CMCI vs. TAXM

Last updated Jun 3, 2026

CMCI (VanEck CMCI Commodity Strategy ETF) and TAXM (BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents) are both exchange-traded funds - CMCI is a Commodities fund tracking the UBS Bloomberg CMCI Composite Total Return Index, while TAXM is a Municipal Bonds fund actively managed by BondBloxx. CMCI is passively managed, while TAXM is actively managed. Over the past year, CMCI returned 31.73% vs 6.70% for TAXM. At a correlation of -0.21, they often move in opposite directions. CMCI charges 0.65%/yr vs 0.35%/yr for TAXM.

Performance

CMCI vs. TAXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck CMCI Commodity Strategy ETF (CMCI) and BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM). 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 TAXM's 1.25% return.

CMCI

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

TAXM

• 1D: 0.20%
• 1M: 0.51%
• YTD: 1.25%
• 6M: 1.65%
• 1Y: 6.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CMCI vs. TAXM - Yearly Performance Comparison

	2026 (YTD)	2025
CMCI VanEck CMCI Commodity Strategy ETF	23.39%	4.71%
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	1.25%	3.71%

Correlation

The correlation between CMCI and TAXM is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025	-0.21

Return for Risk

CMCI vs. TAXM — 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

TAXM

TAXM Risk / Return Rank: 68
TAXM Sharpe Ratio Rank: 76
TAXM Sortino Ratio Rank: 81
TAXM Omega Ratio Rank: 85
TAXM Calmar Ratio Rank: 47
TAXM Martin Ratio Rank: 49

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. TAXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck CMCI Commodity Strategy ETF (CMCI) and BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM). 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	TAXM	Difference
Sharpe ratio Return per unit of total volatility	2.62	2.52	+0.09
Sortino ratio Return per unit of downside risk	3.51	3.72	-0.21
Omega ratio Gain probability vs. loss probability	1.47	1.54	-0.06
Calmar ratio Return relative to maximum drawdown	6.68	2.39	+4.29
Martin ratio Return relative to average drawdown	17.64	8.42	+9.22
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. TAXM - Sharpe Ratio Comparison

The current CMCI Sharpe Ratio is 2.62, which is comparable to the TAXM Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of CMCI and TAXM, 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	TAXM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	2.52	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	1.15	-0.20

Drawdowns

CMCI vs. TAXM - Drawdown Comparison

The maximum CMCI drawdown since its inception was -11.54%, which is greater than TAXM's maximum drawdown of -3.10%. Use the drawdown chart below to compare losses from any high point for CMCI and TAXM.

Drawdown Indicators

	CMCI	TAXM	Difference
Max Drawdown Largest peak-to-trough decline	-11.54%	-3.10%	-8.44%
Max Drawdown (1Y) Largest decline over 1 year	-5.03%	-2.70%	-2.33%
Current Drawdown Current decline from peak	-2.82%	-0.74%	-2.08%
Average Drawdown Average peak-to-trough decline	-3.54%	-0.71%	-2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	0.77%	+1.14%

Volatility

CMCI vs. TAXM - Volatility Comparison

VanEck CMCI Commodity Strategy ETF (CMCI) has a higher volatility of 4.39% compared to BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) at 0.94%. This indicates that CMCI's price experiences larger fluctuations and is considered to be riskier than TAXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMCI	TAXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	0.94%	+3.45%
Volatility (6M) Calculated over the trailing 6-month period	10.13%	2.05%	+8.08%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	2.68%	+9.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.63%	3.56%	+9.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.63%	3.56%	+9.07%

CMCI vs. TAXM - Expense Ratio Comparison

CMCI has a 0.65% expense ratio, which is higher than TAXM's 0.35% expense ratio.

Dividends

CMCI vs. TAXM - Dividend Comparison

CMCI's dividend yield for the trailing twelve months is around 8.01%, more than TAXM's 3.29% yield.

Position	TTM	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	8.01%	9.89%	3.93%	1.64%
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	3.29%	2.75%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CMCI and TAXM in my portfolio?

CMCI and TAXM have a correlation of -0.29, 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 TAXM?

CMCI has higher volatility (4.39%) compared to TAXM (0.94%). In terms of maximum drawdown, CMCI dropped -11.54% vs TAXM's -3.10%.

Which ETF is better, CMCI or TAXM?

On 1-year performance, CMCI leads with 31.73% vs 6.70% for TAXM. On fees, TAXM is cheaper at 0.35% per year. On volatility, TAXM has been the lower-risk option at 0.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CMCI or TAXM?

Over the 1-year period, CMCI has performed better with a 31.73% return vs 6.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CMCI or TAXM?

TAXM is cheaper with a 0.35% expense ratio, compared with 0.65% for CMCI.

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

CMCI has the higher dividend yield at 8.01%, compared with 3.29% for TAXM.

What is the main difference between CMCI and TAXM?

CMCI is categorized as Commodities, while TAXM is Municipal Bonds. They also come from different issuers: VanEck and BondBloxx. Their fees differ too: 0.65% for CMCI and 0.35% for TAXM.

Which has better risk-adjusted returns?

CMCI currently has the higher Sharpe Ratio (2.62 vs 2.52), 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.