NYF vs. GSG
NYF (iShares New York Muni Bond ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - NYF is a Municipal Bonds fund tracking the ICE AMT-Free New York Plus Municipal Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, NYF returned 1.64%/yr vs 7.99%/yr for GSG. Their -0.07 correlation means they have often moved in opposite directions in the past. NYF charges 0.09%/yr vs 0.75%/yr for GSG.
Performance
NYF vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, NYF achieves a 0.64% return, which is significantly lower than GSG's 32.05% return. Over the past 10 years, NYF has underperformed GSG with an annualized return of 1.64%, while GSG has yielded a comparatively higher 7.99% annualized return.
NYF
- 1D
- 0.25%
- 1M
- -1.56%
- 6M
- -0.13%
- YTD
- 0.64%
- 1Y
- 4.71%
- 3Y*
- 3.02%
- 5Y*
- 0.53%
- 10Y*
- 1.64%
- ALL TIME*
- 3.06%
GSG
- 1D
- -2.34%
- 1M
- 7.33%
- 6M
- 21.51%
- YTD
- 32.05%
- 1Y
- 36.06%
- 3Y*
- 12.37%
- 5Y*
- 13.92%
- 10Y*
- 7.99%
- ALL TIME*
- -2.38%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $18.82M | $16.77M | $25.29M | |
| $9.91M | $8.04M | $7.81M |
NYF vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 0.64% | 3.64% | 1.13% | 5.76% | -7.75% | 1.34% | 4.18% | 6.49% | 0.66% | 5.02% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.05% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between NYF and GSG is -0.31, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | -0.07 |
Over the past year, the inverse relationship between NYF and GSG has strengthened: their correlation has moved from -0.07 to -0.31, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
NYF vs. GSG — Risk / Return Rank
NYF
GSG
NYF vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares New York Muni Bond ETF (NYF) 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.
| NYF | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.26 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 1.93 | -0.21 |
| Martin ratioReturn relative to average drawdown | 5.58 | 6.13 | -0.55 |
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Drawdowns
NYF vs. GSG - Drawdown Comparison
The maximum NYF drawdown since its inception was -13.12%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for NYF and GSG.
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Drawdown Indicators
| NYF | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.12% | -89.62% | +76.50% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -18.81% | +16.05% |
Max Drawdown (3Y)Largest decline over 3 years | -4.62% | -18.81% | +14.19% |
Max Drawdown (5Y)Largest decline over 5 years | -12.41% | -29.12% | +16.71% |
Max Drawdown (10Y)Largest decline over 10 years | -13.12% | -57.64% | +44.52% |
Current DrawdownCurrent decline from peak | -1.56% | -60.13% | +58.57% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -63.67% | +61.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 5.90% | -5.06% |
Volatility
NYF vs. GSG - Volatility Comparison
The current volatility for iShares New York Muni Bond ETF (NYF) is 0.87%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 9.06%. This indicates that NYF 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
| NYF | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 9.06% | -8.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 22.00% | -19.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.74% | 24.45% | -21.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.02% | 22.90% | -18.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.48% | 22.09% | -17.61% |
NYF vs. GSG - Expense Ratio Comparison
NYF has a 0.09% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
NYF vs. GSG - Dividend Comparison
NYF's dividend yield for the trailing twelve months is around 3.16%, while GSG has not 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% |
NYF iShares New York Muni Bond ETF | 3.16% | 2.99% | 2.77% | 2.36% | 2.04% | 1.85% | 1.98% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% |
Frequently Asked Questions
NYF 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 (9.06%) compared to NYF (0.87%). In terms of maximum drawdown, NYF dropped -13.12% vs GSG's -89.62%.
On 10-year performance, GSG leads with 7.99% vs 1.64% for NYF. On fees, NYF is cheaper at 0.09% per year. On volatility, NYF has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSG has performed better with a 7.99% return vs 1.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NYF is cheaper with a 0.09% expense ratio, compared with 0.75% for GSG.
NYF has the higher dividend yield at 3.16%, compared with 0.00% for GSG.
NYF is categorized as Municipal Bonds, while GSG is Commodities. NYF tracks ICE AMT-Free New York Plus Municipal Index, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.09% for NYF and 0.75% for GSG.
NYF currently has the higher Sharpe Ratio (1.72 vs 1.48), 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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