VCEB vs. GSG
VCEB (Vanguard ESG U.S. Corporate Bond ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - VCEB is a Corporate Bonds fund tracking the Bloomberg Barclays MSCI US Corp SRI Select Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, VCEB returned -0.03%/yr vs 13.83%/yr for GSG. At a correlation of -0.07, they often move in opposite directions. VCEB charges 0.12%/yr vs 0.75%/yr for GSG.
Performance
VCEB vs. GSG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VCEB achieves a -0.60% return, which is significantly lower than GSG's 32.35% return.
VCEB
- 1D
- -0.39%
- 1M
- -1.16%
- 6M
- -0.76%
- YTD
- -0.60%
- 1Y
- 3.27%
- 3Y*
- 4.62%
- 5Y*
- -0.03%
- 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%
VCEB vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
VCEB Vanguard ESG U.S. Corporate Bond ETF | -0.60% | 7.48% | 2.23% | 8.52% | -15.15% | -1.99% | 2.45% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.35% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | 15.99% |
Correlation
The correlation between VCEB 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 | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | -0.07 |
Over the past year, the inverse relationship between VCEB and GSG has strengthened: their correlation has moved from -0.07 to -0.36, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VCEB vs. GSG — Risk / Return Rank
VCEB
GSG
VCEB vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard ESG U.S. Corporate Bond ETF (VCEB) 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.
| VCEB | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.27 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.16 | 1.85 | -0.68 |
| Martin ratioReturn relative to average drawdown | 3.43 | 6.29 | -2.86 |
Loading charts...
Drawdowns
VCEB vs. GSG - Drawdown Comparison
The maximum VCEB drawdown since its inception was -21.60%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for VCEB and GSG.
Loading charts...
Drawdown Indicators
| VCEB | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.60% | -89.62% | +68.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -18.81% | +15.99% |
Max Drawdown (3Y)Largest decline over 3 years | -6.09% | -18.81% | +12.72% |
Max Drawdown (5Y)Largest decline over 5 years | -21.39% | -29.12% | +7.73% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -1.96% | -60.04% | +58.08% |
Average DrawdownAverage peak-to-trough decline | -7.51% | -63.69% | +56.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 5.51% | -4.55% |
Volatility
VCEB vs. GSG - Volatility Comparison
The current volatility for Vanguard ESG U.S. Corporate Bond ETF (VCEB) is 1.40%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.35%. This indicates that VCEB 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.
Loading charts...
Volatility by Period
| VCEB | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.40% | 7.35% | -5.95% |
Volatility (6M)Calculated over the trailing 6-month period | 3.33% | 21.50% | -18.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.21% | 23.48% | -19.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.85% | 22.80% | -15.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.63% | 22.00% | -15.37% |
VCEB vs. GSG - Expense Ratio Comparison
VCEB has a 0.12% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
VCEB vs. GSG - Dividend Comparison
VCEB's dividend yield for the trailing twelve months is around 4.72%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VCEB Vanguard ESG U.S. Corporate Bond ETF | 4.72% | 4.57% | 4.47% | 3.70% | 2.84% | 1.69% | 0.43% |
Frequently Asked Questions
VCEB 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 (7.35%) compared to VCEB (1.40%). In terms of maximum drawdown, VCEB dropped -21.60% vs GSG's -89.62%.
On 5-year performance, GSG leads with 13.83% vs -0.03% for VCEB. On fees, VCEB is cheaper at 0.12% per year. On volatility, VCEB has been the lower-risk option at 1.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSG has performed better with a 13.83% return vs -0.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCEB is cheaper with a 0.12% expense ratio, compared with 0.75% for GSG.
VCEB has the higher dividend yield at 4.72%, compared with 0.00% for GSG.
VCEB is categorized as Corporate Bonds, while GSG is Commodities. VCEB tracks Bloomberg Barclays MSCI US Corp SRI Select Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.12% for VCEB and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.48 vs 0.78), 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.
Find the right allocation for VCEB and GSG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer