VNAM vs. GSG
VNAM (Global X MSCI Vietnam ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - VNAM is a Emerging Markets Equities fund tracking the MSCI Vietnam Select 25/50 Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 3 years, VNAM returned 9.63%/yr vs 14.13%/yr for GSG. Their 0.02 correlation means their historical movements had little consistent relationship. VNAM charges 0.51%/yr vs 0.75%/yr for GSG.
Performance
VNAM vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, VNAM achieves a -5.90% return, which is significantly lower than GSG's 38.94% return.
VNAM
- 1D
- -1.01%
- 1M
- -6.30%
- 6M
- -5.05%
- YTD
- -5.90%
- 1Y
- 19.62%
- 3Y*
- 9.63%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.40%
GSG
- 1D
- 0.28%
- 1M
- 12.94%
- 6M
- 25.75%
- YTD
- 38.94%
- 1Y
- 42.34%
- 3Y*
- 14.13%
- 5Y*
- 14.47%
- 10Y*
- 8.91%
- ALL TIME*
- -2.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.60M | $17.31M | $26.52M | |
| $359.89K | $250.04K | $295.38K |
VNAM vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VNAM Global X MSCI Vietnam ETF | -5.90% | 67.05% | -7.78% | 12.95% | -44.16% | 2.41% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 38.94% | 5.93% | 8.52% | -5.51% | 24.08% | 2.33% |
Correlation
The correlation between VNAM and GSG is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.16 |
Correlation (3Y) Balances recent behavior with more history. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2021 | 0.02 |
The correlation between VNAM and GSG shifts across timeframes, from -0.16 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VNAM vs. GSG — Risk / Return Rank
VNAM
GSG
VNAM vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Vietnam ETF (VNAM) 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.
| VNAM | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.29 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.10 | 2.16 | -1.07 |
| Martin ratioReturn relative to average drawdown | 2.66 | 6.99 | -4.33 |
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Drawdowns
VNAM vs. GSG - Drawdown Comparison
The maximum VNAM drawdown since its inception was -52.84%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for VNAM and GSG.
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Drawdown Indicators
| VNAM | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.84% | -89.62% | +36.78% |
Max Drawdown (1Y)Largest decline over 1 year | -17.17% | -18.81% | +1.64% |
Max Drawdown (3Y)Largest decline over 3 years | -31.34% | -18.81% | -12.53% |
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 | -12.28% | -58.05% | +45.77% |
Average DrawdownAverage peak-to-trough decline | -29.80% | -63.67% | +33.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.06% | 5.84% | +1.22% |
Volatility
VNAM vs. GSG - Volatility Comparison
Global X MSCI Vietnam ETF (VNAM) and iShares S&P GSCI Commodity-Indexed Trust (GSG) have volatilities of 8.11% and 8.11%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VNAM | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.11% | 8.11% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 19.84% | 22.18% | -2.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.05% | 24.23% | +2.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.56% | 22.86% | +2.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.56% | 22.06% | +3.50% |
VNAM vs. GSG - Expense Ratio Comparison
VNAM has a 0.51% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
VNAM vs. GSG - Dividend Comparison
VNAM's dividend yield for the trailing twelve months is around 0.51%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VNAM Global X MSCI Vietnam ETF | 0.51% | 0.50% | 1.00% | 0.49% | 1.04% | 0.13% |
Frequently Asked Questions
VNAM 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.
GSG has higher volatility (8.11%) compared to VNAM (8.11%). In terms of maximum drawdown, VNAM dropped -52.84% vs GSG's -89.62%.
On 3-year performance, GSG leads with 14.13% vs 9.63% for VNAM. On fees, VNAM is cheaper at 0.51% per year. Their volatility is very similar. 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 14.13% return vs 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VNAM is cheaper with a 0.51% expense ratio, compared with 0.75% for GSG.
VNAM has the higher dividend yield at 0.51%, compared with 0.00% for GSG.
VNAM is categorized as Emerging Markets Equities, while GSG is Commodities. VNAM tracks MSCI Vietnam Select 25/50 Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.51% for VNAM and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.68 vs 0.70), 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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