SCHQ vs. GSG
SCHQ (Schwab Long-Term U.S. Treasury ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - SCHQ is a Government Bonds fund tracking the Bloomberg U.S. Long Treasury Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, SCHQ returned -7.19%/yr vs 14.69%/yr for GSG. Their -0.18 correlation means they have often moved in opposite directions in the past. SCHQ charges 0.03%/yr vs 0.75%/yr for GSG.
Performance
SCHQ vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, SCHQ achieves a -2.90% return, which is significantly lower than GSG's 35.21% return.
SCHQ
- 1D
- 0.36%
- 1M
- -3.17%
- 6M
- -2.56%
- YTD
- -2.90%
- 1Y
- -1.33%
- 3Y*
- -0.04%
- 5Y*
- -7.19%
- 10Y*
- —
- ALL TIME*
- -4.12%
GSG
- 1D
- -2.68%
- 1M
- 9.90%
- 6M
- 27.47%
- YTD
- 35.21%
- 1Y
- 38.52%
- 3Y*
- 13.26%
- 5Y*
- 14.69%
- 10Y*
- 8.24%
- ALL TIME*
- -2.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $17.98M | $16.40M | $25.53M | |
| $13.53M | $14.79M | $18.63M |
SCHQ vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SCHQ Schwab Long-Term U.S. Treasury ETF | -2.90% | 5.50% | -6.44% | 3.43% | -29.44% | -4.86% | 17.73% | -4.20% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 35.21% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 8.65% |
Correlation
The correlation between SCHQ and GSG is -0.40, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.40 |
Correlation (3Y) Balances recent behavior with more history. | -0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.15 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2019 | -0.18 |
Over the past year, the inverse relationship between SCHQ and GSG has strengthened: their correlation has moved from -0.18 to -0.40, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SCHQ vs. GSG — Risk / Return Rank
SCHQ
GSG
SCHQ vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab Long-Term U.S. Treasury ETF (SCHQ) 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.
| SCHQ | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | -2.33 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.28 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.19 | 2.06 | -2.25 |
| Martin ratioReturn relative to average drawdown | -0.41 | 6.61 | -7.02 |
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Drawdowns
SCHQ vs. GSG - Drawdown Comparison
The maximum SCHQ drawdown since its inception was -46.13%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for SCHQ and GSG.
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Drawdown Indicators
| SCHQ | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.13% | -89.62% | +43.49% |
Max Drawdown (1Y)Largest decline over 1 year | -7.05% | -18.81% | +11.76% |
Max Drawdown (3Y)Largest decline over 3 years | -13.38% | -18.81% | +5.43% |
Max Drawdown (5Y)Largest decline over 5 years | -40.93% | -29.12% | -11.81% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -38.39% | -59.18% | +20.79% |
Average DrawdownAverage peak-to-trough decline | -26.61% | -63.67% | +37.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.23% | 5.85% | -2.62% |
Volatility
SCHQ vs. GSG - Volatility Comparison
The current volatility for Schwab Long-Term U.S. Treasury ETF (SCHQ) is 2.30%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.75%. This indicates that SCHQ 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
| SCHQ | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 8.75% | -6.45% |
Volatility (6M)Calculated over the trailing 6-month period | 6.30% | 22.27% | -15.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.41% | 24.37% | -15.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.41% | 22.89% | -8.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.20% | 22.07% | -6.87% |
SCHQ vs. GSG - Expense Ratio Comparison
SCHQ has a 0.03% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
SCHQ vs. GSG - Dividend Comparison
SCHQ's dividend yield for the trailing twelve months is around 4.92%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SCHQ Schwab Long-Term U.S. Treasury ETF | 4.92% | 4.54% | 4.58% | 3.79% | 2.88% | 1.69% | 1.51% | 0.44% |
Frequently Asked Questions
SCHQ and GSG have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (8.75%) compared to SCHQ (2.30%). In terms of maximum drawdown, SCHQ dropped -46.13% vs GSG's -89.62%.
On 5-year performance, GSG leads with 14.69% vs -7.19% for SCHQ. On fees, SCHQ is cheaper at 0.03% per year. On volatility, SCHQ has been the lower-risk option at 2.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSG has performed better with a 14.69% return vs -7.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHQ is cheaper with a 0.03% expense ratio, compared with 0.75% for GSG.
SCHQ has the higher dividend yield at 4.92%, compared with 0.00% for GSG.
SCHQ is categorized as Government Bonds, while GSG is Commodities. SCHQ tracks Bloomberg U.S. Long Treasury Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Charles Schwab and iShares. Their fees differ too: 0.03% for SCHQ and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.59 vs -0.16), 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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