CERY vs. ZTWO

Last updated Jul 14, 2026

CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) and ZTWO (F/M 2-Year Investment Grade Corporate Bond ETF) are both exchange-traded funds - CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index, while ZTWO is a Short-Term Bond fund tracking the ICE 2-Year US Target Maturity Corporate Index - Benchmark TR Gross. Both are passively managed. Over the past year, CERY returned 32.16% vs 3.62% for ZTWO. At a correlation of -0.21, they often move in opposite directions. CERY charges 0.28%/yr vs 0.15%/yr for ZTWO.

Performance

CERY vs. ZTWO - 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 F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CERY achieves a 23.12% return, which is significantly higher than ZTWO's 1.10% return.

CERY

• 1D: 1.94%
• 1M: -0.20%
• 6M: 17.28%
• YTD: 23.12%
• 1Y: 32.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZTWO

• 1D: -0.11%
• 1M: 0.11%
• 6M: 1.07%
• YTD: 1.10%
• 1Y: 3.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CERY vs. ZTWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	23.12%	15.68%	1.98%
ZTWO F/M 2-Year Investment Grade Corporate Bond ETF	1.10%	5.49%	0.36%

Correlation

The correlation between CERY and ZTWO is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.27
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	-0.21

Return for Risk

CERY vs. ZTWO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CERY

CERY Risk / Return Rank: 70
CERY Sharpe Ratio Rank: 81
CERY Sortino Ratio Rank: 76
CERY Omega Ratio Rank: 75
CERY Calmar Ratio Rank: 57
CERY Martin Ratio Rank: 59

ZTWO

ZTWO Risk / Return Rank: 92
ZTWO Sharpe Ratio Rank: 93
ZTWO Sortino Ratio Rank: 95
ZTWO Omega Ratio Rank: 94
ZTWO Calmar Ratio Rank: 87
ZTWO Martin Ratio Rank: 92

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. ZTWO - 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 F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO). 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	ZTWO	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.68	-0.63
Sortino ratio: Return per unit of downside risk	2.71	4.27	-1.56
Omega ratio: Gain probability vs. loss probability	1.35	1.54	-0.19
Calmar ratio: Return relative to maximum drawdown	2.25	3.89	-1.63
Martin ratio: Return relative to average drawdown	8.26	18.27	-10.01

CERY vs. ZTWO - Sharpe Ratio Comparison

The current CERY Sharpe Ratio is 2.04, which is comparable to the ZTWO Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of CERY and ZTWO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CERY vs. ZTWO - Drawdown Comparison

The maximum CERY drawdown since its inception was -14.33%, which is greater than ZTWO's maximum drawdown of -0.93%. Use the drawdown chart below to compare losses from any high point for CERY and ZTWO.

Drawdown Indicators

	CERY	ZTWO	Difference
Max Drawdown Largest peak-to-trough decline	-14.33%	-0.93%	-13.40%
Max Drawdown (1Y) Largest decline over 1 year	-14.33%	-0.93%	-13.40%
Current Drawdown Current decline from peak	-8.73%	-0.24%	-8.49%
Average Drawdown Average peak-to-trough decline	-2.57%	-0.10%	-2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.90%	0.20%	+3.70%

Volatility

CERY vs. ZTWO - Volatility Comparison

SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a higher volatility of 4.84% compared to F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO) at 0.49%. This indicates that CERY's price experiences larger fluctuations and is considered to be riskier than ZTWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CERY	ZTWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	0.49%	+4.35%
Volatility (6M) Calculated over the trailing 6-month period	13.67%	1.06%	+12.61%
Volatility (1Y) Calculated over the trailing 1-year period	15.85%	1.36%	+14.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.86%	1.50%	+13.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.86%	1.50%	+13.36%

CERY vs. ZTWO - Expense Ratio Comparison

CERY has a 0.28% expense ratio, which is higher than ZTWO's 0.15% expense ratio.

Dividends

CERY vs. ZTWO - Dividend Comparison

CERY's dividend yield for the trailing twelve months is around 4.06%, which matches ZTWO's 4.08% yield.

Position	TTM	2025	2024
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.06%	4.99%	0.52%
ZTWO F/M 2-Year Investment Grade Corporate Bond ETF	4.08%	4.31%	0.39%

Frequently Asked Questions

Can I hold both CERY and ZTWO in my portfolio?

CERY and ZTWO have a correlation of -0.27, 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 ZTWO?

CERY has higher volatility (4.84%) compared to ZTWO (0.49%). In terms of maximum drawdown, CERY dropped -14.33% vs ZTWO's -0.93%.

Which ETF is better, CERY or ZTWO?

On 1-year performance, CERY leads with 32.16% vs 3.62% for ZTWO. On fees, ZTWO is cheaper at 0.15% per year. On volatility, ZTWO has been the lower-risk option at 0.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CERY or ZTWO?

Over the 1-year period, CERY has performed better with a 32.16% return vs 3.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CERY or ZTWO?

ZTWO is cheaper with a 0.15% expense ratio, compared with 0.28% for CERY.

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

ZTWO has the higher dividend yield at 4.08%, compared with 4.06% for CERY.

What is the main difference between CERY and ZTWO?

CERY is categorized as Commodities, while ZTWO is Short-Term Bond. CERY tracks Bloomberg Enhanced Roll Yield Total Return Index, while ZTWO tracks ICE 2-Year US Target Maturity Corporate Index - Benchmark TR Gross. They also come from different issuers: State Street and F/m. Their fees differ too: 0.28% for CERY and 0.15% for ZTWO.

Which has better risk-adjusted returns?

ZTWO currently has the higher Sharpe Ratio (2.68 vs 2.04), 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.