TAXM vs. GSG
TAXM (BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - TAXM is a Municipal Bonds fund actively managed by BondBloxx, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. TAXM is actively managed, while GSG is passively managed. Over the past year, TAXM returned 6.62% vs 51.52% for GSG. At a correlation of -0.26, they often move in opposite directions. TAXM charges 0.35%/yr vs 0.75%/yr for GSG.
Performance
TAXM vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, TAXM achieves a 1.18% return, which is significantly lower than GSG's 42.58% return.
TAXM
- 1D
- -0.06%
- 1M
- 0.51%
- YTD
- 1.18%
- 6M
- 1.54%
- 1Y
- 6.62%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
TAXM vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents | 1.18% | 3.71% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.06% |
Correlation
The correlation between TAXM and GSG is -0.35, 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 | -0.35 |
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025 | -0.26 |
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Return for Risk
TAXM vs. GSG — Risk / Return Rank
TAXM
GSG
TAXM vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) 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.
| TAXM | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.40 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 5.47 | -3.02 |
| Martin ratioReturn relative to average drawdown | 8.62 | 14.39 | -5.77 |
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
| TAXM | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.49 | 2.26 | +0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.70 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.14 | -0.09 | +1.22 |
Drawdowns
TAXM vs. GSG - Drawdown Comparison
The maximum TAXM drawdown since its inception was -3.10%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for TAXM and GSG.
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Drawdown Indicators
| TAXM | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.10% | -89.62% | +86.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -9.46% | +6.76% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.94% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -0.80% | -56.95% | +56.15% |
Average DrawdownAverage peak-to-trough decline | -0.71% | -63.71% | +63.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 3.59% | -2.82% |
Volatility
TAXM vs. GSG - Volatility Comparison
The current volatility for BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) is 0.94%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that TAXM 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
| TAXM | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 7.65% | -6.71% |
Volatility (6M)Calculated over the trailing 6-month period | 2.04% | 20.42% | -18.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.67% | 22.95% | -20.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.56% | 22.61% | -19.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.56% | 22.03% | -18.47% |
TAXM vs. GSG - Expense Ratio Comparison
TAXM has a 0.35% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
TAXM vs. GSG - Dividend Comparison
TAXM's dividend yield for the trailing twelve months is around 3.29%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% |
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents | 3.29% | 2.75% |
Frequently Asked Questions
TAXM and GSG have a correlation of -0.35, 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 TAXM (0.94%). In terms of maximum drawdown, TAXM dropped -3.10% vs GSG's -89.62%.
On 1-year performance, GSG leads with 51.52% vs 6.62% for TAXM. On fees, TAXM is cheaper at 0.35% per year. On volatility, TAXM has been the lower-risk option at 0.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GSG has performed better with a 51.52% return vs 6.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TAXM is cheaper with a 0.35% expense ratio, compared with 0.75% for GSG.
TAXM has the higher dividend yield at 3.29%, compared with 0.00% for GSG.
TAXM is categorized as Municipal Bonds, while GSG is Commodities. They also come from different issuers: BondBloxx and iShares. Their fees differ too: 0.35% for TAXM and 0.75% for GSG.
TAXM currently has the higher Sharpe Ratio (2.49 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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