CERY vs. CMDY
CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) and CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) are both Commodities funds - CERY tracks the Bloomberg Enhanced Roll Yield Total Return Index while CMDY tracks the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past year, CERY returned 44.30% vs 37.10% for CMDY. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.28% expense ratio.
Performance
CERY vs. CMDY - 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 CMDY's 25.44% return.
CERY
- 1D
- 0.06%
- 1M
- -1.63%
- YTD
- 29.88%
- 6M
- 30.50%
- 1Y
- 44.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMDY
- 1D
- 0.02%
- 1M
- -2.52%
- YTD
- 25.44%
- 6M
- 24.53%
- 1Y
- 37.10%
- 3Y*
- 15.48%
- 5Y*
- 10.71%
- 10Y*
- —
CERY vs. CMDY - 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% |
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 25.44% | 15.81% | 4.48% |
Correlation
The correlation between CERY and CMDY is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024 | 0.93 |
The correlation between CERY and CMDY has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.
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Return for Risk
CERY vs. CMDY — Risk / Return Rank
CERY
CMDY
CERY vs. CMDY - 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 Bloomberg Roll Select Commodity Strategy ETF (CMDY). 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 | CMDY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.57 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.42 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 6.38 | 4.82 | +1.56 |
| Martin ratioReturn relative to average drawdown | 20.66 | 14.50 | +6.16 |
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 | CMDY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.90 | 2.32 | +0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.00 | 0.56 | +1.44 |
Drawdowns
CERY vs. CMDY - Drawdown Comparison
The maximum CERY drawdown since its inception was -10.05%, smaller than the maximum CMDY drawdown of -31.19%. Use the drawdown chart below to compare losses from any high point for CERY and CMDY.
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Drawdown Indicators
| CERY | CMDY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.05% | -31.19% | +21.14% |
Max Drawdown (1Y)Largest decline over 1 year | -6.98% | -7.73% | +0.75% |
Max Drawdown (3Y)Largest decline over 3 years | — | -10.08% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.56% | — |
Current DrawdownCurrent decline from peak | -3.71% | -3.97% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -2.11% | -13.14% | +11.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 2.57% | -0.42% |
Volatility
CERY vs. CMDY - Volatility Comparison
SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) and iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) have volatilities of 4.94% and 5.04%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CERY | CMDY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.94% | 5.04% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 13.29% | 14.20% | -0.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.37% | 16.06% | -0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.71% | 15.80% | -1.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.71% | 14.63% | +0.08% |
CERY vs. CMDY - Expense Ratio Comparison
Both CERY and CMDY have an expense ratio of 0.28%.
Dividends
CERY vs. CMDY - Dividend Comparison
CERY's dividend yield for the trailing twelve months is around 3.85%, less than CMDY's 10.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 10.28% | 12.89% | 4.23% | 5.10% | 3.98% | 16.09% | 0.15% | 2.21% | 1.73% |
Frequently Asked Questions
With a correlation of 0.94, CERY and CMDY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
CMDY has higher volatility (5.04%) compared to CERY (4.94%). In terms of maximum drawdown, CERY dropped -10.05% vs CMDY's -31.19%.
On 1-year performance, CERY leads with 44.30% vs 37.10% for CMDY. Both ETFs have the same 0.28% expense ratio. On volatility, CERY has been the lower-risk option at 4.94%. 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 37.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CERY and CMDY have the same expense ratio: 0.28% per year.
CMDY has the higher dividend yield at 10.28%, compared with 3.85% for CERY.
CERY tracks Bloomberg Enhanced Roll Yield Total Return Index, while CMDY tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: State Street and iShares.
CERY currently has the higher Sharpe Ratio (2.90 vs 2.32), 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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