IBMR vs. GSG
IBMR (iShares iBonds Dec 2029 Term Muni Bond ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - IBMR is a Municipal Bonds fund tracking the S&P AMT-Free Municipal Series Callable-Adjusted 2029 Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 3 years, IBMR returned 3.25%/yr vs 13.26%/yr for GSG. Their -0.09 correlation means they have often moved in opposite directions in the past. IBMR charges 0.18%/yr vs 0.75%/yr for GSG.
Performance
IBMR vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, IBMR achieves a 0.49% return, which is significantly lower than GSG's 35.21% return.
IBMR
- 1D
- 0.05%
- 1M
- -0.46%
- 6M
- -0.33%
- YTD
- 0.49%
- 1Y
- 1.72%
- 3Y*
- 3.25%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.61%
GSG
- 1D
- -2.68%
- 1M
- 9.90%
- 6M
- 27.47%
- YTD
- 35.21%
- 1Y
- 38.52%
- 3Y*
- 13.26%
- 5Y*
- 14.69%
- 10Y*
- 8.24%
- ALL TIME*
- -2.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $17.98M | $16.40M | $25.53M | |
| $1.30M | $1.37M | $1.46M |
IBMR vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IBMR iShares iBonds Dec 2029 Term Muni Bond ETF | 0.49% | 4.45% | 0.06% | 3.46% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 35.21% | 5.93% | 8.52% | 3.03% |
Correlation
The correlation between IBMR and GSG is -0.24, 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. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.09 |
Correlation (All Time) Calculated using the full available price history since May 11, 2023 | -0.09 |
The correlation between IBMR and GSG shifts across timeframes, from -0.24 (1 year) to -0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBMR vs. GSG — Risk / Return Rank
IBMR
GSG
IBMR vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2029 Term Muni Bond ETF (IBMR) 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.
| IBMR | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.28 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.11 | 2.06 | -0.95 |
| Martin ratioReturn relative to average drawdown | 2.67 | 6.61 | -3.93 |
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Drawdowns
IBMR vs. GSG - Drawdown Comparison
The maximum IBMR drawdown since its inception was -4.83%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for IBMR and GSG.
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Drawdown Indicators
| IBMR | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.83% | -89.62% | +84.79% |
Max Drawdown (1Y)Largest decline over 1 year | -1.55% | -18.81% | +17.26% |
Max Drawdown (3Y)Largest decline over 3 years | -3.63% | -18.81% | +15.18% |
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 | -0.90% | -59.18% | +58.28% |
Average DrawdownAverage peak-to-trough decline | -1.00% | -63.67% | +62.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 5.85% | -5.21% |
Volatility
IBMR vs. GSG - Volatility Comparison
The current volatility for iShares iBonds Dec 2029 Term Muni Bond ETF (IBMR) is 0.43%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.75%. This indicates that IBMR 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
| IBMR | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 8.75% | -8.32% |
Volatility (6M)Calculated over the trailing 6-month period | 1.10% | 22.27% | -21.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.62% | 24.37% | -22.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.00% | 22.89% | -19.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.00% | 22.07% | -19.07% |
IBMR vs. GSG - Expense Ratio Comparison
IBMR has a 0.18% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
IBMR vs. GSG - Dividend Comparison
IBMR's dividend yield for the trailing twelve months is around 2.54%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
IBMR iShares iBonds Dec 2029 Term Muni Bond ETF | 2.54% | 2.55% | 2.53% | 1.27% |
Frequently Asked Questions
IBMR and GSG have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (8.75%) compared to IBMR (0.43%). In terms of maximum drawdown, IBMR dropped -4.83% vs GSG's -89.62%.
On 3-year performance, GSG leads with 13.26% vs 3.25% for IBMR. On fees, IBMR is cheaper at 0.18% per year. On volatility, IBMR has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSG has performed better with a 13.26% return vs 3.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMR is cheaper with a 0.18% expense ratio, compared with 0.75% for GSG.
IBMR has the higher dividend yield at 2.54%, compared with 0.00% for GSG.
IBMR is categorized as Municipal Bonds, while GSG is Commodities. IBMR tracks S&P AMT-Free Municipal Series Callable-Adjusted 2029 Index, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.18% for IBMR and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.59 vs 1.07), 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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