PDBC vs GSG

Portfolio characteristics

Net assets are dated Nov 9, 2026 for both funds (PDBC $7.4B; GSG $961.7M). Figures that the issuers do not publish, such as beta, standard deviation and 52-week range, are left as Not captured rather than estimated.

Top ten sums: PDBC 77.3% · GSG 75.4%. 8 shared top-ten commodities. Weights change.

The sector mirror

Same funds, different lenses

Contracts and collateral

Both funds hold futures contracts, not physical commodities. PDBC lists 27 commodities and GSG lists 24. Each contract expires and is replaced (rolled) before it ends, and the cash backing the contracts sits in Treasury bills, money market funds and similar holdings. That collateral earns interest and is not counted in the commodity weights here.

What you actually own

Return rows come from the issuer pages and are dated Oct 31, 2026 for PDBC and Sep 30, 2026 for GSG, so they are not matched and no return leader is named. NAV returns include fees; market price and benchmark returns are shown beside them where the issuer published them, and gaps are marked Not captured. “Since inception” starts in different years (PDBC 2014, GSG 2006). Past performance does not guarantee future results.

Growth of a hypothetical $10,000 · NAV total return, PDBC to Oct 31, 2026, GSG to Sep 30, 2026

Both funds derived from issuer NAV total returns on matched dates (compounded). Distributions reinvested; fund expenses are already in NAV. Illustration, not a forecast.

Rank by rank, the ten largest commodities of each fund, as a share of futures exposure. Top five: PDBC 58.8%, GSG 54.0%. Top ten: PDBC 77.3%, GSG 75.4%.

The issuers report bid/ask spreads of 0.05% for PDBC and 0.03% for GSG (measures differ by issuer; see each fund page). A spread of 0.05% is about $50 between the buy and sell price on $100,000, so check the live quote before you trade.

Commodity prices can swing sharply when oil or metals move, so spreads can widen on volatile days. Use limit orders for large trades and avoid the first and last minutes of the session. See creation, redemption and trading for how NAV, premiums and spreads arise.

Expense ratio is taken from fund assets, not billed. Net expense ratios are shown (PDBC: total 0.74% with 0.15% acquired fund fees; GSG: sponsor fee 0.75%). Fees exclude the bid/ask spread, any premium or discount to NAV, brokerage commissions and taxes.

Exact eligibility rules, caps and rebalance dates sit in each prospectus and index methodology; read them before relying on this summary.

The two funds follow different indexes. The DBIQ Optimum Yield Diversified Commodity Index Excess Return (benchmark, actively managed) follows the same 27-commodity universe as DBC but is actively managed, so it can choose contracts and hold Treasury securities, swaps and notes for extra return. The S&P GSCI Total Return Index weights commodities by world production, so oil and gas make up well over half of the fund.

PDBC follows the DBIQ Optimum Yield Diversified Commodity Index Excess Return (benchmark, actively managed) and GSG uses the S&P GSCI Total Return Index. Because commodity funds hold futures, the return comes from three sources: the change in commodity prices, the roll yield or cost as contracts are replaced, and interest earned on the collateral. Differences in contract choice, roll timing and collateral income explain most of the gap between funds with similar baskets, and fees explain the rest.

Start with what separates them: The two funds follow different indexes. The DBIQ Optimum Yield Diversified Commodity Index Excess Return (benchmark, actively managed) follows the same 27-commodity universe as DBC but is actively managed, so it can choose contracts and hold Treasury securities, swaps and notes for extra return.

The S&P GSCI Total Return Index weights commodities by world production, so oil and gas make up well over half of the fund. Then check what you already own: the funds overlap by 87.5%, so holding both adds little.

• Step 1 · Structure: PDBC is actively managed and holds futures on the same 27 commodities as DBC, plus swaps, Treasury securities and other short-term holdings, through a Cayman subsidiary; GSG holds one S&P GSCI futures contract plus Treasury bills.
• Step 2 · Cost: PDBC 0.59% vs GSG 0.75% net expense ratio.
• Step 3 · Tax form: PDBC issues a 1099; GSG issues a Schedule K-1. This matters most for tax-advanced accounts and for Canadian investors.
• Step 4 · Overlap: use the Diversification Calculator against what you own.

Size the position against your whole portfolio. Commodity funds are volatile and behave differently from stocks and bonds, so they usually play a small, deliberate role.

PDBC and GSG are U.S.-listed and trade in U.S. dollars, so buying them from a Canadian account usually involves converting Canadian dollars, which adds a cost on both entry and exit. A move in the U.S. dollar also changes your return in Canadian dollars.

Tax treatment depends on the structure. A fund that files a Schedule K-1 can create extra reporting for a Canadian holder and may not suit an RRSP or TFSA, while a fund that issues a 1099 is simpler. Confirm the rules for your account with a tax professional. This is general education, not tax advice.

PDBC holds futures through a Cayman subsidiary and issues a standard 1099, but income from the subsidiary can be taxed as ordinary income. GSG is a commodity pool structured as a trust and issues a Schedule K-1, and futures gains are generally taxed under the 60/40 rule. Issuer pages list after-tax returns only for some funds, and gaps are marked Not captured.

