XAGG vs. GSG

Last updated Jun 5, 2026

XAGG (Eaton Vance Income Opportunities ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - XAGG is a Multisector Bonds fund actively managed by Eaton Vance, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. XAGG is actively managed, while GSG is passively managed. At a correlation of -0.40, they often move in opposite directions. XAGG charges 0.50%/yr vs 0.75%/yr for GSG.

Performance

XAGG vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Income Opportunities ETF (XAGG) and iShares S&P GSCI Commodity-Indexed Trust (GSG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XAGG achieves a 2.05% return, which is significantly lower than GSG's 40.46% return.

XAGG

• 1D: 0.12%
• 1M: 0.42%
• YTD: 2.05%
• 6M: 2.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GSG

• 1D: -1.49%
• 1M: -5.32%
• YTD: 40.46%
• 6M: 38.18%
• 1Y: 49.68%
• 3Y*: 18.78%
• 5Y*: 15.39%
• 10Y*: 7.42%

*Multi-year figures are annualized to reflect compound growth (CAGR)

XAGG vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025
XAGG Eaton Vance Income Opportunities ETF	2.05%	1.61%
GSG iShares S&P GSCI Commodity-Indexed Trust	40.46%	-1.58%

Correlation

The correlation between XAGG and GSG is -0.40, 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 (All Time) Calculated using the full available price history since Nov 11, 2025	-0.40

Return for Risk

XAGG vs. GSG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GSG

GSG Risk / Return Rank: 71
GSG Sharpe Ratio Rank: 67
GSG Sortino Ratio Rank: 60
GSG Omega Ratio Rank: 66
GSG Calmar Ratio Rank: 89
GSG Martin Ratio Rank: 74

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.

XAGG vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Income Opportunities ETF (XAGG) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	XAGG	GSG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.17	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.94	-0.09	+2.03

Drawdowns

XAGG vs. GSG - Drawdown Comparison

The maximum XAGG drawdown since its inception was -2.88%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for XAGG and GSG.

Drawdown Indicators

	XAGG	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-2.88%	-89.62%	+86.74%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.46%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-14.94%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-57.64%	—
Current Drawdown Current decline from peak	-0.37%	-57.59%	+57.22%
Average Drawdown Average peak-to-trough decline	-0.57%	-63.71%	+63.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.62%	—

Volatility

Volatility by Period

	XAGG	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.72%	—
Volatility (6M) Calculated over the trailing 6-month period	—	20.48%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.47%	23.01%	-19.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.47%	22.61%	-19.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.47%	22.03%	-18.56%

XAGG vs. GSG - Expense Ratio Comparison

XAGG has a 0.50% expense ratio, which is lower than GSG's 0.75% expense ratio.

Dividends

XAGG vs. GSG - Dividend Comparison

XAGG's dividend yield for the trailing twelve months is around 3.86%, while GSG has not paid dividends to shareholders.

Position	TTM	2025
GSG iShares S&P GSCI Commodity-Indexed Trust	0.00%	0.00%
XAGG Eaton Vance Income Opportunities ETF	3.86%	1.02%

Frequently Asked Questions

Can I hold both XAGG and GSG in my portfolio?

XAGG and GSG have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XAGG or GSG?

On fees, XAGG is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XAGG or GSG?

XAGG is cheaper with a 0.50% expense ratio, compared with 0.75% for GSG.

Which ETF pays a higher dividend yield, XAGG or GSG?

XAGG has the higher dividend yield at 3.86%, compared with 0.00% for GSG.

What is the main difference between XAGG and GSG?

XAGG is categorized as Multisector Bonds, while GSG is Commodities. They also come from different issuers: Eaton Vance and iShares. Their fees differ too: 0.50% for XAGG and 0.75% for GSG.