CERY vs. EWZ
CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index, while EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past year, CERY returned 29.64% vs 36.37% for EWZ. At a 0.25 correlation, their price movements are largely independent. CERY charges 0.28%/yr vs 0.59%/yr for EWZ.
Performance
CERY vs. EWZ - Performance Comparison
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Returns By Period
In the year-to-date period, CERY achieves a 20.77% return, which is significantly higher than EWZ's 14.17% return.
CERY
- 1D
- 0.00%
- 1M
- -2.91%
- 6M
- 16.72%
- YTD
- 20.77%
- 1Y
- 29.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EWZ
- 1D
- 2.77%
- 1M
- 4.20%
- 6M
- 9.71%
- YTD
- 14.17%
- 1Y
- 36.37%
- 3Y*
- 10.52%
- 5Y*
- 6.56%
- 10Y*
- 6.86%
CERY vs. EWZ - 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% |
EWZ iShares MSCI Brazil ETF | 14.17% | 48.81% | -20.38% |
Correlation
The correlation between CERY and EWZ is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024 | 0.25 |
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Return for Risk
CERY vs. EWZ — Risk / Return Rank
CERY
EWZ
CERY vs. EWZ - 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 MSCI Brazil ETF (EWZ). 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 | EWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.25 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 1.85 | +0.31 |
| Martin ratioReturn relative to average drawdown | 7.97 | 4.94 | +3.04 |
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Drawdowns
CERY vs. EWZ - Drawdown Comparison
The maximum CERY drawdown since its inception was -14.33%, smaller than the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for CERY and EWZ.
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Drawdown Indicators
| CERY | EWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.33% | -77.25% | +62.92% |
Max Drawdown (1Y)Largest decline over 1 year | -14.33% | -19.27% | +4.94% |
Max Drawdown (3Y)Largest decline over 3 years | — | -31.36% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -32.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -56.99% | — |
Current DrawdownCurrent decline from peak | -10.46% | -20.49% | +10.03% |
Average DrawdownAverage peak-to-trough decline | -2.56% | -35.90% | +33.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.86% | 7.20% | -3.34% |
Volatility
CERY vs. EWZ - Volatility Comparison
The current volatility for SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) is 4.37%, while iShares MSCI Brazil ETF (EWZ) has a volatility of 5.74%. This indicates that CERY experiences smaller price fluctuations and is considered to be less risky than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CERY | EWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.37% | 5.74% | -1.37% |
Volatility (6M)Calculated over the trailing 6-month period | 13.59% | 19.70% | -6.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.73% | 24.98% | -9.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.81% | 27.60% | -12.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.81% | 33.90% | -19.09% |
CERY vs. EWZ - Expense Ratio Comparison
CERY has a 0.28% expense ratio, which is lower than EWZ's 0.59% expense ratio.
Dividends
CERY vs. EWZ - Dividend Comparison
CERY's dividend yield for the trailing twelve months is around 4.14%, more than EWZ's 4.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 4.14% | 4.99% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EWZ iShares MSCI Brazil ETF | 4.07% | 5.19% | 8.91% | 5.66% | 12.59% | 9.87% | 1.71% | 2.54% | 2.89% | 1.71% | 1.81% | 4.08% |
Frequently Asked Questions
CERY and EWZ have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWZ has higher volatility (5.74%) compared to CERY (4.37%). In terms of maximum drawdown, CERY dropped -14.33% vs EWZ's -77.25%.
On 1-year performance, EWZ leads with 36.37% 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.
Over the 1-year period, EWZ has performed better with a 36.37% return vs 29.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CERY is cheaper with a 0.28% expense ratio, compared with 0.59% for EWZ.
CERY has the higher dividend yield at 4.14%, compared with 4.07% for EWZ.
CERY is categorized as Commodities, while EWZ is Latin America Equities. CERY tracks Bloomberg Enhanced Roll Yield Total Return Index, while EWZ tracks MSCI Brazil 25/50 Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.28% for CERY and 0.59% for EWZ.
CERY currently has the higher Sharpe Ratio (1.96 vs 1.43), 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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