PY vs. GSG
PY (Principal Value ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - PY is a Large Cap Value Equities fund actively managed by Principal, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. PY is actively managed, while GSG is passively managed. Over the past 10 years, PY returned 10.95%/yr vs 7.61%/yr for GSG. At a 0.20 correlation, their price movements are largely independent. PY charges 0.15%/yr vs 0.75%/yr for GSG.
Performance
PY vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, PY achieves a 7.89% return, which is significantly lower than GSG's 33.95% return. Over the past 10 years, PY has outperformed GSG with an annualized return of 10.95%, while GSG has yielded a comparatively lower 7.61% annualized return.
PY
- 1D
- 1.12%
- 1M
- 2.77%
- 6M
- 6.57%
- YTD
- 7.89%
- 1Y
- 14.59%
- 3Y*
- 12.81%
- 5Y*
- 8.70%
- 10Y*
- 10.95%
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%
PY vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PY Principal Value ETF | 7.89% | 7.74% | 16.79% | 9.11% | -5.10% | 34.83% | 2.71% | 26.87% | -13.34% | 18.87% |
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 PY and GSG is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2016 | 0.20 |
The correlation between PY and GSG shifts across timeframes, from -0.13 (1 year) to 0.20 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
PY vs. GSG — Risk / Return Rank
PY
GSG
PY vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal Value ETF (PY) 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.
| PY | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.29 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 2.00 | +0.37 |
| Martin ratioReturn relative to average drawdown | 7.86 | 6.66 | +1.20 |
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Drawdowns
PY vs. GSG - Drawdown Comparison
The maximum PY drawdown since its inception was -45.44%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for PY and GSG.
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Drawdown Indicators
| PY | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.44% | -89.62% | +44.18% |
Max Drawdown (1Y)Largest decline over 1 year | -6.20% | -18.81% | +12.61% |
Max Drawdown (3Y)Largest decline over 3 years | -17.84% | -18.81% | +0.97% |
Max Drawdown (5Y)Largest decline over 5 years | -17.84% | -29.12% | +11.28% |
Max Drawdown (10Y)Largest decline over 10 years | -45.44% | -57.64% | +12.20% |
Current DrawdownCurrent decline from peak | 0.00% | -59.56% | +59.56% |
Average DrawdownAverage peak-to-trough decline | -5.00% | -63.68% | +58.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.86% | 5.63% | -3.77% |
Volatility
PY vs. GSG - Volatility Comparison
The current volatility for Principal Value ETF (PY) is 2.97%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that PY 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
| PY | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.97% | 7.17% | -4.20% |
Volatility (6M)Calculated over the trailing 6-month period | 7.46% | 21.54% | -14.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.45% | 23.48% | -13.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.68% | 22.80% | -7.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.06% | 22.00% | -1.94% |
PY vs. GSG - Expense Ratio Comparison
PY has a 0.15% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
PY vs. GSG - Dividend Comparison
PY's dividend yield for the trailing twelve months is around 1.92%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PY Principal Value ETF | 1.92% | 2.14% | 2.22% | 2.68% | 3.02% | 2.83% | 2.95% | 2.25% | 2.34% | 1.68% | 1.85% |
Frequently Asked Questions
PY 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.
GSG has higher volatility (7.17%) compared to PY (2.97%). In terms of maximum drawdown, PY dropped -45.44% vs GSG's -89.62%.
On 10-year performance, PY leads with 10.95% vs 7.61% for GSG. On fees, PY is cheaper at 0.15% per year. On volatility, PY has been the lower-risk option at 2.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PY has performed better with a 10.95% return vs 7.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PY is cheaper with a 0.15% expense ratio, compared with 0.75% for GSG.
PY has the higher dividend yield at 1.92%, compared with 0.00% for GSG.
PY is categorized as Large Cap Value Equities, while GSG is Commodities. They also come from different issuers: Principal and iShares. Their fees differ too: 0.15% for PY and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.60 vs 1.40), 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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