IMVP vs. GSG
IMVP (Invesco India ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - IMVP is a Emerging Markets Equities fund tracking the FTSE India Quality and Yield 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, IMVP returned 7.75%/yr vs 8.24%/yr for GSG. Their 0.26 correlation means their historical movements had little consistent relationship. IMVP charges 0.78%/yr vs 0.75%/yr for GSG.
Performance
IMVP vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, IMVP achieves a -13.59% return, which is significantly lower than GSG's 35.21% return. Over the past 10 years, IMVP has underperformed GSG with an annualized return of 7.75%, while GSG has yielded a comparatively higher 8.24% annualized return.
IMVP
- 1D
- 1.09%
- 1M
- 1.29%
- 6M
- -12.62%
- YTD
- -13.59%
- 1Y
- -11.95%
- 3Y*
- 2.31%
- 5Y*
- 2.53%
- 10Y*
- 7.75%
- ALL TIME*
- 3.41%
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 | |
| $2.34M | $1.44M | $1.19M |
IMVP vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IMVP Invesco India ETF | -13.59% | 1.30% | 9.07% | 22.82% | -9.35% | 23.68% | 18.41% | 14.26% | -7.55% | 38.51% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 35.21% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between IMVP and GSG is -0.29, 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. | -0.29 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.13 |
Correlation (All Time) Calculated using the full available price history since Mar 5, 2008 | 0.26 |
The correlation between IMVP and GSG shifts across timeframes, from -0.29 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IMVP vs. GSG — Risk / Return Rank
IMVP
GSG
IMVP vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco India ETF (IMVP) 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.
| IMVP | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -3.13 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.28 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 2.06 | -2.66 |
| Martin ratioReturn relative to average drawdown | -1.16 | 6.61 | -7.77 |
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Drawdowns
IMVP vs. GSG - Drawdown Comparison
The maximum IMVP drawdown since its inception was -64.54%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for IMVP and GSG.
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Drawdown Indicators
| IMVP | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.54% | -89.62% | +25.08% |
Max Drawdown (1Y)Largest decline over 1 year | -20.00% | -18.81% | -1.19% |
Max Drawdown (3Y)Largest decline over 3 years | -25.80% | -18.81% | -6.99% |
Max Drawdown (5Y)Largest decline over 5 years | -25.80% | -29.12% | +3.32% |
Max Drawdown (10Y)Largest decline over 10 years | -39.69% | -57.64% | +17.95% |
Current DrawdownCurrent decline from peak | -21.44% | -59.18% | +37.74% |
Average DrawdownAverage peak-to-trough decline | -16.75% | -63.67% | +46.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.28% | 5.85% | +4.43% |
Volatility
IMVP vs. GSG - Volatility Comparison
The current volatility for Invesco India ETF (IMVP) is 3.39%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.75%. This indicates that IMVP 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
| IMVP | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.39% | 8.75% | -5.36% |
Volatility (6M)Calculated over the trailing 6-month period | 14.44% | 22.27% | -7.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.54% | 24.37% | -7.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.17% | 22.89% | -6.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.51% | 22.07% | -2.56% |
IMVP vs. GSG - Expense Ratio Comparison
IMVP has a 0.78% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
IMVP vs. GSG - Dividend Comparison
IMVP's dividend yield for the trailing twelve months is around 11.66%, 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% |
IMVP Invesco India ETF | 11.66% | 7.39% | 8.48% | 2.08% | 14.07% | 6.95% | 0.72% | 36.35% | 0.96% | 1.01% | 1.18% | 0.61% |
Frequently Asked Questions
IMVP 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 (8.75%) compared to IMVP (3.39%). In terms of maximum drawdown, IMVP dropped -64.54% vs GSG's -89.62%.
On 10-year performance, GSG leads with 8.24% vs 7.75% for IMVP. On fees, GSG is cheaper at 0.75% per year. On volatility, IMVP has been the lower-risk option at 3.39%. 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 8.24% return vs 7.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 0.78% for IMVP.
IMVP has the higher dividend yield at 11.66%, compared with 0.00% for GSG.
IMVP is categorized as Emerging Markets Equities, while GSG is Commodities. IMVP tracks FTSE India Quality and Yield Select Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.78% for IMVP and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.59 vs -0.73), 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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