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 28.35%/yr vs 7.69%/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 -18.65% return, which is significantly lower than GSG's 42.58% return. Over the past 10 years, MELI has outperformed GSG with an annualized return of 28.35%, while GSG has yielded a comparatively lower 7.69% annualized return.
MELI
- 1D
- -2.05%
- 1M
- -9.65%
- YTD
- -18.65%
- 6M
- -22.70%
- 1Y
- -37.03%
- 3Y*
- 8.84%
- 5Y*
- 4.33%
- 10Y*
- 28.35%
GSG
- 1D
- 0.77%
- 1M
- -4.83%
- YTD
- 42.58%
- 6M
- 41.06%
- 1Y
- 51.52%
- 3Y*
- 19.31%
- 5Y*
- 15.74%
- 10Y*
- 7.69%
MELI vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MELI MercadoLibre, Inc. | -18.65% | 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 | 42.58% | 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 -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Aug 13, 2007 | 0.20 |
The correlation between MELI and GSG shifts across timeframes, from -0.17 (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.
| MELI | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.20 | ||
| Sortino ratioReturn per unit of downside risk | -4.11 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.40 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 5.47 | -6.38 |
| Martin ratioReturn relative to average drawdown | -1.66 | 14.39 | -16.05 |
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
| MELI | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.94 | 2.26 | -3.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | 0.70 | -0.61 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.35 | +0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | -0.09 | +0.53 |
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 | -40.82% | -9.46% | -31.36% |
Max Drawdown (3Y)Largest decline over 3 years | -40.82% | -14.94% | -25.88% |
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 | -37.31% | -56.95% | +19.64% |
Average DrawdownAverage peak-to-trough decline | -23.57% | -63.71% | +40.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.40% | 3.59% | +18.81% |
Volatility
MELI vs. GSG - Volatility Comparison
MercadoLibre, Inc. (MELI) has a higher volatility of 17.25% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.65%. 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 | 17.25% | 7.65% | +9.60% |
Volatility (6M)Calculated over the trailing 6-month period | 30.23% | 20.42% | +9.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.50% | 22.95% | +16.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.68% | 22.61% | +27.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.88% | 22.03% | +26.85% |
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 -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MELI has higher volatility (17.25%) compared to GSG (7.65%). In terms of maximum drawdown, MELI dropped -89.49% vs GSG's -89.62%.
GSG currently has the higher Sharpe Ratio (2.26 vs -0.94), 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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