IBMO vs. GSG
IBMO (iShares iBonds Dec 2026 Term Muni Bond ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - IBMO is a Municipal Bonds fund tracking the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, IBMO returned 0.62%/yr vs 14.34%/yr for GSG. At a correlation of -0.05, they often move in opposite directions. IBMO charges 0.18%/yr vs 0.75%/yr for GSG.
Performance
IBMO vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, IBMO achieves a 1.10% return, which is significantly lower than GSG's 34.43% return.
IBMO
- 1D
- 0.00%
- 1M
- 0.09%
- 6M
- 0.97%
- YTD
- 1.10%
- 1Y
- 2.35%
- 3Y*
- 2.77%
- 5Y*
- 0.62%
- 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%
IBMO vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 1.10% | 3.11% | 1.97% | 2.90% | -5.36% | -0.16% | 5.48% | 4.69% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 34.43% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | -0.73% |
Correlation
The correlation between IBMO and GSG is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2019 | -0.05 |
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Return for Risk
IBMO vs. GSG — Risk / Return Rank
IBMO
GSG
IBMO vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO) 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.
| IBMO | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.29 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 6.23 | 2.03 | +4.19 |
| Martin ratioReturn relative to average drawdown | 18.40 | 6.88 | +11.52 |
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Drawdowns
IBMO vs. GSG - Drawdown Comparison
The maximum IBMO drawdown since its inception was -14.77%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for IBMO and GSG.
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Drawdown Indicators
| IBMO | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.77% | -89.62% | +74.85% |
Max Drawdown (1Y)Largest decline over 1 year | -0.38% | -18.81% | +18.43% |
Max Drawdown (3Y)Largest decline over 3 years | -1.76% | -18.81% | +17.05% |
Max Drawdown (5Y)Largest decline over 5 years | -8.86% | -29.12% | +20.26% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -0.04% | -59.41% | +59.37% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -63.69% | +61.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | 5.55% | -5.42% |
Volatility
IBMO vs. GSG - Volatility Comparison
The current volatility for iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO) is 0.31%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.37%. This indicates that IBMO 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
| IBMO | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.31% | 7.37% | -7.06% |
Volatility (6M)Calculated over the trailing 6-month period | 0.71% | 21.54% | -20.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.13% | 23.48% | -22.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.14% | 22.80% | -20.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.49% | 22.00% | -17.51% |
IBMO vs. GSG - Expense Ratio Comparison
IBMO has a 0.18% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
IBMO vs. GSG - Dividend Comparison
IBMO's dividend yield for the trailing twelve months is around 2.40%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 2.40% | 2.37% | 2.15% | 1.65% | 0.89% | 0.62% | 1.03% | 1.01% |
Frequently Asked Questions
IBMO and GSG have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.37%) compared to IBMO (0.31%). In terms of maximum drawdown, IBMO dropped -14.77% vs GSG's -89.62%.
On 5-year performance, GSG leads with 14.34% vs 0.62% for IBMO. On fees, IBMO is cheaper at 0.18% per year. On volatility, IBMO has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSG has performed better with a 14.34% return vs 0.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMO is cheaper with a 0.18% expense ratio, compared with 0.75% for GSG.
IBMO has the higher dividend yield at 2.40%, compared with 0.00% for GSG.
IBMO is categorized as Municipal Bonds, while GSG is Commodities. IBMO tracks S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.18% for IBMO and 0.75% for GSG.
IBMO currently has the higher Sharpe Ratio (2.09 vs 1.63), 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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