IBTQ vs. GSG

Last updated Jul 15, 2026

IBTQ (iShares iBonds Dec 2035 Term Treasury ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - IBTQ is a Government Bonds fund tracking the ICE 2035 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, IBTQ returned 3.38% vs 38.08% for GSG. At a correlation of -0.33, they often move in opposite directions. IBTQ charges 0.07%/yr vs 0.75%/yr for GSG.

Performance

IBTQ vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2035 Term Treasury ETF (IBTQ) 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, IBTQ achieves a -0.82% return, which is significantly lower than GSG's 34.43% return.

IBTQ

• 1D: 0.28%
• 1M: -0.33%
• 6M: -0.94%
• YTD: -0.82%
• 1Y: 3.38%
• 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)

IBTQ vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025
IBTQ iShares iBonds Dec 2035 Term Treasury ETF	-0.82%	5.09%
GSG iShares S&P GSCI Commodity-Indexed Trust	34.43%	2.67%

Correlation

The correlation between IBTQ and GSG is -0.38, 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	-0.38
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025	-0.33

Return for Risk

IBTQ vs. GSG — Risk / Return Rank

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

IBTQ

IBTQ Risk / Return Rank: 22
IBTQ Sharpe Ratio Rank: 24
IBTQ Sortino Ratio Rank: 22
IBTQ Omega Ratio Rank: 21
IBTQ Calmar Ratio Rank: 22
IBTQ Martin Ratio Rank: 22

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.

IBTQ vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2035 Term Treasury ETF (IBTQ) 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.

	IBTQ	GSG	Difference
Sharpe ratio: Return per unit of total volatility	0.69	1.63	-0.95
Sortino ratio: Return per unit of downside risk	1.04	2.23	-1.19
Omega ratio: Gain probability vs. loss probability	1.12	1.29	-0.17
Calmar ratio: Return relative to maximum drawdown	0.79	2.03	-1.24
Martin ratio: Return relative to average drawdown	2.05	6.88	-4.83

IBTQ vs. GSG - Sharpe Ratio Comparison

The current IBTQ Sharpe Ratio is 0.69, which is lower than the GSG Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of IBTQ 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

IBTQ vs. GSG - Drawdown Comparison

The maximum IBTQ drawdown since its inception was -4.27%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for IBTQ and GSG.

Drawdown Indicators

	IBTQ	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-4.27%	-89.62%	+85.35%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-18.81%	+14.54%
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	-3.06%	-59.41%	+56.35%
Average Drawdown Average peak-to-trough decline	-1.51%	-63.69%	+62.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	5.55%	-3.90%

Volatility

IBTQ vs. GSG - Volatility Comparison

The current volatility for iShares iBonds Dec 2035 Term Treasury ETF (IBTQ) is 1.46%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.37%. This indicates that IBTQ 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

	IBTQ	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	7.37%	-5.91%
Volatility (6M) Calculated over the trailing 6-month period	3.72%	21.54%	-17.82%
Volatility (1Y) Calculated over the trailing 1-year period	4.94%	23.48%	-18.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.59%	22.80%	-17.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.59%	22.00%	-16.41%

IBTQ vs. GSG - Expense Ratio Comparison

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

Dividends

IBTQ vs. GSG - Dividend Comparison

IBTQ's dividend yield for the trailing twelve months is around 3.73%, while GSG has not paid dividends to shareholders.

Position	TTM	2025
GSG iShares S&P GSCI Commodity-Indexed Trust	0.00%	0.00%
IBTQ iShares iBonds Dec 2035 Term Treasury ETF	3.73%	2.80%

Frequently Asked Questions

Can I hold both IBTQ and GSG in my portfolio?

IBTQ and GSG have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBTQ or GSG?

GSG has higher volatility (7.37%) compared to IBTQ (1.46%). In terms of maximum drawdown, IBTQ dropped -4.27% vs GSG's -89.62%.

Which ETF is better, IBTQ or GSG?

On 1-year performance, GSG leads with 38.08% vs 3.38% for IBTQ. On fees, IBTQ is cheaper at 0.07% per year. On volatility, IBTQ has been the lower-risk option at 1.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBTQ or GSG?

Over the 1-year period, GSG has performed better with a 38.08% return vs 3.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBTQ or GSG?

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

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

IBTQ has the higher dividend yield at 3.73%, compared with 0.00% for GSG.

What is the main difference between IBTQ and GSG?

IBTQ is categorized as Government Bonds, while GSG is Commodities. IBTQ tracks ICE 2035 Maturity US Treasury Index, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.07% for IBTQ and 0.75% for GSG.

Which has better risk-adjusted returns?

GSG currently has the higher Sharpe Ratio (1.63 vs 0.69), 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.