CERY vs. PDBC

Last updated Jun 3, 2026

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 44.49% vs 45.92% for PDBC. Their correlation of 0.92 suggests significant overlap in exposure. CERY charges 0.28%/yr vs 0.58%/yr for PDBC.

Performance

CERY vs. PDBC - 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 Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CERY achieves a 29.80% return, which is significantly lower than PDBC's 35.70% return.

CERY

• 1D: 0.40%
• 1M: -0.57%
• YTD: 29.80%
• 6M: 30.47%
• 1Y: 44.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PDBC

• 1D: 0.62%
• 1M: -2.12%
• YTD: 35.70%
• 6M: 36.33%
• 1Y: 45.92%
• 3Y*: 14.28%
• 5Y*: 12.55%
• 10Y*: 8.75%

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

CERY vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	29.80%	15.68%	3.92%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	35.70%	5.96%	4.53%

Correlation

The correlation between CERY and PDBC is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.92

The correlation between CERY and PDBC has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

Return for Risk

CERY vs. PDBC — 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: 87
CERY Sortino Ratio Rank: 81
CERY Omega Ratio Rank: 83
CERY Calmar Ratio Rank: 93
CERY Martin Ratio Rank: 91

PDBC

PDBC Risk / Return Rank: 76
PDBC Sharpe Ratio Rank: 75
PDBC Sortino Ratio Rank: 68
PDBC Omega Ratio Rank: 72
PDBC Calmar Ratio Rank: 93
PDBC Martin Ratio Rank: 74

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. 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 ratio Return per unit of total volatility	2.91	2.48	+0.43
Sortino ratio Return per unit of downside risk	3.67	3.17	+0.51
Omega ratio Gain probability vs. loss probability	1.51	1.43	+0.08
Calmar ratio Return relative to maximum drawdown	6.78	6.80	-0.02
Martin ratio Return relative to average drawdown	22.15	14.42	+7.73
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. PDBC - Sharpe Ratio Comparison

The current CERY Sharpe Ratio is 2.91, which is comparable to the PDBC Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of CERY and PDBC, 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	PDBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.91	2.48	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.00	0.23	+1.77

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.

Drawdown Indicators

	CERY	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	-10.05%	-49.52%	+39.47%
Max Drawdown (1Y) Largest decline over 1 year	-6.98%	-7.19%	+0.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.63%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.73%	—
Current Drawdown Current decline from peak	-3.77%	-4.92%	+1.15%
Average Drawdown Average peak-to-trough decline	-2.10%	-23.22%	+21.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	3.39%	-1.25%

Volatility

CERY vs. PDBC - Volatility Comparison

The current volatility for SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) is 5.08%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 6.45%. 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.

Volatility by Period

	CERY	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	6.45%	-1.37%
Volatility (6M) Calculated over the trailing 6-month period	13.29%	15.78%	-2.49%
Volatility (1Y) Calculated over the trailing 1-year period	15.48%	18.70%	-3.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.72%	19.12%	-4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.72%	17.78%	-3.06%

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 3.85%, more than PDBC's 2.83% 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	3.85%	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	2.83%	3.84%	4.42%	4.21%	13.05%	50.83%	0.01%	1.40%	1.00%	3.83%	6.51%

Frequently Asked Questions

Can I hold both CERY and PDBC in my portfolio?

With a correlation of 0.92, 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.

Which is riskier, CERY or PDBC?

PDBC has higher volatility (6.45%) compared to CERY (5.08%). In terms of maximum drawdown, CERY dropped -10.05% vs PDBC's -49.52%.

Which ETF is better, CERY or PDBC?

On 1-year performance, PDBC leads with 45.92% vs 44.49% for CERY. On fees, CERY is cheaper at 0.28% per year. On volatility, CERY has been the lower-risk option at 5.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CERY or PDBC?

Over the 1-year period, PDBC has performed better with a 45.92% return vs 44.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CERY or PDBC?

CERY is cheaper with a 0.28% expense ratio, compared with 0.58% for PDBC.

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

CERY has the higher dividend yield at 3.85%, compared with 2.83% for PDBC.

What is the main difference between CERY and PDBC?

They also come from different issuers: State Street and Invesco. Their fees differ too: 0.28% for CERY and 0.58% for PDBC.

Which has better risk-adjusted returns?

CERY currently has the higher Sharpe Ratio (2.91 vs 2.48), 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.