KWT vs. GSG
KWT (iShares MSCI Kuwait ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - KWT is a Financials Equities fund tracking the MSCI All Kuwait Select Size Liquidity Capped Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, KWT returned 8.57%/yr vs 13.83%/yr for GSG. At a 0.08 correlation, their price movements are largely independent. KWT charges 0.74%/yr vs 0.75%/yr for GSG.
Performance
KWT vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, KWT achieves a -3.40% return, which is significantly lower than GSG's 32.35% return.
KWT
- 1D
- -1.00%
- 1M
- -3.28%
- 6M
- -1.77%
- YTD
- -3.40%
- 1Y
- -2.09%
- 3Y*
- 7.37%
- 5Y*
- 8.57%
- 10Y*
- —
GSG
- 1D
- 3.60%
- 1M
- -0.20%
- 6M
- 28.24%
- YTD
- 32.35%
- 1Y
- 34.57%
- 3Y*
- 14.41%
- 5Y*
- 13.83%
- 10Y*
- 7.40%
KWT vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
KWT iShares MSCI Kuwait ETF | -3.40% | 25.38% | 11.29% | -4.71% | 5.16% | 30.73% | 7.37% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.35% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | 11.58% |
Correlation
The correlation between KWT and GSG is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Sep 3, 2020 | 0.08 |
The correlation between KWT and GSG shifts across timeframes, from -0.18 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KWT vs. GSG — Risk / Return Rank
KWT
GSG
KWT vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kuwait ETF (KWT) 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.
| KWT | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -2.19 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.27 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 1.85 | -2.03 |
| Martin ratioReturn relative to average drawdown | -0.40 | 6.29 | -6.69 |
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Drawdowns
KWT vs. GSG - Drawdown Comparison
The maximum KWT drawdown since its inception was -24.37%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for KWT and GSG.
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Drawdown Indicators
| KWT | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.37% | -89.62% | +65.25% |
Max Drawdown (1Y)Largest decline over 1 year | -11.54% | -18.81% | +7.27% |
Max Drawdown (3Y)Largest decline over 3 years | -15.22% | -18.81% | +3.59% |
Max Drawdown (5Y)Largest decline over 5 years | -24.37% | -29.12% | +4.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -8.07% | -60.04% | +51.97% |
Average DrawdownAverage peak-to-trough decline | -7.29% | -63.69% | +56.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.24% | 5.51% | -0.27% |
Volatility
KWT vs. GSG - Volatility Comparison
The current volatility for iShares MSCI Kuwait ETF (KWT) is 3.44%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.35%. This indicates that KWT 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
| KWT | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.44% | 7.35% | -3.91% |
Volatility (6M)Calculated over the trailing 6-month period | 10.27% | 21.50% | -11.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.40% | 23.48% | -10.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.65% | 22.80% | -9.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.92% | 22.00% | -8.08% |
KWT vs. GSG - Expense Ratio Comparison
KWT has a 0.74% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
KWT vs. GSG - Dividend Comparison
KWT's dividend yield for the trailing twelve months is around 5.70%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
KWT iShares MSCI Kuwait ETF | 5.70% | 5.40% | 6.09% | 2.25% | 5.87% | 7.65% | 0.27% |
Frequently Asked Questions
KWT and GSG have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.35%) compared to KWT (3.44%). In terms of maximum drawdown, KWT dropped -24.37% vs GSG's -89.62%.
On 5-year performance, GSG leads with 13.83% vs 8.57% for KWT. On fees, KWT is cheaper at 0.74% per year. On volatility, KWT has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSG has performed better with a 13.83% return vs 8.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KWT is cheaper with a 0.74% expense ratio, compared with 0.75% for GSG.
KWT has the higher dividend yield at 5.70%, compared with 0.00% for GSG.
KWT is categorized as Financials Equities, while GSG is Commodities. KWT tracks MSCI All Kuwait Select Size Liquidity Capped Index, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.74% for KWT and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.48 vs -0.16), 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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