CERY vs. PDBC
Compare and contrast key facts about SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC).
CERY and PDBC 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. PDBC is an actively managed fund by Invesco. It was launched on Nov 7, 2014.
Performance
CERY vs. PDBC - Performance Comparison
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CERY vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 23.43% | 15.68% | 3.92% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 30.72% | 5.96% | 4.53% |
Returns By Period
In the year-to-date period, CERY achieves a 23.43% return, which is significantly lower than PDBC's 30.72% return.
CERY
- 1D
- -0.51%
- 1M
- 8.46%
- YTD
- 23.43%
- 6M
- 29.00%
- 1Y
- 33.38%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PDBC
- 1D
- -1.03%
- 1M
- 16.09%
- YTD
- 30.72%
- 6M
- 33.97%
- 1Y
- 32.00%
- 3Y*
- 11.28%
- 5Y*
- 14.29%
- 10Y*
- 9.86%
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CERY vs. PDBC - Expense Ratio Comparison
CERY has a 0.28% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Return for Risk
CERY vs. PDBC — Risk / Return Rank
CERY
PDBC
CERY vs. PDBC - 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 Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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 | PDBC | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.05 | 1.72 | +0.33 |
Sortino ratioReturn per unit of downside risk | 2.66 | 2.31 | +0.36 |
Omega ratioGain probability vs. loss probability | 1.37 | 1.31 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 3.44 | 3.04 | +0.40 |
Martin ratioReturn relative to average drawdown | 11.83 | 7.48 | +4.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CERY | PDBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.05 | 1.72 | +0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.76 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.56 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.98 | 0.22 | +1.76 |
Correlation
The correlation between CERY and PDBC is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
CERY vs. PDBC - Dividend Comparison
CERY's dividend yield for the trailing twelve months is around 4.05%, more than PDBC's 2.94% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 4.05% | 4.99% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 2.94% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
Drawdowns
CERY vs. PDBC - Drawdown Comparison
The maximum CERY drawdown since its inception was -10.05%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for CERY and PDBC.
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Drawdown Indicators
| CERY | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.05% | -49.52% | +39.47% |
Max Drawdown (1Y)Largest decline over 1 year | -10.05% | -11.07% | +1.02% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.63% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.73% | — |
Current DrawdownCurrent decline from peak | -0.65% | -1.03% | +0.38% |
Average DrawdownAverage peak-to-trough decline | -2.18% | -23.53% | +21.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.92% | 4.50% | -1.58% |
Volatility
CERY vs. PDBC - Volatility Comparison
The current volatility for SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) is 6.57%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 8.15%. This indicates that CERY experiences smaller price fluctuations and is considered to be less risky than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CERY | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.57% | 8.15% | -1.58% |
Volatility (6M)Calculated over the trailing 6-month period | 12.74% | 13.88% | -1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.40% | 18.72% | -2.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.63% | 18.92% | -4.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.63% | 17.69% | -3.06% |