INDA vs. GSG
INDA (iShares MSCI India ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - INDA is a India Equities fund tracking the MSCI India Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, INDA returned 6.55%/yr vs 7.40%/yr for GSG. At a 0.19 correlation, their price movements are largely independent. INDA charges 0.69%/yr vs 0.75%/yr for GSG.
Performance
INDA vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, INDA achieves a -9.73% return, which is significantly lower than GSG's 32.35% return. Over the past 10 years, INDA has underperformed GSG with an annualized return of 6.55%, while GSG has yielded a comparatively higher 7.40% annualized return.
INDA
- 1D
- -1.03%
- 1M
- 0.95%
- 6M
- -8.63%
- YTD
- -9.73%
- 1Y
- -11.10%
- 3Y*
- 3.55%
- 5Y*
- 3.34%
- 10Y*
- 6.55%
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%
INDA vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDA iShares MSCI India ETF | -9.73% | 2.68% | 8.63% | 17.16% | -8.94% | 21.36% | 14.83% | 6.49% | -6.67% | 36.08% |
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 INDA 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 | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012 | 0.19 |
The correlation between INDA and GSG shifts across timeframes, from -0.32 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INDA vs. GSG — Risk / Return Rank
INDA
GSG
INDA vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India ETF (INDA) 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.
| INDA | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.22 | ||
| Sortino ratioReturn per unit of downside risk | -3.06 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.27 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 1.85 | -2.47 |
| Martin ratioReturn relative to average drawdown | -1.40 | 6.29 | -7.70 |
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Drawdowns
INDA vs. GSG - Drawdown Comparison
The maximum INDA drawdown since its inception was -45.07%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for INDA and GSG.
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Drawdown Indicators
| INDA | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.07% | -89.62% | +44.55% |
Max Drawdown (1Y)Largest decline over 1 year | -17.85% | -18.81% | +0.96% |
Max Drawdown (3Y)Largest decline over 3 years | -22.72% | -18.81% | -3.91% |
Max Drawdown (5Y)Largest decline over 5 years | -22.72% | -29.12% | +6.40% |
Max Drawdown (10Y)Largest decline over 10 years | -45.07% | -57.64% | +12.57% |
Current DrawdownCurrent decline from peak | -16.99% | -60.04% | +43.05% |
Average DrawdownAverage peak-to-trough decline | -9.62% | -63.69% | +54.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.92% | 5.51% | +2.41% |
Volatility
INDA vs. GSG - Volatility Comparison
The current volatility for iShares MSCI India ETF (INDA) is 4.48%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.35%. This indicates that INDA 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
| INDA | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.48% | 7.35% | -2.87% |
Volatility (6M)Calculated over the trailing 6-month period | 13.12% | 21.50% | -8.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.03% | 23.48% | -8.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.47% | 22.80% | -7.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.06% | 22.00% | -0.94% |
INDA vs. GSG - Expense Ratio Comparison
INDA has a 0.69% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
INDA vs. GSG - Dividend Comparison
Neither INDA nor GSG has 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% |
INDA iShares MSCI India ETF | 0.00% | 0.00% | 0.76% | 0.16% | 0.00% | 6.44% | 0.27% | 0.99% | 0.94% | 1.09% | 0.90% | 1.19% |
Frequently Asked Questions
INDA 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 INDA (4.48%). In terms of maximum drawdown, INDA dropped -45.07% vs GSG's -89.62%.
On 10-year performance, GSG leads with 7.40% vs 6.55% for INDA. On fees, INDA is cheaper at 0.69% per year. On volatility, INDA has been the lower-risk option at 4.48%. 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 6.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INDA is cheaper with a 0.69% expense ratio, compared with 0.75% for GSG.
INDA and GSG have nearly identical dividend yields, around 0.00%.
INDA is categorized as India Equities, while GSG is Commodities. INDA tracks MSCI India Index, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.69% for INDA and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.48 vs -0.74), 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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