# GSG ETF: fees, returns, drawdowns and holdings

> What GSG holds, its 0.75% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

iShares S&P GSCI Commodity-Indexed Trust (GSG) is an exchange-traded fund (ETF) that holds commodity futures run by iShares (BlackRock). This fund does not own stocks. It charges 0.75% a year. From July 2006 to October 2026 it lost about 1.4% a year, and its worst drop was −89.6%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 16, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.75% a year (about $75 on $10,000).
- Started trading on July 10, 2006.
- Last close: $37.11 on October 16, 2026.
- Return over the last year: 64.6%.
- Worst drop since 2006: −89.6%.
- 13 Tactfolio classic strategies hold it.

## How has GSG done since 2006?

From July 2006 to October 2026, GSG lost about 1.4% a year. The S&P 500 returned about 11.4% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $7,535 at the end, with every dividend reinvested.

| Period | GSG | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | 1.3% | 1.5% |
| 3 months | 20.1% | 1.9% |
| 6 months | 17.7% | 9.3% |
| Year to date | 60.9% | 12.8% |
| 1 year | 64.6% | 16.8% |
| 3 years, per year | 18.8% | 22.0% |
| 5 years, per year | 15.7% | 12.8% |
| 10 years, per year | 9.3% | 15.4% |
| Since 2006, per year | −1.4% | 11.4% |

Periods longer than a year show the return per year (CAGR). 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.

## GSG returns by month and year

GSG rose in 132 of its 244 months (54%). Its best month was March 2026, at 24.2%. Its worst was March 2020, at −30.4%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | 10.5% | 1.9% | 24.2% | 6.6% | −7.5% | −10.1% | 12.0% | 6.2% | 4.5% | 4.3% |  |  | 60.9% |
| 2025 | 3.5% | −1.5% | 2.6% | −8.9% | 2.0% | 4.1% | 3.5% | −0.1% | 0.9% | 1.0% | 0.3% | −0.9% | 5.9% |
| 2024 | 4.4% | 0.9% | 4.5% | 0.9% | −1.4% | 0.9% | −2.9% | −2.2% | −0.2% | 1.4% | −0.8% | 3.0% | 8.5% |
| 2023 | −0.1% | −4.2% | −0.9% | −1.0% | −6.2% | 4.4% | 10.8% | 0.5% | 3.7% | −3.9% | −4.4% | −3.0% | −5.5% |
| 2022 | 11.8% | 8.8% | 8.8% | 4.5% | 5.7% | −7.8% | −0.7% | −3.0% | −7.5% | 6.2% | −1.2% | −1.7% | 24.1% |
| 2021 | 4.7% | 10.3% | −1.9% | 8.1% | 2.4% | 4.1% | 1.3% | −2.4% | 6.0% | 5.9% | −10.6% | 7.2% | 38.8% |
| 2020 | −10.6% | −7.8% | −30.4% | −8.8% | 15.8% | 5.6% | 3.7% | 4.7% | −4.4% | −3.4% | 12.2% | 5.8% | −23.9% |
| 2019 | 8.3% | 3.5% | 1.5% | 2.8% | −8.4% | 4.3% | −0.4% | −4.9% | 1.6% | 0.8% | 0.4% | 6.4% | 15.6% |
| 2018 | 3.8% | −3.7% | 2.3% | 4.6% | 1.6% | 1.2% | −3.6% | 1.0% | 3.8% | −6.2% | −11.1% | −7.2% | −13.9% |
| 2017 | −1.5% | 0.1% | −4.1% | −2.6% | −1.2% | −1.7% | 4.2% | −1.0% | 3.0% | 3.9% | 1.3% | 3.8% | 3.9% |
| 2016 | −5.3% | −2.1% | 4.5% | 10.4% | 1.3% | 0.7% | −10.1% | 2.0% | 4.1% | −1.8% | 2.5% | 5.0% | 10.1% |
| 2015 | −8.7% | 5.9% | −6.6% | 10.9% | −2.2% | −0.2% | −14.2% | 0.3% | −6.0% | −0.1% | −9.1% | −8.3% | −34.1% |
| 2014 | −2.2% | 4.8% | −0.1% | 1.0% | −0.5% | 2.4% | −5.7% | −1.6% | −6.1% | −5.9% | −10.1% | −13.8% | −33.0% |
| 2013 | 4.6% | −5.1% | 1.1% | −4.9% | −1.5% | 0.0% | 5.7% | 3.1% | −3.5% | −1.5% | −0.5% | 1.4% | −1.8% |
| 2012 | 2.4% | 6.2% | −3.0% | −0.4% | −12.8% | 0.7% | 5.9% | 7.2% | −2.1% | −4.0% | 1.6% | −0.5% | −0.6% |
| 2011 | 3.1% | 2.6% | 3.5% | 4.3% | −6.9% | −6.0% | 3.2% | −1.7% | −12.7% | 10.3% | 1.5% | −2.4% | −3.3% |
| 2010 | −8.1% | 5.9% | 0.6% | 3.1% | −13.6% | 0.1% | 5.8% | −5.5% | 8.0% | 2.9% | 1.2% | 9.1% | 7.2% |
| 2009 | −10.3% | −6.1% | 4.6% | −1.6% | 21.5% | −0.2% | 0.7% | 0.4% | −2.4% | 4.8% | 1.3% | 1.0% | 11.2% |
| 2008 | −0.5% | 11.3% | −0.9% | 8.2% | 8.5% | 10.3% | −13.3% | −7.5% | −10.4% | −29.7% | −14.9% | −11.2% | −45.8% |
| 2007 | −2.5% | 3.7% | 2.5% | 0.5% | −1.2% | 3.1% | 4.8% | −3.2% | 9.4% | 6.0% | −0.5% | 6.0% | 31.6% |
| 2006 (part) |  |  |  |  |  |  | 3.0% | −7.1% | −10.7% | −2.5% | 5.0% | −6.9% | −18.6% |

