CERY vs. BYLD
CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) and BYLD (iShares Yield Optimized Bond ETF) are both exchange-traded funds - CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index, while BYLD is a Intermediate Core-Plus Bond fund tracking the Morningstar U.S. Bond Market Yield-Optimized Index. Both are passively managed. Over the past year, CERY returned 44.30% vs 7.01% for BYLD. At a correlation of -0.10, they often move in opposite directions. CERY charges 0.28%/yr vs 0.17%/yr for BYLD.
Performance
CERY vs. BYLD - Performance Comparison
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Returns By Period
In the year-to-date period, CERY achieves a 29.88% return, which is significantly higher than BYLD's 1.23% return.
CERY
- 1D
- 0.06%
- 1M
- -1.63%
- YTD
- 29.88%
- 6M
- 30.50%
- 1Y
- 44.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BYLD
- 1D
- -0.18%
- 1M
- 0.61%
- YTD
- 1.23%
- 6M
- 1.35%
- 1Y
- 7.01%
- 3Y*
- 6.49%
- 5Y*
- 2.21%
- 10Y*
- 3.01%
CERY vs. BYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 29.88% | 15.68% | 3.92% |
BYLD iShares Yield Optimized Bond ETF | 1.23% | 8.41% | -0.66% |
Correlation
The correlation between CERY and BYLD 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 (All Time) Calculated using the full available price history since Sep 6, 2024 | -0.10 |
The correlation between CERY and BYLD shifts across timeframes, from -0.27 (1 year) to -0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CERY vs. BYLD — Risk / Return Rank
CERY
BYLD
CERY vs. BYLD - 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 Yield Optimized Bond ETF (BYLD). 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 | BYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.35 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 6.38 | 2.60 | +3.78 |
| Martin ratioReturn relative to average drawdown | 20.66 | 10.54 | +10.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CERY | BYLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.90 | 1.85 | +1.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.43 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.56 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.00 | 0.57 | +1.43 |
Drawdowns
CERY vs. BYLD - Drawdown Comparison
The maximum CERY drawdown since its inception was -10.05%, smaller than the maximum BYLD drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for CERY and BYLD.
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Drawdown Indicators
| CERY | BYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.05% | -14.75% | +4.70% |
Max Drawdown (1Y)Largest decline over 1 year | -6.98% | -2.71% | -4.27% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.94% | — |
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 | -3.71% | -0.34% | -3.37% |
Average DrawdownAverage peak-to-trough decline | -2.11% | -2.51% | +0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 0.67% | +1.48% |
Volatility
CERY vs. BYLD - Volatility Comparison
SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a higher volatility of 4.94% compared to iShares Yield Optimized Bond ETF (BYLD) at 1.42%. This indicates that CERY's price experiences larger fluctuations and is considered to be riskier than BYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CERY | BYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.94% | 1.42% | +3.52% |
Volatility (6M)Calculated over the trailing 6-month period | 13.29% | 2.94% | +10.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.37% | 3.82% | +11.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.71% | 5.20% | +9.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.71% | 5.43% | +9.28% |
CERY vs. BYLD - Expense Ratio Comparison
CERY has a 0.28% expense ratio, which is higher than BYLD's 0.17% expense ratio.
Dividends
CERY vs. BYLD - Dividend Comparison
CERY's dividend yield for the trailing twelve months is around 3.85%, less than BYLD's 5.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BYLD iShares Yield Optimized Bond ETF | 5.36% | 5.32% | 5.31% | 4.45% | 3.39% | 2.18% | 3.41% | 3.67% | 4.22% | 3.22% | 3.14% | 3.37% |
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 3.85% | 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 BYLD 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.
CERY has higher volatility (4.94%) compared to BYLD (1.42%). In terms of maximum drawdown, CERY dropped -10.05% vs BYLD's -14.75%.
On 1-year performance, CERY leads with 44.30% vs 7.01% for BYLD. On fees, BYLD is cheaper at 0.17% per year. On volatility, BYLD has been the lower-risk option at 1.42%. 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 44.30% return vs 7.01%. 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 0.28% for CERY.
BYLD has the higher dividend yield at 5.36%, compared with 3.85% for CERY.
CERY is categorized as Commodities, while BYLD is Intermediate Core-Plus Bond. CERY tracks Bloomberg Enhanced Roll Yield Total Return Index, while BYLD tracks Morningstar U.S. Bond Market Yield-Optimized Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.28% for CERY and 0.17% for BYLD.
CERY currently has the higher Sharpe Ratio (2.90 vs 1.85), 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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