IBND vs. GSG
IBND (SPDR Bloomberg Barclays International Corporate Bond ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - IBND is a Corporate Bonds fund tracking the Bloomberg Global Aggregate x USD >$1B: Corporate Bond, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, IBND returned 0.56%/yr vs 7.40%/yr for GSG. At a 0.10 correlation, their price movements are largely independent. IBND charges 0.50%/yr vs 0.75%/yr for GSG.
Performance
IBND vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, IBND achieves a -2.74% return, which is significantly lower than GSG's 32.35% return. Over the past 10 years, IBND has underperformed GSG with an annualized return of 0.56%, while GSG has yielded a comparatively higher 7.40% annualized return.
IBND
- 1D
- -0.68%
- 1M
- -1.81%
- 6M
- -2.62%
- YTD
- -2.74%
- 1Y
- -1.37%
- 3Y*
- 4.39%
- 5Y*
- -1.48%
- 10Y*
- 0.56%
GSG
- 1D
- 3.60%
- 1M
- -0.20%
- 6M
- 28.24%
- YTD
- 32.35%
- 1Y
- 34.57%
- 3Y*
- 14.41%
- 5Y*
- 13.83%
- 10Y*
- 7.40%
IBND vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | -2.74% | 16.17% | -2.81% | 10.38% | -19.44% | -8.40% | 11.50% | 4.41% | -6.15% | 14.84% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.35% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between IBND and GSG is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since May 20, 2010 | 0.10 |
The correlation between IBND and GSG shifts across timeframes, from -0.32 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBND vs. GSG — Risk / Return Rank
IBND
GSG
IBND vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) 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.
| IBND | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -2.25 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.27 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 1.85 | -2.05 |
| Martin ratioReturn relative to average drawdown | -0.48 | 6.29 | -6.78 |
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Drawdowns
IBND vs. GSG - Drawdown Comparison
The maximum IBND drawdown since its inception was -35.62%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for IBND and GSG.
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Drawdown Indicators
| IBND | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.62% | -89.62% | +54.00% |
Max Drawdown (1Y)Largest decline over 1 year | -6.75% | -18.81% | +12.06% |
Max Drawdown (3Y)Largest decline over 3 years | -9.18% | -18.81% | +9.63% |
Max Drawdown (5Y)Largest decline over 5 years | -33.49% | -29.12% | -4.37% |
Max Drawdown (10Y)Largest decline over 10 years | -35.62% | -57.64% | +22.02% |
Current DrawdownCurrent decline from peak | -10.97% | -60.04% | +49.07% |
Average DrawdownAverage peak-to-trough decline | -10.63% | -63.69% | +53.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 5.51% | -2.67% |
Volatility
IBND vs. GSG - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) is 2.12%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.35%. This indicates that IBND 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
| IBND | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.12% | 7.35% | -5.23% |
Volatility (6M)Calculated over the trailing 6-month period | 6.37% | 21.50% | -15.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.01% | 23.48% | -15.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.76% | 22.80% | -13.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.92% | 22.00% | -13.08% |
IBND vs. GSG - Expense Ratio Comparison
IBND has a 0.50% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
IBND vs. GSG - Dividend Comparison
IBND's dividend yield for the trailing twelve months is around 2.81%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | 2.81% | 2.49% | 2.61% | 2.08% | 0.54% | 0.38% | 0.45% | 0.67% | 0.71% | 0.34% | 0.01% | 0.01% |
Frequently Asked Questions
IBND and GSG have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.35%) compared to IBND (2.12%). In terms of maximum drawdown, IBND dropped -35.62% vs GSG's -89.62%.
On 10-year performance, GSG leads with 7.40% vs 0.56% for IBND. On fees, IBND is cheaper at 0.50% per year. On volatility, IBND has been the lower-risk option at 2.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSG has performed better with a 7.40% return vs 0.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBND is cheaper with a 0.50% expense ratio, compared with 0.75% for GSG.
IBND has the higher dividend yield at 2.81%, compared with 0.00% for GSG.
IBND is categorized as Corporate Bonds, while GSG is Commodities. IBND tracks Bloomberg Global Aggregate x USD >$1B: Corporate Bond, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.50% for IBND and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.48 vs -0.17), 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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