INDL vs. GSG
INDL (Direxion Daily India Bull 3x Shares) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - INDL is a Leveraged Equities fund tracking the Indus India Index (300%), while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, INDL returned -1.36%/yr vs 7.40%/yr for GSG. At a 0.24 correlation, their price movements are largely independent. INDL charges 1.33%/yr vs 0.75%/yr for GSG.
Performance
INDL vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, INDL achieves a -22.25% return, which is significantly lower than GSG's 32.35% return. Over the past 10 years, INDL has underperformed GSG with an annualized return of -1.36%, while GSG has yielded a comparatively higher 7.40% annualized return.
INDL
- 1D
- -1.98%
- 1M
- 1.46%
- 6M
- -20.32%
- YTD
- -22.25%
- 1Y
- -27.15%
- 3Y*
- -1.87%
- 5Y*
- -1.43%
- 10Y*
- -1.36%
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%
INDL vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDL Direxion Daily India Bull 3x Shares | -22.25% | -3.21% | 7.56% | 26.06% | -22.88% | 40.26% | -36.43% | 3.15% | -34.29% | 127.98% |
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 INDL 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 | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.24 |
The correlation between INDL and GSG shifts across timeframes, from -0.32 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INDL vs. GSG — Risk / Return Rank
INDL
GSG
INDL vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily India Bull 3x Shares (INDL) 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.
| INDL | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.38 | ||
| Sortino ratioReturn per unit of downside risk | -3.32 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.27 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 1.85 | -2.60 |
| Martin ratioReturn relative to average drawdown | -1.50 | 6.29 | -7.79 |
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Drawdowns
INDL vs. GSG - Drawdown Comparison
The maximum INDL drawdown since its inception was -95.67%, which is greater than GSG's maximum drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for INDL and GSG.
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Drawdown Indicators
| INDL | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.67% | -89.62% | -6.05% |
Max Drawdown (1Y)Largest decline over 1 year | -36.19% | -18.81% | -17.38% |
Max Drawdown (3Y)Largest decline over 3 years | -47.64% | -18.81% | -28.83% |
Max Drawdown (5Y)Largest decline over 5 years | -47.64% | -29.12% | -18.52% |
Max Drawdown (10Y)Largest decline over 10 years | -91.96% | -57.64% | -34.32% |
Current DrawdownCurrent decline from peak | -78.11% | -60.04% | -18.07% |
Average DrawdownAverage peak-to-trough decline | -66.41% | -63.69% | -2.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.17% | 5.51% | +12.66% |
Volatility
INDL vs. GSG - Volatility Comparison
Direxion Daily India Bull 3x Shares (INDL) has a higher volatility of 9.07% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.35%. This indicates that INDL's price experiences larger fluctuations and is considered to be riskier 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
| INDL | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 7.35% | +1.72% |
Volatility (6M)Calculated over the trailing 6-month period | 26.34% | 21.50% | +4.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.24% | 23.48% | +6.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.78% | 22.80% | +7.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.40% | 22.00% | +30.40% |
INDL vs. GSG - Expense Ratio Comparison
INDL has a 1.33% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
INDL vs. GSG - Dividend Comparison
INDL'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 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
INDL Direxion Daily India Bull 3x Shares | 1.44% | 1.42% | 2.79% | 1.65% | 0.09% | 2.35% | 0.00% | 0.68% | 0.18% | 0.31% |
Frequently Asked Questions
INDL 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.
INDL has higher volatility (9.07%) compared to GSG (7.35%). In terms of maximum drawdown, INDL dropped -95.67% vs GSG's -89.62%.
On 10-year performance, GSG leads with 7.40% vs -1.36% for INDL. On fees, GSG is cheaper at 0.75% per year. On volatility, GSG has been the lower-risk option at 7.35%. 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 -1.36%. 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 1.33% for INDL.
INDL has the higher dividend yield at 1.44%, compared with 0.00% for GSG.
INDL is categorized as Leveraged Equities, while GSG is Commodities. INDL tracks Indus India Index (300%), while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.33% for INDL and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.48 vs -0.90), 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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