BDRY vs. CMDT

Last updated Jun 4, 2026

BDRY (Breakwave Dry Bulk Shipping ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both Commodities funds - BDRY tracks the Breakwave Dry Freight Futures Index while CMDT tracks the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 3 years, BDRY returned 27.14%/yr vs 16.90%/yr for CMDT. At a correlation of -0.01, they often move in opposite directions. BDRY charges 3.76%/yr vs 0.65%/yr for CMDT.

Performance

BDRY vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Breakwave Dry Bulk Shipping ETF (BDRY) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDRY achieves a 43.90% return, which is significantly higher than CMDT's 23.96% return.

BDRY

• 1D: -2.47%
• 1M: 7.04%
• YTD: 43.90%
• 6M: 35.70%
• 1Y: 142.69%
• 3Y*: 27.14%
• 5Y*: -11.69%
• 10Y*: —

CMDT

• 1D: -0.03%
• 1M: -0.63%
• YTD: 23.96%
• 6M: 24.09%
• 1Y: 35.85%
• 3Y*: 16.90%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BDRY vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BDRY Breakwave Dry Bulk Shipping ETF	43.90%	44.24%	-47.40%	34.42%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	23.96%	12.78%	6.93%	5.50%

Correlation

The correlation between BDRY and CMDT is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since May 11, 2023	-0.01

BDRY vs. CMDT - Sectors Allocation Comparison

Sectors	BDRY	CMDT
Financial Services	3.1%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BDRY vs. CMDT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BDRY

BDRY Risk / Return Rank: 85
BDRY Sharpe Ratio Rank: 92
BDRY Sortino Ratio Rank: 79
BDRY Omega Ratio Rank: 74
BDRY Calmar Ratio Rank: 93
BDRY Martin Ratio Rank: 88

CMDT

CMDT Risk / Return Rank: 88
CMDT Sharpe Ratio Rank: 87
CMDT Sortino Ratio Rank: 86
CMDT Omega Ratio Rank: 83
CMDT Calmar Ratio Rank: 95
CMDT Martin Ratio Rank: 91

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BDRY vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Breakwave Dry Bulk Shipping ETF (BDRY) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BDRY	CMDT	Difference
Sharpe ratio Return per unit of total volatility	3.40	2.92	+0.48
Sortino ratio Return per unit of downside risk	3.58	3.92	-0.34
Omega ratio Gain probability vs. loss probability	1.45	1.50	-0.06
Calmar ratio Return relative to maximum drawdown	6.65	8.03	-1.38
Martin ratio Return relative to average drawdown	19.36	22.12	-2.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDRY vs. CMDT - Sharpe Ratio Comparison

The current BDRY Sharpe Ratio is 3.40, which is comparable to the CMDT Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of BDRY and CMDT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BDRY	CMDT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.40	2.92	+0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.13	1.32	-1.45

Drawdowns

BDRY vs. CMDT - Drawdown Comparison

The maximum BDRY drawdown since its inception was -89.16%, which is greater than CMDT's maximum drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for BDRY and CMDT.

Drawdown Indicators

	BDRY	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-89.16%	-9.69%	-79.47%
Max Drawdown (1Y) Largest decline over 1 year	-21.60%	-4.49%	-17.11%
Max Drawdown (3Y) Largest decline over 3 years	-69.71%	-9.69%	-60.02%
Max Drawdown (5Y) Largest decline over 5 years	-89.16%	—	—
Current Drawdown Current decline from peak	-69.60%	-2.86%	-66.74%
Average Drawdown Average peak-to-trough decline	-58.38%	-2.69%	-55.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.40%	1.63%	+5.77%

Volatility

BDRY vs. CMDT - Volatility Comparison

Breakwave Dry Bulk Shipping ETF (BDRY) has a higher volatility of 11.26% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 4.33%. This indicates that BDRY's price experiences larger fluctuations and is considered to be riskier than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDRY	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.26%	4.33%	+6.93%
Volatility (6M) Calculated over the trailing 6-month period	30.02%	10.30%	+19.72%
Volatility (1Y) Calculated over the trailing 1-year period	42.29%	12.35%	+29.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.70%	12.21%	+48.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.58%	12.21%	+50.37%

BDRY vs. CMDT - Expense Ratio Comparison

BDRY has a 3.76% expense ratio, which is higher than CMDT's 0.65% expense ratio.

Dividends

BDRY vs. CMDT - Dividend Comparison

BDRY has not paid dividends to shareholders, while CMDT's dividend yield for the trailing twelve months is around 2.44%.

Position	TTM	2025	2024	2023
BDRY Breakwave Dry Bulk Shipping ETF	0.00%	0.00%	0.00%	0.00%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.44%	3.04%	8.80%	2.71%

Frequently Asked Questions

Can I hold both BDRY and CMDT in my portfolio?

BDRY and CMDT have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDRY or CMDT?

BDRY has higher volatility (11.26%) compared to CMDT (4.33%). In terms of maximum drawdown, BDRY dropped -89.16% vs CMDT's -9.69%.

Which ETF is better, BDRY or CMDT?

On 3-year performance, BDRY leads with 27.14% vs 16.90% for CMDT. On fees, CMDT is cheaper at 0.65% per year. On volatility, CMDT has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDRY or CMDT?

Over the 3-year period, BDRY has performed better with a 27.14% return vs 16.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDRY or CMDT?

CMDT is cheaper with a 0.65% expense ratio, compared with 3.76% for BDRY.

Which ETF pays a higher dividend yield, BDRY or CMDT?

CMDT has the higher dividend yield at 2.44%, compared with 0.00% for BDRY.

What is the main difference between BDRY and CMDT?

BDRY tracks Breakwave Dry Freight Futures Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: ETFMG and PIMCO. Their fees differ too: 3.76% for BDRY and 0.65% for CMDT.

Which has better risk-adjusted returns?

BDRY currently has the higher Sharpe Ratio (3.40 vs 2.92), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.