NUMG vs. GSG
NUMG (Nuveen ESG Mid-Cap Growth ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - NUMG is a Mid Cap Growth Equities fund tracking the MSCI TIAA ESG USA Mid Cap Growth, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, NUMG returned -0.44%/yr vs 14.20%/yr for GSG. At a 0.17 correlation, their price movements are largely independent. NUMG charges 0.30%/yr vs 0.75%/yr for GSG.
Performance
NUMG vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, NUMG achieves a -2.71% return, which is significantly lower than GSG's 33.95% return.
NUMG
- 1D
- -0.26%
- 1M
- 1.20%
- 6M
- -3.35%
- YTD
- -2.71%
- 1Y
- -2.73%
- 3Y*
- 4.75%
- 5Y*
- -0.44%
- 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%
NUMG vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NUMG Nuveen ESG Mid-Cap Growth ETF | -2.71% | 0.78% | 11.99% | 20.47% | -28.31% | 12.27% | 45.73% | 34.87% | -5.79% | 19.00% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 33.95% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between NUMG and GSG is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Dec 14, 2016 | 0.17 |
The correlation between NUMG and GSG shifts across timeframes, from -0.14 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NUMG vs. GSG — Risk / Return Rank
NUMG
GSG
NUMG vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Mid-Cap Growth ETF (NUMG) 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.
| NUMG | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | -2.27 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.29 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.14 | 2.00 | -2.14 |
| Martin ratioReturn relative to average drawdown | -0.35 | 6.66 | -7.01 |
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Drawdowns
NUMG vs. GSG - Drawdown Comparison
The maximum NUMG drawdown since its inception was -38.85%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for NUMG and GSG.
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Drawdown Indicators
| NUMG | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.85% | -89.62% | +50.77% |
Max Drawdown (1Y)Largest decline over 1 year | -19.71% | -18.81% | -0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -26.58% | -18.81% | -7.77% |
Max Drawdown (5Y)Largest decline over 5 years | -38.85% | -29.12% | -9.73% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -11.44% | -59.56% | +48.12% |
Average DrawdownAverage peak-to-trough decline | -11.37% | -63.68% | +52.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.92% | 5.63% | +2.29% |
Volatility
NUMG vs. GSG - Volatility Comparison
The current volatility for Nuveen ESG Mid-Cap Growth ETF (NUMG) is 4.70%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that NUMG 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
| NUMG | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.70% | 7.17% | -2.47% |
Volatility (6M)Calculated over the trailing 6-month period | 15.14% | 21.54% | -6.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.79% | 23.48% | -4.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.98% | 22.80% | +0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.83% | 22.00% | -0.17% |
NUMG vs. GSG - Expense Ratio Comparison
NUMG has a 0.30% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
NUMG vs. GSG - Dividend Comparison
NUMG's dividend yield for the trailing twelve months is around 0.01%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
NUMG Nuveen ESG Mid-Cap Growth ETF | 0.01% | 0.01% | 0.06% | 0.18% | 0.18% | 12.76% | 3.82% | 0.27% | 5.14% | 0.56% |
Frequently Asked Questions
NUMG and GSG have a correlation of -0.14, 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 NUMG (4.70%). In terms of maximum drawdown, NUMG dropped -38.85% vs GSG's -89.62%.
On 5-year performance, GSG leads with 14.20% vs -0.44% for NUMG. On fees, NUMG is cheaper at 0.30% per year. On volatility, NUMG has been the lower-risk option at 4.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSG has performed better with a 14.20% return vs -0.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NUMG is cheaper with a 0.30% expense ratio, compared with 0.75% for GSG.
NUMG has the higher dividend yield at 0.01%, compared with 0.00% for GSG.
NUMG is categorized as Mid Cap Growth Equities, while GSG is Commodities. NUMG tracks MSCI TIAA ESG USA Mid Cap Growth, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Nuveen and iShares. Their fees differ too: 0.30% for NUMG and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.60 vs -0.15), 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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