BGRN vs. CERY
BGRN (iShares USD Green Bond ETF) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - BGRN is a Global Bonds fund tracking the Bloomberg MSCI USD Green Bond Select Index, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. Both are passively managed. Over the past year, BGRN returned 4.63% vs 26.17% for CERY. At a correlation of -0.11, they often move in opposite directions. BGRN charges 0.20%/yr vs 0.28%/yr for CERY.
Performance
BGRN vs. CERY - Performance Comparison
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Returns By Period
In the year-to-date period, BGRN achieves a 0.58% return, which is significantly lower than CERY's 19.54% return.
BGRN
- 1D
- -0.16%
- 1M
- 0.49%
- YTD
- 0.58%
- 6M
- 0.75%
- 1Y
- 4.63%
- 3Y*
- 4.77%
- 5Y*
- 0.55%
- 10Y*
- —
CERY
- 1D
- -0.67%
- 1M
- -8.39%
- YTD
- 19.54%
- 6M
- 18.91%
- 1Y
- 26.17%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BGRN vs. CERY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BGRN iShares USD Green Bond ETF | 0.58% | 7.27% | -1.53% |
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 19.54% | 15.68% | 3.80% |
Correlation
The correlation between BGRN and CERY is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.23 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024 | -0.11 |
The correlation between BGRN and CERY shifts across timeframes, from -0.23 (1 year) to -0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BGRN vs. CERY — Risk / Return Rank
BGRN
CERY
BGRN vs. CERY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Green Bond ETF (BGRN) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). 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.
| BGRN | CERY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.29 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 2.31 | -0.22 |
| Martin ratioReturn relative to average drawdown | 6.80 | 9.93 | -3.13 |
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Drawdowns
BGRN vs. CERY - Drawdown Comparison
The maximum BGRN drawdown since its inception was -19.16%, which is greater than CERY's maximum drawdown of -11.37%. Use the drawdown chart below to compare losses from any high point for BGRN and CERY.
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Drawdown Indicators
| BGRN | CERY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.16% | -11.37% | -7.79% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -11.37% | +9.14% |
Max Drawdown (3Y)Largest decline over 3 years | -4.55% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.73% | — | — |
Current DrawdownCurrent decline from peak | -0.69% | -11.37% | +10.68% |
Average DrawdownAverage peak-to-trough decline | -5.76% | -2.27% | -3.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 2.83% | -2.15% |
Volatility
BGRN vs. CERY - Volatility Comparison
The current volatility for iShares USD Green Bond ETF (BGRN) is 0.86%, while SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a volatility of 3.57%. This indicates that BGRN experiences smaller price fluctuations and is considered to be less risky than CERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BGRN | CERY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 3.57% | -2.71% |
Volatility (6M)Calculated over the trailing 6-month period | 2.33% | 13.57% | -11.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.97% | 15.63% | -12.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.46% | 14.73% | -9.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.99% | 14.73% | -9.74% |
BGRN vs. CERY - Expense Ratio Comparison
BGRN has a 0.20% expense ratio, which is lower than CERY's 0.28% expense ratio.
Dividends
BGRN vs. CERY - Dividend Comparison
BGRN's dividend yield for the trailing twelve months is around 4.28%, more than CERY's 4.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 4.28% | 4.21% | 4.07% | 3.52% | 2.66% | 0.78% | 1.82% | 3.66% | 0.21% |
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 4.18% | 4.99% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BGRN and CERY have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CERY has higher volatility (3.57%) compared to BGRN (0.86%). In terms of maximum drawdown, BGRN dropped -19.16% vs CERY's -11.37%.
On 1-year performance, CERY leads with 26.17% vs 4.63% for BGRN. On fees, BGRN is cheaper at 0.20% per year. On volatility, BGRN has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CERY has performed better with a 26.17% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BGRN is cheaper with a 0.20% expense ratio, compared with 0.28% for CERY.
BGRN has the higher dividend yield at 4.28%, compared with 4.18% for CERY.
BGRN is categorized as Global Bonds, while CERY is Commodities. BGRN tracks Bloomberg MSCI USD Green Bond Select Index, while CERY tracks Bloomberg Enhanced Roll Yield Total Return Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for BGRN and 0.28% for CERY.
CERY currently has the higher Sharpe Ratio (1.68 vs 1.57), 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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