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QVMT vs. GSG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QVMT vs. GSG

Last updated Jun 6, 2026

QVMT (Invesco S&P S&P 500 Concentrated QVM ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - QVMT is a S&P 500 fund tracking the S&P 500 Quality, Value & Momentum Multi-factor Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, QVMT returned 12.79%/yr vs 7.06%/yr for GSG. At a 0.27 correlation, their price movements are largely independent. QVMT charges 0.13%/yr vs 0.75%/yr for GSG.

Performance

QVMT vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) 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, QVMT achieves a 16.07% return, which is significantly lower than GSG's 36.99% return. Over the past 10 years, QVMT has outperformed GSG with an annualized return of 12.79%, while GSG has yielded a comparatively lower 7.06% annualized return.

QVMT

1D
-1.55%
1M
1.85%
YTD
16.07%
6M
18.74%
1Y
34.61%
3Y*
21.89%
5Y*
11.24%
10Y*
12.79%

GSG

1D
-2.47%
1M
-3.81%
YTD
36.99%
6M
33.63%
1Y
45.17%
3Y*
17.71%
5Y*
14.82%
10Y*
7.06%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QVMT vs. GSG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QVMT
Invesco S&P S&P 500 Concentrated QVM ETF		16.07%19.08%14.40%11.71%-5.61%35.27%-9.98%28.86%-9.51%18.77%
GSG
iShares S&P GSCI Commodity-Indexed Trust		36.99%5.93%8.52%-5.51%24.08%38.77%-23.94%15.62%-13.88%3.89%

Correlation

The correlation between QVMT 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

0.13

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

0.25

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

0.28

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2015

0.27

The correlation between QVMT and GSG shifts across timeframes, from -0.10 (1 year) to 0.28 (10 years), 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 S&P S&P 500 Concentrated QVM ETF

iShares S&P GSCI Commodity-Indexed Trust

Often compared with QVMT:
QVMT vs. SPMOQVMT vs. SPVMQVMT vs. VOOQVMT vs. PBFRQVMT vs. HIBLQVMT vs. XCLRQVMT vs. SPHQ
Often compared with GSG:
GSG vs. DBCGSG vs. PDBCGSG vs. COMTGSG vs. VCMDXGSG vs. GLDGSG vs. HGERGSG vs. CGL.TO

Return for Risk

QVMT vs. GSG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QVMT
QVMT Risk / Return Rank: 8888
Overall Rank
QVMT Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
QVMT Sortino Ratio Rank: 9090
Sortino Ratio Rank
QVMT Omega Ratio Rank: 8383
Omega Ratio Rank
QVMT Calmar Ratio Rank: 9191
Calmar Ratio Rank
QVMT Martin Ratio Rank: 9090
Martin Ratio Rank
GSG
GSG Risk / Return Rank: 6666
Overall Rank
GSG Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
GSG Sortino Ratio Rank: 5555
Sortino Ratio Rank
GSG Omega Ratio Rank: 6060
Omega Ratio Rank
GSG Calmar Ratio Rank: 8787
Calmar Ratio Rank
GSG Martin Ratio Rank: 6969
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.

QVMT vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) 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.

QVMTGSGDifference
Sharpe ratioReturn per unit of total volatility
2.77
1.96

+0.81

Sortino ratioReturn per unit of downside risk
3.93
2.56

+1.37

Omega ratioGain probability vs. loss probability

1.47

1.35

+0.12

Calmar ratioReturn relative to maximum drawdown

5.56

4.80

+0.76

Martin ratioReturn relative to average drawdown

19.73

12.37

+7.36

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

QVMT vs. GSG - Sharpe Ratio Comparison

The current QVMT Sharpe Ratio is 2.77, which is higher than the GSG Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of QVMT 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

QVMTGSGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.77

1.96

+0.81

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

0.66

0.00

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

0.32

+0.29

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

-0.09

+0.68

Drawdowns

QVMT vs. GSG - Drawdown Comparison

The maximum QVMT drawdown since its inception was -48.05%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for QVMT and GSG.

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Drawdown Indicators

QVMTGSGDifference

Max Drawdown

Largest peak-to-trough decline

-48.05%

-89.62%

+41.57%

Max Drawdown (1Y)

Largest decline over 1 year

-6.25%

-9.46%

+3.21%

Max Drawdown (3Y)

Largest decline over 3 years

-14.42%

-14.94%

+0.52%

Max Drawdown (5Y)

Largest decline over 5 years

-21.95%

-29.12%

+7.17%

Max Drawdown (10Y)

Largest decline over 10 years

-48.05%

-57.64%

+9.59%

Current Drawdown

Current decline from peak

-1.55%

-58.64%

+57.09%

Average Drawdown

Average peak-to-trough decline

-6.34%

-63.71%

+57.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.76%

3.66%

-1.90%

Volatility

QVMT vs. GSG - Volatility Comparison

The current volatility for Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) is 3.36%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.03%. This indicates that QVMT 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

QVMTGSGDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.36%

7.03%

-3.67%

Volatility (6M)

Calculated over the trailing 6-month period

9.09%

20.66%

-11.57%

Volatility (1Y)

Calculated over the trailing 1-year period

12.53%

23.15%

-10.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.29%

22.63%

-5.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.05%

22.04%

-0.99%

QVMT vs. GSG - Expense Ratio Comparison

QVMT has a 0.13% expense ratio, which is lower than GSG's 0.75% expense ratio.

Dividends

QVMT vs. GSG - Dividend Comparison

QVMT's dividend yield for the trailing twelve months is around 2.07%, 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%
QVMT
Invesco S&P S&P 500 Concentrated QVM ETF		2.07%2.42%2.71%3.05%2.49%2.31%2.70%2.23%2.48%2.37%1.11%0.54%

Frequently Asked Questions

QVMT 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 (7.03%) compared to QVMT (3.36%). In terms of maximum drawdown, QVMT dropped -48.05% vs GSG's -89.62%.

On 10-year performance, QVMT leads with 12.79% vs 7.06% for GSG. On fees, QVMT is cheaper at 0.13% per year. On volatility, QVMT has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QVMT has performed better with a 12.79% return vs 7.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QVMT is cheaper with a 0.13% expense ratio, compared with 0.75% for GSG.

QVMT has the higher dividend yield at 2.07%, compared with 0.00% for GSG.

QVMT is categorized as S&P 500, while GSG is Commodities. QVMT tracks S&P 500 Quality, Value & Momentum Multi-factor Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.13% for QVMT and 0.75% for GSG.

QVMT currently has the higher Sharpe Ratio (2.77 vs 1.96), 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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