CMDT vs. FCSH

Last updated Jun 4, 2026

CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) and FCSH (Federated Hermes Short Duration Corporate ETF) are both exchange-traded funds - CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index, while FCSH is a Short-Term Bond fund actively managed by Federated. CMDT is passively managed, while FCSH is actively managed. Over the past 3 years, CMDT returned 16.90%/yr vs 5.11%/yr for FCSH. At a correlation of -0.07, they often move in opposite directions. CMDT charges 0.65%/yr vs 0.30%/yr for FCSH.

Performance

CMDT vs. FCSH - Performance Comparison

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

Returns By Period

In the year-to-date period, CMDT achieves a 23.96% return, which is significantly higher than FCSH's 0.65% return.

CMDT

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

FCSH

• 1D: -0.19%
• 1M: 0.21%
• YTD: 0.65%
• 6M: 1.09%
• 1Y: 4.30%
• 3Y*: 5.11%
• 5Y*: —
• 10Y*: —

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

CMDT vs. FCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	23.96%	12.78%	6.93%	5.50%
FCSH Federated Hermes Short Duration Corporate ETF	0.65%	6.42%	4.66%	2.80%

Correlation

The correlation between CMDT and FCSH 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 (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (All Time) Calculated using the full available price history since May 11, 2023	-0.07

Over the past year, the inverse relationship between CMDT and FCSH has strengthened: their correlation has moved from -0.07 to -0.29, meaning they now move in opposite directions more often than their long-term average.

CMDT vs. FCSH - Sectors Allocation Comparison

Sectors	CMDT	FCSH
Financial Services	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

CMDT vs. FCSH — 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

FCSH

FCSH Risk / Return Rank: 69
FCSH Sharpe Ratio Rank: 65
FCSH Sortino Ratio Rank: 75
FCSH Omega Ratio Rank: 71
FCSH Calmar Ratio Rank: 68
FCSH Martin Ratio Rank: 66

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. FCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) and Federated Hermes Short Duration Corporate ETF (FCSH). 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	FCSH	Difference
Sharpe ratio Return per unit of total volatility	2.92	2.21	+0.71
Sortino ratio Return per unit of downside risk	3.92	3.44	+0.48
Omega ratio Gain probability vs. loss probability	1.50	1.44	+0.07
Calmar ratio Return relative to maximum drawdown	8.03	3.44	+4.59
Martin ratio Return relative to average drawdown	22.12	12.26	+9.85
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. FCSH - Sharpe Ratio Comparison

The current CMDT Sharpe Ratio is 2.92, which is higher than the FCSH Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of CMDT and FCSH, 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	FCSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	2.21	+0.71
Sharpe Ratio (All Time) Calculated using the full available price history	1.32	0.86	+0.46

Drawdowns

CMDT vs. FCSH - Drawdown Comparison

The maximum CMDT drawdown since its inception was -9.69%, which is greater than FCSH's maximum drawdown of -8.47%. Use the drawdown chart below to compare losses from any high point for CMDT and FCSH.

Drawdown Indicators

	CMDT	FCSH	Difference
Max Drawdown Largest peak-to-trough decline	-9.69%	-8.47%	-1.22%
Max Drawdown (1Y) Largest decline over 1 year	-4.49%	-1.24%	-3.25%
Max Drawdown (3Y) Largest decline over 3 years	-9.69%	-1.32%	-8.37%
Current Drawdown Current decline from peak	-2.86%	-0.49%	-2.37%
Average Drawdown Average peak-to-trough decline	-2.69%	-2.21%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	0.35%	+1.28%

Volatility

CMDT vs. FCSH - Volatility Comparison

PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a higher volatility of 4.33% compared to Federated Hermes Short Duration Corporate ETF (FCSH) at 0.61%. This indicates that CMDT's price experiences larger fluctuations and is considered to be riskier than FCSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMDT	FCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	0.61%	+3.72%
Volatility (6M) Calculated over the trailing 6-month period	10.30%	1.53%	+8.77%
Volatility (1Y) Calculated over the trailing 1-year period	12.35%	1.95%	+10.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.21%	2.90%	+9.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.21%	2.90%	+9.31%

CMDT vs. FCSH - Expense Ratio Comparison

CMDT has a 0.65% expense ratio, which is higher than FCSH's 0.30% expense ratio.

Dividends

CMDT vs. FCSH - Dividend Comparison

CMDT's dividend yield for the trailing twelve months is around 2.44%, less than FCSH's 4.08% yield.

Position	TTM	2025	2024	2023	2022	2021
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.44%	3.04%	8.80%	2.71%	0.00%	0.00%
FCSH Federated Hermes Short Duration Corporate ETF	4.08%	4.14%	4.44%	2.31%	1.76%	0.04%

Frequently Asked Questions

Can I hold both CMDT and FCSH in my portfolio?

CMDT and FCSH 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, CMDT or FCSH?

CMDT has higher volatility (4.33%) compared to FCSH (0.61%). In terms of maximum drawdown, CMDT dropped -9.69% vs FCSH's -8.47%.

Which ETF is better, CMDT or FCSH?

On 3-year performance, CMDT leads with 16.90% vs 5.11% for FCSH. On fees, FCSH is cheaper at 0.30% per year. On volatility, FCSH has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CMDT or FCSH?

Over the 3-year period, CMDT has performed better with a 16.90% return vs 5.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CMDT or FCSH?

FCSH is cheaper with a 0.30% expense ratio, compared with 0.65% for CMDT.

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

FCSH has the higher dividend yield at 4.08%, compared with 2.44% for CMDT.

What is the main difference between CMDT and FCSH?

CMDT is categorized as Commodities, while FCSH is Short-Term Bond. They also come from different issuers: PIMCO and Federated. Their fees differ too: 0.65% for CMDT and 0.30% for FCSH.

Which has better risk-adjusted returns?

CMDT currently has the higher Sharpe Ratio (2.92 vs 2.21), 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.