GSG alternatives and similar ETFs

GSG alternatives at a glance#

Each fund below can stand in for GSG, closest first. “Same kind” funds hold the same kind of investments through a different index. “Related” funds make a different bet that often moves the same way.

Fees come from each fund company, checked on the dates shown on each fund’s page.

How GSG and its alternatives did over the same dates#

Each row measures the alternative and GSG on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together.

Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

Each GSG alternative, compared#

DBC: Invesco DB Commodity Index Tracking Fund#

DBC also holds futures on oil, metals, grains and other raw materials. It tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while GSG tracks the S&P GSCI Total Return Index.

It charges 0.85% a year, about $85 on $10,000, against $75 for GSG.

From July 2006 to October 2026, DBC returned about 2.6% a year and GSG lost about 1.4% a year. Over about the last five years they moved almost exactly together (correlation 0.97).

Read the DBC fund page for its returns by year and worst drop.

DJP: iPath Bloomberg Commodity Index Total Return ETN#

DJP also holds futures on oil, metals, grains and other raw materials. It tracks the Bloomberg Commodity Index Total Return, while GSG tracks the S&P GSCI Total Return Index.

It charges 0.7% a year, about $70 on $10,000, against $75 for GSG.

From October 2006 to October 2026, DJP returned about 0.4% a year and GSG lost about 0.5% a year. Over about the last five years they moved together on most days (correlation 0.89).

Read the DJP fund page for its returns by year and worst drop.

GLDM: SPDR Gold MiniShares#

GLDM is a looser match. It holds gold bars kept in a vault, while GSG holds futures on oil, metals, grains and other raw materials.

It charges 0.1% a year, about $10 on $10,000, against $75 for GSG.

From June 2018 to October 2026, GLDM returned about 15.3% a year and GSG returned about 9.6% a year. Over about the last five years they often moved in different ways (correlation 0.23).

Read the GLDM fund page for its returns by year and worst drop.

SGOL: abrdn Physical Gold Shares ETF#

SGOL is a looser match. It holds gold bars kept in a vault, while GSG holds futures on oil, metals, grains and other raw materials.

It charges 0.17% a year, about $17 on $10,000, against $75 for GSG.

From September 2009 to October 2026, SGOL returned about 8.5% a year and GSG returned about 1.3% a year. Over about the last five years they often moved in different ways (correlation 0.23).

Read the SGOL fund page for its returns by year and worst drop.

BAR: GraniteShares Gold Trust#

BAR is a looser match. It holds gold bars kept in a vault, while GSG holds futures on oil, metals, grains and other raw materials.

It charges 0.1749% a year, about $17.49 on $10,000, against $75 for GSG.

From September 2017 to October 2026, BAR returned about 13.2% a year and GSG returned about 10.9% a year. Over about the last five years they often moved in different ways (correlation 0.23).

Read the BAR fund page for its returns by year and worst drop.

AAAU: Goldman Sachs Physical Gold ETF#

AAAU is a looser match. It holds gold bars kept in a vault, while GSG holds futures on oil, metals, grains and other raw materials.

It charges 0.18% a year, about $18 on $10,000, against $75 for GSG.

From August 2018 to October 2026, AAAU returned about 16.6% a year and GSG returned about 10.4% a year. Over about the last five years they often moved in different ways (correlation 0.23).

Read the AAAU fund page for its returns by year and worst drop.

IAU: iShares Gold Trust#

IAU is a looser match. It holds gold bars kept in a vault, while GSG holds futures on oil, metals, grains and other raw materials.

It charges 0.25% a year, about $25 on $10,000, against $75 for GSG.

From July 2006 to October 2026, IAU returned about 9.6% a year and GSG lost about 1.4% a year. Over about the last five years they often moved in different ways (correlation 0.23).

Read the IAU fund page for its returns by year and worst drop.

GLD: SPDR Gold Shares#

GLD is a looser match. It holds gold bars kept in a vault, while GSG holds futures on oil, metals, grains and other raw materials.

It charges 0.4% a year, about $40 on $10,000, against $75 for GSG.

From July 2006 to October 2026, GLD returned about 9.4% a year and GSG lost about 1.4% a year. Over about the last five years they often moved in different ways (correlation 0.23).

Read the GLD fund page for its returns by year and worst drop.

GSG versions from other fund companies#

Some people keep all their funds with one company. Here is the closest fund to GSG from each other company on this page:

• Invesco: DBC, Invesco DB Commodity Index Tracking Fund (same kind of fund, 0.85% a year)
• iPath (Barclays): DJP, iPath Bloomberg Commodity Index Total Return ETN (same kind of fund, 0.7% a year)
• SPDR (State Street): GLDM, SPDR Gold MiniShares (related fund, 0.1% a year)
• abrdn (Aberdeen): SGOL, abrdn Physical Gold Shares ETF (related fund, 0.17% a year)
• GraniteShares: BAR, GraniteShares Gold Trust (related fund, 0.1749% a year)
• Goldman Sachs Asset Management: AAAU, Goldman Sachs Physical Gold ETF (related fund, 0.18% a year)

Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company’s index mutual fund, are not listed here.

How to choose between GSG and its alternatives#

• What it tracks. A fund on the same index holds the same investments. A different index can mean different weights, more or fewer holdings, or a different mix.
• The fee. The difference is often small. On $10,000, GSG costs about $75 a year. GLDM costs about $10.
• History. An older fund has been through more bad markets, so you can see how far it fell.
• What you already own. Two funds that move together add little variety. A fund with a low correlation behaves more on its own.

Test GSG and its alternatives in a backtest#

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the builder, add GSG and DBC, and see how each would have done on the same dates, or how a mix of both would have done.

The details#

Alternatives are picked from facts, not from returns. First come funds that track the same index as GSG. Then come funds that hold the same kind of investments through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds.

Within each group, the funds whose daily returns moved most like GSG over about the last five years come first. Returns and worst drops use Tactfolio’s stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with GSG only on days both traded. Read what a backtest simulates for more on these measures.