PIEQ vs. GSG

Last updated Aug 1, 2026

PIEQ (Principal International Equity ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - PIEQ is a Foreign Large Cap Equities fund actively managed by Principal, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. PIEQ is actively managed, while GSG is passively managed. Over the past year, PIEQ returned 27.27% vs 42.34% for GSG. Their -0.03 correlation means they have often moved in opposite directions in the past. PIEQ charges 0.48%/yr vs 0.75%/yr for GSG.

Performance

PIEQ vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal International Equity ETF (PIEQ) 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, PIEQ achieves a 10.07% return, which is significantly lower than GSG's 38.94% return.

PIEQ

• 1D: -0.55%
• 1M: 2.25%
• 6M: 5.01%
• YTD: 10.07%
• 1Y: 27.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.17%

GSG

• 1D: 0.28%
• 1M: 12.94%
• 6M: 25.75%
• YTD: 38.94%
• 1Y: 42.34%
• 3Y*: 14.13%
• 5Y*: 14.47%
• 10Y*: 8.91%
• ALL TIME*: -2.13%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GSG iShares S&P GSCI Commodity-Indexed Trust	$16.60M	$17.31M	$26.52M
PIEQ Principal International Equity ETF	$1.59M	$1.39M	$4.05M

PIEQ vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PIEQ Principal International Equity ETF	10.07%	38.10%	-2.98%
GSG iShares S&P GSCI Commodity-Indexed Trust	38.94%	5.93%	1.16%

Correlation

The correlation between PIEQ and GSG is -0.13, 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.	-0.13
Correlation (All Time) Calculated using the full available price history since Nov 6, 2024	-0.03

Return for Risk

PIEQ vs. GSG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PIEQ

PIEQ Risk / Return Rank: 71
PIEQ Sharpe Ratio Rank: 66
PIEQ Sortino Ratio Rank: 65
PIEQ Omega Ratio Rank: 66
PIEQ Calmar Ratio Rank: 78
PIEQ Martin Ratio Rank: 79

GSG

GSG Risk / Return Rank: 67
GSG Sharpe Ratio Rank: 74
GSG Sortino Ratio Rank: 70
GSG Omega Ratio Rank: 71
GSG Calmar Ratio Rank: 62
GSG Martin Ratio Rank: 59

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PIEQ vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal International Equity ETF (PIEQ) 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.

	PIEQ	GSG	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.68	-0.15
Sortino ratio: Return per unit of downside risk	2.17	2.28	-0.11
Omega ratio: Gain probability vs. loss probability	1.28	1.29	-0.01
Calmar ratio: Return relative to maximum drawdown	2.80	2.16	+0.63
Martin ratio: Return relative to average drawdown	10.22	6.99	+3.23

PIEQ vs. GSG - Sharpe Ratio Comparison

The current PIEQ Sharpe Ratio is 1.54, which is comparable to the GSG Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of PIEQ 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

PIEQ vs. GSG - Drawdown Comparison

The maximum PIEQ drawdown since its inception was -15.17%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for PIEQ and GSG.

Drawdown Indicators

	PIEQ	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-15.17%	-89.62%	+74.45%
Max Drawdown (1Y) Largest decline over 1 year	-9.53%	-18.81%	+9.28%
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	-0.87%	-58.05%	+57.18%
Average Drawdown Average peak-to-trough decline	-2.00%	-63.67%	+61.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	5.84%	-3.24%

Volatility

PIEQ vs. GSG - Volatility Comparison

The current volatility for Principal International Equity ETF (PIEQ) is 4.74%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.11%. This indicates that PIEQ 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.

Volatility by Period

	PIEQ	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	8.11%	-3.37%
Volatility (6M) Calculated over the trailing 6-month period	15.19%	22.18%	-6.99%
Volatility (1Y) Calculated over the trailing 1-year period	17.37%	24.23%	-6.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	22.86%	-5.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	22.06%	-4.37%

PIEQ vs. GSG - Expense Ratio Comparison

PIEQ has a 0.48% expense ratio, which is lower than GSG's 0.75% expense ratio.

Dividends

PIEQ vs. GSG - Dividend Comparison

PIEQ's dividend yield for the trailing twelve months is around 1.17%, 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%
PIEQ Principal International Equity ETF	1.17%	1.28%	0.10%

Frequently Asked Questions

Can I hold both PIEQ and GSG in my portfolio?

PIEQ and GSG have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIEQ or GSG?

GSG has higher volatility (8.11%) compared to PIEQ (4.74%). In terms of maximum drawdown, PIEQ dropped -15.17% vs GSG's -89.62%.

Which ETF is better, PIEQ or GSG?

On 1-year performance, GSG leads with 42.34% vs 27.27% for PIEQ. On fees, PIEQ is cheaper at 0.48% per year. On volatility, PIEQ has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIEQ or GSG?

Over the 1-year period, GSG has performed better with a 42.34% return vs 27.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIEQ or GSG?

PIEQ is cheaper with a 0.48% expense ratio, compared with 0.75% for GSG.

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

PIEQ has the higher dividend yield at 1.17%, compared with 0.00% for GSG.

What is the main difference between PIEQ and GSG?

PIEQ is categorized as Foreign Large Cap Equities, while GSG is Commodities. They also come from different issuers: Principal and iShares. Their fees differ too: 0.48% for PIEQ and 0.75% for GSG.

Which has better risk-adjusted returns?

GSG currently has the higher Sharpe Ratio (1.68 vs 1.54), 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.