XMLV vs. GSG
XMLV (Invesco S&P MidCap Low Volatility ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - XMLV is a Low Volatility fund tracking the S&P MidCap 400 Low Volatility Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, XMLV returned 8.07%/yr vs 8.24%/yr for GSG. Their 0.16 correlation means their historical movements had little consistent relationship. XMLV charges 0.25%/yr vs 0.75%/yr for GSG.
Performance
XMLV vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, XMLV achieves a 12.22% return, which is significantly lower than GSG's 35.21% return. Both investments have delivered pretty close results over the past 10 years, with XMLV having a 8.07% annualized return and GSG not far ahead at 8.24%.
XMLV
- 1D
- 0.66%
- 1M
- 2.44%
- 6M
- 9.48%
- YTD
- 12.22%
- 1Y
- 16.41%
- 3Y*
- 12.06%
- 5Y*
- 7.48%
- 10Y*
- 8.07%
- ALL TIME*
- 10.03%
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 | |
| $1.62M | $1.47M | $1.28M |
XMLV vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XMLV Invesco S&P MidCap Low Volatility ETF | 12.22% | 5.55% | 17.08% | 1.86% | -6.55% | 23.00% | -8.42% | 23.77% | -0.16% | 13.72% |
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 XMLV and GSG is -0.21, 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. | -0.21 |
Correlation (3Y) Balances recent behavior with more history. | -0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2013 | 0.16 |
The correlation between XMLV and GSG shifts across timeframes, from -0.21 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XMLV vs. GSG — Risk / Return Rank
XMLV
GSG
XMLV vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Low Volatility ETF (XMLV) 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.
| XMLV | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.28 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.06 | +0.29 |
| Martin ratioReturn relative to average drawdown | 7.75 | 6.61 | +1.15 |
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Drawdowns
XMLV vs. GSG - Drawdown Comparison
The maximum XMLV drawdown since its inception was -39.86%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for XMLV and GSG.
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Drawdown Indicators
| XMLV | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.86% | -89.62% | +49.76% |
Max Drawdown (1Y)Largest decline over 1 year | -7.03% | -18.81% | +11.78% |
Max Drawdown (3Y)Largest decline over 3 years | -13.80% | -18.81% | +5.01% |
Max Drawdown (5Y)Largest decline over 5 years | -16.53% | -29.12% | +12.59% |
Max Drawdown (10Y)Largest decline over 10 years | -39.86% | -57.64% | +17.78% |
Current DrawdownCurrent decline from peak | -1.49% | -59.18% | +57.69% |
Average DrawdownAverage peak-to-trough decline | -4.22% | -63.67% | +59.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.12% | 5.85% | -3.73% |
Volatility
XMLV vs. GSG - Volatility Comparison
The current volatility for Invesco S&P MidCap Low Volatility ETF (XMLV) is 3.81%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.75%. This indicates that XMLV 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
| XMLV | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.81% | 8.75% | -4.94% |
Volatility (6M)Calculated over the trailing 6-month period | 8.32% | 22.27% | -13.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.85% | 24.37% | -13.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.51% | 22.89% | -8.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.98% | 22.07% | -5.09% |
XMLV vs. GSG - Expense Ratio Comparison
XMLV has a 0.25% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
XMLV vs. GSG - Dividend Comparison
XMLV's dividend yield for the trailing twelve months is around 2.83%, 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% |
XMLV Invesco S&P MidCap Low Volatility ETF | 2.83% | 2.87% | 2.23% | 2.34% | 2.05% | 1.14% | 1.93% | 2.02% | 2.13% | 1.74% | 1.72% | 1.85% |
Frequently Asked Questions
XMLV 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 (8.75%) compared to XMLV (3.81%). In terms of maximum drawdown, XMLV dropped -39.86% vs GSG's -89.62%.
On 10-year performance, GSG leads with 8.24% vs 8.07% for XMLV. On fees, XMLV is cheaper at 0.25% per year. On volatility, XMLV has been the lower-risk option at 3.81%. 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 8.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XMLV is cheaper with a 0.25% expense ratio, compared with 0.75% for GSG.
XMLV has the higher dividend yield at 2.83%, compared with 0.00% for GSG.
XMLV is categorized as Low Volatility, while GSG is Commodities. XMLV tracks S&P MidCap 400 Low Volatility Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.25% for XMLV and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.59 vs 1.52), 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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