PABU vs. GSG
PABU (iShares Paris-Aligned Climate Optimized MSCI USA ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - PABU is a Large Cap Blend Equities fund tracking the MSCI USA Climate Paris Aligned Benchmark Extended Select PAB Index (USD), while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 3 years, PABU returned 20.14%/yr vs 19.31%/yr for GSG. At a 0.07 correlation, their price movements are largely independent. PABU charges 0.10%/yr vs 0.75%/yr for GSG.
Performance
PABU vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, PABU achieves a 9.39% return, which is significantly lower than GSG's 42.58% return.
PABU
- 1D
- -1.29%
- 1M
- 7.47%
- YTD
- 9.39%
- 6M
- 9.10%
- 1Y
- 23.78%
- 3Y*
- 20.14%
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- 0.77%
- 1M
- -4.83%
- YTD
- 42.58%
- 6M
- 41.06%
- 1Y
- 51.52%
- 3Y*
- 19.31%
- 5Y*
- 15.74%
- 10Y*
- 7.69%
PABU vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PABU iShares Paris-Aligned Climate Optimized MSCI USA ETF | 9.39% | 13.08% | 24.84% | 29.51% | -15.45% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | -5.51% | 6.52% |
Correlation
The correlation between PABU 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 (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2022 | 0.07 |
The correlation between PABU and GSG shifts across timeframes, from -0.22 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PABU vs. GSG — Risk / Return Rank
PABU
GSG
PABU vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Paris-Aligned Climate Optimized MSCI USA ETF (PABU) 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.
| PABU | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.40 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 5.47 | -3.69 |
| Martin ratioReturn relative to average drawdown | 6.25 | 14.39 | -8.15 |
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
| PABU | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.79 | 2.26 | -0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.70 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.73 | -0.09 | +0.81 |
Drawdowns
PABU vs. GSG - Drawdown Comparison
The maximum PABU drawdown since its inception was -22.76%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for PABU and GSG.
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Drawdown Indicators
| PABU | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.76% | -89.62% | +66.86% |
Max Drawdown (1Y)Largest decline over 1 year | -13.40% | -9.46% | -3.94% |
Max Drawdown (3Y)Largest decline over 3 years | -20.85% | -14.94% | -5.91% |
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 | -1.29% | -56.95% | +55.66% |
Average DrawdownAverage peak-to-trough decline | -5.63% | -63.71% | +58.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.82% | 3.59% | +0.23% |
Volatility
PABU vs. GSG - Volatility Comparison
The current volatility for iShares Paris-Aligned Climate Optimized MSCI USA ETF (PABU) is 3.70%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that PABU 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
| PABU | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.70% | 7.65% | -3.95% |
Volatility (6M)Calculated over the trailing 6-month period | 10.24% | 20.42% | -10.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.37% | 22.95% | -9.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.68% | 22.61% | -3.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.68% | 22.03% | -3.35% |
PABU vs. GSG - Expense Ratio Comparison
PABU has a 0.10% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
PABU vs. GSG - Dividend Comparison
PABU's dividend yield for the trailing twelve months is around 0.86%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PABU iShares Paris-Aligned Climate Optimized MSCI USA ETF | 0.86% | 0.90% | 1.00% | 1.06% | 1.00% |
Frequently Asked Questions
PABU 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 (7.65%) compared to PABU (3.70%). In terms of maximum drawdown, PABU dropped -22.76% vs GSG's -89.62%.
On 3-year performance, PABU leads with 20.14% vs 19.31% for GSG. On fees, PABU is cheaper at 0.10% per year. On volatility, PABU has been the lower-risk option at 3.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PABU has performed better with a 20.14% return vs 19.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PABU is cheaper with a 0.10% expense ratio, compared with 0.75% for GSG.
PABU has the higher dividend yield at 0.86%, compared with 0.00% for GSG.
PABU is categorized as Large Cap Blend Equities, while GSG is Commodities. PABU tracks MSCI USA Climate Paris Aligned Benchmark Extended Select PAB Index (USD), while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.10% for PABU and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (2.26 vs 1.79), 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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