CMDT vs. CMCI

Last updated Jun 4, 2026

CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) and CMCI (VanEck CMCI Commodity Strategy ETF) are both Commodities funds - CMDT tracks the Bloomberg Roll Select Commodity Total Return Index while CMCI tracks the UBS Bloomberg CMCI Composite Total Return Index. Both are passively managed. Over the past year, CMDT returned 35.85% vs 31.73% for CMCI. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.65% expense ratio.

Performance

CMDT vs. CMCI - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with CMDT having a 23.96% return and CMCI slightly lower at 23.39%.

CMDT

• 1D: -0.03%
• 1M: -0.63%
• YTD: 23.96%
• 6M: 24.09%
• 1Y: 35.85%
• 3Y*: 16.90%
• 5Y*: —
• 10Y*: —

CMCI

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

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

CMDT vs. CMCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	23.96%	12.78%	6.93%	-1.17%
CMCI VanEck CMCI Commodity Strategy ETF	23.39%	7.90%	5.68%	-2.87%

Correlation

The correlation between CMDT and CMCI is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 24, 2023	0.87

The correlation between CMDT and CMCI has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

Return for Risk

CMDT vs. CMCI — Risk / Return Rank

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

CMDT

CMDT Risk / Return Rank: 88
CMDT Sharpe Ratio Rank: 87
CMDT Sortino Ratio Rank: 86
CMDT Omega Ratio Rank: 83
CMDT Calmar Ratio Rank: 95
CMDT Martin Ratio Rank: 91

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

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.

CMDT vs. CMCI - Risk-Adjusted Trends Comparison

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

	CMDT	CMCI	Difference
Sharpe ratio Return per unit of total volatility	2.92	2.62	+0.30
Sortino ratio Return per unit of downside risk	3.92	3.51	+0.41
Omega ratio Gain probability vs. loss probability	1.50	1.47	+0.03
Calmar ratio Return relative to maximum drawdown	8.03	6.68	+1.35
Martin ratio Return relative to average drawdown	22.12	17.64	+4.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMDT vs. CMCI - Sharpe Ratio Comparison

The current CMDT Sharpe Ratio is 2.92, which is comparable to the CMCI Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of CMDT and CMCI, 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

	CMDT	CMCI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	2.62	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	1.32	0.95	+0.37

Drawdowns

CMDT vs. CMCI - Drawdown Comparison

The maximum CMDT drawdown since its inception was -9.69%, smaller than the maximum CMCI drawdown of -11.54%. Use the drawdown chart below to compare losses from any high point for CMDT and CMCI.

Drawdown Indicators

	CMDT	CMCI	Difference
Max Drawdown Largest peak-to-trough decline	-9.69%	-11.54%	+1.85%
Max Drawdown (1Y) Largest decline over 1 year	-4.49%	-5.03%	+0.54%
Max Drawdown (3Y) Largest decline over 3 years	-9.69%	—	—
Current Drawdown Current decline from peak	-2.86%	-2.82%	-0.04%
Average Drawdown Average peak-to-trough decline	-2.69%	-3.54%	+0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	1.91%	-0.28%

Volatility

CMDT vs. CMCI - Volatility Comparison

PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) and VanEck CMCI Commodity Strategy ETF (CMCI) have volatilities of 4.33% and 4.39%, 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

	CMDT	CMCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	4.39%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	10.30%	10.13%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	12.35%	12.26%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.21%	12.63%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.21%	12.63%	-0.42%

CMDT vs. CMCI - Expense Ratio Comparison

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

Dividends

CMDT vs. CMCI - Dividend Comparison

CMDT's dividend yield for the trailing twelve months is around 2.44%, less than CMCI's 8.01% yield.

Position	TTM	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	8.01%	9.89%	3.93%	1.64%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.44%	3.04%	8.80%	2.71%

Frequently Asked Questions

Can I hold both CMDT and CMCI in my portfolio?

CMDT and CMCI have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMDT or CMCI?

CMCI has higher volatility (4.39%) compared to CMDT (4.33%). In terms of maximum drawdown, CMDT dropped -9.69% vs CMCI's -11.54%.

Which ETF is better, CMDT or CMCI?

On 1-year performance, CMDT leads with 35.85% vs 31.73% for CMCI. Both ETFs have the same 0.65% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CMDT or CMCI?

Over the 1-year period, CMDT has performed better with a 35.85% return vs 31.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CMDT or CMCI?

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

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

CMCI has the higher dividend yield at 8.01%, compared with 2.44% for CMDT.

What is the main difference between CMDT and CMCI?

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

Which has better risk-adjusted returns?

CMDT currently has the higher Sharpe Ratio (2.92 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.