XOEX vs. GSG

Last updated Jun 4, 2026

XOEX (Xtrackers S&P 100 Ex Top 20 ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - XOEX is a Large Cap Blend Equities fund tracking the S&P 100 Ex-Top 20 Select Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 3 years, XOEX returned 18.33%/yr vs 19.31%/yr for GSG. At a 0.09 correlation, their price movements are largely independent. XOEX charges 0.15%/yr vs 0.75%/yr for GSG.

Performance

XOEX vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers S&P 100 Ex Top 20 ETF (XOEX) 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, XOEX achieves a 9.69% return, which is significantly lower than GSG's 42.58% return.

XOEX

• 1D: -0.53%
• 1M: 6.34%
• YTD: 9.69%
• 6M: 10.33%
• 1Y: 28.12%
• 3Y*: 18.33%
• 5Y*: —
• 10Y*: —

GSG

• 1D: 0.77%
• 1M: -4.83%
• YTD: 42.58%
• 6M: 41.06%
• 1Y: 51.52%
• 3Y*: 19.31%
• 5Y*: 15.74%
• 10Y*: 7.69%

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

XOEX vs. GSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XOEX Xtrackers S&P 100 Ex Top 20 ETF	9.69%	18.97%	12.07%	15.99%	2.98%
GSG iShares S&P GSCI Commodity-Indexed Trust	42.58%	5.93%	8.52%	-5.51%	-2.79%

Correlation

The correlation between XOEX and GSG is -0.19, 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	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (All Time) Calculated using the full available price history since Nov 10, 2022	0.09

The correlation between XOEX and GSG shifts across timeframes, from -0.19 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XOEX vs. GSG — Risk / Return Rank

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

XOEX

XOEX Risk / Return Rank: 80
XOEX Sharpe Ratio Rank: 80
XOEX Sortino Ratio Rank: 83
XOEX Omega Ratio Rank: 78
XOEX Calmar Ratio Rank: 77
XOEX Martin Ratio Rank: 79

GSG

GSG Risk / Return Rank: 71
GSG Sharpe Ratio Rank: 67
GSG Sortino Ratio Rank: 60
GSG Omega Ratio Rank: 65
GSG Calmar Ratio Rank: 89
GSG Martin Ratio Rank: 75

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.

XOEX vs. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 100 Ex Top 20 ETF (XOEX) 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.

	XOEX	GSG	Difference
Sharpe ratio Return per unit of total volatility	2.58	2.26	+0.33
Sortino ratio Return per unit of downside risk	3.70	2.88	+0.83
Omega ratio Gain probability vs. loss probability	1.46	1.40	+0.06
Calmar ratio Return relative to maximum drawdown	3.86	5.47	-1.61
Martin ratio Return relative to average drawdown	15.43	14.39	+1.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XOEX vs. GSG - Sharpe Ratio Comparison

The current XOEX Sharpe Ratio is 2.58, which is comparable to the GSG Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of XOEX 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.

Sharpe Ratios by Period

	XOEX	GSG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	2.26	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.27	-0.09	+1.36

Drawdowns

XOEX vs. GSG - Drawdown Comparison

The maximum XOEX drawdown since its inception was -14.68%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for XOEX and GSG.

Drawdown Indicators

	XOEX	GSG	Difference
Max Drawdown Largest peak-to-trough decline	-14.68%	-89.62%	+74.94%
Max Drawdown (1Y) Largest decline over 1 year	-7.31%	-9.46%	+2.15%
Max Drawdown (3Y) Largest decline over 3 years	-14.68%	-14.94%	+0.26%
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	-0.53%	-56.95%	+56.42%
Average Drawdown Average peak-to-trough decline	-2.65%	-63.71%	+61.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	3.59%	-1.76%

Volatility

XOEX vs. GSG - Volatility Comparison

The current volatility for Xtrackers S&P 100 Ex Top 20 ETF (XOEX) is 3.18%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that XOEX 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.

Volatility by Period

	XOEX	GSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	7.65%	-4.47%
Volatility (6M) Calculated over the trailing 6-month period	8.30%	20.42%	-12.12%
Volatility (1Y) Calculated over the trailing 1-year period	10.96%	22.95%	-11.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.42%	22.61%	-9.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.42%	22.03%	-8.61%

XOEX vs. GSG - Expense Ratio Comparison

XOEX has a 0.15% expense ratio, which is lower than GSG's 0.75% expense ratio.

Dividends

XOEX vs. GSG - Dividend Comparison

XOEX's dividend yield for the trailing twelve months is around 1.60%, while GSG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
GSG iShares S&P GSCI Commodity-Indexed Trust	0.00%	0.00%	0.00%	0.00%	0.00%
XOEX Xtrackers S&P 100 Ex Top 20 ETF	1.60%	1.95%	2.09%	1.72%	0.42%

Frequently Asked Questions

Can I hold both XOEX and GSG in my portfolio?

XOEX and GSG have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XOEX or GSG?

GSG has higher volatility (7.65%) compared to XOEX (3.18%). In terms of maximum drawdown, XOEX dropped -14.68% vs GSG's -89.62%.

Which ETF is better, XOEX or GSG?

On 3-year performance, GSG leads with 19.31% vs 18.33% for XOEX. On fees, XOEX is cheaper at 0.15% per year. On volatility, XOEX has been the lower-risk option at 3.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XOEX or GSG?

Over the 3-year period, GSG has performed better with a 19.31% return vs 18.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOEX or GSG?

XOEX is cheaper with a 0.15% expense ratio, compared with 0.75% for GSG.

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

XOEX has the higher dividend yield at 1.60%, compared with 0.00% for GSG.

What is the main difference between XOEX and GSG?

XOEX is categorized as Large Cap Blend Equities, while GSG is Commodities. XOEX tracks S&P 100 Ex-Top 20 Select Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.15% for XOEX and 0.75% for GSG.

Which has better risk-adjusted returns?

XOEX currently has the higher Sharpe Ratio (2.58 vs 2.26), 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.