XSHD vs. GSG
XSHD (Invesco S&P SmallCap High Dividend Low Volatility ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - XSHD is a Dividend fund tracking the S&P SmallCap 600 Low Volatility High Dividend Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, XSHD returned -2.71%/yr vs 14.69%/yr for GSG. Their 0.20 correlation means their historical movements had little consistent relationship. XSHD charges 0.30%/yr vs 0.75%/yr for GSG.
Performance
XSHD vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, XSHD achieves a 14.67% return, which is significantly lower than GSG's 35.21% return.
XSHD
- 1D
- 0.71%
- 1M
- 0.27%
- 6M
- 7.76%
- YTD
- 14.67%
- 1Y
- 16.47%
- 3Y*
- 2.14%
- 5Y*
- -2.71%
- 10Y*
- —
- ALL TIME*
- -0.02%
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 | |
| $445.72K | $396.15K | $476.24K |
XSHD vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF | 14.67% | -6.41% | -5.25% | 3.00% | -19.48% | 18.31% | -13.55% | 17.91% | -7.86% | 1.52% |
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 XSHD and GSG is -0.20, 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. | -0.20 |
Correlation (3Y) Balances recent behavior with more history. | 0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2016 | 0.20 |
The correlation between XSHD and GSG shifts across timeframes, from -0.20 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XSHD vs. GSG — Risk / Return Rank
XSHD
GSG
XSHD vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) 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.
| XSHD | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.28 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 2.06 | -0.48 |
| Martin ratioReturn relative to average drawdown | 4.41 | 6.61 | -2.20 |
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Drawdowns
XSHD vs. GSG - Drawdown Comparison
The maximum XSHD drawdown since its inception was -49.53%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for XSHD and GSG.
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Drawdown Indicators
| XSHD | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.53% | -89.62% | +40.09% |
Max Drawdown (1Y)Largest decline over 1 year | -10.51% | -18.81% | +8.30% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | -18.81% | -1.96% |
Max Drawdown (5Y)Largest decline over 5 years | -34.67% | -29.12% | -5.55% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -20.14% | -59.18% | +39.04% |
Average DrawdownAverage peak-to-trough decline | -16.44% | -63.67% | +47.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.74% | 5.85% | -2.11% |
Volatility
XSHD vs. GSG - Volatility Comparison
The current volatility for Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) is 4.69%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.75%. This indicates that XSHD 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
| XSHD | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.69% | 8.75% | -4.06% |
Volatility (6M)Calculated over the trailing 6-month period | 10.22% | 22.27% | -12.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.94% | 24.37% | -9.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.81% | 22.89% | -4.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.14% | 22.07% | +0.07% |
XSHD vs. GSG - Expense Ratio Comparison
XSHD has a 0.30% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
XSHD vs. GSG - Dividend Comparison
XSHD's dividend yield for the trailing twelve months is around 4.89%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF | 4.89% | 6.45% | 7.25% | 7.62% | 6.77% | 3.86% | 5.55% | 4.88% | 5.49% | 4.11% | 0.41% |
Frequently Asked Questions
XSHD and GSG have a correlation of -0.20, 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 XSHD (4.69%). In terms of maximum drawdown, XSHD dropped -49.53% vs GSG's -89.62%.
On 5-year performance, GSG leads with 14.69% vs -2.71% for XSHD. On fees, XSHD is cheaper at 0.30% per year. On volatility, XSHD has been the lower-risk option at 4.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSG has performed better with a 14.69% return vs -2.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XSHD is cheaper with a 0.30% expense ratio, compared with 0.75% for GSG.
XSHD has the higher dividend yield at 4.89%, compared with 0.00% for GSG.
XSHD is categorized as Dividend, while GSG is Commodities. XSHD tracks S&P SmallCap 600 Low Volatility High Dividend Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.30% for XSHD and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.59 vs 1.11), 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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