IYRI vs. GSG

Last updated Jul 16, 2026

IYRI (NEOS Real Estate High Income ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - IYRI is a Derivative Income fund actively managed by Neos, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. IYRI is actively managed, while GSG is passively managed. Over the past year, IYRI returned 10.44% vs 39.13% for GSG. At a correlation of -0.06, they often move in opposite directions. IYRI charges 0.68%/yr vs 0.75%/yr for GSG.

Performance

IYRI vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Real Estate High Income ETF (IYRI) and iShares S&P GSCI Commodity-Indexed Trust (GSG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IYRI achieves a 7.81% return, which is significantly lower than GSG's 35.21% return.

IYRI

• 1D: -0.12%
• 1M: 0.87%
• 6M: 5.77%
• YTD: 7.81%
• 1Y: 10.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GSG

• 1D: 0.58%
• 1M: 3.48%
• 6M: 29.81%
• YTD: 35.21%
• 1Y: 39.13%
• 3Y*: 15.23%
• 5Y*: 14.42%
• 10Y*: 7.63%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IYRI vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025
IYRI NEOS Real Estate High Income ETF	7.81%	6.99%
GSG iShares S&P GSCI Commodity-Indexed Trust	35.21%	0.96%

Correlation

The correlation between IYRI and GSG is -0.13, 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	-0.13
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	-0.06

Return for Risk

IYRI vs. GSG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IYRI

IYRI Risk / Return Rank: 33
IYRI Sharpe Ratio Rank: 32
IYRI Sortino Ratio Rank: 31
IYRI Omega Ratio Rank: 30
IYRI Calmar Ratio Rank: 34
IYRI Martin Ratio Rank: 39

GSG

GSG Risk / Return Rank: 57
GSG Sharpe Ratio Rank: 63
GSG Sortino Ratio Rank: 60
GSG Omega Ratio Rank: 60
GSG Calmar Ratio Rank: 51
GSG Martin Ratio Rank: 51

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IYRI vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Real Estate High Income ETF (IYRI) 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.

	IYRI	GSG	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.68	-0.71
Sortino ratio: Return per unit of downside risk	1.38	2.28	-0.89
Omega ratio: Gain probability vs. loss probability	1.18	1.30	-0.12
Calmar ratio: Return relative to maximum drawdown	1.39	2.09	-0.70
Martin ratio: Return relative to average drawdown	4.99	7.02	-2.03

IYRI vs. GSG - Sharpe Ratio Comparison

The current IYRI Sharpe Ratio is 0.97, which is lower than the GSG Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of IYRI and GSG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IYRI vs. GSG - Drawdown Comparison

The maximum IYRI drawdown since its inception was -12.12%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for IYRI and GSG.

Drawdown Indicators

	IYRI	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-89.62%	+77.50%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-18.81%	+11.28%
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 Drawdown Current decline from peak	-0.68%	-59.18%	+58.50%
Average Drawdown Average peak-to-trough decline	-1.65%	-63.69%	+62.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	5.59%	-3.49%

Volatility

IYRI vs. GSG - Volatility Comparison

The current volatility for NEOS Real Estate High Income ETF (IYRI) is 3.76%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.27%. This indicates that IYRI 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.

Volatility by Period

	IYRI	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	7.27%	-3.51%
Volatility (6M) Calculated over the trailing 6-month period	8.12%	21.53%	-13.41%
Volatility (1Y) Calculated over the trailing 1-year period	10.87%	23.45%	-12.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.11%	22.80%	-9.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.11%	22.00%	-8.89%

IYRI vs. GSG - Expense Ratio Comparison

IYRI has a 0.68% expense ratio, which is lower than GSG's 0.75% expense ratio.

Dividends

IYRI vs. GSG - Dividend Comparison

IYRI's dividend yield for the trailing twelve months is around 10.94%, while GSG has not paid dividends to shareholders.

Position	TTM	2025
GSG iShares S&P GSCI Commodity-Indexed Trust	0.00%	0.00%
IYRI NEOS Real Estate High Income ETF	10.94%	11.72%

Frequently Asked Questions

Can I hold both IYRI and GSG in my portfolio?

IYRI and GSG have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IYRI or GSG?

GSG has higher volatility (7.27%) compared to IYRI (3.76%). In terms of maximum drawdown, IYRI dropped -12.12% vs GSG's -89.62%.

Which ETF is better, IYRI or GSG?

On 1-year performance, GSG leads with 39.13% vs 10.44% for IYRI. On fees, IYRI is cheaper at 0.68% per year. On volatility, IYRI has been the lower-risk option at 3.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IYRI or GSG?

Over the 1-year period, GSG has performed better with a 39.13% return vs 10.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IYRI or GSG?

IYRI is cheaper with a 0.68% expense ratio, compared with 0.75% for GSG.

Which ETF pays a higher dividend yield, IYRI or GSG?

IYRI has the higher dividend yield at 10.94%, compared with 0.00% for GSG.

What is the main difference between IYRI and GSG?

IYRI is categorized as Derivative Income, while GSG is Commodities. They also come from different issuers: Neos and iShares. Their fees differ too: 0.68% for IYRI and 0.75% for GSG.

Which has better risk-adjusted returns?

GSG currently has the higher Sharpe Ratio (1.68 vs 0.97), 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.