CERY vs. FAAR

Last updated Jun 4, 2026

CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) and FAAR (First Trust Alternative Absolute Return Strategy ETF) are both Commodities funds. CERY is passively managed, while FAAR is actively managed. Over the past year, CERY returned 44.30% vs 40.73% for FAAR. A 0.63 correlation means they provide meaningful diversification when combined. CERY charges 0.28%/yr vs 0.95%/yr for FAAR.

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.

Returns By Period

In the year-to-date period, CERY achieves a 29.88% return, which is significantly higher than FAAR's 25.73% return.

CERY

• 1D: 0.06%
• 1M: -1.63%
• YTD: 29.88%
• 6M: 30.50%
• 1Y: 44.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FAAR

• 1D: 0.01%
• 1M: -0.79%
• YTD: 25.73%
• 6M: 23.17%
• 1Y: 40.73%
• 3Y*: 11.79%
• 5Y*: 8.07%
• 10Y*: 5.17%

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

CERY vs. FAAR - 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%
FAAR First Trust Alternative Absolute Return Strategy ETF	25.73%	8.07%	1.46%

Correlation

The correlation between CERY and FAAR is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.63

The correlation between CERY and FAAR has been stable across timeframes, ranging from 0.63 to 0.73 - a consistent structural relationship.

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: 86
CERY Sortino Ratio Rank: 81
CERY Omega Ratio Rank: 83
CERY Calmar Ratio Rank: 92
CERY Martin Ratio Rank: 90

FAAR

FAAR Risk / Return Rank: 90
FAAR Sharpe Ratio Rank: 89
FAAR Sortino Ratio Rank: 90
FAAR Omega Ratio Rank: 84
FAAR Calmar Ratio Rank: 95
FAAR Martin Ratio Rank: 92

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	2.90	3.04	-0.14
Sortino ratio: Return per unit of downside risk	3.66	4.23	-0.57
Omega ratio: Gain probability vs. loss probability	1.51	1.52	-0.01
Calmar ratio: Return relative to maximum drawdown	6.38	8.44	-2.07
Martin ratio: Return relative to average drawdown	20.66	23.64	-2.98
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 2.90, which is comparable to the FAAR Sharpe Ratio of 3.04. The chart below compares the historical Sharpe Ratios of CERY and FAAR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CERY	FAAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.90	3.04	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.62	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.00	0.45	+1.55

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	-6.98%	-4.85%	-2.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.54%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.03%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-18.03%	—
Current Drawdown Current decline from peak	-3.71%	-1.11%	-2.60%
Average Drawdown Average peak-to-trough decline	-2.11%	-7.85%	+5.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	1.73%	+0.42%

Volatility

CERY vs. FAAR - Volatility Comparison

SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a higher volatility of 4.94% compared to First Trust Alternative Absolute Return Strategy ETF (FAAR) at 2.44%. 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	4.94%	2.44%	+2.50%
Volatility (6M) Calculated over the trailing 6-month period	13.29%	9.72%	+3.57%
Volatility (1Y) Calculated over the trailing 1-year period	15.37%	13.48%	+1.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.71%	13.02%	+1.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.71%	11.51%	+3.20%

CERY vs. FAAR - Expense Ratio Comparison

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

Dividends

CERY vs. FAAR - Dividend Comparison

CERY's dividend yield for the trailing twelve months is around 3.85%, less than FAAR's 9.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	0.00%
FAAR First Trust Alternative Absolute Return Strategy ETF	9.15%	11.63%	3.45%	3.20%	5.82%	6.49%	3.05%	1.02%	0.58%	2.83%

Frequently Asked Questions

Can I hold both CERY and FAAR in my portfolio?

CERY and FAAR have a correlation of 0.73, 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 FAAR?

CERY has higher volatility (4.94%) compared to FAAR (2.44%). In terms of maximum drawdown, CERY dropped -10.05% vs FAAR's -18.03%.

Which ETF is better, CERY or FAAR?

On 1-year performance, CERY leads with 44.30% vs 40.73% for FAAR. On fees, CERY is cheaper at 0.28% per year. On volatility, FAAR has been the lower-risk option at 2.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CERY or FAAR?

Over the 1-year period, CERY has performed better with a 44.30% return vs 40.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CERY or FAAR?

CERY is cheaper with a 0.28% expense ratio, compared with 0.95% for FAAR.

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

FAAR has the higher dividend yield at 9.15%, compared with 3.85% for CERY.

What is the main difference between CERY and FAAR?

They also come from different issuers: State Street and First Trust. Their fees differ too: 0.28% for CERY and 0.95% for FAAR.

Which has better risk-adjusted returns?

FAAR currently has the higher Sharpe Ratio (3.04 vs 2.90), 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.