PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
VEU vs. GSG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEU vs. GSG

Last updated Jun 9, 2026

VEU (Vanguard FTSE All-World ex-US ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - VEU is a Foreign Large Cap Equities fund tracking the FTSE All-World 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, VEU returned 9.86%/yr vs 7.20%/yr for GSG. At a 0.38 correlation, their price movements are largely independent. VEU charges 0.04%/yr vs 0.75%/yr for GSG.

Performance

VEU vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World ex-US ETF (VEU) and iShares S&P GSCI Commodity-Indexed Trust (GSG). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, VEU achieves a 11.45% return, which is significantly lower than GSG's 37.68% return. Over the past 10 years, VEU has outperformed GSG with an annualized return of 9.86%, while GSG has yielded a comparatively lower 7.20% annualized return.

VEU

1D
0.90%
1M
-1.72%
YTD
11.45%
6M
13.84%
1Y
27.37%
3Y*
18.27%
5Y*
8.16%
10Y*
9.86%

GSG

1D
0.51%
1M
-3.23%
YTD
37.68%
6M
36.50%
1Y
44.45%
3Y*
18.01%
5Y*
14.85%
10Y*
7.20%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VEU vs. GSG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEU
Vanguard FTSE All-World ex-US ETF		11.45%32.35%5.56%15.84%-15.58%8.27%11.10%21.83%-14.18%27.40%
GSG
iShares S&P GSCI Commodity-Indexed Trust		37.68%5.93%8.52%-5.51%24.08%38.77%-23.94%15.62%-13.88%3.89%

Correlation

The correlation between VEU and GSG is -0.21, 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

-0.21

Correlation (3Y)
Calculated over the trailing 3-year period

0.07

Correlation (5Y)
Calculated over the trailing 5-year period

0.20

Correlation (10Y)
Calculated over the trailing 10-year period

0.28

Correlation (All Time)
Calculated using the full available price history since Mar 8, 2007

0.38

The correlation between VEU and GSG shifts across timeframes, from -0.21 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard FTSE All-World ex-US ETF

iShares S&P GSCI Commodity-Indexed Trust

Often compared with VEU:
VEU vs. VXUSVEU vs. VEAVEU vs. VOOVEU vs. VGKVEU vs. SPYVEU vs. ACWXVEU vs. VTI
Often compared with GSG:
GSG vs. DBCGSG vs. PDBCGSG vs. COMTGSG vs. VCMDXGSG vs. GLDGSG vs. HGERGSG vs. CGL.TO

Return for Risk

VEU vs. GSG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEU
VEU Risk / Return Rank: 5656
Overall Rank
VEU Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
VEU Sortino Ratio Rank: 5555
Sortino Ratio Rank
VEU Omega Ratio Rank: 5858
Omega Ratio Rank
VEU Calmar Ratio Rank: 5454
Calmar Ratio Rank
VEU Martin Ratio Rank: 5858
Martin Ratio Rank
GSG
GSG Risk / Return Rank: 7070
Overall Rank
GSG Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
GSG Sortino Ratio Rank: 6060
Sortino Ratio Rank
GSG Omega Ratio Rank: 6464
Omega Ratio Rank
GSG Calmar Ratio Rank: 8888
Calmar Ratio Rank
GSG Martin Ratio Rank: 7171
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VEU vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US ETF (VEU) 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.

VEUGSGDifference
Sharpe ratioReturn per unit of total volatility
1.74
1.93

-0.19

Sortino ratioReturn per unit of downside risk
2.39
2.53

-0.13

Omega ratioGain probability vs. loss probability

1.32

1.35

-0.03

Calmar ratioReturn relative to maximum drawdown

2.41

4.72

-2.32

Martin ratioReturn relative to average drawdown

9.28

12.04

-2.76

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEU vs. GSG - Sharpe Ratio Comparison

The current VEU Sharpe Ratio is 1.74, which is comparable to the GSG Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of VEU and GSG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

VEUGSGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.74

1.93

-0.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.51

0.66

-0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.57

0.33

+0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

-0.09

+0.34

Drawdowns

VEU vs. GSG - Drawdown Comparison

The maximum VEU drawdown since its inception was -61.52%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for VEU and GSG.

Loading charts...

Drawdown Indicators

VEUGSGDifference

Max Drawdown

Largest peak-to-trough decline

-61.52%

-89.62%

+28.10%

Max Drawdown (1Y)

Largest decline over 1 year

-11.43%

-9.46%

-1.97%

Max Drawdown (3Y)

Largest decline over 3 years

-13.69%

-14.94%

+1.25%

Max Drawdown (5Y)

Largest decline over 5 years

-29.31%

-29.12%

-0.19%

Max Drawdown (10Y)

Largest decline over 10 years

-34.98%

-57.64%

+22.66%

Current Drawdown

Current decline from peak

-3.69%

-58.43%

+54.74%

Average Drawdown

Average peak-to-trough decline

-13.13%

-63.71%

+50.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.96%

3.70%

-0.74%

Volatility

VEU vs. GSG - Volatility Comparison

The current volatility for Vanguard FTSE All-World ex-US ETF (VEU) is 6.07%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.05%. This indicates that VEU 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

VEUGSGDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.07%

7.05%

-0.98%

Volatility (6M)

Calculated over the trailing 6-month period

13.65%

20.66%

-7.01%

Volatility (1Y)

Calculated over the trailing 1-year period

15.80%

23.18%

-7.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.16%

22.64%

-6.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.25%

22.04%

-4.79%

VEU vs. GSG - Expense Ratio Comparison

VEU has a 0.04% expense ratio, which is lower than GSG's 0.75% expense ratio.

Dividends

VEU vs. GSG - Dividend Comparison

VEU's dividend yield for the trailing twelve months is around 2.68%, while GSG has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
VEU
Vanguard FTSE All-World ex-US ETF		2.68%3.09%3.24%3.32%3.12%3.08%2.00%3.10%3.27%2.66%2.96%2.95%

Frequently Asked Questions

VEU and GSG have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GSG has higher volatility (7.05%) compared to VEU (6.07%). In terms of maximum drawdown, VEU dropped -61.52% vs GSG's -89.62%.

On 10-year performance, VEU leads with 9.86% vs 7.20% for GSG. On fees, VEU is cheaper at 0.04% per year. On volatility, VEU has been the lower-risk option at 6.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VEU has performed better with a 9.86% return vs 7.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VEU is cheaper with a 0.04% expense ratio, compared with 0.75% for GSG.

VEU has the higher dividend yield at 2.68%, compared with 0.00% for GSG.

VEU is categorized as Foreign Large Cap Equities, while GSG is Commodities. VEU tracks FTSE All-World 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: 0.04% for VEU and 0.75% for GSG.

GSG currently has the higher Sharpe Ratio (1.93 vs 1.74), 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.

Portfolio Optimizer

Find the right allocation for VEU 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