NDIA vs. GSG
NDIA (Global X Funds - Global X India Active ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - NDIA is a India Equities fund actively managed by Global X, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. NDIA is actively managed, while GSG is passively managed. Over the past year, NDIA returned -10.43% vs 37.41% for GSG. At a correlation of -0.06, they often move in opposite directions. NDIA charges 0.76%/yr vs 0.75%/yr for GSG.
Performance
NDIA vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, NDIA achieves a -9.45% return, which is significantly lower than GSG's 33.95% return.
NDIA
- 1D
- -0.74%
- 1M
- 0.28%
- 6M
- -8.34%
- YTD
- -9.45%
- 1Y
- -10.43%
- 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%
NDIA vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NDIA Global X Funds - Global X India Active ETF | -9.45% | 5.04% | 5.75% | 12.76% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 33.95% | 5.93% | 8.52% | -4.70% |
Correlation
The correlation between NDIA and GSG is -0.31, 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 | -0.31 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2023 | -0.06 |
Over the past year, the inverse relationship between NDIA and GSG has strengthened: their correlation has moved from -0.06 to -0.31, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
NDIA vs. GSG — Risk / Return Rank
NDIA
GSG
NDIA vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Funds - Global X India Active ETF (NDIA) 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.
| NDIA | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.25 | ||
| Sortino ratioReturn per unit of downside risk | -3.05 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.29 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 2.00 | -2.61 |
| Martin ratioReturn relative to average drawdown | -1.43 | 6.66 | -8.09 |
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Drawdowns
NDIA vs. GSG - Drawdown Comparison
The maximum NDIA drawdown since its inception was -22.05%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for NDIA and GSG.
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Drawdown Indicators
| NDIA | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.05% | -89.62% | +67.57% |
Max Drawdown (1Y)Largest decline over 1 year | -17.09% | -18.81% | +1.72% |
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 | -16.03% | -59.56% | +43.53% |
Average DrawdownAverage peak-to-trough decline | -7.42% | -63.68% | +56.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.37% | 5.63% | +1.74% |
Volatility
NDIA vs. GSG - Volatility Comparison
The current volatility for Global X Funds - Global X India Active ETF (NDIA) is 4.28%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that NDIA 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
| NDIA | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.28% | 7.17% | -2.89% |
Volatility (6M)Calculated over the trailing 6-month period | 14.00% | 21.54% | -7.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.11% | 23.48% | -7.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.59% | 22.80% | -7.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.59% | 22.00% | -6.41% |
NDIA vs. GSG - Expense Ratio Comparison
NDIA has a 0.76% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
NDIA vs. GSG - Dividend Comparison
NDIA's dividend yield for the trailing twelve months is around 1.21%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
NDIA Global X Funds - Global X India Active ETF | 1.21% | 1.10% | 3.66% | 0.28% |
Frequently Asked Questions
NDIA and GSG have a correlation of -0.31, 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 NDIA (4.28%). In terms of maximum drawdown, NDIA dropped -22.05% vs GSG's -89.62%.
On 1-year performance, GSG leads with 37.41% vs -10.43% for NDIA. On fees, GSG is cheaper at 0.75% per year. On volatility, NDIA has been the lower-risk option at 4.28%. 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 -10.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 0.76% for NDIA.
NDIA has the higher dividend yield at 1.21%, compared with 0.00% for GSG.
NDIA is categorized as India Equities, while GSG is Commodities. They also come from different issuers: Global X and iShares. Their fees differ too: 0.76% for NDIA and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.60 vs -0.65), 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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