TOK vs. GSG
TOK (iShares MSCI Kokusai ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - TOK is a Large Cap Growth Equities fund tracking the MSCI Kokusai Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, TOK returned 13.34%/yr vs 7.57%/yr for GSG. At a 0.33 correlation, their price movements are largely independent. TOK charges 0.25%/yr vs 0.75%/yr for GSG.
Performance
TOK vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, TOK achieves a 9.94% return, which is significantly lower than GSG's 34.43% return. Over the past 10 years, TOK has outperformed GSG with an annualized return of 13.34%, while GSG has yielded a comparatively lower 7.57% annualized return.
TOK
- 1D
- 0.27%
- 1M
- 1.30%
- 6M
- 8.07%
- YTD
- 9.94%
- 1Y
- 20.44%
- 3Y*
- 19.02%
- 5Y*
- 11.80%
- 10Y*
- 13.34%
GSG
- 1D
- 1.57%
- 1M
- 1.37%
- 6M
- 28.74%
- YTD
- 34.43%
- 1Y
- 38.08%
- 3Y*
- 15.01%
- 5Y*
- 14.34%
- 10Y*
- 7.57%
TOK vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TOK iShares MSCI Kokusai ETF | 9.94% | 20.83% | 19.52% | 24.76% | -17.93% | 23.84% | 15.06% | 30.05% | -7.83% | 22.09% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 34.43% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between TOK 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 | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Dec 12, 2007 | 0.33 |
The correlation between TOK and GSG shifts across timeframes, from -0.17 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TOK vs. GSG — Risk / Return Rank
TOK
GSG
TOK vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kokusai ETF (TOK) 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.
| TOK | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.29 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 2.03 | +0.23 |
| Martin ratioReturn relative to average drawdown | 9.95 | 6.88 | +3.07 |
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Drawdowns
TOK vs. GSG - Drawdown Comparison
The maximum TOK drawdown since its inception was -56.18%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for TOK and GSG.
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Drawdown Indicators
| TOK | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.18% | -89.62% | +33.44% |
Max Drawdown (1Y)Largest decline over 1 year | -9.07% | -18.81% | +9.74% |
Max Drawdown (3Y)Largest decline over 3 years | -16.23% | -18.81% | +2.58% |
Max Drawdown (5Y)Largest decline over 5 years | -25.86% | -29.12% | +3.26% |
Max Drawdown (10Y)Largest decline over 10 years | -34.82% | -57.64% | +22.82% |
Current DrawdownCurrent decline from peak | -0.62% | -59.41% | +58.79% |
Average DrawdownAverage peak-to-trough decline | -8.48% | -63.69% | +55.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.06% | 5.55% | -3.49% |
Volatility
TOK vs. GSG - Volatility Comparison
The current volatility for iShares MSCI Kokusai ETF (TOK) is 3.06%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.37%. This indicates that TOK 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
| TOK | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.06% | 7.37% | -4.31% |
Volatility (6M)Calculated over the trailing 6-month period | 10.10% | 21.54% | -11.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.41% | 23.48% | -11.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.02% | 22.80% | -6.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.06% | 22.00% | -4.94% |
TOK vs. GSG - Expense Ratio Comparison
TOK has a 0.25% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
TOK vs. GSG - Dividend Comparison
TOK's dividend yield for the trailing twelve months is around 1.31%, 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% |
TOK iShares MSCI Kokusai ETF | 1.31% | 1.37% | 1.66% | 1.95% | 3.55% | 1.66% | 1.52% | 2.12% | 2.74% | 2.60% | 2.56% | 3.02% |
Frequently Asked Questions
TOK 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 (7.37%) compared to TOK (3.06%). In terms of maximum drawdown, TOK dropped -56.18% vs GSG's -89.62%.
On 10-year performance, TOK leads with 13.34% vs 7.57% for GSG. On fees, TOK is cheaper at 0.25% per year. On volatility, TOK has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TOK has performed better with a 13.34% return vs 7.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TOK is cheaper with a 0.25% expense ratio, compared with 0.75% for GSG.
TOK has the higher dividend yield at 1.31%, compared with 0.00% for GSG.
TOK is categorized as Large Cap Growth Equities, while GSG is Commodities. TOK tracks MSCI Kokusai Index, while GSG tracks S&P GSCI Total Return Index. Their fees differ too: 0.25% for TOK and 0.75% for GSG.
TOK currently has the higher Sharpe Ratio (1.65 vs 1.63), 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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