INDY vs. GSG
INDY (iShares India 50 ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - INDY is a India Equities fund tracking the Nifty 50 Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, INDY returned 6.16%/yr vs 8.24%/yr for GSG. Their 0.24 correlation means their historical movements had little consistent relationship. INDY charges 0.65%/yr vs 0.75%/yr for GSG.
Performance
INDY vs. GSG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, INDY achieves a -10.20% return, which is significantly lower than GSG's 35.21% return. Over the past 10 years, INDY has underperformed GSG with an annualized return of 6.16%, while GSG has yielded a comparatively higher 8.24% annualized return.
INDY
- 1D
- 0.94%
- 1M
- 1.12%
- 6M
- -8.51%
- YTD
- -10.20%
- 1Y
- -7.43%
- 3Y*
- 2.00%
- 5Y*
- 2.17%
- 10Y*
- 6.16%
- ALL TIME*
- 5.00%
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 | |
| $4.15M | $4.11M | $5.43M |
INDY vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDY iShares India 50 ETF | -10.20% | 4.97% | 3.47% | 16.88% | -7.31% | 19.43% | 10.01% | 9.99% | -4.32% | 36.15% |
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 INDY 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. | -0.08 |
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 Nov 20, 2009 | 0.24 |
The correlation between INDY and GSG shifts across timeframes, from -0.36 (1 year) to 0.24 (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
INDY vs. GSG — Risk / Return Rank
INDY
GSG
INDY vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) 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.
| INDY | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.10 | ||
| Sortino ratioReturn per unit of downside risk | -2.82 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.28 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | 2.06 | -2.47 |
| Martin ratioReturn relative to average drawdown | -0.81 | 6.61 | -7.42 |
Loading charts...
Drawdowns
INDY vs. GSG - Drawdown Comparison
The maximum INDY drawdown since its inception was -44.74%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for INDY and GSG.
Loading charts...
Drawdown Indicators
| INDY | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.74% | -89.62% | +44.88% |
Max Drawdown (1Y)Largest decline over 1 year | -18.09% | -18.81% | +0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -22.40% | -18.81% | -3.59% |
Max Drawdown (5Y)Largest decline over 5 years | -22.40% | -29.12% | +6.72% |
Max Drawdown (10Y)Largest decline over 10 years | -43.50% | -57.64% | +14.14% |
Current DrawdownCurrent decline from peak | -16.16% | -59.18% | +43.02% |
Average DrawdownAverage peak-to-trough decline | -12.28% | -63.67% | +51.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.14% | 5.85% | +3.29% |
Volatility
INDY vs. GSG - Volatility Comparison
The current volatility for iShares India 50 ETF (INDY) is 4.20%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.75%. This indicates that INDY 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
| INDY | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.20% | 8.75% | -4.55% |
Volatility (6M)Calculated over the trailing 6-month period | 12.83% | 22.27% | -9.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.70% | 24.37% | -9.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.02% | 22.89% | -7.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.52% | 22.07% | -2.55% |
INDY vs. GSG - Expense Ratio Comparison
INDY has a 0.65% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
INDY vs. GSG - Dividend Comparison
INDY's dividend yield for the trailing twelve months is around 9.27%, 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% |
INDY iShares India 50 ETF | 9.27% | 8.11% | 0.24% | 0.38% | 3.75% | 7.12% | 0.08% | 0.58% | 0.55% | 0.27% | 0.48% | 0.57% |
Frequently Asked Questions
INDY 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 INDY (4.20%). In terms of maximum drawdown, INDY dropped -44.74% vs GSG's -89.62%.
On 10-year performance, GSG leads with 8.24% vs 6.16% for INDY. On fees, INDY is cheaper at 0.65% per year. On volatility, INDY has been the lower-risk option at 4.20%. 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 6.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INDY is cheaper with a 0.65% expense ratio, compared with 0.75% for GSG.
INDY has the higher dividend yield at 9.27%, compared with 0.00% for GSG.
INDY is categorized as India Equities, while GSG is Commodities. INDY tracks Nifty 50 Index, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.65% for INDY and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.59 vs -0.51), 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 INDY 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