Commodities Up 8% in 2024!

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The S&P GSCI Commodity Index tracking exchange traded fund (ETF) symbol GTG, was up 8% in 2024. The Blomberg Commodity Index tracking ETF symbol DJP rose 5.5%. The DB Commodity Index ETF was down 3.5% in 2024, posting losses two years in a row. These are three of the oldest and largest commodity ETFs in the market.

The normalized perfrmance chart and return table are shown below. Note that GSG leads the other names early in the year and maintained its lead through year-end. 

Commodity Index Value Added Market Index VAMI) where 12/31/2023 = 1000

The S&P GSCI Commodity ETF not only outperformed for the year 2024, GSG  posted a gain for the two-year period while DJP and DBC, especially, marked losses. For the 3 year, GSG gained almost three times the return of the DJP.  While GSG and DJP posted gains in 2024, we can see in the table below, commodities posted mixed returns for the year. 

Individual Commodity Futures Contract 2024 Returns

Downloaded from Barchart.com 1/12/2025

Note, while the indexes are computed and based upon commoditiy futures contracts, individual commodities do not necessarily trade as a group. Each commodity has its own supply and demand characteristics which reflect the physical or spot price of the commodity and further the commodity futures contract.  Contact me at gdrahal@vistamktresearch.com for more information.