SMB vs. GSG
SMB (VanEck Short Muni ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - SMB is a Municipal Bonds fund tracking the Bloomberg AMT-Free Short Continuous, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, SMB returned 1.51%/yr vs 7.69%/yr for GSG. At a correlation of -0.01, they often move in opposite directions. SMB charges 0.20%/yr vs 0.75%/yr for GSG.
Performance
SMB vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, SMB achieves a 0.55% return, which is significantly lower than GSG's 42.58% return. Over the past 10 years, SMB has underperformed GSG with an annualized return of 1.51%, while GSG has yielded a comparatively higher 7.69% annualized return.
SMB
- 1D
- 0.00%
- 1M
- 0.53%
- YTD
- 0.55%
- 6M
- 1.25%
- 1Y
- 3.81%
- 3Y*
- 3.62%
- 5Y*
- 1.17%
- 10Y*
- 1.51%
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%
SMB vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMB VanEck Short Muni ETF | 0.55% | 4.61% | 2.41% | 3.14% | -4.50% | 0.12% | 3.30% | 4.54% | 1.86% | 1.16% |
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 SMB and GSG is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | -0.01 |
The correlation between SMB and GSG shifts across timeframes, from -0.16 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMB vs. GSG — Risk / Return Rank
SMB
GSG
SMB vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short Muni ETF (SMB) 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.
| SMB | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.40 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.27 | 5.47 | -2.21 |
| Martin ratioReturn relative to average drawdown | 9.20 | 14.39 | -5.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMB | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.33 | 2.26 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | 0.70 | -0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | 0.35 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | -0.09 | +0.51 |
Drawdowns
SMB vs. GSG - Drawdown Comparison
The maximum SMB drawdown since its inception was -12.64%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for SMB and GSG.
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Drawdown Indicators
| SMB | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.64% | -89.62% | +76.98% |
Max Drawdown (1Y)Largest decline over 1 year | -1.17% | -9.46% | +8.29% |
Max Drawdown (3Y)Largest decline over 3 years | -1.80% | -14.94% | +13.14% |
Max Drawdown (5Y)Largest decline over 5 years | -7.48% | -29.12% | +21.64% |
Max Drawdown (10Y)Largest decline over 10 years | -12.64% | -57.64% | +45.00% |
Current DrawdownCurrent decline from peak | -0.25% | -56.95% | +56.70% |
Average DrawdownAverage peak-to-trough decline | -1.14% | -63.71% | +62.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 3.59% | -3.18% |
Volatility
SMB vs. GSG - Volatility Comparison
The current volatility for VanEck Short Muni ETF (SMB) is 0.42%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that SMB 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
| SMB | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | 7.65% | -7.23% |
Volatility (6M)Calculated over the trailing 6-month period | 1.20% | 20.42% | -19.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.64% | 22.95% | -21.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.48% | 22.61% | -20.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.26% | 22.03% | -17.77% |
SMB vs. GSG - Expense Ratio Comparison
SMB has a 0.20% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
SMB vs. GSG - Dividend Comparison
SMB's dividend yield for the trailing twelve months is around 2.70%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SMB VanEck Short Muni ETF | 2.70% | 2.63% | 2.38% | 1.83% | 1.32% | 1.24% | 1.50% | 1.58% | 1.49% | 1.23% | 1.12% | 1.13% |
Frequently Asked Questions
SMB and GSG have a correlation of -0.16, 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 SMB (0.42%). In terms of maximum drawdown, SMB dropped -12.64% vs GSG's -89.62%.
On 10-year performance, GSG leads with 7.69% vs 1.51% for SMB. On fees, SMB is cheaper at 0.20% per year. On volatility, SMB has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSG has performed better with a 7.69% return vs 1.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMB is cheaper with a 0.20% expense ratio, compared with 0.75% for GSG.
SMB has the higher dividend yield at 2.70%, compared with 0.00% for GSG.
SMB is categorized as Municipal Bonds, while GSG is Commodities. SMB tracks Bloomberg AMT-Free Short Continuous, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.20% for SMB and 0.75% for GSG.
SMB currently has the higher Sharpe Ratio (2.33 vs 2.26), 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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