CMCI vs. BDRY

Last updated Jun 3, 2026

CMCI (VanEck CMCI Commodity Strategy ETF) and BDRY (Breakwave Dry Bulk Shipping ETF) are both Commodities funds - CMCI tracks the UBS Bloomberg CMCI Composite Total Return Index while BDRY tracks the Breakwave Dry Freight Futures Index. Both are passively managed. Over the past year, CMCI returned 31.73% vs 153.73% for BDRY. At a 0.01 correlation, their price movements are largely independent. CMCI charges 0.65%/yr vs 3.76%/yr for BDRY.

Performance

CMCI vs. BDRY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck CMCI Commodity Strategy ETF (CMCI) and Breakwave Dry Bulk Shipping ETF (BDRY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMCI achieves a 23.39% return, which is significantly lower than BDRY's 47.55% return.

CMCI

• 1D: 0.49%
• 1M: 1.04%
• YTD: 23.39%
• 6M: 25.02%
• 1Y: 31.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BDRY

• 1D: -0.73%
• 1M: 10.32%
• YTD: 47.55%
• 6M: 39.89%
• 1Y: 153.73%
• 3Y*: 28.21%
• 5Y*: -10.64%
• 10Y*: —

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

CMCI vs. BDRY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	23.39%	7.90%	5.68%	-2.87%
BDRY Breakwave Dry Bulk Shipping ETF	47.55%	44.24%	-47.40%	139.34%

Correlation

The correlation between CMCI and BDRY is -0.01, 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	-0.01
Correlation (All Time) Calculated using the full available price history since Aug 24, 2023	0.01

Return for Risk

CMCI vs. BDRY — Risk / Return Rank

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

CMCI

CMCI Risk / Return Rank: 82
CMCI Sharpe Ratio Rank: 79
CMCI Sortino Ratio Rank: 77
CMCI Omega Ratio Rank: 78
CMCI Calmar Ratio Rank: 93
CMCI Martin Ratio Rank: 84

BDRY

BDRY Risk / Return Rank: 88
BDRY Sharpe Ratio Rank: 94
BDRY Sortino Ratio Rank: 83
BDRY Omega Ratio Rank: 78
BDRY Calmar Ratio Rank: 93
BDRY Martin Ratio Rank: 89

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.

CMCI vs. BDRY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck CMCI Commodity Strategy ETF (CMCI) and Breakwave Dry Bulk Shipping ETF (BDRY). 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.

	CMCI	BDRY	Difference
Sharpe ratio Return per unit of total volatility	2.62	3.67	-1.05
Sortino ratio Return per unit of downside risk	3.51	3.76	-0.25
Omega ratio Gain probability vs. loss probability	1.47	1.47	0.00
Calmar ratio Return relative to maximum drawdown	6.68	6.91	-0.23
Martin ratio Return relative to average drawdown	17.64	20.20	-2.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMCI vs. BDRY - Sharpe Ratio Comparison

The current CMCI Sharpe Ratio is 2.62, which is comparable to the BDRY Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of CMCI and BDRY, 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

	CMCI	BDRY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	3.67	-1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.18	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	-0.13	+1.08

Drawdowns

CMCI vs. BDRY - Drawdown Comparison

The maximum CMCI drawdown since its inception was -11.54%, smaller than the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for CMCI and BDRY.

Drawdown Indicators

	CMCI	BDRY	Difference
Max Drawdown Largest peak-to-trough decline	-11.54%	-89.16%	+77.62%
Max Drawdown (1Y) Largest decline over 1 year	-5.03%	-21.60%	+16.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-69.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.16%	—
Current Drawdown Current decline from peak	-2.82%	-68.83%	+66.01%
Average Drawdown Average peak-to-trough decline	-3.54%	-58.38%	+54.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	7.39%	-5.48%

Volatility

CMCI vs. BDRY - Volatility Comparison

The current volatility for VanEck CMCI Commodity Strategy ETF (CMCI) is 4.39%, while Breakwave Dry Bulk Shipping ETF (BDRY) has a volatility of 10.87%. This indicates that CMCI experiences smaller price fluctuations and is considered to be less risky than BDRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMCI	BDRY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	10.87%	-6.48%
Volatility (6M) Calculated over the trailing 6-month period	10.13%	30.49%	-20.36%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	42.25%	-29.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.63%	60.70%	-48.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.63%	62.59%	-49.96%

CMCI vs. BDRY - Expense Ratio Comparison

CMCI has a 0.65% expense ratio, which is lower than BDRY's 3.76% expense ratio.

Dividends

CMCI vs. BDRY - Dividend Comparison

CMCI's dividend yield for the trailing twelve months is around 8.01%, while BDRY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BDRY Breakwave Dry Bulk Shipping ETF	0.00%	0.00%	0.00%	0.00%
CMCI VanEck CMCI Commodity Strategy ETF	8.01%	9.89%	3.93%	1.64%

Frequently Asked Questions

Can I hold both CMCI and BDRY in my portfolio?

CMCI and BDRY have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMCI or BDRY?

BDRY has higher volatility (10.87%) compared to CMCI (4.39%). In terms of maximum drawdown, CMCI dropped -11.54% vs BDRY's -89.16%.

Which ETF is better, CMCI or BDRY?

On 1-year performance, BDRY leads with 153.73% vs 31.73% for CMCI. On fees, CMCI is cheaper at 0.65% per year. On volatility, CMCI has been the lower-risk option at 4.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CMCI or BDRY?

Over the 1-year period, BDRY has performed better with a 153.73% return vs 31.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CMCI or BDRY?

CMCI is cheaper with a 0.65% expense ratio, compared with 3.76% for BDRY.

Which ETF pays a higher dividend yield, CMCI or BDRY?

CMCI has the higher dividend yield at 8.01%, compared with 0.00% for BDRY.

What is the main difference between CMCI and BDRY?

CMCI tracks UBS Bloomberg CMCI Composite Total Return Index, while BDRY tracks Breakwave Dry Freight Futures Index. They also come from different issuers: VanEck and ETFMG. Their fees differ too: 0.65% for CMCI and 3.76% for BDRY.

Which has better risk-adjusted returns?

BDRY currently has the higher Sharpe Ratio (3.67 vs 2.62), 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.