Each month runs from the last close of the month before. The first month counts from the first close.

## How risky is GSG compared with the S&P 500?

Measured from October 2021 to October 2026, on the days both traded.

- **Beta 0.18.** When the S&P 500 moved 1% in a day, GSG tended to move about 0.18%.
- **Correlation 0.13.** GSG moved mostly on its own, apart from the S&P 500.
- **Up and down months.** In months the S&P 500 rose, GSG rose 52% as much on average. In months it fell, GSG rose on average.

| Measure | GSG | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | 15.8% | 12.8% |
| Volatility | 22.9% | 17.1% |
| Worst drop | −29.1% | −24.5% |
| Sharpe ratio | 0.76 | 0.79 |
| Sortino ratio | 1.06 | 1.15 |
| Calmar ratio | 0.54 | 0.52 |

Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.

## Is GSG above its 200-day average?

GSG closed 20.0% above its 200-day average on October 16, 2026. A rule that holds GSG only above that average would hold it today.

- Its 50-day average is 13.0% above its 200-day average.
- It closed 0.1% below its highest close of the last 52 weeks.

A moving average is the average close over the last so many days. Trend rules such as [the 10-month moving average strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md) hold a fund only while it is above one. You can [build that rule for GSG](https://tactfolio.com/builder) and backtest it in a minute.

## What was GSG's worst drop?

A drawdown is how far a fund falls from its last high point. GSG's worst fall was −89.6%, from July 2, 2008 to April 28, 2020. By October 16, 2026 it had not yet climbed back to that high. On October 16, 2026 it was 51.4% below its highest close.

| Drop | Started | Bottom | Back to the high | Fall took | Recovery took |
| --- | --- | --- | --- | --- | --- |
| −89.6% | Jul 2, 2008 | Apr 28, 2020 | Not yet | 11.8 years | n/a |
| −30.4% | Aug 2, 2006 | Jan 18, 2007 | Nov 2, 2007 | 6 months | 9 months |
| −9.5% | Mar 13, 2008 | Mar 19, 2008 | Apr 15, 2008 | 6 days | 27 days |
| −8.8% | Jan 3, 2008 | Jan 23, 2008 | Feb 14, 2008 | 20 days | 22 days |
| −7.7% | Nov 20, 2007 | Dec 4, 2007 | Dec 26, 2007 | 14 days | 22 days |

Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## What does GSG hold?

