KBWY vs. GSG
KBWY (Invesco KBW Premium Yield Equity REIT ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - KBWY is a REIT fund tracking the KBW Nasdaq Premium Yield Equity REIT Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, KBWY returned 1.18%/yr vs 7.61%/yr for GSG. At a 0.16 correlation, their price movements are largely independent. KBWY charges 0.35%/yr vs 0.75%/yr for GSG.
Performance
KBWY vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, KBWY achieves a 30.06% return, which is significantly lower than GSG's 33.95% return. Over the past 10 years, KBWY has underperformed GSG with an annualized return of 1.18%, while GSG has yielded a comparatively higher 7.61% annualized return.
KBWY
- 1D
- 2.68%
- 1M
- 6.09%
- 6M
- 22.10%
- YTD
- 30.06%
- 1Y
- 31.16%
- 3Y*
- 9.89%
- 5Y*
- 3.85%
- 10Y*
- 1.18%
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%
KBWY vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBWY Invesco KBW Premium Yield Equity REIT ETF | 30.06% | -5.30% | -3.49% | 12.88% | -19.00% | 31.22% | -25.83% | 23.36% | -18.20% | 0.81% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 33.95% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between KBWY and GSG is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2010 | 0.16 |
The correlation between KBWY and GSG shifts across timeframes, from -0.25 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KBWY vs. GSG — Risk / Return Rank
KBWY
GSG
KBWY vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Premium Yield Equity REIT ETF (KBWY) 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.
| KBWY | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.29 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.39 | 2.00 | +1.39 |
| Martin ratioReturn relative to average drawdown | 8.21 | 6.66 | +1.55 |
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Drawdowns
KBWY vs. GSG - Drawdown Comparison
The maximum KBWY drawdown since its inception was -57.68%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for KBWY and GSG.
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Drawdown Indicators
| KBWY | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.68% | -89.62% | +31.94% |
Max Drawdown (1Y)Largest decline over 1 year | -9.24% | -18.81% | +9.57% |
Max Drawdown (3Y)Largest decline over 3 years | -29.93% | -18.81% | -11.12% |
Max Drawdown (5Y)Largest decline over 5 years | -32.29% | -29.12% | -3.17% |
Max Drawdown (10Y)Largest decline over 10 years | -57.68% | -57.64% | -0.04% |
Current DrawdownCurrent decline from peak | -0.92% | -59.56% | +58.64% |
Average DrawdownAverage peak-to-trough decline | -14.11% | -63.68% | +49.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.81% | 5.63% | -1.82% |
Volatility
KBWY vs. GSG - Volatility Comparison
The current volatility for Invesco KBW Premium Yield Equity REIT ETF (KBWY) is 5.20%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that KBWY 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
| KBWY | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.20% | 7.17% | -1.97% |
Volatility (6M)Calculated over the trailing 6-month period | 12.44% | 21.54% | -9.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.70% | 23.48% | -6.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.63% | 22.80% | -1.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.06% | 22.00% | +5.06% |
KBWY vs. GSG - Expense Ratio Comparison
KBWY has a 0.35% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
KBWY vs. GSG - Dividend Comparison
KBWY's dividend yield for the trailing twelve months is around 7.80%, 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% |
KBWY Invesco KBW Premium Yield Equity REIT ETF | 7.80% | 9.79% | 8.74% | 7.90% | 7.41% | 5.05% | 10.35% | 6.19% | 8.64% | 7.25% | 6.55% | 5.72% |
Frequently Asked Questions
KBWY and GSG have a correlation of -0.25, 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 KBWY (5.20%). In terms of maximum drawdown, KBWY dropped -57.68% vs GSG's -89.62%.
On 10-year performance, GSG leads with 7.61% vs 1.18% for KBWY. On fees, KBWY is cheaper at 0.35% per year. On volatility, KBWY has been the lower-risk option at 5.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSG has performed better with a 7.61% return vs 1.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KBWY is cheaper with a 0.35% expense ratio, compared with 0.75% for GSG.
KBWY has the higher dividend yield at 7.80%, compared with 0.00% for GSG.
KBWY is categorized as REIT, while GSG is Commodities. KBWY tracks KBW Nasdaq Premium Yield Equity REIT Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for KBWY and 0.75% for GSG.
KBWY currently has the higher Sharpe Ratio (1.87 vs 1.60), 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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