INQQ vs. GSG
INQQ (India Internet & Ecommerce ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - INQQ is a India Equities fund tracking the INQQ The India Internet & Ecommerce Index - Benchmark TR Gross, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 3 years, INQQ returned 2.54%/yr vs 15.32%/yr for GSG. At a 0.02 correlation, their price movements are largely independent. INQQ charges 0.86%/yr vs 0.75%/yr for GSG.
Performance
INQQ vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, INQQ achieves a -11.48% return, which is significantly lower than GSG's 33.95% return.
INQQ
- 1D
- -1.14%
- 1M
- 3.66%
- 6M
- -9.20%
- YTD
- -11.48%
- 1Y
- -19.24%
- 3Y*
- 2.54%
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- -0.93%
- 1M
- 4.15%
- 6M
- 29.74%
- YTD
- 33.95%
- 1Y
- 37.41%
- 3Y*
- 15.32%
- 5Y*
- 14.20%
- 10Y*
- 7.61%
INQQ vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
INQQ India Internet & Ecommerce ETF | -11.48% | -7.05% | 19.12% | 31.45% | -34.72% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 33.95% | 5.93% | 8.52% | -5.51% | -6.76% |
Correlation
The correlation between INQQ and GSG is -0.35, 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 | -0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2022 | 0.02 |
The correlation between INQQ and GSG shifts across timeframes, from -0.35 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INQQ vs. GSG — Risk / Return Rank
INQQ
GSG
INQQ vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for India Internet & Ecommerce ETF (INQQ) 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.
| INQQ | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.68 | ||
| Sortino ratioReturn per unit of downside risk | -3.72 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.29 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | 2.00 | -2.64 |
| Martin ratioReturn relative to average drawdown | -1.22 | 6.66 | -7.88 |
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Drawdowns
INQQ vs. GSG - Drawdown Comparison
The maximum INQQ drawdown since its inception was -40.53%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for INQQ and GSG.
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Drawdown Indicators
| INQQ | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.53% | -89.62% | +49.09% |
Max Drawdown (1Y)Largest decline over 1 year | -30.20% | -18.81% | -11.39% |
Max Drawdown (3Y)Largest decline over 3 years | -32.45% | -18.81% | -13.64% |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -22.11% | -59.56% | +37.45% |
Average DrawdownAverage peak-to-trough decline | -17.23% | -63.68% | +46.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.84% | 5.63% | +10.21% |
Volatility
INQQ vs. GSG - Volatility Comparison
The current volatility for India Internet & Ecommerce ETF (INQQ) is 4.77%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that INQQ 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
| INQQ | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.77% | 7.17% | -2.40% |
Volatility (6M)Calculated over the trailing 6-month period | 15.29% | 21.54% | -6.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.96% | 23.48% | -5.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.93% | 22.80% | -2.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.93% | 22.00% | -2.07% |
INQQ vs. GSG - Expense Ratio Comparison
INQQ has a 0.86% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
INQQ vs. GSG - Dividend Comparison
INQQ's dividend yield for the trailing twelve months is around 2.52%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
INQQ India Internet & Ecommerce ETF | 2.52% | 2.23% | 1.18% | 0.04% |
Frequently Asked Questions
INQQ and GSG have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.17%) compared to INQQ (4.77%). In terms of maximum drawdown, INQQ dropped -40.53% vs GSG's -89.62%.
On 3-year performance, GSG leads with 15.32% vs 2.54% for INQQ. On fees, GSG is cheaper at 0.75% per year. On volatility, INQQ has been the lower-risk option at 4.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSG has performed better with a 15.32% return vs 2.54%. 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 0.86% for INQQ.
INQQ has the higher dividend yield at 2.52%, compared with 0.00% for GSG.
INQQ is categorized as India Equities, while GSG is Commodities. INQQ tracks INQQ The India Internet & Ecommerce Index - Benchmark TR Gross, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: India and iShares. Their fees differ too: 0.86% for INQQ and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.60 vs -1.08), 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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