This fund does not own stocks. It holds futures contracts tied to the S&P GSCI, a broad index of commodities such as oil, gas, metals, crops and livestock, plus short-term cash-like holdings. Its value rises and falls with those raw material prices, and it sends a K-1 tax form instead of a 1099.

It tracks the S&P GSCI Total Return Index.

| Fact | GSG |
| --- | --- |
| Full name | iShares S&P GSCI Commodity-Indexed Trust |
| Issuer | iShares (BlackRock) |
| Expense ratio | 0.75% a year |
| Started trading | July 10, 2006 |
| Tracks | S&P GSCI Total Return Index |
| Type | Commodities, Commodity pool ETF |
| Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239757/ishares-sp-gsci-commodityindexed-trust) |

## What is the GSG expense ratio?

GSG charges 0.75% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.75% fee comes to about $75 a year. Of the 162 ETFs on Tactfolio, 2% charge more.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## Which Tactfolio strategies hold GSG?

13 classic strategies hold GSG at least some of the time. Each is a set of written rules you can open, test and copy.

- [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018
- [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016
- [Global Tactical Asset Allocation (GTAA 5)](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), by Mebane Faber, 2007
- [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017
- [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013
- [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013
- [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013
- [Ivy Portfolio rotation (Faber’s relative strength model)](https://tactfolio.com/strategies/ivy-portfolio-rotation.md), by Mebane Faber and Eric Richardson, 2009
- [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016
- [12-Month High Switch (Meb Faber)](https://tactfolio.com/strategies/12-month-high-switch.md), by Mebane Faber, 2020
- [Robust Asset Allocation Balanced (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-balanced.md), by Wesley Gray (Alpha Architect), 2014
- [Robust Asset Allocation Aggressive (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-aggressive.md), by Wesley Gray (Alpha Architect), 2014
- [Ivy Portfolio (Faber and Richardson, buy and hold)](https://tactfolio.com/strategies/ivy-portfolio.md), by Mebane Faber and Eric Richardson, 2009

## How does GSG compare with similar ETFs?

Funds that can stand in for GSG:

- [DJP](https://tactfolio.com/etf/DJP.md): iPath Bloomberg Commodity Index Total Return ETN, 0.7% a year
- [DBC](https://tactfolio.com/etf/DBC.md): Invesco DB Commodity Index Tracking Fund, 0.85% a year
- [GLDM](https://tactfolio.com/etf/GLDM.md): SPDR Gold MiniShares, 0.1% a year
- [SGOL](https://tactfolio.com/etf/SGOL.md): abrdn Physical Gold Shares ETF, 0.17% a year

See [all 8 GSG alternatives](https://tactfolio.com/alternatives/GSG.md), compared on the same dates as GSG.

## Test GSG in your own rules

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](https://tactfolio.com/builder), add GSG, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for GSG and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.

Fund facts come from iShares (BlackRock). We checked them on October 16, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat.
- [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What is the expense ratio of GSG?

GSG charges 0.75% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $75 a year for every $10,000 you hold.

### When did GSG start trading?

GSG started trading on July 10, 2006. It is run by iShares (BlackRock).

### What does GSG track?

GSG tracks the S&P GSCI Total Return Index. This fund does not own stocks.

### How much has GSG returned per year?

From July 2006 to October 2026, GSG lost about 1.4% a year with dividends reinvested. Its worst drop was −89.6%. Past returns do not tell you what it will do next.

### Is GSG above its 200-day moving average?

On October 16, 2026, GSG closed 20.0% above its 200-day moving average. This page updates after each US market close.

### Which strategies use GSG?

13 of Tactfolio's classic strategies hold GSG, including Defensive Asset Allocation (DAA), Protective Asset Allocation (PAA), Global Tactical Asset Allocation (GTAA 5).

## Sources

- [iShares (BlackRock): iShares S&P GSCI Commodity-Indexed Trust fund page](https://www.ishares.com/us/products/239757/ishares-sp-gsci-commodityindexed-trust)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.