CERY vs. PDBC
CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both Commodities funds. CERY is passively managed, while PDBC is actively managed. Over the past year, CERY returned 38.05% vs 38.61% for PDBC. Their correlation of 0.92 means they have usually moved in the same direction. CERY charges 0.28%/yr vs 0.58%/yr for PDBC.
Performance
CERY vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, CERY achieves a 25.95% return, which is significantly lower than PDBC's 32.53% return.
CERY
- 1D
- -0.22%
- 1M
- 7.79%
- 6M
- 15.18%
- YTD
- 25.95%
- 1Y
- 38.05%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 24.32%
PDBC
- 1D
- 0.34%
- 1M
- 10.65%
- 6M
- 20.94%
- YTD
- 32.53%
- 1Y
- 38.61%
- 3Y*
- 10.51%
- 5Y*
- 11.22%
- 10Y*
- 9.21%
- ALL TIME*
- 3.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.02M | $9.94M | $6.85M | |
| $92.97M | $139.65M | $120.69M |
CERY vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 25.95% | 15.68% | 3.80% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 32.53% | 5.96% | 4.77% |
Correlation
The correlation between CERY and PDBC is 0.93, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.93 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024 | 0.92 |
The correlation between CERY and PDBC has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.
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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.
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 | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.32 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 2.21 | +0.39 |
| Martin ratioReturn relative to average drawdown | 8.97 | 7.40 | +1.58 |
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Drawdowns
CERY vs. PDBC - Drawdown Comparison
The maximum CERY drawdown since its inception was -14.33%, 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 | -14.33% | -49.52% | +35.19% |
Max Drawdown (1Y)Largest decline over 1 year | -14.33% | -16.55% | +2.22% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.55% | — |
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 | -6.62% | -7.14% | +0.52% |
Average DrawdownAverage peak-to-trough decline | -2.69% | -23.03% | +20.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.15% | 4.98% | -0.83% |
Volatility
CERY vs. PDBC - Volatility Comparison
The current volatility for SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) is 5.02%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 7.00%. 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 | 5.02% | 7.00% | -1.98% |
Volatility (6M)Calculated over the trailing 6-month period | 13.85% | 17.41% | -3.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.20% | 19.62% | -3.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.94% | 19.27% | -4.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.94% | 17.83% | -2.89% |
CERY vs. PDBC - Expense Ratio Comparison
CERY has a 0.28% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
CERY vs. PDBC - Dividend Comparison
CERY's dividend yield for the trailing twelve months is around 3.97%, more than PDBC's 2.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 3.97% | 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 | 2.90% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
Frequently Asked Questions
With a correlation of 0.93, CERY and PDBC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PDBC has higher volatility (7.00%) compared to CERY (5.02%). In terms of maximum drawdown, CERY dropped -14.33% vs PDBC's -49.52%.
On 1-year performance, PDBC leads with 38.61% vs 38.05% for CERY. On fees, CERY is cheaper at 0.28% per year. On volatility, CERY has been the lower-risk option at 5.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PDBC has performed better with a 38.61% return vs 38.05%. 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 0.58% for PDBC.
CERY has the higher dividend yield at 3.97%, compared with 2.90% for PDBC.
They also come from different issuers: State Street and Invesco. Their fees differ too: 0.28% for CERY and 0.58% for PDBC.
CERY currently has the higher Sharpe Ratio (2.30 vs 1.87), 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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