PIO vs. GSG
PIO (Invesco Global Water ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - PIO is a Water Equities fund tracking the NASDAQ OMX Global 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, PIO returned 8.55%/yr vs 7.69%/yr for GSG. At a 0.30 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.
Performance
PIO vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, PIO achieves a 0.14% return, which is significantly lower than GSG's 42.58% return. Over the past 10 years, PIO has outperformed GSG with an annualized return of 8.55%, while GSG has yielded a comparatively lower 7.69% annualized return.
PIO
- 1D
- 0.36%
- 1M
- -2.45%
- YTD
- 0.14%
- 6M
- -1.81%
- 1Y
- 2.91%
- 3Y*
- 8.97%
- 5Y*
- 3.23%
- 10Y*
- 8.55%
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%
PIO vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIO Invesco Global Water ETF | 0.14% | 14.25% | -0.44% | 22.19% | -24.06% | 25.97% | 14.22% | 35.59% | -9.71% | 26.52% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between PIO and GSG is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2007 | 0.30 |
The correlation between PIO and GSG shifts across timeframes, from -0.29 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PIO vs. GSG — Risk / Return Rank
PIO
GSG
PIO vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Water ETF (PIO) 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.
| PIO | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.06 | ||
| Sortino ratioReturn per unit of downside risk | -2.49 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.40 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | 5.47 | -5.25 |
| Martin ratioReturn relative to average drawdown | 0.63 | 14.39 | -13.76 |
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
| PIO | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.20 | 2.26 | -2.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.70 | -0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.35 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | -0.09 | +0.28 |
Drawdowns
PIO vs. GSG - Drawdown Comparison
The maximum PIO drawdown since its inception was -64.88%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for PIO and GSG.
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Drawdown Indicators
| PIO | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.88% | -89.62% | +24.74% |
Max Drawdown (1Y)Largest decline over 1 year | -13.14% | -9.46% | -3.68% |
Max Drawdown (3Y)Largest decline over 3 years | -17.08% | -14.94% | -2.14% |
Max Drawdown (5Y)Largest decline over 5 years | -34.27% | -29.12% | -5.15% |
Max Drawdown (10Y)Largest decline over 10 years | -35.76% | -57.64% | +21.88% |
Current DrawdownCurrent decline from peak | -9.07% | -56.95% | +47.88% |
Average DrawdownAverage peak-to-trough decline | -15.43% | -63.71% | +48.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.60% | 3.59% | +1.01% |
Volatility
PIO vs. GSG - Volatility Comparison
The current volatility for Invesco Global Water ETF (PIO) is 4.44%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that PIO 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
| PIO | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.44% | 7.65% | -3.21% |
Volatility (6M)Calculated over the trailing 6-month period | 12.12% | 20.42% | -8.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.58% | 22.95% | -8.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.63% | 22.61% | -4.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.22% | 22.03% | -3.81% |
PIO vs. GSG - Expense Ratio Comparison
Both PIO and GSG have an expense ratio of 0.75%.
Dividends
PIO vs. GSG - Dividend Comparison
PIO's dividend yield for the trailing twelve months is around 1.02%, 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% |
PIO Invesco Global Water ETF | 1.02% | 1.04% | 0.78% | 0.84% | 1.02% | 1.19% | 0.88% | 1.20% | 2.00% | 1.00% | 1.45% | 1.63% |
Frequently Asked Questions
PIO and GSG have a correlation of -0.29, 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 PIO (4.44%). In terms of maximum drawdown, PIO dropped -64.88% vs GSG's -89.62%.
On 10-year performance, PIO leads with 8.55% vs 7.69% for GSG. Both ETFs have the same 0.75% expense ratio. On volatility, PIO has been the lower-risk option at 4.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PIO has performed better with a 8.55% return vs 7.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PIO and GSG have the same expense ratio: 0.75% per year.
PIO has the higher dividend yield at 1.02%, compared with 0.00% for GSG.
PIO is categorized as Water Equities, while GSG is Commodities. PIO tracks NASDAQ OMX Global Water Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Invesco and iShares.
GSG currently has the higher Sharpe Ratio (2.26 vs 0.20), 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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