CERY vs. COMB

Last updated Jul 14, 2026

CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) and COMB (GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF) are both Commodities funds. CERY is passively managed, while COMB is actively managed. Over the past year, CERY returned 32.16% vs 27.89% for COMB. Their correlation of 0.92 suggests significant overlap in exposure. CERY charges 0.28%/yr vs 0.25%/yr for COMB.

Performance

CERY vs. COMB - 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 GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CERY achieves a 23.12% return, which is significantly higher than COMB's 19.38% return.

CERY

• 1D: 1.94%
• 1M: -0.20%
• 6M: 17.28%
• YTD: 23.12%
• 1Y: 32.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

COMB

• 1D: 1.57%
• 1M: -0.04%
• 6M: 15.13%
• YTD: 19.38%
• 1Y: 27.89%
• 3Y*: 12.01%
• 5Y*: 9.97%
• 10Y*: —

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

CERY vs. COMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	23.12%	15.68%	3.80%
COMB GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF	19.38%	15.12%	5.90%

Correlation

The correlation between CERY and COMB 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 5, 2024	0.92

The correlation between CERY and COMB has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

CERY vs. COMB — Risk / Return Rank

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

CERY

CERY Risk / Return Rank: 70
CERY Sharpe Ratio Rank: 81
CERY Sortino Ratio Rank: 76
CERY Omega Ratio Rank: 75
CERY Calmar Ratio Rank: 57
CERY Martin Ratio Rank: 59

COMB

COMB Risk / Return Rank: 54
COMB Sharpe Ratio Rank: 61
COMB Sortino Ratio Rank: 56
COMB Omega Ratio Rank: 60
COMB Calmar Ratio Rank: 47
COMB Martin Ratio Rank: 48

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. COMB - 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 GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB). 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	COMB	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.61	+0.43
Sortino ratio: Return per unit of downside risk	2.71	2.15	+0.56
Omega ratio: Gain probability vs. loss probability	1.35	1.29	+0.06
Calmar ratio: Return relative to maximum drawdown	2.25	1.89	+0.37
Martin ratio: Return relative to average drawdown	8.26	6.30	+1.97

CERY vs. COMB - Sharpe Ratio Comparison

The current CERY Sharpe Ratio is 2.04, which is comparable to the COMB Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of CERY and COMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CERY vs. COMB - Drawdown Comparison

The maximum CERY drawdown since its inception was -14.33%, smaller than the maximum COMB drawdown of -33.50%. Use the drawdown chart below to compare losses from any high point for CERY and COMB.

Drawdown Indicators

	CERY	COMB	Difference
Max Drawdown Largest peak-to-trough decline	-14.33%	-33.50%	+19.17%
Max Drawdown (1Y) Largest decline over 1 year	-14.33%	-14.84%	+0.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.84%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.63%	—
Current Drawdown Current decline from peak	-8.73%	-9.96%	+1.23%
Average Drawdown Average peak-to-trough decline	-2.57%	-12.05%	+9.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.90%	4.44%	-0.54%

Volatility

CERY vs. COMB - Volatility Comparison

SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a higher volatility of 4.84% compared to GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB) at 4.57%. This indicates that CERY's price experiences larger fluctuations and is considered to be riskier than COMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CERY	COMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	4.57%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	13.67%	15.16%	-1.49%
Volatility (1Y) Calculated over the trailing 1-year period	15.85%	17.46%	-1.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.86%	16.71%	-1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.86%	15.15%	-0.29%

CERY vs. COMB - Expense Ratio Comparison

CERY has a 0.28% expense ratio, which is higher than COMB's 0.25% expense ratio.

Dividends

CERY vs. COMB - Dividend Comparison

CERY's dividend yield for the trailing twelve months is around 4.06%, less than COMB's 7.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.06%	4.99%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
COMB GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF	7.58%	9.05%	2.48%	6.57%	30.85%	15.83%	0.07%	1.48%	0.97%	0.20%

Frequently Asked Questions

Can I hold both CERY and COMB in my portfolio?

With a correlation of 0.94, CERY and COMB 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.

Which is riskier, CERY or COMB?

CERY has higher volatility (4.84%) compared to COMB (4.57%). In terms of maximum drawdown, CERY dropped -14.33% vs COMB's -33.50%.

Which ETF is better, CERY or COMB?

On 1-year performance, CERY leads with 32.16% vs 27.89% for COMB. On fees, COMB is cheaper at 0.25% per year. On volatility, COMB has been the lower-risk option at 4.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CERY or COMB?

Over the 1-year period, CERY has performed better with a 32.16% return vs 27.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CERY or COMB?

COMB is cheaper with a 0.25% expense ratio, compared with 0.28% for CERY.

Which ETF pays a higher dividend yield, CERY or COMB?

COMB has the higher dividend yield at 7.58%, compared with 4.06% for CERY.

What is the main difference between CERY and COMB?

They also come from different issuers: State Street and GraniteShares. Their fees differ too: 0.28% for CERY and 0.25% for COMB.

Which has better risk-adjusted returns?

CERY currently has the higher Sharpe Ratio (2.04 vs 1.61), 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.