over the trailing 1-year period	8.98%	23.48%	-14.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.68%	22.80%	-11.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.68%	22.00%	-10.32%

IBGK vs. GSG - Expense Ratio Comparison

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

Dividends

IBGK vs. GSG - Dividend Comparison

IBGK's dividend yield for the trailing twelve months is around 4.72%, 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%
IBGK iShares iBonds Dec 2054 Term Treasury ETF	4.72%	4.59%	3.15%

Frequently Asked Questions

Can I hold both IBGK and GSG in my portfolio?

IBGK and GSG have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBGK or GSG?

GSG has higher volatility (7.37%) compared to IBGK (2.51%). In terms of maximum drawdown, IBGK dropped -14.62% vs GSG's -89.62%.

Which ETF is better, IBGK or GSG?

On 1-year performance, GSG leads with 38.08% vs 2.63% for IBGK. On fees, IBGK is cheaper at 0.07% per year. On volatility, IBGK has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBGK or GSG?

Over the 1-year period, GSG has performed better with a 38.08% return vs 2.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBGK or GSG?

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

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

IBGK has the higher dividend yield at 4.72%, compared with 0.00% for GSG.

What is the main difference between IBGK and GSG?

IBGK is categorized as Long-Term Bond, while GSG is Commodities. IBGK tracks ICE 2054 Maturity US Treasury Index, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.07% for IBGK and 0.75% for GSG.

Which has better risk-adjusted returns?

GSG currently has the higher Sharpe Ratio (1.63 vs 0.29), 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.