MDEV vs. GSG
MDEV (First Trust Indxx Medical Devices ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - MDEV is a Health & Biotech Equities fund tracking the Indxx Global Medical Equipment Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 3 years, MDEV returned -2.19%/yr vs 18.78%/yr for GSG. At a 0.05 correlation, their price movements are largely independent. MDEV charges 0.70%/yr vs 0.75%/yr for GSG.
Performance
MDEV vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, MDEV achieves a -9.68% return, which is significantly lower than GSG's 40.46% return.
MDEV
- 1D
- 2.04%
- 1M
- 3.02%
- YTD
- -9.68%
- 6M
- -10.44%
- 1Y
- -5.82%
- 3Y*
- -2.19%
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- -1.49%
- 1M
- -5.32%
- YTD
- 40.46%
- 6M
- 38.18%
- 1Y
- 49.68%
- 3Y*
- 18.78%
- 5Y*
- 15.39%
- 10Y*
- 7.42%
MDEV vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MDEV First Trust Indxx Medical Devices ETF | -9.68% | 2.00% | 1.79% | 7.55% | -28.59% | 4.16% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 40.46% | 5.93% | 8.52% | -5.51% | 24.08% | 8.09% |
Correlation
The correlation between MDEV 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 (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2021 | 0.05 |
The correlation between MDEV and GSG shifts across timeframes, from -0.28 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MDEV vs. GSG — Risk / Return Rank
MDEV
GSG
MDEV vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Medical Devices ETF (MDEV) 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.
| MDEV | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.53 | ||
| Sortino ratioReturn per unit of downside risk | -3.20 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.39 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 5.28 | -5.60 |
| Martin ratioReturn relative to average drawdown | -0.80 | 13.78 | -14.58 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MDEV | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.36 | 2.17 | -2.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.30 | -0.09 | -0.21 |
Drawdowns
MDEV vs. GSG - Drawdown Comparison
The maximum MDEV drawdown since its inception was -42.34%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for MDEV and GSG.
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Drawdown Indicators
| MDEV | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.34% | -89.62% | +47.28% |
Max Drawdown (1Y)Largest decline over 1 year | -18.13% | -9.46% | -8.67% |
Max Drawdown (3Y)Largest decline over 3 years | -22.50% | -14.94% | -7.56% |
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 | -32.41% | -57.59% | +25.18% |
Average DrawdownAverage peak-to-trough decline | -25.66% | -63.71% | +38.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.26% | 3.62% | +3.64% |
Volatility
MDEV vs. GSG - Volatility Comparison
The current volatility for First Trust Indxx Medical Devices ETF (MDEV) is 4.98%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.72%. This indicates that MDEV 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
| MDEV | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.98% | 7.72% | -2.74% |
Volatility (6M)Calculated over the trailing 6-month period | 11.61% | 20.48% | -8.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.14% | 23.01% | -6.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.00% | 22.61% | -3.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.00% | 22.03% | -3.03% |
MDEV vs. GSG - Expense Ratio Comparison
MDEV has a 0.70% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
MDEV vs. GSG - Dividend Comparison
Neither MDEV nor GSG has paid dividends to shareholders.
Frequently Asked Questions
MDEV 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 (7.72%) compared to MDEV (4.98%). In terms of maximum drawdown, MDEV dropped -42.34% vs GSG's -89.62%.
On 3-year performance, GSG leads with 18.78% vs -2.19% for MDEV. On fees, MDEV is cheaper at 0.70% per year. On volatility, MDEV has been the lower-risk option at 4.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSG has performed better with a 18.78% return vs -2.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MDEV is cheaper with a 0.70% expense ratio, compared with 0.75% for GSG.
MDEV and GSG have nearly identical dividend yields, around 0.00%.
MDEV is categorized as Health & Biotech Equities, while GSG is Commodities. MDEV tracks Indxx Global Medical Equipment Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.70% for MDEV and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (2.17 vs -0.36), 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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