CERY vs. EMEQ

Last updated Jul 12, 2026

CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) and EMEQ (Nomura Focused Emerging Markets Equity ETF) are both exchange-traded funds - CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index, while EMEQ is a Emerging Markets Diversified fund actively managed by Nomura. CERY is passively managed, while EMEQ is actively managed. Over the past year, CERY returned 29.64% vs 127.62% for EMEQ. At a 0.21 correlation, their price movements are largely independent. CERY charges 0.28%/yr vs 0.86%/yr for EMEQ.

Performance

CERY vs. EMEQ - 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 Nomura Focused Emerging Markets Equity ETF (EMEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CERY achieves a 20.77% return, which is significantly lower than EMEQ's 70.04% return.

CERY

• 1D: 0.00%
• 1M: -2.91%
• 6M: 16.72%
• YTD: 20.77%
• 1Y: 29.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EMEQ

• 1D: 0.10%
• 1M: 0.76%
• 6M: 58.06%
• YTD: 70.04%
• 1Y: 127.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CERY vs. EMEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	20.77%	15.68%	3.80%
EMEQ Nomura Focused Emerging Markets Equity ETF	70.04%	69.78%	-0.73%

Correlation

The correlation between CERY and EMEQ is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.21

Return for Risk

CERY vs. EMEQ — Risk / Return Rank

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

CERY

CERY Risk / Return Rank: 67
CERY Sharpe Ratio Rank: 78
CERY Sortino Ratio Rank: 73
CERY Omega Ratio Rank: 73
CERY Calmar Ratio Rank: 54
CERY Martin Ratio Rank: 57

EMEQ

EMEQ Risk / Return Rank: 94
EMEQ Sharpe Ratio Rank: 96
EMEQ Sortino Ratio Rank: 91
EMEQ Omega Ratio Rank: 93
EMEQ Calmar Ratio Rank: 96
EMEQ Martin Ratio Rank: 95

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. EMEQ - 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 Nomura Focused Emerging Markets Equity ETF (EMEQ). 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	EMEQ	Difference
Sharpe ratio: Return per unit of total volatility	1.96	3.27	-1.31
Sortino ratio: Return per unit of downside risk	2.61	3.47	-0.86
Omega ratio: Gain probability vs. loss probability	1.34	1.51	-0.17
Calmar ratio: Return relative to maximum drawdown	2.15	6.98	-4.82
Martin ratio: Return relative to average drawdown	7.97	23.27	-15.30

CERY vs. EMEQ - Sharpe Ratio Comparison

The current CERY Sharpe Ratio is 1.96, which is lower than the EMEQ Sharpe Ratio of 3.27. The chart below compares the historical Sharpe Ratios of CERY and EMEQ, 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. EMEQ - Drawdown Comparison

The maximum CERY drawdown since its inception was -14.33%, smaller than the maximum EMEQ drawdown of -19.99%. Use the drawdown chart below to compare losses from any high point for CERY and EMEQ.

Drawdown Indicators

	CERY	EMEQ	Difference
Max Drawdown Largest peak-to-trough decline	-14.33%	-19.99%	+5.66%
Max Drawdown (1Y) Largest decline over 1 year	-14.33%	-17.91%	+3.58%
Current Drawdown Current decline from peak	-10.46%	-12.48%	+2.02%
Average Drawdown Average peak-to-trough decline	-2.56%	-4.19%	+1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	5.36%	-1.50%

Volatility

CERY vs. EMEQ - Volatility Comparison

The current volatility for SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) is 4.37%, while Nomura Focused Emerging Markets Equity ETF (EMEQ) has a volatility of 18.22%. This indicates that CERY experiences smaller price fluctuations and is considered to be less risky than EMEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CERY	EMEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	18.22%	-13.85%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	35.48%	-21.89%
Volatility (1Y) Calculated over the trailing 1-year period	15.73%	38.20%	-22.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.81%	33.24%	-18.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.81%	33.24%	-18.43%

CERY vs. EMEQ - Expense Ratio Comparison

CERY has a 0.28% expense ratio, which is lower than EMEQ's 0.86% expense ratio.

Dividends

CERY vs. EMEQ - Dividend Comparison

CERY's dividend yield for the trailing twelve months is around 4.14%, more than EMEQ's 1.62% yield.

Position	TTM	2025	2024
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.14%	4.99%	0.52%
EMEQ Nomura Focused Emerging Markets Equity ETF	1.62%	2.76%	0.84%

Frequently Asked Questions

Can I hold both CERY and EMEQ in my portfolio?

CERY and EMEQ have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CERY or EMEQ?

EMEQ has higher volatility (18.22%) compared to CERY (4.37%). In terms of maximum drawdown, CERY dropped -14.33% vs EMEQ's -19.99%.

Which ETF is better, CERY or EMEQ?

On 1-year performance, EMEQ leads with 127.62% vs 29.64% for CERY. On fees, CERY is cheaper at 0.28% per year. On volatility, CERY has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CERY or EMEQ?

Over the 1-year period, EMEQ has performed better with a 127.62% return vs 29.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CERY or EMEQ?

CERY is cheaper with a 0.28% expense ratio, compared with 0.86% for EMEQ.

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

CERY has the higher dividend yield at 4.14%, compared with 1.62% for EMEQ.

What is the main difference between CERY and EMEQ?

CERY is categorized as Commodities, while EMEQ is Emerging Markets Diversified. They also come from different issuers: State Street and Nomura. Their fees differ too: 0.28% for CERY and 0.86% for EMEQ.

Which has better risk-adjusted returns?

EMEQ currently has the higher Sharpe Ratio (3.27 vs 1.96), 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.