TSME vs. GSG
TSME (Thrivent Small-Mid Cap ESG ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - TSME is a Mid Cap Blend Equities fund actively managed by Thrivent, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. TSME is actively managed, while GSG is passively managed. Over the past 3 years, TSME returned 18.65%/yr vs 14.41%/yr for GSG. At a 0.09 correlation, their price movements are largely independent. TSME charges 0.65%/yr vs 0.75%/yr for GSG.
Performance
TSME vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, TSME achieves a 17.97% return, which is significantly lower than GSG's 32.35% return.
TSME
- 1D
- -1.58%
- 1M
- -1.15%
- 6M
- 11.83%
- YTD
- 17.97%
- 1Y
- 28.36%
- 3Y*
- 18.65%
- 5Y*
- —
- 10Y*
- —
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%
TSME vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TSME Thrivent Small-Mid Cap ESG ETF | 17.97% | 13.79% | 18.98% | 17.82% | 2.90% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.35% | 5.93% | 8.52% | -5.51% | -2.35% |
Correlation
The correlation between TSME and GSG is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2022 | 0.09 |
The correlation between TSME and GSG shifts across timeframes, from -0.18 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TSME vs. GSG — Risk / Return Rank
TSME
GSG
TSME vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thrivent Small-Mid Cap ESG ETF (TSME) 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.
| TSME | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.27 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 1.85 | +0.09 |
| Martin ratioReturn relative to average drawdown | 6.49 | 6.29 | +0.19 |
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Drawdowns
TSME vs. GSG - Drawdown Comparison
The maximum TSME drawdown since its inception was -26.59%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for TSME and GSG.
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Drawdown Indicators
| TSME | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.59% | -89.62% | +63.03% |
Max Drawdown (1Y)Largest decline over 1 year | -14.72% | -18.81% | +4.09% |
Max Drawdown (3Y)Largest decline over 3 years | -26.59% | -18.81% | -7.78% |
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 | -6.21% | -60.04% | +53.83% |
Average DrawdownAverage peak-to-trough decline | -5.10% | -63.69% | +58.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.38% | 5.51% | -1.13% |
Volatility
TSME vs. GSG - Volatility Comparison
Thrivent Small-Mid Cap ESG ETF (TSME) has a higher volatility of 7.88% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.35%. This indicates that TSME's price experiences larger fluctuations and is considered to be riskier 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
| TSME | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.88% | 7.35% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 18.50% | 21.50% | -3.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.41% | 23.48% | -1.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.85% | 22.80% | -0.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.85% | 22.00% | -0.15% |
TSME vs. GSG - Expense Ratio Comparison
TSME has a 0.65% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
TSME vs. GSG - Dividend Comparison
TSME's dividend yield for the trailing twelve months is around 0.14%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TSME Thrivent Small-Mid Cap ESG ETF | 0.14% | 0.17% | 0.38% | 0.53% | 0.16% |
Frequently Asked Questions
TSME and GSG have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSME has higher volatility (7.88%) compared to GSG (7.35%). In terms of maximum drawdown, TSME dropped -26.59% vs GSG's -89.62%.
On 3-year performance, TSME leads with 18.65% vs 14.41% for GSG. On fees, TSME is cheaper at 0.65% per year. On volatility, GSG has been the lower-risk option at 7.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TSME has performed better with a 18.65% return vs 14.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TSME is cheaper with a 0.65% expense ratio, compared with 0.75% for GSG.
TSME has the higher dividend yield at 0.14%, compared with 0.00% for GSG.
TSME is categorized as Mid Cap Blend Equities, while GSG is Commodities. They also come from different issuers: Thrivent and iShares. Their fees differ too: 0.65% for TSME and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.48 vs 1.27), 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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