VEA vs. GSG
VEA (Vanguard FTSE Developed Markets ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - VEA is a Foreign Large Cap Equities fund tracking the FTSE Developed All Cap ex US Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, VEA returned 10.71%/yr vs 6.27%/yr for GSG. At a 0.36 correlation, their price movements are largely independent. VEA charges 0.03%/yr vs 0.75%/yr for GSG.
Performance
VEA vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, VEA achieves a 13.74% return, which is significantly lower than GSG's 23.11% return. Over the past 10 years, VEA has outperformed GSG with an annualized return of 10.71%, while GSG has yielded a comparatively lower 6.27% annualized return.
VEA
- 1D
- -0.84%
- 1M
- -1.17%
- YTD
- 13.74%
- 6M
- 13.12%
- 1Y
- 27.75%
- 3Y*
- 19.25%
- 5Y*
- 9.55%
- 10Y*
- 10.71%
GSG
- 1D
- -1.70%
- 1M
- -10.72%
- YTD
- 23.11%
- 6M
- 22.27%
- 1Y
- 28.46%
- 3Y*
- 13.87%
- 5Y*
- 12.31%
- 10Y*
- 6.27%
VEA vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VEA Vanguard FTSE Developed Markets ETF | 13.74% | 35.16% | 3.15% | 17.93% | -15.34% | 11.66% | 9.71% | 22.62% | -14.75% | 26.42% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 23.11% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between VEA 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 | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2007 | 0.36 |
The correlation between VEA and GSG shifts across timeframes, from -0.16 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VEA vs. GSG — Risk / Return Rank
VEA
GSG
VEA vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Markets ETF (VEA) 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.
| VEA | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.23 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 1.51 | +0.96 |
| Martin ratioReturn relative to average drawdown | 9.45 | 6.38 | +3.07 |
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Drawdowns
VEA vs. GSG - Drawdown Comparison
The maximum VEA drawdown since its inception was -60.68%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for VEA and GSG.
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Drawdown Indicators
| VEA | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.68% | -89.62% | +28.94% |
Max Drawdown (1Y)Largest decline over 1 year | -11.63% | -18.81% | +7.18% |
Max Drawdown (3Y)Largest decline over 3 years | -13.45% | -18.81% | +5.36% |
Max Drawdown (5Y)Largest decline over 5 years | -29.71% | -29.12% | -0.59% |
Max Drawdown (10Y)Largest decline over 10 years | -35.73% | -57.64% | +21.91% |
Current DrawdownCurrent decline from peak | -2.53% | -62.83% | +60.30% |
Average DrawdownAverage peak-to-trough decline | -13.25% | -63.69% | +50.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | 4.45% | -1.42% |
Volatility
VEA vs. GSG - Volatility Comparison
Vanguard FTSE Developed Markets ETF (VEA) has a higher volatility of 6.97% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 6.28%. This indicates that VEA'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
| VEA | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.97% | 6.28% | +0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 14.79% | 21.12% | -6.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.79% | 23.00% | -6.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.76% | 22.72% | -5.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.20% | 22.03% | -4.83% |
VEA vs. GSG - Expense Ratio Comparison
VEA has a 0.03% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
VEA vs. GSG - Dividend Comparison
VEA's dividend yield for the trailing twelve months is around 2.57%, 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% |
VEA Vanguard FTSE Developed Markets ETF | 2.57% | 3.22% | 3.35% | 3.15% | 2.91% | 3.16% | 2.04% | 3.04% | 3.35% | 2.77% | 3.05% | 2.92% |
Frequently Asked Questions
VEA 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.
VEA has higher volatility (6.97%) compared to GSG (6.28%). In terms of maximum drawdown, VEA dropped -60.68% vs GSG's -89.62%.
On 10-year performance, VEA leads with 10.71% vs 6.27% for GSG. On fees, VEA is cheaper at 0.03% per year. On volatility, GSG has been the lower-risk option at 6.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VEA has performed better with a 10.71% return vs 6.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VEA is cheaper with a 0.03% expense ratio, compared with 0.75% for GSG.
VEA has the higher dividend yield at 2.57%, compared with 0.00% for GSG.
VEA is categorized as Foreign Large Cap Equities, while GSG is Commodities. VEA tracks FTSE Developed All Cap ex US Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for VEA and 0.75% for GSG.
VEA currently has the higher Sharpe Ratio (1.71 vs 1.24), 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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