CMDT vs. CDX
CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) and CDX (Simplify High Yield ETF) are both exchange-traded funds - CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index, while CDX is a High Yield Bonds fund actively managed by Simplify. CMDT is passively managed, while CDX is actively managed. Over the past 3 years, CMDT returned 11.92%/yr vs 7.17%/yr for CDX. Their -0.06 correlation means they have often moved in opposite directions in the past. CMDT charges 0.65%/yr vs 0.25%/yr for CDX.
Performance
CMDT vs. CDX - Performance Comparison
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Returns By Period
In the year-to-date period, CMDT achieves a 19.39% return, which is significantly higher than CDX's -3.00% return.
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%
CDX
- 1D
- 0.10%
- 1M
- -0.57%
- 6M
- -3.06%
- YTD
- -3.00%
- 1Y
- -3.26%
- 3Y*
- 7.17%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.23M | $2.17M | $2.98M | |
| $1.88M | $1.77M | $2.38M |
CMDT vs. CDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 19.39% | 12.78% | 6.93% | 5.37% |
CDX Simplify High Yield ETF | -3.00% | 9.51% | 7.71% | 7.47% |
Correlation
The correlation between CMDT and CDX is -0.19, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.19 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (All Time) Calculated using the full available price history since May 10, 2023 | -0.06 |
The correlation between CMDT and CDX shifts across timeframes, from -0.19 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CMDT vs. CDX — Risk / Return Rank
CMDT
CDX
CMDT vs. CDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) and Simplify High Yield ETF (CDX). 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.
| CMDT | CDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.70 | ||
| Sortino ratioReturn per unit of downside risk | +3.69 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 0.92 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | -0.60 | +2.74 |
| Martin ratioReturn relative to average drawdown | 7.56 | -1.44 | +8.99 |
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Drawdowns
CMDT vs. CDX - Drawdown Comparison
The maximum CMDT drawdown since its inception was -13.23%, roughly equal to the maximum CDX drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for CMDT and CDX.
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Drawdown Indicators
| CMDT | CDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.23% | -13.24% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -13.23% | -5.37% | -7.86% |
Max Drawdown (3Y)Largest decline over 3 years | -13.23% | -8.97% | -4.26% |
Current DrawdownCurrent decline from peak | -6.44% | -7.94% | +1.50% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -4.44% | +1.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.73% | 2.24% | +1.49% |
Volatility
CMDT vs. CDX - Volatility Comparison
PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a higher volatility of 3.97% compared to Simplify High Yield ETF (CDX) at 2.02%. This indicates that CMDT's price experiences larger fluctuations and is considered to be riskier than CDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMDT | CDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.97% | 2.02% | +1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 11.25% | 5.16% | +6.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.09% | 5.98% | +7.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.36% | 10.97% | +1.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.36% | 10.97% | +1.39% |
CMDT vs. CDX - Expense Ratio Comparison
CMDT has a 0.65% expense ratio, which is higher than CDX's 0.25% expense ratio.
Dividends
CMDT vs. CDX - Dividend Comparison
CMDT's dividend yield for the trailing twelve months is around 2.58%, less than CDX's 8.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CDX Simplify High Yield ETF | 8.33% | 7.18% | 12.60% | 5.26% | 7.51% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.58% | 3.04% | 8.80% | 2.71% | 0.00% |
Frequently Asked Questions
CMDT and CDX have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMDT has higher volatility (3.97%) compared to CDX (2.02%). In terms of maximum drawdown, CMDT dropped -13.23% vs CDX's -13.24%.
On 3-year performance, CMDT leads with 11.92% vs 7.17% for CDX. On fees, CDX is cheaper at 0.25% per year. On volatility, CDX has been the lower-risk option at 2.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CMDT has performed better with a 11.92% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CDX is cheaper with a 0.25% expense ratio, compared with 0.65% for CMDT.
CDX has the higher dividend yield at 8.33%, compared with 2.58% for CMDT.
CMDT is categorized as Commodities, while CDX is High Yield Bonds. They also come from different issuers: PIMCO and Simplify. Their fees differ too: 0.65% for CMDT and 0.25% for CDX.
CMDT currently has the higher Sharpe Ratio (2.16 vs -0.54), 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.
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