TIP vs. GSG
TIP (iShares TIPS Bond ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, TIP returned 2.37%/yr vs 8.91%/yr for GSG. Their 0.02 correlation means their historical movements had little consistent relationship. TIP charges 0.18%/yr vs 0.75%/yr for GSG.
Performance
TIP vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, TIP achieves a 0.54% return, which is significantly lower than GSG's 38.94% return. Over the past 10 years, TIP has underperformed GSG with an annualized return of 2.37%, while GSG has yielded a comparatively higher 8.91% annualized return.
TIP
- 1D
- -0.10%
- 1M
- -0.50%
- 6M
- 0.02%
- YTD
- 0.54%
- 1Y
- 2.51%
- 3Y*
- 3.73%
- 5Y*
- 0.16%
- 10Y*
- 2.37%
- ALL TIME*
- 3.46%
GSG
- 1D
- 0.28%
- 1M
- 13.10%
- 6M
- 25.75%
- YTD
- 38.94%
- 1Y
- 40.53%
- 3Y*
- 14.13%
- 5Y*
- 14.47%
- 10Y*
- 8.91%
- ALL TIME*
- -2.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.60M | $17.31M | $26.52M | |
| $209.70M | $179.93M | $215.65M |
TIP vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 0.54% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 38.94% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between TIP and GSG is -0.15, 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. | -0.15 |
Correlation (3Y) Balances recent behavior with more history. | -0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jul 21, 2006 | 0.02 |
The correlation between TIP and GSG shifts across timeframes, from -0.15 (1 year) to 0.06 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TIP vs. GSG — Risk / Return Rank
TIP
GSG
TIP vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) 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.
| TIP | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.29 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.27 | 2.16 | -0.89 |
| Martin ratioReturn relative to average drawdown | 3.39 | 6.99 | -3.59 |
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Drawdowns
TIP vs. GSG - Drawdown Comparison
The maximum TIP drawdown since its inception was -14.57%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for TIP and GSG.
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Drawdown Indicators
| TIP | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.57% | -89.62% | +75.05% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -18.81% | +16.83% |
Max Drawdown (3Y)Largest decline over 3 years | -3.71% | -18.81% | +15.10% |
Max Drawdown (5Y)Largest decline over 5 years | -14.51% | -29.12% | +14.61% |
Max Drawdown (10Y)Largest decline over 10 years | -14.51% | -57.64% | +43.13% |
Current DrawdownCurrent decline from peak | -1.31% | -58.05% | +56.74% |
Average DrawdownAverage peak-to-trough decline | -3.41% | -63.67% | +60.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.74% | 5.84% | -5.10% |
Volatility
TIP vs. GSG - Volatility Comparison
The current volatility for iShares TIPS Bond ETF (TIP) is 0.73%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.11%. This indicates that TIP 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
| TIP | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 8.11% | -7.38% |
Volatility (6M)Calculated over the trailing 6-month period | 2.52% | 22.18% | -19.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.39% | 24.23% | -20.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.19% | 22.86% | -16.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.72% | 22.06% | -16.34% |
TIP vs. GSG - Expense Ratio Comparison
TIP has a 0.18% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
TIP vs. GSG - Dividend Comparison
TIP's dividend yield for the trailing twelve months is around 4.46%, 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% |
TIP iShares TIPS Bond ETF | 4.46% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
TIP and GSG have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (8.11%) compared to TIP (0.73%). In terms of maximum drawdown, TIP dropped -14.57% vs GSG's -89.62%.
On 10-year performance, GSG leads with 8.91% vs 2.37% for TIP. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 0.73%. 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 8.91% return vs 2.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIP is cheaper with a 0.18% expense ratio, compared with 0.75% for GSG.
TIP has the higher dividend yield at 4.46%, compared with 0.00% for GSG.
TIP is categorized as Inflation-Protected Bonds, while GSG is Commodities. TIP tracks ICE U.S. Treasury Inflation Linked Bond Index, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.18% for TIP and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.68 vs 0.74), 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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