CERY vs. BDRY

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) and Breakwave Dry Bulk Shipping ETF (BDRY).

CERY and BDRY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CERY is a passively managed fund by State Street that tracks the performance of the Bloomberg Enhanced Roll Yield Total Return Index. It was launched on Sep 4, 2024. BDRY is a passively managed fund by ETFMG that tracks the performance of the Breakwave Dry Freight Futures Index. It was launched on Mar 22, 2018. Both CERY and BDRY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

CERY vs. BDRY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) and Breakwave Dry Bulk Shipping ETF (BDRY). The values are adjusted to include any dividend payments, if applicable.

CERY vs. BDRY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	22.00%	15.68%	3.92%
BDRY Breakwave Dry Bulk Shipping ETF	17.73%	44.24%	-43.39%

Returns By Period

In the year-to-date period, CERY achieves a 22.00% return, which is significantly higher than BDRY's 17.73% return.

CERY

• 1D: -1.16%
• 1M: 5.37%
• YTD: 22.00%
• 6M: 27.31%
• 1Y: 31.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BDRY

• 1D: 3.56%
• 1M: -15.51%
• YTD: 17.73%
• 6M: 36.21%
• 1Y: 58.85%
• 3Y*: 0.74%
• 5Y*: -10.45%
• 10Y*: —

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

CERY vs. BDRY - Expense Ratio Comparison

CERY has a 0.28% expense ratio, which is lower than BDRY's 3.76% expense ratio.

BDRY

Breakwave Dry Bulk Shipping ETF

CERY

SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF

Return for Risk

CERY vs. BDRY — Risk / Return Rank

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

CERY

CERY Risk / Return Rank: 87
CERY Sharpe Ratio Rank: 88
CERY Sortino Ratio Rank: 88
CERY Omega Ratio Rank: 84
CERY Calmar Ratio Rank: 89
CERY Martin Ratio Rank: 86

BDRY

BDRY Risk / Return Rank: 72
BDRY Sharpe Ratio Rank: 73
BDRY Sortino Ratio Rank: 73
BDRY Omega Ratio Rank: 60
BDRY Calmar Ratio Rank: 89
BDRY Martin Ratio Rank: 63

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.

CERY vs. BDRY - 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 Breakwave Dry Bulk Shipping ETF (BDRY). 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.

	CERY	BDRY	Difference
Sharpe ratio Return per unit of total volatility	1.92	1.38	+0.54
Sortino ratio Return per unit of downside risk	2.52	1.90	+0.62
Omega ratio Gain probability vs. loss probability	1.35	1.23	+0.11
Calmar ratio Return relative to maximum drawdown	3.17	3.02	+0.15
Martin ratio Return relative to average drawdown	10.88	6.67	+4.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CERY vs. BDRY - Sharpe Ratio Comparison

The current CERY Sharpe Ratio is 1.92, which is higher than the BDRY Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of CERY and BDRY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CERY	BDRY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	1.38	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.90	-0.17	+2.07

Correlation

The correlation between CERY and BDRY is -0.03. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

CERY vs. BDRY - Dividend Comparison

CERY's dividend yield for the trailing twelve months is around 4.09%, while BDRY has not paid dividends to shareholders.

	TTM	2025	2024
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.09%	4.99%	0.52%
BDRY Breakwave Dry Bulk Shipping ETF	0.00%	0.00%	0.00%

Drawdowns

CERY vs. BDRY - Drawdown Comparison

The maximum CERY drawdown since its inception was -10.05%, smaller than the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for CERY and BDRY.

Drawdown Indicators

	CERY	BDRY	Difference
Max Drawdown Largest peak-to-trough decline	-10.05%	-89.16%	+79.11%
Max Drawdown (1Y) Largest decline over 1 year	-10.05%	-21.60%	+11.55%
Max Drawdown (5Y) Largest decline over 5 years	—	-89.16%	—
Current Drawdown Current decline from peak	-1.80%	-75.13%	+73.33%
Average Drawdown Average peak-to-trough decline	-2.18%	-58.11%	+55.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	9.78%	-6.85%

Volatility

CERY vs. BDRY - Volatility Comparison

The current volatility for SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) is 6.64%, while Breakwave Dry Bulk Shipping ETF (BDRY) has a volatility of 15.25%. This indicates that CERY experiences smaller price fluctuations and is considered to be less risky than BDRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CERY	BDRY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.64%	15.25%	-8.61%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	30.79%	-17.98%
Volatility (1Y) Calculated over the trailing 1-year period	16.43%	43.07%	-26.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.65%	62.12%	-47.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.65%	62.97%	-48.32%