PABD vs. GSG
PABD (iShares Paris-Aligned Climate MSCI World Ex USA ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - PABD is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past year, PABD returned 19.12% vs 38.08% for GSG. At a correlation of -0.04, they often move in opposite directions. PABD charges 0.12%/yr vs 0.75%/yr for GSG.
Performance
PABD vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, PABD achieves a 8.29% return, which is significantly lower than GSG's 34.43% return.
PABD
- 1D
- 0.74%
- 1M
- 0.67%
- 6M
- 5.53%
- YTD
- 8.29%
- 1Y
- 19.12%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- 1.57%
- 1M
- 1.37%
- 6M
- 28.74%
- YTD
- 34.43%
- 1Y
- 38.08%
- 3Y*
- 15.01%
- 5Y*
- 14.34%
- 10Y*
- 7.57%
PABD vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF | 8.29% | 30.06% | 5.32% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 34.43% | 5.93% | 6.87% |
Correlation
The correlation between PABD and GSG is -0.22, 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 | -0.22 |
Correlation (All Time) Calculated using the full available price history since Jan 19, 2024 | -0.04 |
The correlation between PABD and GSG shifts across timeframes, from -0.22 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PABD vs. GSG — Risk / Return Rank
PABD
GSG
PABD vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) 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.
| PABD | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.29 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.53 | 2.03 | -0.50 |
| Martin ratioReturn relative to average drawdown | 5.71 | 6.88 | -1.17 |
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Drawdowns
PABD vs. GSG - Drawdown Comparison
The maximum PABD drawdown since its inception was -13.37%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for PABD and GSG.
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Drawdown Indicators
| PABD | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.37% | -89.62% | +76.25% |
Max Drawdown (1Y)Largest decline over 1 year | -12.55% | -18.81% | +6.26% |
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 | -1.26% | -59.41% | +58.15% |
Average DrawdownAverage peak-to-trough decline | -2.57% | -63.69% | +61.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.36% | 5.55% | -2.19% |
Volatility
PABD vs. GSG - Volatility Comparison
The current volatility for iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) is 3.85%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.37%. This indicates that PABD 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
| PABD | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.85% | 7.37% | -3.52% |
Volatility (6M)Calculated over the trailing 6-month period | 13.84% | 21.54% | -7.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.08% | 23.48% | -7.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.60% | 22.80% | -7.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.60% | 22.00% | -6.40% |
PABD vs. GSG - Expense Ratio Comparison
PABD has a 0.12% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
PABD vs. GSG - Dividend Comparison
PABD's dividend yield for the trailing twelve months is around 3.02%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% |
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF | 3.02% | 2.74% | 2.87% |
Frequently Asked Questions
PABD and GSG have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.37%) compared to PABD (3.85%). In terms of maximum drawdown, PABD dropped -13.37% vs GSG's -89.62%.
On 1-year performance, GSG leads with 38.08% vs 19.12% for PABD. On fees, PABD is cheaper at 0.12% per year. On volatility, PABD has been the lower-risk option at 3.85%. 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 38.08% return vs 19.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PABD is cheaper with a 0.12% expense ratio, compared with 0.75% for GSG.
PABD has the higher dividend yield at 3.02%, compared with 0.00% for GSG.
PABD is categorized as Foreign Large Cap Equities, while GSG is Commodities. PABD tracks MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.12% for PABD and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.63 vs 1.19), 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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