GSG vs BCI

Portfolio characteristics

Net assets are dated Nov 9, 2026 for both funds (GSG $961.7M; BCI $3.28B). Figures that the issuers do not publish, such as beta, standard deviation and 52-week range, are left as Not captured rather than estimated.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: GSG 75.4% · BCI 66.6%. 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. GSG lists 24 commodities and BCI lists 25. 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

All rows come from the issuer pages and are dated Sep 30, 2026 for both funds, so they compare like for like. 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 (GSG 2006, BCI 2017). Past performance does not guarantee future results.

Growth of a hypothetical $10,000 · NAV total return, both 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: GSG 54.0%, BCI 46.0%. Top ten: GSG 75.4%, BCI 66.6%.

The issuers report bid/ask spreads of 0.03% for GSG and 0.04% for BCI (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 (GSG: sponsor fee 0.75%; BCI: total 0.26%). 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 S&P GSCI Total Return Index weights commodities by world production, so oil and gas make up well over half of the fund. The Bloomberg Commodity Index Total Return caps any one commodity or sector so oil cannot dominate, which gives it more gold and farm products than a production-weighted index.

GSG follows the S&P GSCI Total Return Index and BCI uses the Bloomberg Commodity Index Total Return. 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 S&P GSCI Total Return Index weights commodities by world production, so oil and gas make up well over half of the fund. The Bloomberg Commodity Index Total Return caps any one commodity or sector so oil cannot dominate, which gives it more gold and farm products than a production-weighted index. Then check what you already own: the funds overlap by 73.4%, so holding both adds little.

• Step 1 · Structure: GSG holds one S&P GSCI futures contract plus Treasury bills; BCI holds futures on the 24 commodities of the Bloomberg Commodity Index.
• Step 2 · Cost: GSG 0.75% vs BCI 0.26% net expense ratio.
• Step 3 · Tax form: GSG issues a Schedule K-1; BCI issues a 1099. 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.

GSG and BCI 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.

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. BCI is marketed as K-1 free and issues a standard 1099, but income from its holdings can be taxed as ordinary income. 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 GSG and BCI 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 GSG or BCI better?

In the GSG vs BCI question, neither is better for everyone. GSG and BCI differ in what they hold and what they charge. The two funds follow different indexes. The S&P GSCI Total Return Index weights commodities by world production, so oil and gas make up well over half of the fund.

The Bloomberg Commodity Index Total Return caps any one commodity or sector so oil cannot dominate, which gives it more gold and farm products than a production-weighted index. Expense ratios are 0.75% and 0.26%. NAV total returns, annualized (both to Sep 30, 2026): 1 year 55.21% vs 39.78%; 3 years 16.40% vs 15.15%; 5 years 16.09% vs 10.63%. Neither is better for everyone; the choice turns on cost, tax form (K-1 or 1099), and what you already own.

GSG vs BCI, what are the expense ratios?

GSG charges 0.75% and BCI charges 0.26%, which is $75 and $26 a year per $10,000.

GSG vs BCI, how much do the funds overlap?

About 73.4% of the exposure is held by both funds, matched by commodity in issuer holdings dated Jan 2026 index weights and Oct 31, 2026 sectors. 8 commodities appear in both top-ten lists.

GSG vs BCI, what does each ETF track?

GSG tracks the S&P GSCI Total Return Index. BCI tracks the Bloomberg Commodity Index Total Return.

GSG vs BCI, what are the top commodities?

GSG (Jan 2026 index weights): Brent crude 18.23%, WTI crude 17.79%, Gold 7.24%, Copper 5.47%, Gasoil 5.22%. BCI (Oct 31, 2026 sectors): Gold 11.05%, Brent crude 11.05%, Natural gas 9.51%, WTI crude 8.78%, Copper 5.58%.

GSG vs BCI, which has performed better?

NAV total returns, annualized (both to Sep 30, 2026): 1 year 55.21% vs 39.78%; 3 years 16.40% vs 15.15%; 5 years 16.09% vs 10.63%. Returns depend on commodity prices, roll yield and collateral income, and past performance does not guarantee future results.

GSG vs BCI, can I own both?

On GSG vs BCI, you can, but they overlap by about 73.4%. 8 top-ten commodities are shared. Holding both repeats more than half of the same exposure, so the second fund mostly adds weight to what you already own.

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

Distribution frequency: GSG not captured, BCI not captured. Distribution rates are not captured for GSG and not captured for BCI; check each issuer page for the schedule.

GSG vs BCI, are they suitable for Canadian investors?

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

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

GSG (Jan 2026 index weights): energy 51.8%, agriculture 17.0%, industrial metals 12.1%. BCI (Oct 31, 2026 sectors): energy 38.9%, agriculture 29.1%, precious metals 14.0%.

Third-party sources

iShares GSG fund page · abrdn BCI fund page.

Methodology and limits

• GSG figures come from BlackRock (iShares) fund pages and BCI figures from abrdn 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. 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). BCI publishes sector weights only (Oct 31, 2026), so Bloomberg Commodity Index 2026 target weights were rescaled to match abrdn’s sector weights.
• 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.