PJIO vs. GSG
PJIO (PGIM Jennison International Opportunities ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - PJIO is a Foreign Large Cap Equities fund actively managed by PGIM, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. PJIO is actively managed, while GSG is passively managed. Over the past year, PJIO returned -0.53% vs 37.41% for GSG. At a correlation of -0.01, they often move in opposite directions. PJIO charges 0.90%/yr vs 0.75%/yr for GSG.
Performance
PJIO vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, PJIO achieves a 0.13% return, which is significantly lower than GSG's 33.95% return.
PJIO
- 1D
- -3.43%
- 1M
- -9.11%
- 6M
- -3.07%
- YTD
- 0.13%
- 1Y
- -0.53%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
PJIO vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PJIO PGIM Jennison International Opportunities ETF | 0.13% | 17.75% | 4.59% | -0.27% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 33.95% | 5.93% | 8.52% | -1.28% |
Correlation
The correlation between PJIO and GSG is -0.18, 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 | -0.18 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2023 | -0.01 |
The correlation between PJIO and GSG shifts across timeframes, from -0.18 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PJIO vs. GSG — Risk / Return Rank
PJIO
GSG
PJIO vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Jennison International Opportunities ETF (PJIO) 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.
| PJIO | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.62 | ||
| Sortino ratioReturn per unit of downside risk | -2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.29 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 2.00 | -2.03 |
| Martin ratioReturn relative to average drawdown | -0.08 | 6.66 | -6.74 |
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Drawdowns
PJIO vs. GSG - Drawdown Comparison
The maximum PJIO drawdown since its inception was -19.26%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for PJIO and GSG.
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Drawdown Indicators
| PJIO | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.26% | -89.62% | +70.36% |
Max Drawdown (1Y)Largest decline over 1 year | -19.26% | -18.81% | -0.45% |
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 DrawdownCurrent decline from peak | -13.43% | -59.56% | +46.13% |
Average DrawdownAverage peak-to-trough decline | -4.31% | -63.68% | +59.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.29% | 5.63% | +0.66% |
Volatility
PJIO vs. GSG - Volatility Comparison
PGIM Jennison International Opportunities ETF (PJIO) has a higher volatility of 11.75% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.17%. This indicates that PJIO's price experiences larger fluctuations and is considered to be riskier 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
| PJIO | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.75% | 7.17% | +4.58% |
Volatility (6M)Calculated over the trailing 6-month period | 23.79% | 21.54% | +2.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.79% | 23.48% | +2.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.33% | 22.80% | -0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.33% | 22.00% | +0.33% |
PJIO vs. GSG - Expense Ratio Comparison
PJIO has a 0.90% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
PJIO vs. GSG - Dividend Comparison
PJIO's dividend yield for the trailing twelve months is around 0.19%, 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% |
PJIO PGIM Jennison International Opportunities ETF | 0.19% | 0.19% | 0.22% |
Frequently Asked Questions
PJIO and GSG have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PJIO has higher volatility (11.75%) compared to GSG (7.17%). In terms of maximum drawdown, PJIO dropped -19.26% vs GSG's -89.62%.
On 1-year performance, GSG leads with 37.41% vs -0.53% for PJIO. On fees, GSG is cheaper at 0.75% per year. On volatility, GSG has been the lower-risk option at 7.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GSG has performed better with a 37.41% return vs -0.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 0.90% for PJIO.
PJIO has the higher dividend yield at 0.19%, compared with 0.00% for GSG.
PJIO is categorized as Foreign Large Cap Equities, while GSG is Commodities. They also come from different issuers: PGIM and iShares. Their fees differ too: 0.90% for PJIO and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.60 vs -0.02), 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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