PHO vs. GSG
PHO (Invesco Water Resources ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - PHO is a Water Equities fund tracking the NASDAQ OMX US Water Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, PHO returned 11.75%/yr vs 7.61%/yr for GSG. At a 0.29 correlation, their price movements are largely independent. PHO charges 0.59%/yr vs 0.75%/yr for GSG.
Performance
PHO vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, PHO achieves a -0.34% return, which is significantly lower than GSG's 33.95% return. Over the past 10 years, PHO has outperformed GSG with an annualized return of 11.75%, while GSG has yielded a comparatively lower 7.61% annualized return.
PHO
- 1D
- 2.37%
- 1M
- 3.28%
- 6M
- -5.62%
- YTD
- -0.34%
- 1Y
- 0.78%
- 3Y*
- 7.67%
- 5Y*
- 5.63%
- 10Y*
- 11.75%
GSG
- 1D
- -0.93%
- 1M
- 4.15%
- 6M
- 29.74%
- YTD
- 33.95%
- 1Y
- 37.41%
- 3Y*
- 15.32%
- 5Y*
- 14.20%
- 10Y*
- 7.61%
PHO vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHO Invesco Water Resources ETF | -0.34% | 7.62% | 8.59% | 18.85% | -14.86% | 31.28% | 20.83% | 37.57% | -6.40% | 23.55% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 33.95% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between PHO and GSG is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jul 21, 2006 | 0.29 |
The correlation between PHO and GSG shifts across timeframes, from -0.25 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PHO vs. GSG — Risk / Return Rank
PHO
GSG
PHO vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Water Resources ETF (PHO) 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.
| PHO | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.55 | ||
| Sortino ratioReturn per unit of downside risk | -2.01 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.29 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | 2.00 | -1.94 |
| Martin ratioReturn relative to average drawdown | 0.13 | 6.66 | -6.53 |
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Drawdowns
PHO vs. GSG - Drawdown Comparison
The maximum PHO drawdown since its inception was -55.62%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for PHO and GSG.
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Drawdown Indicators
| PHO | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.62% | -89.62% | +34.00% |
Max Drawdown (1Y)Largest decline over 1 year | -13.78% | -18.81% | +5.03% |
Max Drawdown (3Y)Largest decline over 3 years | -19.19% | -18.81% | -0.38% |
Max Drawdown (5Y)Largest decline over 5 years | -28.60% | -29.12% | +0.52% |
Max Drawdown (10Y)Largest decline over 10 years | -34.92% | -57.64% | +22.72% |
Current DrawdownCurrent decline from peak | -5.84% | -59.56% | +53.72% |
Average DrawdownAverage peak-to-trough decline | -10.17% | -63.68% | +53.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.06% | 5.63% | +0.43% |
Volatility
PHO vs. GSG - Volatility Comparison
The current volatility for Invesco Water Resources ETF (PHO) is 5.12%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that PHO 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
| PHO | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.12% | 7.17% | -2.05% |
Volatility (6M)Calculated over the trailing 6-month period | 11.79% | 21.54% | -9.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.52% | 23.48% | -7.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.47% | 22.80% | -4.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.46% | 22.00% | -2.54% |
PHO vs. GSG - Expense Ratio Comparison
PHO has a 0.59% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
PHO vs. GSG - Dividend Comparison
PHO's dividend yield for the trailing twelve months is around 0.58%, 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% |
PHO Invesco Water Resources ETF | 0.58% | 0.54% | 0.45% | 0.59% | 0.49% | 0.20% | 0.39% | 0.43% | 0.46% | 0.34% | 0.47% | 0.75% |
Frequently Asked Questions
PHO and GSG have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.17%) compared to PHO (5.12%). In terms of maximum drawdown, PHO dropped -55.62% vs GSG's -89.62%.
On 10-year performance, PHO leads with 11.75% vs 7.61% for GSG. On fees, PHO is cheaper at 0.59% per year. On volatility, PHO has been the lower-risk option at 5.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PHO has performed better with a 11.75% return vs 7.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PHO is cheaper with a 0.59% expense ratio, compared with 0.75% for GSG.
PHO has the higher dividend yield at 0.58%, compared with 0.00% for GSG.
PHO is categorized as Water Equities, while GSG is Commodities. PHO tracks NASDAQ OMX US Water Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.59% for PHO and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.60 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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