USVN vs. GSG
USVN (US Treasury 7 Year Note ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - USVN is a Government Bonds fund tracking the ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 3 years, USVN returned 2.70%/yr vs 19.31%/yr for GSG. At a correlation of -0.18, they often move in opposite directions. USVN charges 0.15%/yr vs 0.75%/yr for GSG.
Performance
USVN vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, USVN achieves a -0.70% return, which is significantly lower than GSG's 42.58% return.
USVN
- 1D
- -0.22%
- 1M
- -0.18%
- YTD
- -0.70%
- 6M
- -1.08%
- 1Y
- 3.56%
- 3Y*
- 2.70%
- 5Y*
- —
- 10Y*
- —
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%
USVN vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
USVN US Treasury 7 Year Note ETF | -0.70% | 7.66% | 0.03% | 0.67% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | 1.16% |
Correlation
The correlation between USVN and GSG is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023 | -0.18 |
The correlation between USVN and GSG shifts across timeframes, from -0.36 (1 year) to -0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USVN vs. GSG — Risk / Return Rank
USVN
GSG
USVN vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 7 Year Note ETF (USVN) 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.
| USVN | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.42 | ||
| Sortino ratioReturn per unit of downside risk | -1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.40 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 5.47 | -4.50 |
| Martin ratioReturn relative to average drawdown | 2.89 | 14.39 | -11.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USVN | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.84 | 2.26 | -1.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.70 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | -0.09 | +0.49 |
Drawdowns
USVN vs. GSG - Drawdown Comparison
The maximum USVN drawdown since its inception was -8.27%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for USVN and GSG.
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Drawdown Indicators
| USVN | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.27% | -89.62% | +81.35% |
Max Drawdown (1Y)Largest decline over 1 year | -3.68% | -9.46% | +5.78% |
Max Drawdown (3Y)Largest decline over 3 years | -5.89% | -14.94% | +9.05% |
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 | -2.67% | -56.95% | +54.28% |
Average DrawdownAverage peak-to-trough decline | -2.34% | -63.71% | +61.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 3.59% | -2.35% |
Volatility
USVN vs. GSG - Volatility Comparison
The current volatility for US Treasury 7 Year Note ETF (USVN) is 1.37%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that USVN 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
| USVN | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 7.65% | -6.28% |
Volatility (6M)Calculated over the trailing 6-month period | 2.98% | 20.42% | -17.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.26% | 22.95% | -18.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.79% | 22.61% | -16.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.79% | 22.03% | -16.24% |
USVN vs. GSG - Expense Ratio Comparison
USVN has a 0.15% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
USVN vs. GSG - Dividend Comparison
USVN's dividend yield for the trailing twelve months is around 3.75%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
USVN US Treasury 7 Year Note ETF | 3.75% | 3.81% | 4.07% | 2.91% |
Frequently Asked Questions
USVN and GSG have a correlation of -0.36, 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 USVN (1.37%). In terms of maximum drawdown, USVN dropped -8.27% vs GSG's -89.62%.
On 3-year performance, GSG leads with 19.31% vs 2.70% for USVN. On fees, USVN is cheaper at 0.15% per year. On volatility, USVN has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSG has performed better with a 19.31% return vs 2.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USVN is cheaper with a 0.15% expense ratio, compared with 0.75% for GSG.
USVN has the higher dividend yield at 3.75%, compared with 0.00% for GSG.
USVN is categorized as Government Bonds, while GSG is Commodities. USVN tracks ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: US Benchmark Series and iShares. Their fees differ too: 0.15% for USVN and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (2.26 vs 0.84), 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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