BYLD vs. CMDT
BYLD (iShares Yield Optimized Bond ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - BYLD is a Intermediate Core-Plus Bond fund tracking the Morningstar U.S. Bond Market Yield-Optimized Index, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 3 years, BYLD returned 6.52%/yr vs 13.20%/yr for CMDT. At a correlation of -0.05, they often move in opposite directions. BYLD charges 0.17%/yr vs 0.65%/yr for CMDT.
Performance
BYLD vs. CMDT - Performance Comparison
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Returns By Period
In the year-to-date period, BYLD achieves a 1.46% return, which is significantly lower than CMDT's 14.74% return.
BYLD
- 1D
- -0.18%
- 1M
- 0.84%
- YTD
- 1.46%
- 6M
- 1.62%
- 1Y
- 6.36%
- 3Y*
- 6.52%
- 5Y*
- 2.23%
- 10Y*
- 2.96%
CMDT
- 1D
- -0.69%
- 1M
- -7.81%
- YTD
- 14.74%
- 6M
- 15.38%
- 1Y
- 20.78%
- 3Y*
- 13.20%
- 5Y*
- —
- 10Y*
- —
BYLD vs. CMDT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BYLD iShares Yield Optimized Bond ETF | 1.46% | 8.41% | 4.17% | 5.68% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 14.74% | 12.78% | 6.93% | 5.37% |
Correlation
The correlation between BYLD and CMDT is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since May 10, 2023 | -0.05 |
Over the past year, the inverse relationship between BYLD and CMDT has strengthened: their correlation has moved from -0.05 to -0.27, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BYLD vs. CMDT — Risk / Return Rank
BYLD
CMDT
BYLD vs. CMDT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Yield Optimized Bond ETF (BYLD) 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.
| BYLD | CMDT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.28 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 2.07 | +0.28 |
| Martin ratioReturn relative to average drawdown | 9.51 | 9.74 | -0.24 |
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Drawdowns
BYLD vs. CMDT - Drawdown Comparison
The maximum BYLD drawdown since its inception was -14.75%, which is greater than CMDT's maximum drawdown of -10.09%. Use the drawdown chart below to compare losses from any high point for BYLD and CMDT.
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Drawdown Indicators
| BYLD | CMDT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.75% | -10.09% | -4.66% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -10.09% | +7.38% |
Max Drawdown (3Y)Largest decline over 3 years | -3.94% | -10.09% | +6.15% |
Max Drawdown (5Y)Largest decline over 5 years | -14.65% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.75% | — | — |
Current DrawdownCurrent decline from peak | -0.18% | -10.09% | +9.91% |
Average DrawdownAverage peak-to-trough decline | -2.50% | -2.76% | +0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 2.28% | -1.61% |
Volatility
BYLD vs. CMDT - Volatility Comparison
The current volatility for iShares Yield Optimized Bond ETF (BYLD) is 1.13%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 3.18%. This indicates that BYLD 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.
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Volatility by Period
| BYLD | CMDT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 3.18% | -2.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.06% | 10.52% | -7.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.85% | 12.62% | -8.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.21% | 12.23% | -7.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.43% | 12.23% | -6.80% |
BYLD vs. CMDT - Expense Ratio Comparison
BYLD has a 0.17% expense ratio, which is lower than CMDT's 0.65% expense ratio.
Dividends
BYLD vs. CMDT - Dividend Comparison
BYLD's dividend yield for the trailing twelve months is around 5.35%, more than CMDT's 2.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BYLD iShares Yield Optimized Bond ETF | 5.35% | 5.32% | 5.31% | 4.45% | 3.39% | 2.18% | 3.41% | 3.67% | 4.22% | 3.22% | 3.14% | 3.37% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.64% | 3.04% | 8.80% | 2.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BYLD and CMDT have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMDT has higher volatility (3.18%) compared to BYLD (1.13%). In terms of maximum drawdown, BYLD dropped -14.75% vs CMDT's -10.09%.
On 3-year performance, CMDT leads with 13.20% vs 6.52% for BYLD. On fees, BYLD is cheaper at 0.17% per year. On volatility, BYLD has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CMDT has performed better with a 13.20% return vs 6.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BYLD is cheaper with a 0.17% expense ratio, compared with 0.65% for CMDT.
BYLD has the higher dividend yield at 5.35%, compared with 2.64% for CMDT.
BYLD is categorized as Intermediate Core-Plus Bond, while CMDT is Commodities. BYLD tracks Morningstar U.S. Bond Market Yield-Optimized Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.17% for BYLD and 0.65% for CMDT.
BYLD currently has the higher Sharpe Ratio (1.66 vs 1.66), 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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