CERY vs. AGZ
CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) and AGZ (iShares Agency Bond ETF) are both exchange-traded funds - CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index, while AGZ is a Government Bonds fund tracking the Bloomberg U.S. Agency Bond Index (USD). Both are passively managed. Over the past year, CERY returned 38.05% vs 2.32% for AGZ. Their -0.17 correlation means they have often moved in opposite directions in the past. CERY charges 0.28%/yr vs 0.20%/yr for AGZ.
Performance
CERY vs. AGZ - Performance Comparison
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Returns By Period
In the year-to-date period, CERY achieves a 25.95% return, which is significantly higher than AGZ's 0.14% return.
CERY
- 1D
- -0.22%
- 1M
- 7.79%
- 6M
- 15.18%
- YTD
- 25.95%
- 1Y
- 38.05%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 24.32%
AGZ
- 1D
- -0.12%
- 1M
- -0.37%
- 6M
- 0.06%
- YTD
- 0.14%
- 1Y
- 2.32%
- 3Y*
- 4.20%
- 5Y*
- 0.97%
- 10Y*
- 1.74%
- ALL TIME*
- 2.35%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.57M | $1.51M | $1.37M | |
| $5.02M | $9.94M | $6.85M |
CERY vs. AGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 25.95% | 15.68% | 3.80% |
AGZ iShares Agency Bond ETF | 0.14% | 6.05% | -0.80% |
Correlation
The correlation between CERY and AGZ is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.28 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024 | -0.17 |
The correlation between CERY and AGZ shifts across timeframes, from -0.28 (1 year) to -0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CERY vs. AGZ — Risk / Return Rank
CERY
AGZ
CERY vs. AGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) and iShares Agency Bond ETF (AGZ). 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.
| CERY | AGZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.21 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 2.21 | +0.39 |
| Martin ratioReturn relative to average drawdown | 8.97 | 6.46 | +2.51 |
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Drawdowns
CERY vs. AGZ - Drawdown Comparison
The maximum CERY drawdown since its inception was -14.33%, which is greater than AGZ's maximum drawdown of -11.01%. Use the drawdown chart below to compare losses from any high point for CERY and AGZ.
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Drawdown Indicators
| CERY | AGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.33% | -11.01% | -3.32% |
Max Drawdown (1Y)Largest decline over 1 year | -14.33% | -1.35% | -12.98% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.85% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -10.65% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -11.01% | — |
Current DrawdownCurrent decline from peak | -6.62% | -0.81% | -5.81% |
Average DrawdownAverage peak-to-trough decline | -2.69% | -1.60% | -1.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.15% | 0.46% | +3.69% |
Volatility
CERY vs. AGZ - Volatility Comparison
SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a higher volatility of 5.02% compared to iShares Agency Bond ETF (AGZ) at 0.66%. This indicates that CERY's price experiences larger fluctuations and is considered to be riskier than AGZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CERY | AGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.02% | 0.66% | +4.36% |
Volatility (6M)Calculated over the trailing 6-month period | 13.85% | 2.01% | +11.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.20% | 2.54% | +13.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.94% | 3.55% | +11.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.94% | 3.03% | +11.91% |
CERY vs. AGZ - Expense Ratio Comparison
CERY has a 0.28% expense ratio, which is higher than AGZ's 0.20% expense ratio.
Dividends
CERY vs. AGZ - Dividend Comparison
CERY's dividend yield for the trailing twelve months is around 3.97%, more than AGZ's 3.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGZ iShares Agency Bond ETF | 3.39% | 3.75% | 3.48% | 3.14% | 1.56% | 0.96% | 2.25% | 2.32% | 2.15% | 1.58% | 1.52% | 1.30% |
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 3.97% | 4.99% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CERY and AGZ have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CERY has higher volatility (5.02%) compared to AGZ (0.66%). In terms of maximum drawdown, CERY dropped -14.33% vs AGZ's -11.01%.
On 1-year performance, CERY leads with 38.05% vs 2.32% for AGZ. On fees, AGZ is cheaper at 0.20% per year. On volatility, AGZ has been the lower-risk option at 0.66%. 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 38.05% return vs 2.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGZ is cheaper with a 0.20% expense ratio, compared with 0.28% for CERY.
CERY has the higher dividend yield at 3.97%, compared with 3.39% for AGZ.
CERY is categorized as Commodities, while AGZ is Government Bonds. CERY tracks Bloomberg Enhanced Roll Yield Total Return Index, while AGZ tracks Bloomberg U.S. Agency Bond Index (USD). They also come from different issuers: State Street and iShares. Their fees differ too: 0.28% for CERY and 0.20% for AGZ.
CERY currently has the higher Sharpe Ratio (2.30 vs 1.17), 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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