TAXX vs. GSG
TAXX (Bondbloxx IR+M Tax-Aware Short Duration ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - TAXX is a Municipal Bonds fund actively managed by BondBloxx, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. TAXX is actively managed, while GSG is passively managed. Over the past year, TAXX returned 3.92% vs 49.68% for GSG. At a correlation of -0.17, they often move in opposite directions. TAXX charges 0.35%/yr vs 0.75%/yr for GSG.
Performance
TAXX vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, TAXX achieves a 1.11% return, which is significantly lower than GSG's 40.46% return.
TAXX
- 1D
- 0.07%
- 1M
- 0.37%
- YTD
- 1.11%
- 6M
- 1.41%
- 1Y
- 3.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- -1.49%
- 1M
- -5.32%
- YTD
- 40.46%
- 6M
- 38.18%
- 1Y
- 49.68%
- 3Y*
- 18.78%
- 5Y*
- 15.39%
- 10Y*
- 7.42%
TAXX vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TAXX Bondbloxx IR+M Tax-Aware Short Duration ETF | 1.11% | 4.52% | 3.51% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 40.46% | 5.93% | 0.23% |
Correlation
The correlation between TAXX and GSG is -0.24, 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 | -0.24 |
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024 | -0.17 |
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Return for Risk
TAXX vs. GSG — Risk / Return Rank
TAXX
GSG
TAXX vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bondbloxx IR+M Tax-Aware Short Duration ETF (TAXX) 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.
| TAXX | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.39 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 4.45 | 5.28 | -0.83 |
| Martin ratioReturn relative to average drawdown | 13.54 | 13.78 | -0.24 |
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
| TAXX | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.33 | 2.17 | +0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.60 | -0.09 | +2.69 |
Drawdowns
TAXX vs. GSG - Drawdown Comparison
The maximum TAXX drawdown since its inception was -0.91%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for TAXX and GSG.
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Drawdown Indicators
| TAXX | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.91% | -89.62% | +88.71% |
Max Drawdown (1Y)Largest decline over 1 year | -0.88% | -9.46% | +8.58% |
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 | 0.00% | -57.59% | +57.59% |
Average DrawdownAverage peak-to-trough decline | -0.17% | -63.71% | +63.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.29% | 3.62% | -3.33% |
Volatility
TAXX vs. GSG - Volatility Comparison
The current volatility for Bondbloxx IR+M Tax-Aware Short Duration ETF (TAXX) is 0.34%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.72%. This indicates that TAXX 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
| TAXX | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.34% | 7.72% | -7.38% |
Volatility (6M)Calculated over the trailing 6-month period | 0.84% | 20.48% | -19.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.69% | 23.01% | -21.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.59% | 22.61% | -21.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.59% | 22.03% | -20.44% |
TAXX vs. GSG - Expense Ratio Comparison
TAXX has a 0.35% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
TAXX vs. GSG - Dividend Comparison
TAXX's dividend yield for the trailing twelve months is around 3.50%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% |
TAXX Bondbloxx IR+M Tax-Aware Short Duration ETF | 3.50% | 3.72% | 2.70% |
Frequently Asked Questions
TAXX and GSG have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.72%) compared to TAXX (0.34%). In terms of maximum drawdown, TAXX dropped -0.91% vs GSG's -89.62%.
On 1-year performance, GSG leads with 49.68% vs 3.92% for TAXX. On fees, TAXX is cheaper at 0.35% per year. On volatility, TAXX has been the lower-risk option at 0.34%. 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 49.68% return vs 3.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TAXX is cheaper with a 0.35% expense ratio, compared with 0.75% for GSG.
TAXX has the higher dividend yield at 3.50%, compared with 0.00% for GSG.
TAXX 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 TAXX and 0.75% for GSG.
TAXX currently has the higher Sharpe Ratio (2.33 vs 2.17), 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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