PCIG vs. GSG

Last updated Jul 12, 2026

PCIG (Polen Capital International Growth ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - PCIG is a Foreign Large Cap Equities fund actively managed by Polen, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. PCIG is actively managed, while GSG is passively managed. Over the past year, PCIG returned -8.85% vs 29.89% for GSG. At a correlation of -0.06, they often move in opposite directions. PCIG charges 0.85%/yr vs 0.75%/yr for GSG.

Performance

PCIG vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Polen Capital International Growth ETF (PCIG) and iShares S&P GSCI Commodity-Indexed Trust (GSG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCIG achieves a -3.68% return, which is significantly lower than GSG's 27.75% return.

PCIG

• 1D: 0.27%
• 1M: 2.15%
• 6M: -8.43%
• YTD: -3.68%
• 1Y: -8.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GSG

• 1D: -0.27%
• 1M: -3.66%
• 6M: 24.99%
• YTD: 27.75%
• 1Y: 29.89%
• 3Y*: 13.48%
• 5Y*: 12.99%
• 10Y*: 6.90%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PCIG vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PCIG Polen Capital International Growth ETF	-3.68%	-0.02%	-8.47%
GSG iShares S&P GSCI Commodity-Indexed Trust	27.75%	5.93%	0.23%

Correlation

The correlation between PCIG 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 Mar 15, 2024	-0.06

The correlation between PCIG and GSG shifts across timeframes, from -0.22 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PCIG vs. GSG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PCIG

PCIG Risk / Return Rank: 5
PCIG Sharpe Ratio Rank: 5
PCIG Sortino Ratio Rank: 5
PCIG Omega Ratio Rank: 5
PCIG Calmar Ratio Rank: 5
PCIG Martin Ratio Rank: 5

GSG

GSG Risk / Return Rank: 46
GSG Sharpe Ratio Rank: 49
GSG Sortino Ratio Rank: 47
GSG Omega Ratio Rank: 48
GSG Calmar Ratio Rank: 41
GSG Martin Ratio Rank: 44

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PCIG vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Polen Capital International Growth ETF (PCIG) 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.

	PCIG	GSG	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	1.37	-1.87
Sortino ratio: Return per unit of downside risk	-0.59	1.91	-2.50
Omega ratio: Gain probability vs. loss probability	0.93	1.25	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.46	1.69	-2.14
Martin ratio: Return relative to average drawdown	-0.99	5.80	-6.79

PCIG vs. GSG - Sharpe Ratio Comparison

The current PCIG Sharpe Ratio is -0.51, which is lower than the GSG Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of PCIG and GSG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PCIG vs. GSG - Drawdown Comparison

The maximum PCIG drawdown since its inception was -23.40%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for PCIG and GSG.

Drawdown Indicators

	PCIG	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-23.40%	-89.62%	+66.22%
Max Drawdown (1Y) Largest decline over 1 year	-21.45%	-18.81%	-2.64%
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 Drawdown Current decline from peak	-12.82%	-61.43%	+48.61%
Average Drawdown Average peak-to-trough decline	-7.39%	-63.69%	+56.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.94%	5.45%	+4.49%

Volatility

PCIG vs. GSG - Volatility Comparison

Polen Capital International Growth ETF (PCIG) and iShares S&P GSCI Commodity-Indexed Trust (GSG) have volatilities of 6.58% and 6.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCIG	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.58%	6.34%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	15.99%	21.28%	-5.29%
Volatility (1Y) Calculated over the trailing 1-year period	19.39%	23.22%	-3.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.30%	22.74%	-4.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.30%	21.98%	-3.68%

PCIG vs. GSG - Expense Ratio Comparison

PCIG has a 0.85% expense ratio, which is higher than GSG's 0.75% expense ratio.

Dividends

PCIG vs. GSG - Dividend Comparison

PCIG's dividend yield for the trailing twelve months is around 0.15%, 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%
PCIG Polen Capital International Growth ETF	0.15%	0.14%	0.36%

Frequently Asked Questions

Can I hold both PCIG and GSG in my portfolio?

PCIG 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.

Which is riskier, PCIG or GSG?

PCIG has higher volatility (6.58%) compared to GSG (6.34%). In terms of maximum drawdown, PCIG dropped -23.40% vs GSG's -89.62%.

Which ETF is better, PCIG or GSG?

On 1-year performance, GSG leads with 29.89% vs -8.85% for PCIG. On fees, GSG is cheaper at 0.75% per year. On volatility, GSG has been the lower-risk option at 6.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCIG or GSG?

Over the 1-year period, GSG has performed better with a 29.89% return vs -8.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCIG or GSG?

GSG is cheaper with a 0.75% expense ratio, compared with 0.85% for PCIG.

Which ETF pays a higher dividend yield, PCIG or GSG?

PCIG has the higher dividend yield at 0.15%, compared with 0.00% for GSG.

What is the main difference between PCIG and GSG?

PCIG is categorized as Foreign Large Cap Equities, while GSG is Commodities. They also come from different issuers: Polen and iShares. Their fees differ too: 0.85% for PCIG and 0.75% for GSG.

Which has better risk-adjusted returns?

GSG currently has the higher Sharpe Ratio (1.37 vs -0.51), 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.