CERY vs. GC=F

Last updated Jun 4, 2026

CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) is Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index, while GC=F (Gold) is an asset. Over the past year, CERY returned 44.30% vs 33.21% for GC=F. At a 0.40 correlation, their price movements are largely independent.

Performance

CERY vs. GC=F - 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 Gold (GC=F). 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 GC=F's 3.17% return.

CERY

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

GC=F

• 1D: -0.59%
• 1M: -1.26%
• YTD: 3.17%
• 6M: 6.27%
• 1Y: 33.21%
• 3Y*: 31.73%
• 5Y*: 18.75%
• 10Y*: 13.66%

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

CERY vs. GC=F - 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%
GC=F Gold	3.17%	64.52%	4.69%

Correlation

The correlation between CERY and GC=F is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.40

Return for Risk

CERY vs. GC=F — 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

GC=F

GC=F Risk / Return Rank: 52
GC=F Sharpe Ratio Rank: 50
GC=F Sortino Ratio Rank: 49
GC=F Omega Ratio Rank: 47
GC=F Calmar Ratio Rank: 52
GC=F Martin Ratio Rank: 60

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. GC=F - 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 Gold (GC=F). 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	GC=F	Difference
Sharpe ratio Return per unit of total volatility	2.90	1.22	+1.68
Sortino ratio Return per unit of downside risk	3.66	1.60	+2.06
Omega ratio Gain probability vs. loss probability	1.51	1.25	+0.26
Calmar ratio Return relative to maximum drawdown	6.38	1.82	+4.56
Martin ratio Return relative to average drawdown	20.66	4.60	+16.06
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. GC=F - Sharpe Ratio Comparison

The current CERY Sharpe Ratio is 2.90, which is higher than the GC=F Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of CERY and GC=F, 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	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.90	1.22	+1.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.03	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.00	0.62	+1.38

Drawdowns

CERY vs. GC=F - Drawdown Comparison

The maximum CERY drawdown since its inception was -10.05%, smaller than the maximum GC=F drawdown of -44.36%. Use the drawdown chart below to compare losses from any high point for CERY and GC=F.

Drawdown Indicators

	CERY	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-10.05%	-44.36%	+34.31%
Max Drawdown (1Y) Largest decline over 1 year	-6.98%	-17.73%	+10.75%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.73%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.43%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-20.87%	—
Current Drawdown Current decline from peak	-3.71%	-16.09%	+12.38%
Average Drawdown Average peak-to-trough decline	-2.11%	-13.03%	+10.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	7.09%	-4.94%

Volatility

CERY vs. GC=F - Volatility Comparison

The current volatility for SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) is 4.94%, while Gold (GC=F) has a volatility of 5.24%. This indicates that CERY experiences smaller price fluctuations and is considered to be less risky than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CERY	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	5.24%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	13.29%	23.04%	-9.75%
Volatility (1Y) Calculated over the trailing 1-year period	15.37%	26.46%	-11.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.71%	18.19%	-3.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.71%	16.44%	-1.73%

Frequently Asked Questions

Can I hold both CERY and GC=F in my portfolio?

CERY and GC=F have a correlation of 0.34, 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 GC=F?

GC=F has higher volatility (5.24%) compared to CERY (4.94%). In terms of maximum drawdown, CERY dropped -10.05% vs GC=F's -44.36%.

Which has better risk-adjusted returns?

CERY currently has the higher Sharpe Ratio (2.90 vs 1.22), 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.