BOXA vs. CMDT

Last updated Jun 20, 2026

BOXA (Alpha Architect Aggregate Bond ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - BOXA is a Intermediate Core Bond fund actively managed by Alpha Architect, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. BOXA is actively managed, while CMDT is passively managed. Over the past year, BOXA returned 3.36% vs 21.62% for CMDT. At a correlation of -0.20, they often move in opposite directions. BOXA charges 0.23%/yr vs 0.65%/yr for CMDT.

Performance

BOXA vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect Aggregate Bond ETF (BOXA) 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, BOXA achieves a 0.16% return, which is significantly lower than CMDT's 15.54% return.

BOXA

• 1D: 0.14%
• 1M: 0.91%
• YTD: 0.16%
• 6M: -0.05%
• 1Y: 3.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CMDT

• 1D: -0.25%
• 1M: -7.42%
• YTD: 15.54%
• 6M: 17.31%
• 1Y: 21.62%
• 3Y*: 12.77%
• 5Y*: —
• 10Y*: —

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

BOXA vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BOXA Alpha Architect Aggregate Bond ETF	0.16%	5.41%	0.02%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	15.54%	12.78%	0.63%

Correlation

The correlation between BOXA and CMDT is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	-0.20

Return for Risk

BOXA vs. CMDT — Risk / Return Rank

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

BOXA

BOXA Risk / Return Rank: 26
BOXA Sharpe Ratio Rank: 28
BOXA Sortino Ratio Rank: 27
BOXA Omega Ratio Rank: 25
BOXA Calmar Ratio Rank: 24
BOXA Martin Ratio Rank: 25

CMDT

CMDT Risk / Return Rank: 52
CMDT Sharpe Ratio Rank: 53
CMDT Sortino Ratio Rank: 51
CMDT Omega Ratio Rank: 49
CMDT Calmar Ratio Rank: 48
CMDT Martin Ratio Rank: 58

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.

BOXA vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect Aggregate Bond ETF (BOXA) 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.

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.

	BOXA	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.73	-0.76
Sortino ratio: Return per unit of downside risk	1.43	2.41	-0.99
Omega ratio: Gain probability vs. loss probability	1.17	1.30	-0.13
Calmar ratio: Return relative to maximum drawdown	1.11	2.30	-1.20
Martin ratio: Return relative to average drawdown	3.18	9.95	-6.76

BOXA vs. CMDT - Sharpe Ratio Comparison

The current BOXA Sharpe Ratio is 0.97, which is lower than the CMDT Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of BOXA 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.

Drawdowns

BOXA vs. CMDT - Drawdown Comparison

The maximum BOXA drawdown since its inception was -3.22%, smaller than the maximum CMDT drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for BOXA and CMDT.

Drawdown Indicators

	BOXA	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-3.22%	-9.69%	+6.47%
Max Drawdown (1Y) Largest decline over 1 year	-3.22%	-9.46%	+6.24%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.69%	—
Current Drawdown Current decline from peak	-1.69%	-9.46%	+7.77%
Average Drawdown Average peak-to-trough decline	-0.78%	-2.75%	+1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	2.19%	-1.07%

Volatility

BOXA vs. CMDT - Volatility Comparison

The current volatility for Alpha Architect Aggregate Bond ETF (BOXA) is 1.10%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 3.30%. This indicates that BOXA experiences smaller price fluctuations and is considered to be less risky than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOXA	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	3.30%	-2.20%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	10.50%	-7.84%
Volatility (1Y) Calculated over the trailing 1-year period	3.68%	12.57%	-8.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.13%	12.23%	-8.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.13%	12.23%	-8.10%

BOXA vs. CMDT - Expense Ratio Comparison

BOXA has a 0.23% expense ratio, which is lower than CMDT's 0.65% expense ratio.

Dividends

BOXA vs. CMDT - Dividend Comparison

BOXA's dividend yield for the trailing twelve months is around 0.13%, less than CMDT's 2.62% yield.

Position	TTM	2025	2024	2023
BOXA Alpha Architect Aggregate Bond ETF	0.13%	0.13%	0.00%	0.00%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.62%	3.04%	8.80%	2.71%

Frequently Asked Questions

Can I hold both BOXA and CMDT in my portfolio?

BOXA and CMDT have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOXA or CMDT?

CMDT has higher volatility (3.30%) compared to BOXA (1.10%). In terms of maximum drawdown, BOXA dropped -3.22% vs CMDT's -9.69%.

Which ETF is better, BOXA or CMDT?

On 1-year performance, CMDT leads with 21.62% vs 3.36% for BOXA. On fees, BOXA is cheaper at 0.23% per year. On volatility, BOXA has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOXA or CMDT?

Over the 1-year period, CMDT has performed better with a 21.62% return vs 3.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOXA or CMDT?

BOXA is cheaper with a 0.23% expense ratio, compared with 0.65% for CMDT.

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

CMDT has the higher dividend yield at 2.62%, compared with 0.13% for BOXA.

What is the main difference between BOXA and CMDT?

BOXA is categorized as Intermediate Core Bond, while CMDT is Commodities. They also come from different issuers: Alpha Architect and PIMCO. Their fees differ too: 0.23% for BOXA and 0.65% for CMDT.

Which has better risk-adjusted returns?

CMDT currently has the higher Sharpe Ratio (1.73 vs 0.97), 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.