BDRY vs. CMDY
BDRY (Breakwave Dry Bulk Shipping ETF) and CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) are both Commodities funds - BDRY tracks the Breakwave Dry Freight Futures Index while CMDY tracks the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 5 years, BDRY returned -12.25%/yr vs 9.67%/yr for CMDY. Their 0.05 correlation means their historical movements had little consistent relationship. BDRY charges 3.76%/yr vs 0.28%/yr for CMDY.
Performance
BDRY vs. CMDY - Performance Comparison
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Returns By Period
In the year-to-date period, BDRY achieves a 53.02% return, which is significantly higher than CMDY's 20.84% return.
BDRY
- 1D
- 0.45%
- 1M
- 9.37%
- 6M
- 16.39%
- YTD
- 53.02%
- 1Y
- 79.89%
- 3Y*
- 39.44%
- 5Y*
- -12.25%
- 10Y*
- —
- ALL TIME*
- -7.35%
CMDY
- 1D
- -0.08%
- 1M
- 6.88%
- 6M
- 9.23%
- YTD
- 20.84%
- 1Y
- 32.95%
- 3Y*
- 11.76%
- 5Y*
- 9.67%
- 10Y*
- —
- ALL TIME*
- 7.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $397.41K | $463.93K | $806.29K | |
| $2.68M | $2.92M | $4.03M |
BDRY vs. CMDY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BDRY Breakwave Dry Bulk Shipping ETF | 53.02% | 44.24% | -47.40% | 25.79% | -68.84% | 282.99% | -50.16% | -15.92% | -4.55% |
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 20.84% | 15.81% | 5.43% | -9.33% | 14.55% | 26.38% | 1.15% | 4.96% | -11.13% |
Correlation
The correlation between BDRY and CMDY is 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.02 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2018 | 0.05 |
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Return for Risk
BDRY vs. CMDY — Risk / Return Rank
BDRY
CMDY
BDRY vs. CMDY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Breakwave Dry Bulk Shipping ETF (BDRY) and iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BDRY | CMDY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.34 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.79 | 2.29 | +1.49 |
| Martin ratioReturn relative to average drawdown | 10.30 | 7.40 | +2.90 |
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Drawdowns
BDRY vs. CMDY - Drawdown Comparison
The maximum BDRY drawdown since its inception was -89.16%, which is greater than CMDY's maximum drawdown of -31.19%. Use the drawdown chart below to compare losses from any high point for BDRY and CMDY.
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Drawdown Indicators
| BDRY | CMDY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.16% | -31.19% | -57.97% |
Max Drawdown (1Y)Largest decline over 1 year | -21.60% | -14.23% | -7.37% |
Max Drawdown (3Y)Largest decline over 3 years | -69.71% | -14.23% | -55.48% |
Max Drawdown (5Y)Largest decline over 5 years | -89.16% | -26.56% | -62.60% |
Current DrawdownCurrent decline from peak | -67.67% | -7.49% | -60.18% |
Average DrawdownAverage peak-to-trough decline | -58.58% | -13.07% | -45.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.92% | 4.40% | +3.52% |
Volatility
BDRY vs. CMDY - Volatility Comparison
Breakwave Dry Bulk Shipping ETF (BDRY) has a higher volatility of 10.70% compared to iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) at 4.00%. This indicates that BDRY's price experiences larger fluctuations and is considered to be riskier than CMDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDRY | CMDY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.70% | 4.00% | +6.70% |
Volatility (6M)Calculated over the trailing 6-month period | 28.10% | 14.20% | +13.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.11% | 16.59% | +23.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.80% | 15.75% | +44.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.13% | 14.64% | +47.49% |
BDRY vs. CMDY - Expense Ratio Comparison
BDRY has a 3.76% expense ratio, which is higher than CMDY's 0.28% expense ratio.
Dividends
BDRY vs. CMDY - Dividend Comparison
BDRY has not paid dividends to shareholders, while CMDY's dividend yield for the trailing twelve months is around 10.67%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BDRY Breakwave Dry Bulk Shipping ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 10.67% | 12.89% | 4.23% | 5.10% | 3.98% | 16.09% | 0.15% | 2.21% | 1.73% |
Frequently Asked Questions
BDRY and CMDY have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDRY has higher volatility (10.70%) compared to CMDY (4.00%). In terms of maximum drawdown, BDRY dropped -89.16% vs CMDY's -31.19%.
On 5-year performance, CMDY leads with 9.67% vs -12.25% for BDRY. On fees, CMDY is cheaper at 0.28% per year. On volatility, CMDY has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CMDY has performed better with a 9.67% return vs -12.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMDY is cheaper with a 0.28% expense ratio, compared with 3.76% for BDRY.
CMDY has the higher dividend yield at 10.67%, compared with 0.00% for BDRY.
BDRY tracks Breakwave Dry Freight Futures Index, while CMDY tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: ETFMG and iShares. Their fees differ too: 3.76% for BDRY and 0.28% for CMDY.
BDRY currently has the higher Sharpe Ratio (2.06 vs 1.97), 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.
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