CMCI vs. BYLD

Last updated Jun 3, 2026

CMCI (VanEck CMCI Commodity Strategy ETF) and BYLD (iShares Yield Optimized Bond ETF) are both exchange-traded funds - CMCI is a Commodities fund tracking the UBS Bloomberg CMCI Composite Total Return Index, while BYLD is a Intermediate Core-Plus Bond fund tracking the Morningstar U.S. Bond Market Yield-Optimized Index. Both are passively managed. Over the past year, CMCI returned 31.73% vs 7.32% for BYLD. At a correlation of -0.06, they often move in opposite directions. CMCI charges 0.65%/yr vs 0.17%/yr for BYLD.

Performance

CMCI vs. BYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck CMCI Commodity Strategy ETF (CMCI) and iShares Yield Optimized Bond ETF (BYLD). 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 higher than BYLD's 1.41% return.

CMCI

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

BYLD

• 1D: 0.08%
• 1M: 0.49%
• YTD: 1.41%
• 6M: 1.62%
• 1Y: 7.32%
• 3Y*: 6.56%
• 5Y*: 2.32%
• 10Y*: 3.03%

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

CMCI vs. BYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	23.39%	7.90%	5.68%	-2.87%
BYLD iShares Yield Optimized Bond ETF	1.41%	8.41%	4.17%	5.35%

Correlation

The correlation between CMCI and BYLD 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 Aug 24, 2023	-0.06

Over the past year, the inverse relationship between CMCI and BYLD has strengthened: their correlation has moved from -0.06 to -0.27, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

CMCI vs. BYLD — 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

BYLD

BYLD Risk / Return Rank: 57
BYLD Sharpe Ratio Rank: 56
BYLD Sortino Ratio Rank: 61
BYLD Omega Ratio Rank: 59
BYLD Calmar Ratio Rank: 52
BYLD Martin Ratio Rank: 60

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. BYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck CMCI Commodity Strategy ETF (CMCI) and iShares Yield Optimized Bond ETF (BYLD). 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	BYLD	Difference
Sharpe ratio Return per unit of total volatility	2.62	1.93	+0.69
Sortino ratio Return per unit of downside risk	3.51	2.88	+0.63
Omega ratio Gain probability vs. loss probability	1.47	1.36	+0.11
Calmar ratio Return relative to maximum drawdown	6.68	2.64	+4.04
Martin ratio Return relative to average drawdown	17.64	10.73	+6.91
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. BYLD - Sharpe Ratio Comparison

The current CMCI Sharpe Ratio is 2.62, which is higher than the BYLD Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of CMCI and BYLD, 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	BYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	1.93	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.45	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.57	+0.38

Drawdowns

CMCI vs. BYLD - Drawdown Comparison

The maximum CMCI drawdown since its inception was -11.54%, smaller than the maximum BYLD drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for CMCI and BYLD.

Drawdown Indicators

	CMCI	BYLD	Difference
Max Drawdown Largest peak-to-trough decline	-11.54%	-14.75%	+3.21%
Max Drawdown (1Y) Largest decline over 1 year	-5.03%	-2.71%	-2.32%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.94%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.65%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.75%	—
Current Drawdown Current decline from peak	-2.82%	-0.16%	-2.66%
Average Drawdown Average peak-to-trough decline	-3.54%	-2.51%	-1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	0.67%	+1.24%

Volatility

CMCI vs. BYLD - Volatility Comparison

VanEck CMCI Commodity Strategy ETF (CMCI) has a higher volatility of 4.39% compared to iShares Yield Optimized Bond ETF (BYLD) at 1.44%. This indicates that CMCI's price experiences larger fluctuations and is considered to be riskier than BYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMCI	BYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	1.44%	+2.95%
Volatility (6M) Calculated over the trailing 6-month period	10.13%	2.96%	+7.17%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	3.82%	+8.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.63%	5.20%	+7.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.63%	5.43%	+7.20%

CMCI vs. BYLD - Expense Ratio Comparison

CMCI has a 0.65% expense ratio, which is higher than BYLD's 0.17% expense ratio.

Dividends

CMCI vs. BYLD - Dividend Comparison

CMCI's dividend yield for the trailing twelve months is around 8.01%, more than BYLD's 5.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BYLD iShares Yield Optimized Bond ETF	5.80%	5.32%	5.31%	4.45%	3.39%	2.18%	3.41%	3.67%	4.22%	3.22%	3.14%	3.37%
CMCI VanEck CMCI Commodity Strategy ETF	8.01%	9.89%	3.93%	1.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CMCI and BYLD in my portfolio?

CMCI and BYLD 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, CMCI or BYLD?

CMCI has higher volatility (4.39%) compared to BYLD (1.44%). In terms of maximum drawdown, CMCI dropped -11.54% vs BYLD's -14.75%.

Which ETF is better, CMCI or BYLD?

On 1-year performance, CMCI leads with 31.73% vs 7.32% for BYLD. On fees, BYLD is cheaper at 0.17% per year. On volatility, BYLD has been the lower-risk option at 1.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CMCI or BYLD?

Over the 1-year period, CMCI has performed better with a 31.73% return vs 7.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CMCI or BYLD?

BYLD is cheaper with a 0.17% expense ratio, compared with 0.65% for CMCI.

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

CMCI has the higher dividend yield at 8.01%, compared with 5.80% for BYLD.

What is the main difference between CMCI and BYLD?

CMCI is categorized as Commodities, while BYLD is Intermediate Core-Plus Bond. CMCI tracks UBS Bloomberg CMCI Composite Total Return Index, while BYLD tracks Morningstar U.S. Bond Market Yield-Optimized Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.65% for CMCI and 0.17% for BYLD.

Which has better risk-adjusted returns?

CMCI currently has the higher Sharpe Ratio (2.62 vs 1.93), 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.