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TIPZ vs. GSG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TIPZ vs. GSG

Last updated Jun 4, 2026

TIPZ (PIMCO Broad US TIPS Index ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - TIPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, TIPZ returned 2.49%/yr vs 7.69%/yr for GSG. At a correlation of -0.00, they often move in opposite directions. TIPZ charges 0.20%/yr vs 0.75%/yr for GSG.

Performance

TIPZ vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Broad US TIPS Index ETF (TIPZ) and iShares S&P GSCI Commodity-Indexed Trust (GSG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TIPZ achieves a 2.58% return, which is significantly lower than GSG's 42.58% return. Over the past 10 years, TIPZ has underperformed GSG with an annualized return of 2.49%, while GSG has yielded a comparatively higher 7.69% annualized return.

TIPZ

1D
-0.20%
1M
-0.01%
YTD
2.58%
6M
1.00%
1Y
5.12%
3Y*
3.86%
5Y*
0.77%
10Y*
2.49%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TIPZ vs. GSG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TIPZ
PIMCO Broad US TIPS Index ETF		2.58%5.87%1.52%3.37%-12.67%5.48%10.98%8.64%-1.65%3.12%
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 TIPZ 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

0.04

Correlation (10Y)
Calculated over the trailing 10-year period

0.03

Correlation (All Time)
Calculated using the full available price history since Sep 10, 2009

-0.00

The correlation between TIPZ and GSG shifts across timeframes, from -0.16 (1 year) to 0.04 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

PIMCO Broad US TIPS Index ETF

iShares S&P GSCI Commodity-Indexed Trust

Often compared with TIPZ:
TIPZ vs. TIPTIPZ vs. TIPXTIPZ vs. ITPS.LTIPZ vs. TDTTTIPZ vs. VTIPTIPZ vs. STIPTIPZ vs. RINF
Often compared with GSG:
GSG vs. DBCGSG vs. PDBCGSG vs. COMTGSG vs. VCMDXGSG vs. GLDGSG vs. HGERGSG vs. CGL.TO

Return for Risk

TIPZ vs. GSG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TIPZ
TIPZ Risk / Return Rank: 4040
Overall Rank
TIPZ Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
TIPZ Sortino Ratio Rank: 3737
Sortino Ratio Rank
TIPZ Omega Ratio Rank: 3737
Omega Ratio Rank
TIPZ Calmar Ratio Rank: 4848
Calmar Ratio Rank
TIPZ Martin Ratio Rank: 4545
Martin Ratio Rank
GSG
GSG Risk / Return Rank: 7171
Overall Rank
GSG Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
GSG Sortino Ratio Rank: 6060
Sortino Ratio Rank
GSG Omega Ratio Rank: 6565
Omega Ratio Rank
GSG Calmar Ratio Rank: 8989
Calmar Ratio Rank
GSG Martin Ratio Rank: 7575
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TIPZ vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Broad US TIPS Index ETF (TIPZ) 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.

TIPZGSGDifference
Sharpe ratioReturn per unit of total volatility
1.31
2.26

-0.94

Sortino ratioReturn per unit of downside risk
1.93
2.88

-0.94

Omega ratioGain probability vs. loss probability

1.24

1.40

-0.16

Calmar ratioReturn relative to maximum drawdown

2.36

5.47

-3.11

Martin ratioReturn relative to average drawdown

7.37

14.39

-7.02

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TIPZ vs. GSG - Sharpe Ratio Comparison

The current TIPZ Sharpe Ratio is 1.31, which is lower than the GSG Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of TIPZ and GSG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TIPZGSGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.31

2.26

-0.94

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.12

0.70

-0.58

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.43

0.35

+0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

-0.09

+0.61

Drawdowns

TIPZ vs. GSG - Drawdown Comparison

The maximum TIPZ drawdown since its inception was -15.77%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for TIPZ and GSG.

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Drawdown Indicators

TIPZGSGDifference

Max Drawdown

Largest peak-to-trough decline

-15.77%

-89.62%

+73.85%

Max Drawdown (1Y)

Largest decline over 1 year

-2.18%

-9.46%

+7.28%

Max Drawdown (3Y)

Largest decline over 3 years

-4.74%

-14.94%

+10.20%

Max Drawdown (5Y)

Largest decline over 5 years

-15.77%

-29.12%

+13.35%

Max Drawdown (10Y)

Largest decline over 10 years

-15.77%

-57.64%

+41.87%

Current Drawdown

Current decline from peak

-1.44%

-56.95%

+55.51%

Average Drawdown

Average peak-to-trough decline

-4.33%

-63.71%

+59.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.70%

3.59%

-2.89%

Volatility

TIPZ vs. GSG - Volatility Comparison

The current volatility for PIMCO Broad US TIPS Index ETF (TIPZ) is 0.96%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that TIPZ 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

TIPZGSGDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.96%

7.65%

-6.69%

Volatility (6M)

Calculated over the trailing 6-month period

2.88%

20.42%

-17.54%

Volatility (1Y)

Calculated over the trailing 1-year period

3.92%

22.95%

-19.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.37%

22.61%

-16.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.84%

22.03%

-16.19%

TIPZ vs. GSG - Expense Ratio Comparison

TIPZ has a 0.20% expense ratio, which is lower than GSG's 0.75% expense ratio.

Dividends

TIPZ vs. GSG - Dividend Comparison

TIPZ's dividend yield for the trailing twelve months is around 5.11%, while GSG has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
TIPZ
PIMCO Broad US TIPS Index ETF		5.11%4.74%4.44%4.69%7.14%4.41%1.47%1.65%2.23%1.70%1.06%0.56%

Frequently Asked Questions

TIPZ 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 TIPZ (0.96%). In terms of maximum drawdown, TIPZ dropped -15.77% vs GSG's -89.62%.

On 10-year performance, GSG leads with 7.69% vs 2.49% for TIPZ. On fees, TIPZ is cheaper at 0.20% per year. On volatility, TIPZ has been the lower-risk option at 0.96%. 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 2.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TIPZ is cheaper with a 0.20% expense ratio, compared with 0.75% for GSG.

TIPZ has the higher dividend yield at 5.11%, compared with 0.00% for GSG.

TIPZ is categorized as Inflation-Protected Bonds, while GSG is Commodities. TIPZ tracks ICE BofA US Inflation-Linked Treasury, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.20% for TIPZ and 0.75% for GSG.

GSG currently has the higher Sharpe Ratio (2.26 vs 1.31), 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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