CERY vs. FAAR

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) and First Trust Alternative Absolute Return Strategy ETF (FAAR).

CERY and FAAR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CERY is a passively managed fund by State Street that tracks the performance of the Bloomberg Enhanced Roll Yield Total Return Index. It was launched on Sep 4, 2024. FAAR is an actively managed fund by First Trust. It was launched on May 18, 2016.

Performance

CERY vs. FAAR - 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 First Trust Alternative Absolute Return Strategy ETF (FAAR). The values are adjusted to include any dividend payments, if applicable.

CERY vs. FAAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	22.00%	15.68%	3.92%
FAAR First Trust Alternative Absolute Return Strategy ETF	24.50%	8.07%	1.46%

Returns By Period

In the year-to-date period, CERY achieves a 22.00% return, which is significantly lower than FAAR's 24.50% return.

CERY

• 1D: -1.16%
• 1M: 5.37%
• YTD: 22.00%
• 6M: 27.31%
• 1Y: 31.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FAAR

• 1D: -0.35%
• 1M: 7.76%
• YTD: 24.50%
• 6M: 22.58%
• 1Y: 30.52%
• 3Y*: 10.43%
• 5Y*: 9.33%
• 10Y*: —

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

CERY vs. FAAR - Expense Ratio Comparison

CERY has a 0.28% expense ratio, which is lower than FAAR's 0.95% expense ratio.

FAAR

First Trust Alternative Absolute Return Strategy ETF

CERY

SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF

Return for Risk

CERY vs. FAAR — Risk / Return Rank

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

CERY

CERY Risk / Return Rank: 87
CERY Sharpe Ratio Rank: 88
CERY Sortino Ratio Rank: 88
CERY Omega Ratio Rank: 84
CERY Calmar Ratio Rank: 89
CERY Martin Ratio Rank: 86

FAAR

FAAR Risk / Return Rank: 83
FAAR Sharpe Ratio Rank: 89
FAAR Sortino Ratio Rank: 90
FAAR Omega Ratio Rank: 85
FAAR Calmar Ratio Rank: 83
FAAR Martin Ratio Rank: 69

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. FAAR - 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 First Trust Alternative Absolute Return Strategy ETF (FAAR). 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	FAAR	Difference
Sharpe ratio Return per unit of total volatility	1.92	2.00	-0.08
Sortino ratio Return per unit of downside risk	2.52	2.69	-0.17
Omega ratio Gain probability vs. loss probability	1.35	1.35	0.00
Calmar ratio Return relative to maximum drawdown	3.17	2.57	+0.60
Martin ratio Return relative to average drawdown	10.88	7.53	+3.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CERY vs. FAAR - Sharpe Ratio Comparison

The current CERY Sharpe Ratio is 1.92, which is comparable to the FAAR Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of CERY and FAAR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CERY	FAAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	2.00	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.90	0.45	+1.46

Correlation

The correlation between CERY and FAAR is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CERY vs. FAAR - Dividend Comparison

CERY's dividend yield for the trailing twelve months is around 4.09%, less than FAAR's 9.24% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.09%	4.99%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FAAR First Trust Alternative Absolute Return Strategy ETF	9.24%	11.63%	3.45%	3.20%	5.82%	6.49%	3.05%	1.02%	0.58%	2.83%

Drawdowns

CERY vs. FAAR - Drawdown Comparison

The maximum CERY drawdown since its inception was -10.05%, smaller than the maximum FAAR drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for CERY and FAAR.

Drawdown Indicators

	CERY	FAAR	Difference
Max Drawdown Largest peak-to-trough decline	-10.05%	-18.03%	+7.98%
Max Drawdown (1Y) Largest decline over 1 year	-10.05%	-11.54%	+1.49%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.03%	—
Current Drawdown Current decline from peak	-1.80%	-0.86%	-0.94%
Average Drawdown Average peak-to-trough decline	-2.18%	-7.97%	+5.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	3.93%	-1.00%

Volatility

CERY vs. FAAR - Volatility Comparison

SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a higher volatility of 6.64% compared to First Trust Alternative Absolute Return Strategy ETF (FAAR) at 5.66%. This indicates that CERY's price experiences larger fluctuations and is considered to be riskier than FAAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CERY	FAAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.64%	5.66%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	10.65%	+2.16%
Volatility (1Y) Calculated over the trailing 1-year period	16.43%	15.32%	+1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.65%	13.00%	+1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.65%	11.54%	+3.11%