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 -1.66%/yr vs 8.24%/yr for GSG. Their 0.23 correlation means their historical movements had little consistent relationship. INDL charges 1.33%/yr vs 0.75%/yr for GSG.
Performance
INDL vs. GSG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, INDL achieves a -18.31% return, which is significantly lower than GSG's 35.21% return. Over the past 10 years, INDL has underperformed GSG with an annualized return of -1.66%, while GSG has yielded a comparatively higher 8.24% annualized return.
INDL
- 1D
- 1.05%
- 1M
- 1.70%
- 6M
- -15.41%
- YTD
- -18.31%
- 1Y
- -16.73%
- 3Y*
- 0.31%
- 5Y*
- -1.53%
- 10Y*
- -1.66%
- ALL TIME*
- -6.57%
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 | |
| $756.04K | $752.34K | $813.97K |
INDL vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDL Direxion Daily India Bull 3x Shares | -18.31% | -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 | 35.21% | 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 -0.36, 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. | -0.36 |
Correlation (3Y) Balances recent behavior with more history. | -0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.04 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.14 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.23 |
The correlation between INDL and GSG shifts across timeframes, from -0.36 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -2.14 | ||
| Sortino ratioReturn per unit of downside risk | -2.81 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.28 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 2.06 | -2.54 |
| Martin ratioReturn relative to average drawdown | -0.95 | 6.61 | -7.55 |
Loading charts...
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.
Loading charts...
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 | -34.84% | -18.81% | -16.03% |
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 | -77.00% | -59.18% | -17.82% |
Average DrawdownAverage peak-to-trough decline | -66.45% | -63.67% | -2.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.70% | 5.85% | +11.85% |
Volatility
INDL vs. GSG - Volatility Comparison
The current volatility for Direxion Daily India Bull 3x Shares (INDL) is 8.21%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.75%. This indicates that INDL 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.
Loading charts...
Volatility by Period
| INDL | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.21% | 8.75% | -0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 26.49% | 22.27% | +4.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.51% | 24.37% | +6.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.78% | 22.89% | +7.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.40% | 22.07% | +30.33% |
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 1.37%, 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 | 1.37% | 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 -0.36, 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 INDL (8.21%). In terms of maximum drawdown, INDL dropped -95.67% vs GSG's -89.62%.
On 10-year performance, GSG leads with 8.24% vs -1.66% for INDL. On fees, GSG is cheaper at 0.75% per year. On volatility, INDL has been the lower-risk option at 8.21%. 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 -1.66%. 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 1.37%, 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 (1.59 vs -0.55), 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.
Find the right allocation for INDL and GSG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer