IVV vs. GSG
IVV (iShares Core S&P 500 ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - IVV is a S&P 500 fund tracking the S&P 500 Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, IVV returned 15.47%/yr vs 6.89%/yr for GSG. At a 0.30 correlation, their price movements are largely independent. IVV charges 0.03%/yr vs 0.75%/yr for GSG.
Performance
IVV vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, IVV achieves a 9.08% return, which is significantly lower than GSG's 32.61% return. Over the past 10 years, IVV has outperformed GSG with an annualized return of 15.47%, while GSG has yielded a comparatively lower 6.89% annualized return.
IVV
- 1D
- 0.55%
- 1M
- -0.85%
- YTD
- 9.08%
- 6M
- 9.43%
- 1Y
- 25.77%
- 3Y*
- 20.95%
- 5Y*
- 13.42%
- 10Y*
- 15.47%
GSG
- 1D
- -1.23%
- 1M
- -9.95%
- YTD
- 32.61%
- 6M
- 33.30%
- 1Y
- 32.73%
- 3Y*
- 16.62%
- 5Y*
- 13.86%
- 10Y*
- 6.89%
IVV vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IVV iShares Core S&P 500 ETF | 9.08% | 17.85% | 24.93% | 26.31% | -18.16% | 28.76% | 18.40% | 31.07% | -4.49% | 21.75% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.61% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between IVV and GSG is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Jul 21, 2006 | 0.30 |
The correlation between IVV and GSG shifts across timeframes, from -0.22 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IVV vs. GSG — Risk / Return Rank
IVV
GSG
IVV vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 ETF (IVV) 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.
| IVV | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.29 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.76 | 3.05 | -0.30 |
| Martin ratioReturn relative to average drawdown | 12.43 | 9.32 | +3.11 |
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Drawdowns
IVV vs. GSG - Drawdown Comparison
The maximum IVV drawdown since its inception was -55.25%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for IVV and GSG.
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Drawdown Indicators
| IVV | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.25% | -89.62% | +34.37% |
Max Drawdown (1Y)Largest decline over 1 year | -8.89% | -12.05% | +3.16% |
Max Drawdown (3Y)Largest decline over 3 years | -18.75% | -14.94% | -3.81% |
Max Drawdown (5Y)Largest decline over 5 years | -24.53% | -29.12% | +4.59% |
Max Drawdown (10Y)Largest decline over 10 years | -33.90% | -57.64% | +23.74% |
Current DrawdownCurrent decline from peak | -2.35% | -59.96% | +57.61% |
Average DrawdownAverage peak-to-trough decline | -10.77% | -63.69% | +52.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 3.94% | -1.97% |
Volatility
IVV vs. GSG - Volatility Comparison
The current volatility for iShares Core S&P 500 ETF (IVV) is 4.37%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 6.25%. This indicates that IVV 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
| IVV | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.37% | 6.25% | -1.88% |
Volatility (6M)Calculated over the trailing 6-month period | 9.59% | 20.77% | -11.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.28% | 23.25% | -10.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.95% | 22.66% | -5.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.08% | 22.04% | -3.96% |
IVV vs. GSG - Expense Ratio Comparison
IVV has a 0.03% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
IVV vs. GSG - Dividend Comparison
IVV's dividend yield for the trailing twelve months is around 1.08%, 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% |
IVV iShares Core S&P 500 ETF | 1.08% | 1.17% | 1.30% | 1.44% | 1.66% | 1.20% | 1.57% | 1.85% | 2.21% | 1.75% | 2.01% | 2.27% |
Frequently Asked Questions
IVV and GSG have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (6.25%) compared to IVV (4.37%). In terms of maximum drawdown, IVV dropped -55.25% vs GSG's -89.62%.
On 10-year performance, IVV leads with 15.47% vs 6.89% for GSG. On fees, IVV is cheaper at 0.03% per year. On volatility, IVV has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IVV has performed better with a 15.47% return vs 6.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVV is cheaper with a 0.03% expense ratio, compared with 0.75% for GSG.
IVV has the higher dividend yield at 1.08%, compared with 0.00% for GSG.
IVV is categorized as S&P 500, while GSG is Commodities. IVV tracks S&P 500 Index, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.03% for IVV and 0.75% for GSG.
IVV currently has the higher Sharpe Ratio (2.00 vs 1.58), 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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