For Canadian account types and withholding tax, see the Canadian section above. Confirm the rules for your account with a tax professional, and read how to build an ETF portfolio.

Investors comparing PDBC and GSG often also look at the other broad commodity funds in this group: DBC, PDBC, GSG, USCI, BCI and COMT. See the other commodity ETFs comparisons and the ETF research hub.

Is PDBC or GSG better?

In the PDBC vs GSG question, neither is better for everyone. PDBC and GSG differ in what they hold and what they charge. The two funds follow different indexes. The DBIQ Optimum Yield Diversified Commodity Index Excess Return (benchmark, actively managed) follows the same 27-commodity universe as DBC but is actively managed, so it can choose contracts and hold Treasury securities, swaps and notes for extra return.

The S&P GSCI Total Return Index weights commodities by world production, so oil and gas make up well over half of the fund. Expense ratios are 0.59% and 0.75%. NAV total returns, annualized (PDBC to Oct 31, 2026, GSG to Sep 30, 2026): 1 year 53.50% vs 55.21%; 3 years 15.74% vs 16.40%; 5 years 12.45% vs 16.09%; 10 years 10.00% vs 9.16%. Neither is better for everyone; the choice turns on cost, tax form (K-1 or 1099), and what you already own.

PDBC vs GSG, what are the expense ratios?

PDBC charges 0.59% and GSG charges 0.75%, which is $59 and $75 a year per $10,000.

PDBC vs GSG, how much do the funds overlap?

About 87.5% of the exposure is held by both funds, matched by commodity in issuer holdings dated Oct 31, 2026 and Jan 2026 index weights. 8 commodities appear in both top-ten lists.

PDBC vs GSG, what does each ETF track?

PDBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return (benchmark, actively managed). GSG tracks the S&P GSCI Total Return Index.

PDBC vs GSG, what are the top commodities?

PDBC (Oct 31, 2026): Brent crude 21.12%, WTI crude 17.38%, Gold 8.02%, Gasoil 6.63%, Heating oil 5.67%. GSG (Jan 2026 index weights): Brent crude 18.23%, WTI crude 17.79%, Gold 7.24%, Copper 5.47%, Gasoil 5.22%.

PDBC vs GSG, which has performed better?

NAV total returns, annualized (PDBC to Oct 31, 2026, GSG to Sep 30, 2026): 1 year 53.50% vs 55.21%; 3 years 15.74% vs 16.40%; 5 years 12.45% vs 16.09%; 10 years 10.00% vs 9.16%. Returns depend on commodity prices, roll yield and collateral income, and past performance does not guarantee future results.

PDBC vs GSG, can I own both?

On PDBC vs GSG, you can, but they overlap by about 87.5%. 8 top-ten commodities are shared. Holding both adds almost no diversification: you are paying for two wrappers around nearly the same basket of commodities.

PDBC vs GSG, how often do the funds pay dividends?

Distribution frequency: PDBC annual, GSG not captured. Distribution rates are 2.90% for PDBC and not captured for GSG; check each issuer page for the schedule.

PDBC vs GSG, are they suitable for Canadian investors?

On PDBC vs GSG, both are U.S.-listed and trade in U.S. dollars, so Canadians face currency conversion costs. PDBC issues a 1099 and GSG issues a Schedule K-1, which can change reporting. Treatment differs across TFSA, RRSP and taxable accounts. This is general education, not tax advice.

PDBC vs GSG, how do the funds differ by sector?

PDBC (Oct 31, 2026): energy 56.7%, agriculture 16.0%, industrial metals 10.8%. GSG (Jan 2026 index weights): energy 51.8%, agriculture 17.0%, industrial metals 12.1%.

Third-party sources

Invesco PDBC fund page · iShares GSG fund page.

Methodology and limits

• PDBC figures come from Invesco fund pages and GSG figures from BlackRock (iShares) fund pages.
• Dates are shown beside each figure; the issuer documents are linked below.
• Overlap is the sum of the smaller weight of each commodity held by both funds. Treasury bills, cash and swaps used as collateral are excluded, and the dates and bases differ, so treat the overlap as an estimate. Weights are shares of each fund’s futures exposure by underlying commodity, so Treasury bills, cash and collateral are excluded. PDBC weights are the prior month-end commodity exposure published by Invesco (Oct 31, 2026). GSG holds a single S&P GSCI future, so iShares publishes no commodity weights; the weights used are the S&P GSCI reference weights for 2026 published by S&P Dow Jones Indices (effective Jan 8, 2026). Invesco groups livestock with agriculture in its PDBC sector chart; this page shows it separately.
• This page shows livestock as its own group for every fund.
• Figures that were unavailable (beta, standard deviation, 52-week range, calendar-year returns) are left as Not captured, and nothing was filled from memory or from another fund.
• Growth of $10,000 is derived from annualized NAV total returns on matched dates; dollar values are approximate.
• Returns are issuer-reported NAV total returns (dates shown beside each figure), with market price and benchmark figures where published.

Pathways, not rankings or recommendations.