TILT vs. GSG
TILT (FlexShares Morningstar US Market Factor Tilt Index Fund) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - TILT is a Large Cap Blend Equities fund tracking the Morningstar US Market Factor Tilt Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, TILT returned 13.71%/yr vs 7.40%/yr for GSG. At a 0.30 correlation, their price movements are largely independent. TILT charges 0.25%/yr vs 0.75%/yr for GSG.
Performance
TILT vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, TILT achieves a 11.64% return, which is significantly lower than GSG's 32.35% return. Over the past 10 years, TILT has outperformed GSG with an annualized return of 13.71%, while GSG has yielded a comparatively lower 7.40% annualized return.
TILT
- 1D
- -0.58%
- 1M
- 1.27%
- 6M
- 8.81%
- YTD
- 11.64%
- 1Y
- 22.97%
- 3Y*
- 18.79%
- 5Y*
- 11.68%
- 10Y*
- 13.71%
GSG
- 1D
- 3.60%
- 1M
- -0.20%
- 6M
- 28.24%
- YTD
- 32.35%
- 1Y
- 34.57%
- 3Y*
- 14.41%
- 5Y*
- 13.83%
- 10Y*
- 7.40%
TILT vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TILT FlexShares Morningstar US Market Factor Tilt Index Fund | 11.64% | 16.59% | 19.88% | 24.70% | -17.25% | 27.61% | 16.05% | 29.01% | -8.93% | 18.33% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.35% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between TILT and GSG is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011 | 0.30 |
The correlation between TILT and GSG shifts across timeframes, from -0.17 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TILT vs. GSG — Risk / Return Rank
TILT
GSG
TILT vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) 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.
| TILT | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.27 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | 1.85 | +0.87 |
| Martin ratioReturn relative to average drawdown | 11.64 | 6.29 | +5.34 |
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Drawdowns
TILT vs. GSG - Drawdown Comparison
The maximum TILT drawdown since its inception was -38.46%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for TILT and GSG.
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Drawdown Indicators
| TILT | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.46% | -89.62% | +51.16% |
Max Drawdown (1Y)Largest decline over 1 year | -8.51% | -18.81% | +10.30% |
Max Drawdown (3Y)Largest decline over 3 years | -19.85% | -18.81% | -1.04% |
Max Drawdown (5Y)Largest decline over 5 years | -24.12% | -29.12% | +5.00% |
Max Drawdown (10Y)Largest decline over 10 years | -38.46% | -57.64% | +19.18% |
Current DrawdownCurrent decline from peak | -0.58% | -60.04% | +59.46% |
Average DrawdownAverage peak-to-trough decline | -4.21% | -63.69% | +59.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 5.51% | -3.53% |
Volatility
TILT vs. GSG - Volatility Comparison
The current volatility for FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) is 3.51%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.35%. This indicates that TILT 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
| TILT | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.51% | 7.35% | -3.84% |
Volatility (6M)Calculated over the trailing 6-month period | 9.56% | 21.50% | -11.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.63% | 23.48% | -10.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.43% | 22.80% | -5.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.69% | 22.00% | -3.31% |
TILT vs. GSG - Expense Ratio Comparison
TILT has a 0.25% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
TILT vs. GSG - Dividend Comparison
TILT's dividend yield for the trailing twelve months is around 1.08%, 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% |
TILT FlexShares Morningstar US Market Factor Tilt Index Fund | 1.08% | 1.15% | 1.23% | 1.44% | 1.60% | 1.16% | 1.49% | 1.54% | 1.97% | 1.55% | 1.60% | 1.98% |
Frequently Asked Questions
TILT and GSG have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.35%) compared to TILT (3.51%). In terms of maximum drawdown, TILT dropped -38.46% vs GSG's -89.62%.
On 10-year performance, TILT leads with 13.71% vs 7.40% for GSG. On fees, TILT is cheaper at 0.25% per year. On volatility, TILT has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TILT has performed better with a 13.71% return vs 7.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TILT is cheaper with a 0.25% expense ratio, compared with 0.75% for GSG.
TILT has the higher dividend yield at 1.08%, compared with 0.00% for GSG.
TILT is categorized as Large Cap Blend Equities, while GSG is Commodities. TILT tracks Morningstar US Market Factor Tilt Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: FlexShares and iShares. Their fees differ too: 0.25% for TILT and 0.75% for GSG.
TILT currently has the higher Sharpe Ratio (1.83 vs 1.48), 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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