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 0.93%/yr vs 15.39%/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 -0.70% return, which is significantly lower than GSG's 40.46% return.
NUMG
- 1D
- -0.29%
- 1M
- 4.36%
- YTD
- -0.70%
- 6M
- -0.64%
- 1Y
- -0.99%
- 3Y*
- 8.38%
- 5Y*
- 0.93%
- 10Y*
- —
GSG
- 1D
- -1.49%
- 1M
- -5.32%
- YTD
- 40.46%
- 6M
- 38.18%
- 1Y
- 49.68%
- 3Y*
- 18.78%
- 5Y*
- 15.39%
- 10Y*
- 7.42%
NUMG vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NUMG Nuveen ESG Mid-Cap Growth ETF | -0.70% | 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 | 40.46% | 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 -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Dec 15, 2016 | 0.17 |
The correlation between NUMG and GSG shifts across timeframes, from -0.18 (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.
| NUMG | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.22 | ||
| Sortino ratioReturn per unit of downside risk | -2.74 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.39 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 5.28 | -5.33 |
| Martin ratioReturn relative to average drawdown | -0.13 | 13.78 | -13.91 |
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
| NUMG | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.05 | 2.17 | -2.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.04 | 0.68 | -0.64 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | -0.09 | +0.53 |
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% | -9.46% | -10.25% |
Max Drawdown (3Y)Largest decline over 3 years | -26.58% | -14.94% | -11.64% |
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 | -9.61% | -57.59% | +47.98% |
Average DrawdownAverage peak-to-trough decline | -11.37% | -63.71% | +52.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.59% | 3.62% | +3.97% |
Volatility
NUMG vs. GSG - Volatility Comparison
The current volatility for Nuveen ESG Mid-Cap Growth ETF (NUMG) is 4.71%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.72%. 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 | 4.71% | 7.72% | -3.01% |
Volatility (6M)Calculated over the trailing 6-month period | 14.57% | 20.48% | -5.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.16% | 23.01% | -4.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.85% | 22.61% | +0.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.87% | 22.03% | -0.16% |
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 -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.72%) compared to NUMG (4.71%). In terms of maximum drawdown, NUMG dropped -38.85% vs GSG's -89.62%.
On 5-year performance, GSG leads with 15.39% vs 0.93% for NUMG. On fees, NUMG is cheaper at 0.30% per year. On volatility, NUMG has been the lower-risk option at 4.71%. 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 15.39% return vs 0.93%. 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 (2.17 vs -0.05), 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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