XHE vs. GSG
XHE (SPDR S&P Health Care Equipment ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - XHE is a Health & Biotech Equities fund tracking the S&P Health Care Equipment Select Industry Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, XHE returned 6.33%/yr vs 8.24%/yr for GSG. Their 0.16 correlation means their historical movements had little consistent relationship. XHE charges 0.35%/yr vs 0.75%/yr for GSG.
Performance
XHE vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, XHE achieves a 5.60% return, which is significantly lower than GSG's 35.21% return. Over the past 10 years, XHE has underperformed GSG with an annualized return of 6.33%, while GSG has yielded a comparatively higher 8.24% annualized return.
XHE
- 1D
- 4.05%
- 1M
- 6.04%
- 6M
- 7.88%
- YTD
- 5.60%
- 1Y
- 21.90%
- 3Y*
- -0.09%
- 5Y*
- -6.21%
- 10Y*
- 6.33%
- ALL TIME*
- 9.68%
GSG
- 1D
- -2.68%
- 1M
- 9.90%
- 6M
- 27.47%
- YTD
- 35.21%
- 1Y
- 38.52%
- 3Y*
- 13.26%
- 5Y*
- 14.69%
- 10Y*
- 8.24%
- ALL TIME*
- -2.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $17.98M | $16.40M | $25.53M | |
| $2.26M | $2.20M | $2.39M |
XHE vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XHE SPDR S&P Health Care Equipment ETF | 5.60% | -0.23% | 5.08% | -6.23% | -23.34% | 3.04% | 32.91% | 22.30% | 8.90% | 30.51% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 35.21% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between XHE and GSG is -0.28, 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. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2011 | 0.16 |
The correlation between XHE and GSG shifts across timeframes, from -0.28 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XHE vs. GSG — Risk / Return Rank
XHE
GSG
XHE vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Health Care Equipment ETF (XHE) 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.
| XHE | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.28 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.20 | 2.06 | -0.85 |
| Martin ratioReturn relative to average drawdown | 2.55 | 6.61 | -4.06 |
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Drawdowns
XHE vs. GSG - Drawdown Comparison
The maximum XHE drawdown since its inception was -49.92%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for XHE and GSG.
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Drawdown Indicators
| XHE | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.92% | -89.62% | +39.70% |
Max Drawdown (1Y)Largest decline over 1 year | -18.29% | -18.81% | +0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -28.66% | -18.81% | -9.85% |
Max Drawdown (5Y)Largest decline over 5 years | -49.92% | -29.12% | -20.80% |
Max Drawdown (10Y)Largest decline over 10 years | -49.92% | -57.64% | +7.72% |
Current DrawdownCurrent decline from peak | -29.99% | -59.18% | +29.19% |
Average DrawdownAverage peak-to-trough decline | -13.50% | -63.67% | +50.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.61% | 5.85% | +2.76% |
Volatility
XHE vs. GSG - Volatility Comparison
The current volatility for SPDR S&P Health Care Equipment ETF (XHE) is 8.23%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.75%. This indicates that XHE 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.
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Volatility by Period
| XHE | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.23% | 8.75% | -0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 18.07% | 22.27% | -4.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.01% | 24.37% | -1.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.83% | 22.89% | +1.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.14% | 22.07% | +1.07% |
XHE vs. GSG - Expense Ratio Comparison
XHE has a 0.35% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
XHE vs. GSG - Dividend Comparison
XHE's dividend yield for the trailing twelve months is around 0.06%, 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% |
XHE SPDR S&P Health Care Equipment ETF | 0.06% | 0.08% | 0.04% | 0.03% | 0.04% | 0.00% | 0.00% | 0.05% | 0.09% | 0.78% | 0.17% | 7.22% |
Frequently Asked Questions
XHE and GSG have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (8.75%) compared to XHE (8.23%). In terms of maximum drawdown, XHE dropped -49.92% vs GSG's -89.62%.
On 10-year performance, GSG leads with 8.24% vs 6.33% for XHE. On fees, XHE is cheaper at 0.35% per year. On volatility, XHE has been the lower-risk option at 8.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSG has performed better with a 8.24% return vs 6.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XHE is cheaper with a 0.35% expense ratio, compared with 0.75% for GSG.
XHE has the higher dividend yield at 0.06%, compared with 0.00% for GSG.
XHE is categorized as Health & Biotech Equities, while GSG is Commodities. XHE tracks S&P Health Care Equipment Select Industry Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for XHE and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.59 vs 0.96), 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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