ICBU.L vs. GSG
ICBU.L (iShares USD Intermediate Credit Bond UCITS ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - ICBU.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, ICBU.L returned 1.73%/yr vs 15.39%/yr for GSG. At a correlation of -0.04, they often move in opposite directions. ICBU.L charges 0.15%/yr vs 0.75%/yr for GSG.
Performance
ICBU.L vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, ICBU.L achieves a 0.45% return, which is significantly lower than GSG's 40.46% return.
ICBU.L
- 1D
- 0.20%
- 1M
- 0.20%
- YTD
- 0.45%
- 6M
- 0.86%
- 1Y
- 4.93%
- 3Y*
- 5.47%
- 5Y*
- 1.73%
- 10Y*
- —
GSG
- 1D
- -1.49%
- 1M
- -5.32%
- YTD
- 40.46%
- 6M
- 38.18%
- 1Y
- 49.68%
- 3Y*
- 18.78%
- 5Y*
- 15.39%
- 10Y*
- 7.42%
ICBU.L vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICBU.L iShares USD Intermediate Credit Bond UCITS ETF | 0.45% | 7.60% | 4.08% | 6.74% | -9.04% | -1.35% | 6.50% | 9.92% | -0.45% | 1.36% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 40.46% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 12.90% |
Correlation
The correlation between ICBU.L and GSG is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2017 | -0.04 |
Over the past year, the inverse relationship between ICBU.L and GSG has strengthened: their correlation has moved from -0.04 to -0.25, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
ICBU.L vs. GSG — Risk / Return Rank
ICBU.L
GSG
ICBU.L vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Intermediate Credit Bond UCITS ETF (ICBU.L) 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.
| ICBU.L | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.39 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 5.28 | -2.99 |
| Martin ratioReturn relative to average drawdown | 8.55 | 13.78 | -5.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ICBU.L | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.62 | 2.17 | -0.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 0.68 | -0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | -0.09 | +0.70 |
Drawdowns
ICBU.L vs. GSG - Drawdown Comparison
The maximum ICBU.L drawdown since its inception was -13.92%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for ICBU.L and GSG.
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Drawdown Indicators
| ICBU.L | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.92% | -89.62% | +75.70% |
Max Drawdown (1Y)Largest decline over 1 year | -2.14% | -9.46% | +7.32% |
Max Drawdown (3Y)Largest decline over 3 years | -3.24% | -14.94% | +11.70% |
Max Drawdown (5Y)Largest decline over 5 years | -13.92% | -29.12% | +15.20% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -0.67% | -57.59% | +56.92% |
Average DrawdownAverage peak-to-trough decline | -2.78% | -63.71% | +60.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 3.62% | -3.05% |
Volatility
ICBU.L vs. GSG - Volatility Comparison
The current volatility for iShares USD Intermediate Credit Bond UCITS ETF (ICBU.L) is 1.35%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.72%. This indicates that ICBU.L 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
| ICBU.L | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 7.72% | -6.37% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 20.48% | -18.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.03% | 23.01% | -19.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 22.61% | -18.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 22.03% | -17.61% |
ICBU.L vs. GSG - Expense Ratio Comparison
ICBU.L has a 0.15% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
ICBU.L vs. GSG - Dividend Comparison
ICBU.L's dividend yield for the trailing twelve months is around 5.54%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
ICBU.L iShares USD Intermediate Credit Bond UCITS ETF | 5.54% | 4.21% | 3.78% | 2.77% | 1.93% | 1.93% | 2.78% | 2.93% | 2.65% | 0.44% |
Frequently Asked Questions
ICBU.L and GSG have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ICBU.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICBU.L is cheaper with a 0.15% expense ratio, compared with 0.75% for GSG.
ICBU.L is categorized as Corporate Bonds, while GSG is Commodities. ICBU.L tracks Bloomberg US Corp Bond TR USD, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.15% for ICBU.L and 0.75% for GSG.
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