CERY vs. TIP
CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) and TIP (iShares TIPS Bond ETF) are both exchange-traded funds - CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index, while TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index. Both are passively managed. Over the past year, CERY returned 29.64% vs 3.30% for TIP. At a 0.03 correlation, their price movements are largely independent. CERY charges 0.28%/yr vs 0.18%/yr for TIP.
Performance
CERY vs. TIP - Performance Comparison
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Returns By Period
In the year-to-date period, CERY achieves a 20.77% return, which is significantly higher than TIP's 1.00% return.
CERY
- 1D
- 0.00%
- 1M
- -2.91%
- 6M
- 16.72%
- YTD
- 20.77%
- 1Y
- 29.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TIP
- 1D
- 0.01%
- 1M
- -0.38%
- 6M
- 0.76%
- YTD
- 1.00%
- 1Y
- 3.30%
- 3Y*
- 4.07%
- 5Y*
- 0.66%
- 10Y*
- 2.34%
CERY vs. TIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 20.77% | 15.68% | 3.80% |
TIP iShares TIPS Bond ETF | 1.00% | 6.77% | -2.06% |
Correlation
The correlation between CERY and TIP is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024 | 0.03 |
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Return for Risk
CERY vs. TIP — Risk / Return Rank
CERY
TIP
CERY vs. TIP - 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 iShares TIPS Bond ETF (TIP). 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 | TIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.06 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.16 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 1.59 | +0.56 |
| Martin ratioReturn relative to average drawdown | 7.97 | 4.58 | +3.40 |
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Drawdowns
CERY vs. TIP - Drawdown Comparison
The maximum CERY drawdown since its inception was -14.33%, roughly equal to the maximum TIP drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for CERY and TIP.
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Drawdown Indicators
| CERY | TIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.33% | -14.57% | +0.24% |
Max Drawdown (1Y)Largest decline over 1 year | -14.33% | -1.98% | -12.35% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.54% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.51% | — |
Current DrawdownCurrent decline from peak | -10.46% | -0.85% | -9.61% |
Average DrawdownAverage peak-to-trough decline | -2.56% | -3.42% | +0.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.86% | 0.69% | +3.17% |
Volatility
CERY vs. TIP - Volatility Comparison
SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a higher volatility of 4.37% compared to iShares TIPS Bond ETF (TIP) at 1.25%. This indicates that CERY's price experiences larger fluctuations and is considered to be riskier than TIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CERY | TIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.37% | 1.25% | +3.12% |
Volatility (6M)Calculated over the trailing 6-month period | 13.59% | 2.54% | +11.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.73% | 3.47% | +12.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.81% | 6.20% | +8.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.81% | 5.73% | +9.08% |
CERY vs. TIP - Expense Ratio Comparison
CERY has a 0.28% expense ratio, which is higher than TIP's 0.18% expense ratio.
Dividends
CERY vs. TIP - Dividend Comparison
CERY's dividend yield for the trailing twelve months is around 4.14%, less than TIP's 4.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 4.14% | 4.99% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TIP iShares TIPS Bond ETF | 4.44% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
CERY and TIP have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CERY has higher volatility (4.37%) compared to TIP (1.25%). In terms of maximum drawdown, CERY dropped -14.33% vs TIP's -14.57%.
On 1-year performance, CERY leads with 29.64% vs 3.30% for TIP. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CERY has performed better with a 29.64% return vs 3.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIP is cheaper with a 0.18% expense ratio, compared with 0.28% for CERY.
TIP has the higher dividend yield at 4.44%, compared with 4.14% for CERY.
CERY is categorized as Commodities, while TIP is Inflation-Protected Bonds. CERY tracks Bloomberg Enhanced Roll Yield Total Return Index, while TIP tracks ICE U.S. Treasury Inflation Linked Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.28% for CERY and 0.18% for TIP.
CERY currently has the higher Sharpe Ratio (1.96 vs 0.91), 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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