CMDT vs. TLT
CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 3 years, CMDT returned 11.92%/yr vs -1.80%/yr for TLT. Their -0.12 correlation means they have often moved in opposite directions in the past. CMDT charges 0.65%/yr vs 0.15%/yr for TLT.
Performance
CMDT vs. TLT - 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 TLT's -3.49% 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%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.88M | $1.77M | $2.38M | |
| $2.33B | $2.02B | $2.19B |
CMDT vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 19.39% | 12.78% | 6.93% | 5.37% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | -1.71% |
Correlation
The correlation between CMDT and TLT is -0.30, 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. | -0.30 |
Correlation (3Y) Balances recent behavior with more history. | -0.14 |
Correlation (All Time) Calculated using the full available price history since May 10, 2023 | -0.12 |
The correlation between CMDT and TLT shifts across timeframes, from -0.30 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CMDT vs. TLT — Risk / Return Rank
CMDT
TLT
CMDT vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.27 | ||
| Sortino ratioReturn per unit of downside risk | +3.05 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 0.99 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | -0.14 | +2.27 |
| Martin ratioReturn relative to average drawdown | 7.56 | -0.30 | +7.85 |
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Drawdowns
CMDT vs. TLT - Drawdown Comparison
The maximum CMDT drawdown since its inception was -13.23%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for CMDT and TLT.
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Drawdown Indicators
| CMDT | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.23% | -48.35% | +35.12% |
Max Drawdown (1Y)Largest decline over 1 year | -13.23% | -7.74% | -5.49% |
Max Drawdown (3Y)Largest decline over 3 years | -13.23% | -14.79% | +1.56% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -6.44% | -42.36% | +35.92% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -13.99% | +11.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.73% | 3.57% | +0.16% |
Volatility
CMDT vs. TLT - Volatility Comparison
PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a higher volatility of 3.97% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that CMDT's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMDT | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.97% | 2.46% | +1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 11.25% | 6.85% | +4.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.09% | 9.32% | +3.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.36% | 15.74% | -3.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.36% | 14.83% | -2.47% |
CMDT vs. TLT - Expense Ratio Comparison
CMDT has a 0.65% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
CMDT vs. TLT - Dividend Comparison
CMDT's dividend yield for the trailing twelve months is around 2.58%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.58% | 3.04% | 8.80% | 2.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
CMDT and TLT have a correlation of -0.30, 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 TLT (2.46%). In terms of maximum drawdown, CMDT dropped -13.23% vs TLT's -48.35%.
On 3-year performance, CMDT leads with 11.92% vs -1.80% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. 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 -1.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.65% for CMDT.
TLT has the higher dividend yield at 4.34%, compared with 2.58% for CMDT.
CMDT is categorized as Commodities, while TLT is Government Bonds. CMDT tracks Bloomberg Roll Select Commodity Total Return Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.65% for CMDT and 0.15% for TLT.
CMDT currently has the higher Sharpe Ratio (2.16 vs -0.11), 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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