IGOV vs. GSG
IGOV (iShares International Treasury Bond ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - IGOV is a International Government Bonds fund tracking the FTSE World Government Bond Index - Developed Markets Capped Select Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, IGOV returned -1.49%/yr vs 7.61%/yr for GSG. At a 0.10 correlation, their price movements are largely independent. IGOV charges 0.35%/yr vs 0.75%/yr for GSG.
Performance
IGOV vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, IGOV achieves a -1.95% return, which is significantly lower than GSG's 33.95% return. Over the past 10 years, IGOV has underperformed GSG with an annualized return of -1.49%, while GSG has yielded a comparatively higher 7.61% annualized return.
IGOV
- 1D
- -0.37%
- 1M
- -2.09%
- 6M
- -1.61%
- YTD
- -1.95%
- 1Y
- -1.79%
- 3Y*
- 0.93%
- 5Y*
- -4.45%
- 10Y*
- -1.49%
GSG
- 1D
- -0.93%
- 1M
- 4.15%
- 6M
- 29.74%
- YTD
- 33.95%
- 1Y
- 37.41%
- 3Y*
- 15.32%
- 5Y*
- 14.20%
- 10Y*
- 7.61%
IGOV vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGOV iShares International Treasury Bond ETF | -1.95% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.88% | 3.76% | -2.60% | 11.38% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 33.95% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between IGOV and GSG is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2009 | 0.10 |
The correlation between IGOV and GSG shifts across timeframes, from -0.29 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IGOV vs. GSG — Risk / Return Rank
IGOV
GSG
IGOV vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares International Treasury Bond ETF (IGOV) 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.
| IGOV | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.82 | ||
| Sortino ratioReturn per unit of downside risk | -2.46 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.29 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.31 | 2.00 | -2.31 |
| Martin ratioReturn relative to average drawdown | -0.67 | 6.66 | -7.33 |
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Drawdowns
IGOV vs. GSG - Drawdown Comparison
The maximum IGOV drawdown since its inception was -35.88%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for IGOV and GSG.
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Drawdown Indicators
| IGOV | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.88% | -89.62% | +53.74% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -18.81% | +13.11% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -18.81% | +8.16% |
Max Drawdown (5Y)Largest decline over 5 years | -32.92% | -29.12% | -3.80% |
Max Drawdown (10Y)Largest decline over 10 years | -35.88% | -57.64% | +21.76% |
Current DrawdownCurrent decline from peak | -25.11% | -59.56% | +34.45% |
Average DrawdownAverage peak-to-trough decline | -11.10% | -63.68% | +52.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 5.63% | -2.94% |
Volatility
IGOV vs. GSG - Volatility Comparison
The current volatility for iShares International Treasury Bond ETF (IGOV) is 1.83%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that IGOV 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
| IGOV | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.83% | 7.17% | -5.34% |
Volatility (6M)Calculated over the trailing 6-month period | 6.40% | 21.54% | -15.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.07% | 23.48% | -15.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.97% | 22.80% | -12.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.59% | 22.00% | -13.41% |
IGOV vs. GSG - Expense Ratio Comparison
IGOV has a 0.35% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
IGOV vs. GSG - Dividend Comparison
IGOV's dividend yield for the trailing twelve months is around 1.44%, 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% |
IGOV iShares International Treasury Bond ETF | 1.44% | 1.41% | 0.59% | 0.00% | 0.11% | 0.39% | 0.00% | 0.24% | 0.31% | 0.19% | 0.69% | 0.12% |
Frequently Asked Questions
IGOV and GSG have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.17%) compared to IGOV (1.83%). In terms of maximum drawdown, IGOV dropped -35.88% vs GSG's -89.62%.
On 10-year performance, GSG leads with 7.61% vs -1.49% for IGOV. On fees, IGOV is cheaper at 0.35% per year. On volatility, IGOV has been the lower-risk option at 1.83%. 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 7.61% return vs -1.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGOV is cheaper with a 0.35% expense ratio, compared with 0.75% for GSG.
IGOV has the higher dividend yield at 1.44%, compared with 0.00% for GSG.
IGOV is categorized as International Government Bonds, while GSG is Commodities. IGOV tracks FTSE World Government Bond Index - Developed Markets Capped Select Index, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.35% for IGOV and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.60 vs -0.22), 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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