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PWC vs. GSG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PWC vs. GSG

Last updated Jun 4, 2026

PWC (Invesco Dynamic Market ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - PWC is a Mid Cap Blend Equities fund tracking the Dynamic Market Intellidex Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, PWC returned 9.52%/yr vs 7.69%/yr for GSG. At a 0.31 correlation, their price movements are largely independent. PWC charges 0.60%/yr vs 0.75%/yr for GSG.

Performance

PWC vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Market ETF (PWC) and iShares S&P GSCI Commodity-Indexed Trust (GSG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PWC achieves a 5.85% return, which is significantly lower than GSG's 42.58% return. Over the past 10 years, PWC has outperformed GSG with an annualized return of 9.52%, while GSG has yielded a comparatively lower 7.69% annualized return.

PWC

1D
-0.13%
1M
0.31%
YTD
5.85%
6M
6.04%
1Y
8.50%
3Y*
13.71%
5Y*
6.10%
10Y*
9.52%

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

PWC vs. GSG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PWC
Invesco Dynamic Market ETF		5.85%6.15%17.46%19.03%-16.01%19.38%8.52%13.47%-6.40%20.16%
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 PWC and GSG is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.10

Correlation (3Y)
Calculated over the trailing 3-year period

0.05

Correlation (5Y)
Calculated over the trailing 5-year period

0.18

Correlation (10Y)
Calculated over the trailing 10-year period

0.25

Correlation (All Time)
Calculated using the full available price history since Jul 24, 2006

0.31

The correlation between PWC and GSG shifts across timeframes, from -0.10 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco Dynamic Market ETF

iShares S&P GSCI Commodity-Indexed Trust

Often compared with PWC:
PWC vs. FWRG.LPWC vs. SPYPWC vs. SCHGPWC vs. SOXXPWC vs. CGDVPWC vs. TUSAPWC vs. TXS
Often compared with GSG:
GSG vs. DBCGSG vs. PDBCGSG vs. COMTGSG vs. VCMDXGSG vs. GLDGSG vs. HGERGSG vs. CGL.TO

Return for Risk

PWC vs. GSG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PWC
PWC Risk / Return Rank: 2525
Overall Rank
PWC Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
PWC Sortino Ratio Rank: 2424
Sortino Ratio Rank
PWC Omega Ratio Rank: 2222
Omega Ratio Rank
PWC Calmar Ratio Rank: 2828
Calmar Ratio Rank
PWC Martin Ratio Rank: 2828
Martin Ratio Rank
GSG
GSG Risk / Return Rank: 7171
Overall Rank
GSG Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
GSG Sortino Ratio Rank: 6060
Sortino Ratio Rank
GSG Omega Ratio Rank: 6565
Omega Ratio Rank
GSG Calmar Ratio Rank: 8989
Calmar Ratio Rank
GSG Martin Ratio Rank: 7575
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PWC vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Market ETF (PWC) 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.

PWCGSGDifference
Sharpe ratioReturn per unit of total volatility
0.88
2.26

-1.38

Sortino ratioReturn per unit of downside risk
1.33
2.88

-1.55

Omega ratioGain probability vs. loss probability

1.15

1.40

-0.25

Calmar ratioReturn relative to maximum drawdown

1.32

5.47

-4.15

Martin ratioReturn relative to average drawdown

4.06

14.39

-10.33

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PWC vs. GSG - Sharpe Ratio Comparison

The current PWC Sharpe Ratio is 0.88, which is lower than the GSG Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of PWC 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.

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Sharpe Ratios by Period

PWCGSGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.88

2.26

-1.38

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.38

0.70

-0.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

0.35

+0.16

Sharpe Ratio (All Time)

Calculated using the full available price history

0.11

-0.09

+0.20

Drawdowns

PWC vs. GSG - Drawdown Comparison

The maximum PWC drawdown since its inception was -78.13%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for PWC and GSG.

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Drawdown Indicators

PWCGSGDifference

Max Drawdown

Largest peak-to-trough decline

-78.13%

-89.62%

+11.49%

Max Drawdown (1Y)

Largest decline over 1 year

-6.45%

-9.46%

+3.01%

Max Drawdown (3Y)

Largest decline over 3 years

-15.12%

-14.94%

-0.18%

Max Drawdown (5Y)

Largest decline over 5 years

-26.58%

-29.12%

+2.54%

Max Drawdown (10Y)

Largest decline over 10 years

-39.45%

-57.64%

+18.19%

Current Drawdown

Current decline from peak

-2.37%

-56.95%

+54.58%

Average Drawdown

Average peak-to-trough decline

-36.21%

-63.71%

+27.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.10%

3.59%

-1.49%

Volatility

PWC vs. GSG - Volatility Comparison

The current volatility for Invesco Dynamic Market ETF (PWC) is 2.14%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that PWC 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

PWCGSGDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.14%

7.65%

-5.51%

Volatility (6M)

Calculated over the trailing 6-month period

7.19%

20.42%

-13.23%

Volatility (1Y)

Calculated over the trailing 1-year period

9.75%

22.95%

-13.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.07%

22.61%

-6.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.81%

22.03%

-3.22%

PWC vs. GSG - Expense Ratio Comparison

PWC has a 0.60% expense ratio, which is lower than GSG's 0.75% expense ratio.

Dividends

PWC vs. GSG - Dividend Comparison

PWC's dividend yield for the trailing twelve months is around 1.68%, while GSG has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
PWC
Invesco Dynamic Market ETF		1.68%1.77%1.58%1.67%1.51%0.56%1.09%0.95%1.44%1.75%1.35%1.02%

Frequently Asked Questions

PWC and GSG have a correlation of -0.10, 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 PWC (2.14%). In terms of maximum drawdown, PWC dropped -78.13% vs GSG's -89.62%.

On 10-year performance, PWC leads with 9.52% vs 7.69% for GSG. On fees, PWC is cheaper at 0.60% per year. On volatility, PWC has been the lower-risk option at 2.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PWC has performed better with a 9.52% return vs 7.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PWC is cheaper with a 0.60% expense ratio, compared with 0.75% for GSG.

PWC has the higher dividend yield at 1.68%, compared with 0.00% for GSG.

PWC is categorized as Mid Cap Blend Equities, while GSG is Commodities. PWC tracks Dynamic Market Intellidex Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.60% for PWC and 0.75% for GSG.

GSG currently has the higher Sharpe Ratio (2.26 vs 0.88), 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.

Portfolio Optimizer

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