CMCI vs. CMDT

Last updated Aug 1, 2026

CMCI (VanEck CMCI Commodity Strategy ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both Commodities funds - CMCI tracks the UBS Bloomberg CMCI Composite Total Return Index while CMDT tracks the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past year, CMCI returned 28.88% vs 28.43% for CMDT. Their correlation of 0.88 means they have usually moved in the same direction. Both charge a 0.65% expense ratio.

Performance

CMCI vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck CMCI Commodity Strategy ETF (CMCI) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMCI achieves a 21.78% return, which is significantly higher than CMDT's 19.39% return.

CMCI

• 1D: 0.14%
• 1M: 5.96%
• 6M: 15.17%
• YTD: 21.78%
• 1Y: 28.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.77%

CMDT

• 1D: 0.09%
• 1M: 6.84%
• 6M: 12.84%
• YTD: 19.39%
• 1Y: 28.43%
• 3Y*: 11.92%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.80%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CMCI VanEck CMCI Commodity Strategy ETF	$2.50K	$2.03K	$12.86K
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	$1.88M	$1.77M	$2.38M

CMCI vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	21.78%	7.90%	5.68%	-2.74%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	19.39%	12.78%	6.93%	-1.24%

Correlation

The correlation between CMCI and CMDT is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	0.88

The correlation between CMCI and CMDT has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

CMCI vs. CMDT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CMCI

CMCI Risk / Return Rank: 82
CMCI Sharpe Ratio Rank: 89
CMCI Sortino Ratio Rank: 88
CMCI Omega Ratio Rank: 87
CMCI Calmar Ratio Rank: 73
CMCI Martin Ratio Rank: 73

CMDT

CMDT Risk / Return Rank: 77
CMDT Sharpe Ratio Rank: 89
CMDT Sortino Ratio Rank: 87
CMDT Omega Ratio Rank: 85
CMDT Calmar Ratio Rank: 61
CMDT Martin Ratio Rank: 63

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CMCI vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck CMCI Commodity Strategy ETF (CMCI) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). 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.

	CMCI	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.16	+0.04
Sortino ratio: Return per unit of downside risk	3.04	2.95	+0.09
Omega ratio: Gain probability vs. loss probability	1.39	1.37	+0.02
Calmar ratio: Return relative to maximum drawdown	2.57	2.13	+0.44
Martin ratio: Return relative to average drawdown	9.12	7.56	+1.57

CMCI vs. CMDT - Sharpe Ratio Comparison

The current CMCI Sharpe Ratio is 2.20, which is comparable to the CMDT Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of CMCI and CMDT, 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

CMCI vs. CMDT - Drawdown Comparison

The maximum CMCI drawdown since its inception was -11.54%, smaller than the maximum CMDT drawdown of -13.23%. Use the drawdown chart below to compare losses from any high point for CMCI and CMDT.

Drawdown Indicators

	CMCI	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-11.54%	-13.23%	+1.69%
Max Drawdown (1Y) Largest decline over 1 year	-10.77%	-13.23%	+2.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.23%	—
Current Drawdown Current decline from peak	-4.08%	-6.44%	+2.36%
Average Drawdown Average peak-to-trough decline	-3.69%	-2.97%	-0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	3.73%	-0.69%

Volatility

CMCI vs. CMDT - Volatility Comparison

VanEck CMCI Commodity Strategy ETF (CMCI) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) have volatilities of 3.80% and 3.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMCI	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	3.97%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	10.52%	11.25%	-0.73%
Volatility (1Y) Calculated over the trailing 1-year period	12.62%	13.09%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.65%	12.36%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.65%	12.36%	+0.29%

CMCI vs. CMDT - Expense Ratio Comparison

Both CMCI and CMDT have an expense ratio of 0.65%.

Dividends

CMCI vs. CMDT - Dividend Comparison

CMCI's dividend yield for the trailing twelve months is around 8.12%, more than CMDT's 2.58% yield.

Position	TTM	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	8.12%	9.89%	3.93%	1.64%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.58%	3.04%	8.80%	2.71%

Frequently Asked Questions

Can I hold both CMCI and CMDT in my portfolio?

With a correlation of 0.91, CMCI and CMDT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CMCI or CMDT?

CMDT has higher volatility (3.97%) compared to CMCI (3.80%). In terms of maximum drawdown, CMCI dropped -11.54% vs CMDT's -13.23%.

Which ETF is better, CMCI or CMDT?

On 1-year performance, CMCI leads with 28.88% vs 28.43% for CMDT. Both ETFs have the same 0.65% expense ratio. On volatility, CMCI has been the lower-risk option at 3.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CMCI or CMDT?

Over the 1-year period, CMCI has performed better with a 28.88% return vs 28.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CMCI or CMDT?

CMCI and CMDT have the same expense ratio: 0.65% per year.

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

CMCI has the higher dividend yield at 8.12%, compared with 2.58% for CMDT.

What is the main difference between CMCI and CMDT?

CMCI tracks UBS Bloomberg CMCI Composite Total Return Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: VanEck and PIMCO.

Which has better risk-adjusted returns?

CMCI currently has the higher Sharpe Ratio (2.20 vs 2.16), 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.