iShares S&P GSCI Commodity-Indexed ETF (GSG) Performance
GSG total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +63.5% since Dec 31, 2025
- 1 year
- +61.5% total return
- 5 years
- +16.0% a year
- 10 years
- +9.5% a year
- Since first price
- −1.3% a year since 2006
GSG trailing returns vs SPY, QQQ, AGG
| Period | GSG total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +4.3% | +4.3% | −1.0% | −5.0% | +0.9% |
| 3 months | +13.8% | +13.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +15.2% | +15.2% | +7.8% | +8.4% | −1.5% |
| YTD | +63.5% | +63.5% | +12.3% | +15.1% | −1.0% |
| 1 year | +61.5% | +61.5% | +14.4% | +15.9% | −1.1% |
| 3 years | +70.4%+19.4%/yr | +70.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +109.8%+16.0%/yr | +109.8% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +148.0%+9.5%/yr | +148.0% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +16.4%+1.0%/yr | +16.4% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | −8.3%−0.4%/yr | −8.3% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| Since inceptionJul 21, 2006 | −23.5%−1.3%/yr | −23.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: GSG vs SPY
From Jul 21, 2006: GSG grew to $7,655, SPY to $88,767.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
GSG returns by calendar year
10 of 19 full years positive. Best 2021 (+38.8%), worst 2008 (−45.8%). 2026 is year to date.
GSG annual returns table
| Year | GSG | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +63.5% | −18.8% | +12.3% | +15.1% | −1.0% |
| 2025 | +5.9% | −13.4% | +17.7% | +20.8% | +7.2% |
| 2024 | +8.5% | −13.1% | +24.9% | +25.6% | +1.3% |
| 2023 | −5.5% | −14.9% | +26.2% | +54.9% | +5.7% |
| 2022 | +24.1% | −24.6% | −18.2% | −32.6% | −13.0% |
| 2021 | +38.8% | −13.1% | +28.7% | +27.4% | −1.8% |
| 2020 | −23.9% | −52.0% | +18.3% | +48.6% | +7.5% |
| 2019 | +15.6% | −13.3% | +31.2% | +39.0% | +8.5% |
| 2018 | −13.9% | −26.0% | −4.6% | −0.1% | +0.1% |
| 2017 | +3.9% | −15.8% | +21.7% | +32.7% | +3.6% |
| 2016 | +10.1% | −16.0% | +12.0% | +7.1% | +2.4% |
| 2015 | −34.1% | −36.5% | +1.2% | +9.4% | +0.5% |
| 2014 | −33.0% | −37.1% | +13.5% | +19.2% | +6.0% |
| 2013 | −1.8% | −12.6% | +32.3% | +36.6% | −2.0% |
| 2012 | −0.6% | −21.9% | +16.0% | +18.1% | +3.8% |
| 2011 | −3.3% | −24.4% | +1.9% | +3.4% | +7.7% |
| 2010 | +7.2% | −20.3% | +15.1% | +19.9% | +6.4% |
| 2009 | +11.2% | −29.2% | +26.4% | +54.7% | +3.0% |
| 2008 | −45.8% | −65.8% | −36.8% | −41.7% | +7.9% |
| 2007 | +31.6% | −8.0% | +5.1% | +19.0% | +6.6% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
GSG largest drawdowns
Now 50.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 2, 2008 | −89.6% | Apr 28, 2020 | not yet | 11.8 years | 18.3 years so far |
| Aug 2, 2006 | −30.4% | Jan 18, 2007 | Nov 2, 2007 | 6 months | 1.3 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
GSG risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2006 |
|---|---|---|---|---|
| Annualized return | +16.5% | +16.1% | +9.1% | −1.7% |
| Volatility (annualized) | 20.9% | 20.9% | 22.0% | 23.2% |
| Sharpe ratio | 0.62 | 0.64 | 0.41 | -0.01 |
| Sortino ratio | 1.23 | 1.18 | 0.60 | -0.02 |
| Best month | +24.2% | +24.2% | +24.2% | +24.2% |
| Worst month | −10.1% | −10.6% | −30.4% | −30.4% |
| Best 12 months | +65.7% | +65.7% | +78.1% | +78.1% |
| Worst 12 months | −6.8% | −25.4% | −48.3% | −60.4% |
| Positive months | 61% | 57% | 59% | 54% |
| Beta vs S&P 500 | -0.31 | 0.07 | 0.47 | — |
| Correlation with S&P 500 | -0.19 | 0.05 | 0.33 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
GSG rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 232 | −60.4% | −0.5% | +78.1% | 49% |
| 3-year (a year) | 208 | −26.7% | −1.7% | +32.9% | 45% |
| 5-year (a year) | 184 | −18.2% | −4.6% | +19.6% | 42% |
| 10-year (a year) | 124 | −13.3% | −5.6% | +10.0% | 18% |
Every holding period starting at a month-end since 2006. Returns for 3 years and longer are annualized.
GSG performance overview
iShares S&P GSCI Commodity-Indexed ETF (GSG) returned +61.5% over the past year and +9.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2006 it has returned −1.3% a year, turning $10,000 into about $7,655. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −89.6%, from Jul 2, 2008 to Apr 28, 2020; the fund has not yet regained that high. GSG finished 10 of its 19 full calendar years with a gain; the best year was 2021 (+38.8%) and the worst 2008 (−45.8%). Volatility has been 23.2% a year.
Related: GSG chart. See the GSG overview for the latest quote and fund facts.
GSG performance FAQ
What is the GSG return over the past year?
GSG returned +61.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 61.5%.
What is the average annual return of GSG?
GSG has returned +16.0% a year over 5 years, +9.5% a year over 10 years, −1.3% a year since July 21, 2006 (total return, distributions reinvested).
How much would $10,000 invested in GSG be worth?
$10,000 invested in GSG at its first recorded close on July 21, 2006 would be worth about $7,655 on October 23, 2026 with distributions reinvested.
What was the worst year for GSG?
The worst calendar year was 2008, with a total return of −45.8%. The best was 2021 at +38.8%.
What is the biggest drawdown of GSG?
The largest peak-to-trough decline was −89.6% between July 2, 2008 and April 28, 2020. It has not yet recovered to that high; it is 50.6% below its peak.
How volatile is GSG?
Over the past 3 years GSG had an annualized volatility of 20.9% and a Sharpe ratio of 0.62 (excess return over 1–3 month T-bills per unit of risk).