GSG: iShares S&P GSCI Commodity-Indexed Trust returns, drawdowns and risk
Funds that invest in commodity futures: oil, natural gas, agriculture, copper or a broad basket.
Data updated October 2026
GSG · US exchange · USDCategory: Oil, gas and commodity ETFsData from October 2006
From October 2006 to October 2026 GSG returned 0.5% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start was worth $9,061.
Its deepest fall was 89.6%, from July 2008 to April 2020, and it has not yet returned to the previous high. Annual volatility was 23.6%; at the last close it was 51.2% below its high.
Against SPY (SPDR S&P 500 ETF Trust), over the 240 months both have data, the correlation of monthly returns was 0.43: they moved together only in part. Beta was 0.64. In months when SPY rose, GSG moved 53% as much on average; in months when SPY fell, 78% as much.
Key figures
- Annual return (CAGR)
- −0.5%
- 1-year return
- +62.8%
- 5 years, a year
- +15.6%
- 10 years, a year
- +9.4%
- Annual volatility
- 23.6%
- Maximum drawdown
- −89.6%
- Sharpe ratio
- 0.03
- Worst year
- 2008: −45.8%
Trailing returns
| Period | GSG | SPY |
|---|---|---|
| 1 year | +62.8% | +16.6% |
| 3 years, a year | +18.0% | +23.1% |
| 5 years, a year | +15.6% | +12.7% |
| 10 years, a year | +9.4% | +15.4% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: GSG vs SPY
Month-end values from November 2006, the first month both funds have data.
GSG drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | GSG | SPY |
|---|---|---|
| 2026(partial) | +59.6% | +13.3% |
| 2025 | +5.9% | +17.7% |
| 2024 | +8.5% | +24.9% |
| 2023 | −5.5% | +26.2% |
| 2022 | +24.1% | −18.2% |
| 2021 | +39.1% | +28.7% |
| 2020 | −23.2% | +18.3% |
| 2019 | +15.6% | +31.2% |
| 2018 | −13.9% | −4.6% |
| 2017 | +3.9% | +21.7% |
| 2016 | +10.1% | +12.0% |
| 2015 | −34.1% | +1.2% |
| 2014 | −33.0% | +13.5% |
| 2013 | −1.8% | +32.3% |
| 2012 | −0.6% | +16.0% |
| 2011 | −3.3% | +1.9% |
| 2010 | +7.2% | +15.1% |
| 2009 | +11.2% | +26.4% |
| 2008 | −45.8% | −36.8% |
| 2007 | +31.6% | +5.1% |
| 2006(partial) | −2.5% | — |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of GSG?
From October 2006 to October 2026 GSG returned 0.5% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +15.6% a year. Over the last 12 months: +62.8%.
What was the worst drawdown of GSG?
89.6%, from July 2008 to April 2020; it has not yet returned to the previous high.
How volatile is GSG?
Annual volatility was 23.6% over the period. Its worst month was −30.4% and 55% of months were positive. Worst calendar year: 2008 (−45.8%).
How closely does GSG follow SPY?
Over 240 months the correlation of monthly returns was 0.43, so they moved together only in part, with a beta of 0.64.
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Other Oil, gas and commodity ETFs
- All Oil, gas and commodity ETFsReturns and risk side by side
- USO — United States Oil FundCAGR +32.1%
- DBC — Invesco DB Commodity Index Tracking FundCAGR +2.8%
- PDBC — Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETFCAGR +2.3%
- UNG — United States Natural Gas FundCAGR −20.7%
- DBA — Invesco DB Agriculture FundCAGR +1.5%
- CPER — United States Copper Index FundCAGR +3.1%
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.