IWM vs. GSG
IWM (iShares Russell 2000 ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, IWM returned 10.83%/yr vs 7.99%/yr for GSG. Their 0.29 correlation means their historical movements had little consistent relationship. IWM charges 0.19%/yr vs 0.75%/yr for GSG.
Performance
IWM vs. GSG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IWM achieves a 23.08% return, which is significantly lower than GSG's 32.05% return. Over the past 10 years, IWM has outperformed GSG with an annualized return of 10.83%, while GSG has yielded a comparatively lower 7.99% annualized return.
IWM
- 1D
- 1.85%
- 1M
- 1.39%
- 6M
- 15.29%
- YTD
- 23.08%
- 1Y
- 38.74%
- 3Y*
- 17.20%
- 5Y*
- 7.66%
- 10Y*
- 10.83%
- ALL TIME*
- 8.88%
GSG
- 1D
- -2.34%
- 1M
- 7.33%
- 6M
- 21.51%
- YTD
- 32.05%
- 1Y
- 36.06%
- 3Y*
- 12.37%
- 5Y*
- 13.92%
- 10Y*
- 7.99%
- ALL TIME*
- -2.38%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $18.82M | $16.77M | $25.29M | |
| $6.85B | $6.35B | $7.43B |
IWM vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWM iShares Russell 2000 ETF | 23.08% | 12.66% | 11.38% | 16.83% | -20.48% | 14.54% | 20.03% | 25.39% | -11.12% | 14.58% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.05% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between IWM and GSG is -0.21, 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. | -0.21 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.15 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.23 |
Correlation (All Time) Calculated using the full available price history since Jul 21, 2006 | 0.29 |
The correlation between IWM and GSG shifts across timeframes, from -0.21 (1 year) to 0.29 (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
IWM vs. GSG — Risk / Return Rank
IWM
GSG
IWM vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 ETF (IWM) 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.
| IWM | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.26 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.53 | 1.93 | +1.60 |
| Martin ratioReturn relative to average drawdown | 12.51 | 6.13 | +6.38 |
Loading charts...
Drawdowns
IWM vs. GSG - Drawdown Comparison
The maximum IWM drawdown since its inception was -59.05%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for IWM and GSG.
Loading charts...
Drawdown Indicators
| IWM | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.05% | -89.62% | +30.57% |
Max Drawdown (1Y)Largest decline over 1 year | -11.03% | -18.81% | +7.78% |
Max Drawdown (3Y)Largest decline over 3 years | -27.50% | -18.81% | -8.69% |
Max Drawdown (5Y)Largest decline over 5 years | -31.91% | -29.12% | -2.79% |
Max Drawdown (10Y)Largest decline over 10 years | -41.13% | -57.64% | +16.51% |
Current DrawdownCurrent decline from peak | 0.00% | -60.13% | +60.13% |
Average DrawdownAverage peak-to-trough decline | -10.71% | -63.67% | +52.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.11% | 5.90% | -2.79% |
Volatility
IWM vs. GSG - Volatility Comparison
The current volatility for iShares Russell 2000 ETF (IWM) is 4.58%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 9.06%. This indicates that IWM 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
| IWM | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.58% | 9.06% | -4.48% |
Volatility (6M)Calculated over the trailing 6-month period | 14.21% | 22.00% | -7.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.40% | 24.45% | -5.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.50% | 22.90% | -0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.02% | 22.09% | +0.93% |
IWM vs. GSG - Expense Ratio Comparison
IWM has a 0.19% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
IWM vs. GSG - Dividend Comparison
IWM's dividend yield for the trailing twelve months is around 0.88%, 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% |
IWM iShares Russell 2000 ETF | 0.88% | 1.04% | 1.15% | 1.35% | 1.48% | 0.94% | 1.04% | 1.26% | 1.40% | 1.26% | 1.38% | 1.54% |
Frequently Asked Questions
IWM and GSG have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (9.06%) compared to IWM (4.58%). In terms of maximum drawdown, IWM dropped -59.05% vs GSG's -89.62%.
On 10-year performance, IWM leads with 10.83% vs 7.99% for GSG. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IWM has performed better with a 10.83% return vs 7.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWM is cheaper with a 0.19% expense ratio, compared with 0.75% for GSG.
IWM has the higher dividend yield at 0.88%, compared with 0.00% for GSG.
IWM is categorized as Small Cap Blend Equities, while GSG is Commodities. IWM tracks Russell 2000 Index, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.19% for IWM and 0.75% for GSG.
IWM currently has the higher Sharpe Ratio (2.02 vs 1.48), 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 IWM 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