CMDT vs. PDBC
CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both Commodities funds. CMDT is passively managed, while PDBC is actively managed. Over the past 3 years, CMDT returned 13.20%/yr vs 10.44%/yr for PDBC. Their correlation of 0.90 suggests significant overlap in exposure. CMDT charges 0.65%/yr vs 0.58%/yr for PDBC.
Performance
CMDT vs. PDBC - Performance Comparison
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Returns By Period
In the year-to-date period, CMDT achieves a 14.74% return, which is significantly lower than PDBC's 23.47% return.
CMDT
- 1D
- -0.69%
- 1M
- -7.81%
- YTD
- 14.74%
- 6M
- 15.38%
- 1Y
- 20.78%
- 3Y*
- 13.20%
- 5Y*
- —
- 10Y*
- —
PDBC
- 1D
- -0.85%
- 1M
- -10.11%
- YTD
- 23.47%
- 6M
- 23.29%
- 1Y
- 22.26%
- 3Y*
- 10.44%
- 5Y*
- 10.25%
- 10Y*
- 7.71%
CMDT vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 14.74% | 12.78% | 6.93% | 5.37% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 23.47% | 5.96% | 2.09% | -0.88% |
Correlation
The correlation between CMDT and PDBC 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 (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since May 10, 2023 | 0.90 |
The correlation between CMDT and PDBC has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.
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Return for Risk
CMDT vs. PDBC — Risk / Return Rank
CMDT
PDBC
CMDT vs. PDBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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 | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.21 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 1.66 | +0.41 |
| Martin ratioReturn relative to average drawdown | 9.74 | 7.01 | +2.73 |
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Drawdowns
CMDT vs. PDBC - Drawdown Comparison
The maximum CMDT drawdown since its inception was -10.09%, smaller than the maximum PDBC drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for CMDT and PDBC.
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Drawdown Indicators
| CMDT | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.09% | -49.52% | +39.43% |
Max Drawdown (1Y)Largest decline over 1 year | -10.09% | -13.48% | +3.39% |
Max Drawdown (3Y)Largest decline over 3 years | -10.09% | -13.95% | +3.86% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.63% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.73% | — |
Current DrawdownCurrent decline from peak | -10.09% | -13.48% | +3.39% |
Average DrawdownAverage peak-to-trough decline | -2.76% | -23.15% | +20.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 4.04% | -1.76% |
Volatility
CMDT vs. PDBC - Volatility Comparison
The current volatility for PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) is 3.18%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 4.38%. This indicates that CMDT experiences smaller price fluctuations and is considered to be less risky than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMDT | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.18% | 4.38% | -1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 10.52% | 16.17% | -5.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.62% | 18.73% | -6.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.23% | 19.15% | -6.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.23% | 17.78% | -5.55% |
CMDT vs. PDBC - Expense Ratio Comparison
CMDT has a 0.65% expense ratio, which is higher than PDBC's 0.58% expense ratio.
Dividends
CMDT vs. PDBC - Dividend Comparison
CMDT's dividend yield for the trailing twelve months is around 2.64%, less than PDBC's 3.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.64% | 3.04% | 8.80% | 2.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.11% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
Frequently Asked Questions
CMDT and PDBC 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.
PDBC has higher volatility (4.38%) compared to CMDT (3.18%). In terms of maximum drawdown, CMDT dropped -10.09% vs PDBC's -49.52%.
On 3-year performance, CMDT leads with 13.20% vs 10.44% for PDBC. On fees, PDBC is cheaper at 0.58% per year. On volatility, CMDT has been the lower-risk option at 3.18%. 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 13.20% return vs 10.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PDBC is cheaper with a 0.58% expense ratio, compared with 0.65% for CMDT.
PDBC has the higher dividend yield at 3.11%, compared with 2.64% for CMDT.
They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.65% for CMDT and 0.58% for PDBC.
CMDT currently has the higher Sharpe Ratio (1.66 vs 1.20), 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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