IOPP vs. GSG
IOPP (Simplify Tara India Opportunities ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - IOPP is a India Equities fund actively managed by Simplify, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. IOPP is actively managed, while GSG is passively managed. Over the past year, IOPP returned -5.67% vs 37.41% for GSG. At a correlation of -0.10, they often move in opposite directions. IOPP charges 0.73%/yr vs 0.75%/yr for GSG.
Performance
IOPP vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, IOPP achieves a -4.15% return, which is significantly lower than GSG's 33.95% return.
IOPP
- 1D
- -0.80%
- 1M
- 1.16%
- 6M
- -2.74%
- YTD
- -4.15%
- 1Y
- -5.67%
- 3Y*
- —
- 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%
IOPP vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IOPP Simplify Tara India Opportunities ETF | -4.15% | 1.86% | 14.31% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 33.95% | 5.93% | 2.35% |
Correlation
The correlation between IOPP and GSG is -0.31, 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 | -0.31 |
Correlation (All Time) Calculated using the full available price history since Mar 5, 2024 | -0.10 |
Over the past year, the inverse relationship between IOPP and GSG has strengthened: their correlation has moved from -0.10 to -0.31, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
IOPP vs. GSG — Risk / Return Rank
IOPP
GSG
IOPP vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Tara India Opportunities ETF (IOPP) 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.
| IOPP | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.93 | ||
| Sortino ratioReturn per unit of downside risk | -2.57 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.29 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 2.00 | -2.29 |
| Martin ratioReturn relative to average drawdown | -0.73 | 6.66 | -7.39 |
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Drawdowns
IOPP vs. GSG - Drawdown Comparison
The maximum IOPP drawdown since its inception was -23.67%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for IOPP and GSG.
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Drawdown Indicators
| IOPP | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.67% | -89.62% | +65.95% |
Max Drawdown (1Y)Largest decline over 1 year | -19.42% | -18.81% | -0.61% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.81% | — |
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 | -12.46% | -59.56% | +47.10% |
Average DrawdownAverage peak-to-trough decline | -9.05% | -63.68% | +54.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.79% | 5.63% | +2.16% |
Volatility
IOPP vs. GSG - Volatility Comparison
The current volatility for Simplify Tara India Opportunities ETF (IOPP) is 3.61%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that IOPP 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
| IOPP | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.61% | 7.17% | -3.56% |
Volatility (6M)Calculated over the trailing 6-month period | 14.64% | 21.54% | -6.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.30% | 23.48% | -6.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.68% | 22.80% | -6.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.68% | 22.00% | -5.32% |
IOPP vs. GSG - Expense Ratio Comparison
IOPP has a 0.73% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
IOPP vs. GSG - Dividend Comparison
IOPP's dividend yield for the trailing twelve months is around 0.38%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% |
IOPP Simplify Tara India Opportunities ETF | 0.38% | 0.29% | 6.96% |
Frequently Asked Questions
IOPP and GSG have a correlation of -0.31, 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 IOPP (3.61%). In terms of maximum drawdown, IOPP dropped -23.67% vs GSG's -89.62%.
On 1-year performance, GSG leads with 37.41% vs -5.67% for IOPP. On fees, IOPP is cheaper at 0.73% per year. On volatility, IOPP has been the lower-risk option at 3.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GSG has performed better with a 37.41% return vs -5.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IOPP is cheaper with a 0.73% expense ratio, compared with 0.75% for GSG.
IOPP has the higher dividend yield at 0.38%, compared with 0.00% for GSG.
IOPP is categorized as India Equities, while GSG is Commodities. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.73% for IOPP and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.60 vs -0.33), 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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