MUNY vs. GSG
MUNY (Vanguard New York Tax-Exempt Bond ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - MUNY is a Municipal Bonds fund tracking the S&P New York AMT-Free Municipal USD10 Million Par Bond Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past year, MUNY returned 7.00% vs 51.52% for GSG. At a correlation of -0.23, they often move in opposite directions. MUNY charges 0.09%/yr vs 0.75%/yr for GSG.
Performance
MUNY vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, MUNY achieves a 1.50% return, which is significantly lower than GSG's 42.58% return.
MUNY
- 1D
- -0.04%
- 1M
- 0.62%
- YTD
- 1.50%
- 6M
- 1.95%
- 1Y
- 7.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
MUNY vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MUNY Vanguard New York Tax-Exempt Bond ETF | 1.50% | 5.54% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 7.81% |
Correlation
The correlation between MUNY and GSG is -0.23, 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 | -0.23 |
Correlation (All Time) Calculated using the full available price history since May 23, 2025 | -0.23 |
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Return for Risk
MUNY vs. GSG — Risk / Return Rank
MUNY
GSG
MUNY vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard New York Tax-Exempt Bond ETF (MUNY) 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.
| MUNY | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.40 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 5.47 | -2.87 |
| Martin ratioReturn relative to average drawdown | 7.27 | 14.39 | -7.12 |
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
| MUNY | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.79 | 2.26 | -0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.70 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.77 | -0.09 | +1.86 |
Drawdowns
MUNY vs. GSG - Drawdown Comparison
The maximum MUNY drawdown since its inception was -2.70%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for MUNY and GSG.
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Drawdown Indicators
| MUNY | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.70% | -89.62% | +86.92% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -9.46% | +6.76% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.94% | — |
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 | -0.49% | -56.95% | +56.46% |
Average DrawdownAverage peak-to-trough decline | -0.66% | -63.71% | +63.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 3.59% | -2.63% |
Volatility
MUNY vs. GSG - Volatility Comparison
The current volatility for Vanguard New York Tax-Exempt Bond ETF (MUNY) is 1.05%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that MUNY 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
| MUNY | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 7.65% | -6.60% |
Volatility (6M)Calculated over the trailing 6-month period | 2.30% | 20.42% | -18.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.93% | 22.95% | -19.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.93% | 22.61% | -18.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.93% | 22.03% | -18.10% |
MUNY vs. GSG - Expense Ratio Comparison
MUNY has a 0.09% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
MUNY vs. GSG - Dividend Comparison
MUNY's dividend yield for the trailing twelve months is around 3.11%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% |
MUNY Vanguard New York Tax-Exempt Bond ETF | 3.11% | 1.80% |
Frequently Asked Questions
MUNY and GSG have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.65%) compared to MUNY (1.05%). In terms of maximum drawdown, MUNY dropped -2.70% vs GSG's -89.62%.
On 1-year performance, GSG leads with 51.52% vs 7.00% for MUNY. On fees, MUNY is cheaper at 0.09% per year. On volatility, MUNY has been the lower-risk option at 1.05%. 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 51.52% return vs 7.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUNY is cheaper with a 0.09% expense ratio, compared with 0.75% for GSG.
MUNY has the higher dividend yield at 3.11%, compared with 0.00% for GSG.
MUNY is categorized as Municipal Bonds, while GSG is Commodities. MUNY tracks S&P New York AMT-Free Municipal USD10 Million Par Bond Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.09% for MUNY and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (2.26 vs 1.79), 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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