MELI vs. GSG
MELI (MercadoLibre, Inc.) is a stock, while GSG (iShares S&P GSCI Commodity-Indexed Trust) is Commodities fund tracking the S&P GSCI Total Return Index. Over the past 10 years, MELI returned 28.70%/yr vs 7.63%/yr for GSG. At a 0.20 correlation, their price movements are largely independent.
Performance
MELI vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, MELI achieves a -8.49% return, which is significantly lower than GSG's 35.21% return. Over the past 10 years, MELI has outperformed GSG with an annualized return of 28.70%, while GSG has yielded a comparatively lower 7.63% annualized return.
MELI
- 1D
- -1.64%
- 1M
- 11.96%
- 6M
- -12.31%
- YTD
- -8.49%
- 1Y
- -22.88%
- 3Y*
- 17.52%
- 5Y*
- 4.03%
- 10Y*
- 28.70%
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%
MELI vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MELI MercadoLibre, Inc. | -8.49% | 18.46% | 8.20% | 85.71% | -37.24% | -19.51% | 192.90% | 95.30% | -6.93% | 101.99% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 35.21% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between MELI and GSG is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2007 | 0.20 |
The correlation between MELI and GSG shifts across timeframes, from -0.15 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MELI vs. GSG — Risk / Return Rank
MELI
GSG
MELI vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MercadoLibre, Inc. (MELI) 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.
| MELI | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.25 | ||
| Sortino ratioReturn per unit of downside risk | -2.86 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.30 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 2.09 | -2.69 |
| Martin ratioReturn relative to average drawdown | -1.02 | 7.02 | -8.04 |
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Drawdowns
MELI vs. GSG - Drawdown Comparison
The maximum MELI drawdown since its inception was -89.49%, roughly equal to the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for MELI and GSG.
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Drawdown Indicators
| MELI | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.49% | -89.62% | +0.13% |
Max Drawdown (1Y)Largest decline over 1 year | -38.40% | -18.81% | -19.59% |
Max Drawdown (3Y)Largest decline over 3 years | -40.82% | -18.81% | -22.01% |
Max Drawdown (5Y)Largest decline over 5 years | -68.64% | -29.12% | -39.52% |
Max Drawdown (10Y)Largest decline over 10 years | -69.12% | -57.64% | -11.48% |
Current DrawdownCurrent decline from peak | -29.48% | -59.18% | +29.70% |
Average DrawdownAverage peak-to-trough decline | -23.63% | -63.69% | +40.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.50% | 5.59% | +16.91% |
Volatility
MELI vs. GSG - Volatility Comparison
MercadoLibre, Inc. (MELI) has a higher volatility of 9.35% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.27%. This indicates that MELI's price experiences larger fluctuations and is considered to be riskier 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
| MELI | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.35% | 7.27% | +2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 29.58% | 21.53% | +8.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.81% | 23.45% | +16.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.78% | 22.80% | +26.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.88% | 22.00% | +26.88% |
Dividends
MELI vs. GSG - Dividend Comparison
Neither MELI nor GSG has 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% |
MELI MercadoLibre, Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.19% | 0.38% | 0.36% |
Frequently Asked Questions
MELI and GSG have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MELI has higher volatility (9.35%) compared to GSG (7.27%). In terms of maximum drawdown, MELI dropped -89.49% vs GSG's -89.62%.
GSG currently has the higher Sharpe Ratio (1.68 vs -0.58), 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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