CMDT vs. KRBN

Last updated Apr 2, 2026

Compare and contrast key facts about PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) and KraneShares Global Carbon ETF (KRBN).

CMDT and KRBN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CMDT is a passively managed fund by PIMCO that tracks the performance of the Bloomberg Roll Select Commodity Total Return Index. It was launched on May 9, 2023. KRBN is a passively managed fund by CICC that tracks the performance of the IHS Markit Global Carbon Index. It was launched on Jul 30, 2020. Both CMDT and KRBN are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

CMDT vs. KRBN - Performance Comparison

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

CMDT vs. KRBN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	16.85%	12.78%	6.93%	5.50%
KRBN KraneShares Global Carbon ETF	-14.77%	23.11%	-13.56%	0.79%

Returns By Period

In the year-to-date period, CMDT achieves a 16.85% return, which is significantly higher than KRBN's -14.77% return.

CMDT

• 1D: -0.09%
• 1M: 6.54%
• YTD: 16.85%
• 6M: 19.40%
• 1Y: 23.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KRBN

• 1D: 1.62%
• 1M: 2.72%
• YTD: -14.77%
• 6M: -5.87%
• 1Y: 7.56%
• 3Y*: -3.42%
• 5Y*: 8.78%
• 10Y*: —

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

CMDT vs. KRBN - Expense Ratio Comparison

CMDT has a 0.65% expense ratio, which is lower than KRBN's 0.79% expense ratio.

KRBN

KraneShares Global Carbon ETF

CMDT

PIMCO Commodity Strategy Active Exchange-Traded Fund

Return for Risk

CMDT vs. KRBN — Risk / Return Rank

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

CMDT

CMDT Risk / Return Rank: 84
CMDT Sharpe Ratio Rank: 86
CMDT Sortino Ratio Rank: 87
CMDT Omega Ratio Rank: 81
CMDT Calmar Ratio Rank: 84
CMDT Martin Ratio Rank: 81

KRBN

KRBN Risk / Return Rank: 21
KRBN Sharpe Ratio Rank: 22
KRBN Sortino Ratio Rank: 21
KRBN Omega Ratio Rank: 21
KRBN Calmar Ratio Rank: 19
KRBN Martin Ratio Rank: 20

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. KRBN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) and KraneShares Global Carbon ETF (KRBN). 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	KRBN	Difference
Sharpe ratio Return per unit of total volatility	1.81	0.38	+1.43
Sortino ratio Return per unit of downside risk	2.45	0.63	+1.82
Omega ratio Gain probability vs. loss probability	1.33	1.08	+0.25
Calmar ratio Return relative to maximum drawdown	2.63	0.36	+2.27
Martin ratio Return relative to average drawdown	9.67	1.14	+8.53
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. KRBN - Sharpe Ratio Comparison

The current CMDT Sharpe Ratio is 1.81, which is higher than the KRBN Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of CMDT and KRBN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CMDT	KRBN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	0.38	+1.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	0.51	+0.71

Correlation

The correlation between CMDT and KRBN is 0.11, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CMDT vs. KRBN - Dividend Comparison

CMDT's dividend yield for the trailing twelve months is around 2.59%, more than KRBN's 2.23% yield.

	TTM	2025	2024	2023	2022	2021
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.59%	3.04%	8.80%	2.71%	0.00%	0.00%
KRBN KraneShares Global Carbon ETF	2.23%	1.90%	7.10%	7.60%	22.91%	0.49%

Drawdowns

CMDT vs. KRBN - Drawdown Comparison

The maximum CMDT drawdown since its inception was -9.69%, smaller than the maximum KRBN drawdown of -36.42%. Use the drawdown chart below to compare losses from any high point for CMDT and KRBN.

Drawdown Indicators

	CMDT	KRBN	Difference
Max Drawdown Largest peak-to-trough decline	-9.69%	-36.42%	+26.73%
Max Drawdown (1Y) Largest decline over 1 year	-9.21%	-24.98%	+15.77%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.42%	—
Current Drawdown Current decline from peak	-0.83%	-22.31%	+21.48%
Average Drawdown Average peak-to-trough decline	-2.78%	-16.06%	+13.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	7.84%	-5.33%

Volatility

CMDT vs. KRBN - Volatility Comparison

The current volatility for PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) is 5.26%, while KraneShares Global Carbon ETF (KRBN) has a volatility of 7.81%. This indicates that CMDT experiences smaller price fluctuations and is considered to be less risky than KRBN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMDT	KRBN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	7.81%	-2.55%
Volatility (6M) Calculated over the trailing 6-month period	9.59%	15.60%	-6.01%
Volatility (1Y) Calculated over the trailing 1-year period	13.22%	20.12%	-6.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.12%	28.49%	-16.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.12%	28.88%	-16.76%