CFSTX vs. PRGMX

Last updated Jun 4, 2026

CFSTX (Commerce Short Term Government Fund) and PRGMX (T. Rowe Price GNMA Fund) are both Government Bonds funds. Over the past 10 years, CFSTX returned 1.22%/yr vs 1.31%/yr for PRGMX. A 0.78 correlation means they provide meaningful diversification when combined. CFSTX charges 0.68%/yr vs 0.58%/yr for PRGMX.

Performance

CFSTX vs. PRGMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Commerce Short Term Government Fund (CFSTX) and T. Rowe Price GNMA Fund (PRGMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CFSTX achieves a -0.25% return, which is significantly lower than PRGMX's 0.93% return. Over the past 10 years, CFSTX has underperformed PRGMX with an annualized return of 1.22%, while PRGMX has yielded a comparatively higher 1.31% annualized return.

CFSTX

• 1D: 0.00%
• 1M: -0.56%
• YTD: -0.25%
• 6M: -0.12%
• 1Y: 2.69%
• 3Y*: 3.59%
• 5Y*: 0.87%
• 10Y*: 1.22%

PRGMX

• 1D: 0.00%
• 1M: 0.56%
• YTD: 0.93%
• 6M: 1.33%
• 1Y: 7.89%
• 3Y*: 4.84%
• 5Y*: 0.69%
• 10Y*: 1.31%

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

CFSTX vs. PRGMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CFSTX Commerce Short Term Government Fund	-0.25%	5.25%	3.12%	4.28%	-6.59%	-1.19%	3.09%	3.56%	1.01%	0.84%
PRGMX T. Rowe Price GNMA Fund	0.93%	8.72%	1.86%	5.62%	-11.45%	-2.18%	4.21%	5.18%	0.58%	1.23%

Correlation

The correlation between CFSTX and PRGMX is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jun 21, 1996	0.78

The correlation between CFSTX and PRGMX has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

Return for Risk

CFSTX vs. PRGMX — Risk / Return Rank

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

CFSTX

CFSTX Risk / Return Rank: 25
CFSTX Sharpe Ratio Rank: 26
CFSTX Sortino Ratio Rank: 30
CFSTX Omega Ratio Rank: 27
CFSTX Calmar Ratio Rank: 19
CFSTX Martin Ratio Rank: 23

PRGMX

PRGMX Risk / Return Rank: 44
PRGMX Sharpe Ratio Rank: 42
PRGMX Sortino Ratio Rank: 46
PRGMX Omega Ratio Rank: 43
PRGMX Calmar Ratio Rank: 48
PRGMX Martin Ratio Rank: 41

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.

CFSTX vs. PRGMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Commerce Short Term Government Fund (CFSTX) and T. Rowe Price GNMA Fund (PRGMX). 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.

	CFSTX	PRGMX	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.89	-0.43
Sortino ratio: Return per unit of downside risk	2.27	2.86	-0.59
Omega ratio: Gain probability vs. loss probability	1.27	1.36	-0.08
Calmar ratio: Return relative to maximum drawdown	1.58	2.64	-1.07
Martin ratio: Return relative to average drawdown	5.75	8.88	-3.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CFSTX vs. PRGMX - Sharpe Ratio Comparison

The current CFSTX Sharpe Ratio is 1.46, which is comparable to the PRGMX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of CFSTX and PRGMX, 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

	CFSTX	PRGMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.89	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.11	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.28	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	0.93	+0.20

Drawdowns

CFSTX vs. PRGMX - Drawdown Comparison

The maximum CFSTX drawdown since its inception was -9.02%, smaller than the maximum PRGMX drawdown of -18.22%. Use the drawdown chart below to compare losses from any high point for CFSTX and PRGMX.

Drawdown Indicators

	CFSTX	PRGMX	Difference
Max Drawdown Largest peak-to-trough decline	-9.02%	-18.22%	+9.20%
Max Drawdown (1Y) Largest decline over 1 year	-1.72%	-3.00%	+1.28%
Max Drawdown (3Y) Largest decline over 3 years	-1.72%	-7.14%	+5.42%
Max Drawdown (5Y) Largest decline over 5 years	-9.02%	-17.30%	+8.28%
Max Drawdown (10Y) Largest decline over 10 years	-9.02%	-18.22%	+9.20%
Current Drawdown Current decline from peak	-1.25%	-1.25%	0.00%
Average Drawdown Average peak-to-trough decline	-0.97%	-2.24%	+1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	0.89%	-0.42%

Volatility

CFSTX vs. PRGMX - Volatility Comparison

The current volatility for Commerce Short Term Government Fund (CFSTX) is 0.78%, while T. Rowe Price GNMA Fund (PRGMX) has a volatility of 1.72%. This indicates that CFSTX experiences smaller price fluctuations and is considered to be less risky than PRGMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFSTX	PRGMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	1.72%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	1.43%	3.11%	-1.68%
Volatility (1Y) Calculated over the trailing 1-year period	1.86%	4.20%	-2.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.35%	6.38%	-4.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.97%	4.77%	-2.80%

CFSTX vs. PRGMX - Expense Ratio Comparison

CFSTX has a 0.68% expense ratio, which is higher than PRGMX's 0.58% expense ratio.

Dividends

CFSTX vs. PRGMX - Dividend Comparison

CFSTX's dividend yield for the trailing twelve months is around 2.56%, less than PRGMX's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFSTX Commerce Short Term Government Fund	2.56%	2.26%	1.62%	2.05%	1.30%	1.53%	1.99%	2.44%	1.94%	1.61%	1.69%	1.40%
PRGMX T. Rowe Price GNMA Fund	4.99%	4.96%	4.47%	3.54%	1.38%	0.59%	1.44%	2.39%	2.78%	2.98%	2.88%	3.12%

Frequently Asked Questions

Can I hold both CFSTX and PRGMX in my portfolio?

CFSTX and PRGMX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CFSTX or PRGMX?

PRGMX has higher volatility (1.72%) compared to CFSTX (0.78%). In terms of maximum drawdown, CFSTX dropped -9.02% vs PRGMX's -18.22%.

Which has better risk-adjusted returns?

PRGMX currently has the higher Sharpe Ratio (1.89 vs 1.46), 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.