PSR vs. GSG
PSR (Invesco Active U.S. Real Estate Fund) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - PSR is a REIT fund actively managed by Invesco, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. PSR is actively managed, while GSG is passively managed. Over the past 10 years, PSR returned 5.54%/yr vs 7.61%/yr for GSG. At a 0.15 correlation, their price movements are largely independent. PSR charges 0.35%/yr vs 0.75%/yr for GSG.
Performance
PSR vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, PSR achieves a 20.01% return, which is significantly lower than GSG's 33.95% return. Over the past 10 years, PSR has underperformed GSG with an annualized return of 5.54%, while GSG has yielded a comparatively higher 7.61% annualized return.
PSR
- 1D
- 2.57%
- 1M
- 3.18%
- 6M
- 16.18%
- YTD
- 20.01%
- 1Y
- 19.40%
- 3Y*
- 9.62%
- 5Y*
- 2.65%
- 10Y*
- 5.54%
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%
PSR vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSR Invesco Active U.S. Real Estate Fund | 20.01% | 2.63% | 1.79% | 8.34% | -25.52% | 41.71% | -6.04% | 28.76% | -4.58% | 11.95% |
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 PSR and GSG is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2008 | 0.15 |
The correlation between PSR and GSG shifts across timeframes, from -0.15 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PSR vs. GSG — Risk / Return Rank
PSR
GSG
PSR vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Active U.S. Real Estate Fund (PSR) 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.
| PSR | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.29 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.00 | +0.34 |
| Martin ratioReturn relative to average drawdown | 7.35 | 6.66 | +0.68 |
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Drawdowns
PSR vs. GSG - Drawdown Comparison
The maximum PSR drawdown since its inception was -42.31%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for PSR and GSG.
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Drawdown Indicators
| PSR | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.31% | -89.62% | +47.31% |
Max Drawdown (1Y)Largest decline over 1 year | -8.33% | -18.81% | +10.48% |
Max Drawdown (3Y)Largest decline over 3 years | -16.58% | -18.81% | +2.23% |
Max Drawdown (5Y)Largest decline over 5 years | -34.81% | -29.12% | -5.69% |
Max Drawdown (10Y)Largest decline over 10 years | -42.31% | -57.64% | +15.33% |
Current DrawdownCurrent decline from peak | 0.00% | -59.56% | +59.56% |
Average DrawdownAverage peak-to-trough decline | -9.28% | -63.68% | +54.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.65% | 5.63% | -2.98% |
Volatility
PSR vs. GSG - Volatility Comparison
The current volatility for Invesco Active U.S. Real Estate Fund (PSR) is 5.25%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that PSR 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
| PSR | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.25% | 7.17% | -1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 11.08% | 21.54% | -10.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.00% | 23.48% | -9.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.63% | 22.80% | -4.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.35% | 22.00% | -1.65% |
PSR vs. GSG - Expense Ratio Comparison
PSR has a 0.35% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
PSR vs. GSG - Dividend Comparison
PSR's dividend yield for the trailing twelve months is around 2.46%, 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% |
PSR Invesco Active U.S. Real Estate Fund | 2.46% | 2.56% | 3.06% | 2.93% | 2.95% | 2.12% | 3.09% | 2.55% | 2.64% | 0.14% | 3.60% | 3.20% |
Frequently Asked Questions
PSR and GSG have a correlation of -0.15, 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 PSR (5.25%). In terms of maximum drawdown, PSR dropped -42.31% vs GSG's -89.62%.
On 10-year performance, GSG leads with 7.61% vs 5.54% for PSR. On fees, PSR is cheaper at 0.35% per year. On volatility, PSR has been the lower-risk option at 5.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSG has performed better with a 7.61% return vs 5.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSR is cheaper with a 0.35% expense ratio, compared with 0.75% for GSG.
PSR has the higher dividend yield at 2.46%, compared with 0.00% for GSG.
PSR is categorized as REIT, while GSG is Commodities. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for PSR and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.60 vs 1.39), 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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