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RZG vs. GSG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RZG vs. GSG

Last updated Jun 4, 2026

RZG (Invesco S&P SmallCap 600® Pure Growth ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - RZG is a Small Cap Growth Equities fund tracking the S&P Small Cap 600 Pure Growth, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, RZG returned 9.65%/yr vs 7.69%/yr for GSG. At a 0.28 correlation, their price movements are largely independent. RZG charges 0.35%/yr vs 0.75%/yr for GSG.

Performance

RZG vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap 600® Pure Growth ETF (RZG) 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, RZG achieves a 18.15% return, which is significantly lower than GSG's 42.58% return. Over the past 10 years, RZG has outperformed GSG with an annualized return of 9.65%, while GSG has yielded a comparatively lower 7.69% annualized return.

RZG

1D
-0.14%
1M
-0.10%
YTD
18.15%
6M
16.98%
1Y
30.70%
3Y*
17.12%
5Y*
4.85%
10Y*
9.65%

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)

RZG vs. GSG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
RZG
Invesco S&P SmallCap 600® Pure Growth ETF		18.15%10.22%9.84%19.15%-29.00%21.01%17.76%14.25%-8.70%19.18%
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 RZG and GSG is -0.22, 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

-0.22

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

0.06

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

0.16

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

0.23

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

0.28

The correlation between RZG and GSG shifts across timeframes, from -0.22 (1 year) to 0.28 (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 S&P SmallCap 600® Pure Growth ETF

iShares S&P GSCI Commodity-Indexed Trust

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Often compared with GSG:
GSG vs. DBCGSG vs. PDBCGSG vs. COMTGSG vs. VCMDXGSG vs. GLDGSG vs. HGERGSG vs. CGL.TO

Return for Risk

RZG vs. GSG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RZG
RZG Risk / Return Rank: 5656
Overall Rank
RZG Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
RZG Sortino Ratio Rank: 5151
Sortino Ratio Rank
RZG Omega Ratio Rank: 4545
Omega Ratio Rank
RZG Calmar Ratio Rank: 7272
Calmar Ratio Rank
RZG Martin Ratio Rank: 6565
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.

RZG vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600® Pure Growth ETF (RZG) 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.

RZGGSGDifference
Sharpe ratioReturn per unit of total volatility
1.66
2.26

-0.59

Sortino ratioReturn per unit of downside risk
2.48
2.88

-0.40

Omega ratioGain probability vs. loss probability

1.29

1.40

-0.12

Calmar ratioReturn relative to maximum drawdown

3.58

5.47

-1.90

Martin ratioReturn relative to average drawdown

11.94

14.39

-2.45

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

RZG vs. GSG - Sharpe Ratio Comparison

The current RZG Sharpe Ratio is 1.66, which is comparable to the GSG Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of RZG 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

RZGGSGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.66

2.26

-0.59

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.21

0.70

-0.49

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.39

0.35

+0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.37

-0.09

+0.46

Drawdowns

RZG vs. GSG - Drawdown Comparison

The maximum RZG drawdown since its inception was -58.52%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for RZG and GSG.

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Drawdown Indicators

RZGGSGDifference

Max Drawdown

Largest peak-to-trough decline

-58.52%

-89.62%

+31.10%

Max Drawdown (1Y)

Largest decline over 1 year

-8.63%

-9.46%

+0.83%

Max Drawdown (3Y)

Largest decline over 3 years

-25.73%

-14.94%

-10.79%

Max Drawdown (5Y)

Largest decline over 5 years

-38.33%

-29.12%

-9.21%

Max Drawdown (10Y)

Largest decline over 10 years

-54.02%

-57.64%

+3.62%

Current Drawdown

Current decline from peak

-1.92%

-56.95%

+55.03%

Average Drawdown

Average peak-to-trough decline

-12.13%

-63.71%

+51.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.58%

3.59%

-1.01%

Volatility

RZG vs. GSG - Volatility Comparison

The current volatility for Invesco S&P SmallCap 600® Pure Growth ETF (RZG) is 4.68%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that RZG 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

RZGGSGDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.68%

7.65%

-2.97%

Volatility (6M)

Calculated over the trailing 6-month period

13.57%

20.42%

-6.85%

Volatility (1Y)

Calculated over the trailing 1-year period

18.57%

22.95%

-4.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.97%

22.61%

+0.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.64%

22.03%

+2.61%

RZG vs. GSG - Expense Ratio Comparison

RZG has a 0.35% expense ratio, which is lower than GSG's 0.75% expense ratio.

Dividends

RZG vs. GSG - Dividend Comparison

RZG's dividend yield for the trailing twelve months is around 0.42%, 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%
RZG
Invesco S&P SmallCap 600® Pure Growth ETF		0.42%0.37%0.95%1.43%1.59%0.22%0.49%0.70%0.46%0.44%0.65%0.70%

Frequently Asked Questions

RZG and GSG have a correlation of -0.22, 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 RZG (4.68%). In terms of maximum drawdown, RZG dropped -58.52% vs GSG's -89.62%.

On 10-year performance, RZG leads with 9.65% vs 7.69% for GSG. On fees, RZG is cheaper at 0.35% per year. On volatility, RZG has been the lower-risk option at 4.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, RZG has performed better with a 9.65% return vs 7.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

RZG is cheaper with a 0.35% expense ratio, compared with 0.75% for GSG.

RZG has the higher dividend yield at 0.42%, compared with 0.00% for GSG.

RZG is categorized as Small Cap Growth Equities, while GSG is Commodities. RZG tracks S&P Small Cap 600 Pure Growth, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for RZG and 0.75% for GSG.

GSG currently has the higher Sharpe Ratio (2.26 vs 1.66), 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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