LIAM vs. GSG
LIAM (LifeX 2055 Inflation-Protected Longevity Income ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - LIAM is a Inflation-Protected Bonds fund actively managed by Stone Ridge, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. LIAM is actively managed, while GSG is passively managed. Over the past year, LIAM returned 2.03% vs 37.41% for GSG. At a correlation of -0.17, they often move in opposite directions. LIAM charges 0.25%/yr vs 0.75%/yr for GSG.
Performance
LIAM vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, LIAM achieves a -0.70% return, which is significantly lower than GSG's 33.95% return.
LIAM
- 1D
- -0.19%
- 1M
- -1.95%
- 6M
- -1.48%
- YTD
- -0.70%
- 1Y
- 2.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
LIAM vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
LIAM LifeX 2055 Inflation-Protected Longevity Income ETF | -0.70% | 5.26% | -7.09% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 33.95% | 5.93% | 6.56% |
Correlation
The correlation between LIAM and GSG is -0.28, 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 | -0.28 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024 | -0.17 |
The correlation between LIAM and GSG shifts across timeframes, from -0.28 (1 year) to -0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
LIAM vs. GSG — Risk / Return Rank
LIAM
GSG
LIAM vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for LifeX 2055 Inflation-Protected Longevity Income ETF (LIAM) 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.
| LIAM | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.28 | ||
| Sortino ratioReturn per unit of downside risk | -1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.29 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.46 | 2.00 | -1.54 |
| Martin ratioReturn relative to average drawdown | 1.00 | 6.66 | -5.66 |
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Drawdowns
LIAM vs. GSG - Drawdown Comparison
The maximum LIAM drawdown since its inception was -8.39%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for LIAM and GSG.
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Drawdown Indicators
| LIAM | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.39% | -89.62% | +81.23% |
Max Drawdown (1Y)Largest decline over 1 year | -4.45% | -18.81% | +14.36% |
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 DrawdownCurrent decline from peak | -3.61% | -59.56% | +55.95% |
Average DrawdownAverage peak-to-trough decline | -3.29% | -63.68% | +60.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.03% | 5.63% | -3.60% |
Volatility
LIAM vs. GSG - Volatility Comparison
The current volatility for LifeX 2055 Inflation-Protected Longevity Income ETF (LIAM) is 1.92%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that LIAM 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
| LIAM | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.92% | 7.17% | -5.25% |
Volatility (6M)Calculated over the trailing 6-month period | 4.76% | 21.54% | -16.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.33% | 23.48% | -17.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 22.80% | -15.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.59% | 22.00% | -14.41% |
LIAM vs. GSG - Expense Ratio Comparison
LIAM has a 0.25% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
LIAM vs. GSG - Dividend Comparison
LIAM's dividend yield for the trailing twelve months is around 6.51%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% |
LIAM LifeX 2055 Inflation-Protected Longevity Income ETF | 6.51% | 9.02% | 1.21% |
Frequently Asked Questions
LIAM and GSG have a correlation of -0.28, 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 LIAM (1.92%). In terms of maximum drawdown, LIAM dropped -8.39% vs GSG's -89.62%.
On 1-year performance, GSG leads with 37.41% vs 2.03% for LIAM. On fees, LIAM is cheaper at 0.25% per year. On volatility, LIAM has been the lower-risk option at 1.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GSG has performed better with a 37.41% return vs 2.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LIAM is cheaper with a 0.25% expense ratio, compared with 0.75% for GSG.
LIAM has the higher dividend yield at 6.51%, compared with 0.00% for GSG.
LIAM is categorized as Inflation-Protected Bonds, while GSG is Commodities. They also come from different issuers: Stone Ridge and iShares. Their fees differ too: 0.25% for LIAM and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.60 vs 0.32), 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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