CMDT vs. TMB

Last updated Aug 2, 2026

CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) and TMB (Thornburg Multi Sector Bond ETF) are both exchange-traded funds - CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index, while TMB is a Multisector Bonds fund actively managed by Thornburg. CMDT is passively managed, while TMB is actively managed. Their -0.37 correlation means they have often moved in opposite directions in the past. CMDT charges 0.65%/yr vs 0.55%/yr for TMB.

Performance

CMDT vs. TMB - Performance Comparison

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

Returns By Period

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%

TMB

• 1D: -0.20%
• 1M: -0.71%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	$1.88M	$1.77M	$2.38M
TMB Thornburg Multi Sector Bond ETF	$601.84K	$953.39K	$1.85M

CMDT vs. TMB - Yearly Performance Comparison

	2026 (YTD)
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	-4.07%
TMB Thornburg Multi Sector Bond ETF	0.03%

Correlation

The correlation between CMDT and TMB is -0.37, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 26, 2026	-0.37

Return for Risk

CMDT vs. TMB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CMDT

CMDT Risk / Return Rank: 77
CMDT Sharpe Ratio Rank: 89
CMDT Sortino Ratio Rank: 87
CMDT Omega Ratio Rank: 85
CMDT Calmar Ratio Rank: 61
CMDT Martin Ratio Rank: 63

TMB

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CMDT vs. TMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) and Thornburg Multi Sector Bond ETF (TMB). 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	TMB	Difference
Sharpe ratio: Return per unit of total volatility	2.16	—	—
Sortino ratio: Return per unit of downside risk	2.95	—	—
Omega ratio: Gain probability vs. loss probability	1.37	—	—
Calmar ratio: Return relative to maximum drawdown	2.13	—	—
Martin ratio: Return relative to average drawdown	7.56	—	—

Drawdowns

CMDT vs. TMB - Drawdown Comparison

The maximum CMDT drawdown since its inception was -13.23%, which is greater than TMB's maximum drawdown of -0.91%. Use the drawdown chart below to compare losses from any high point for CMDT and TMB.

Drawdown Indicators

	CMDT	TMB	Difference
Max Drawdown Largest peak-to-trough decline	-13.23%	-0.91%	-12.32%
Max Drawdown (1Y) Largest decline over 1 year	-13.23%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.23%	—	—
Current Drawdown Current decline from peak	-6.44%	-0.89%	-5.55%
Average Drawdown Average peak-to-trough decline	-2.97%	-0.35%	-2.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	—	—

Volatility

Volatility by Period

	CMDT	TMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.97%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.25%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.09%	3.19%	+9.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.36%	3.19%	+9.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.36%	3.19%	+9.17%

CMDT vs. TMB - Expense Ratio Comparison

CMDT has a 0.65% expense ratio, which is higher than TMB's 0.55% expense ratio.

Dividends

CMDT vs. TMB - Dividend Comparison

CMDT's dividend yield for the trailing twelve months is around 2.58%, more than TMB's 1.13% yield.

Position	TTM	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.58%	3.04%	8.80%	2.71%
TMB Thornburg Multi Sector Bond ETF	1.13%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CMDT and TMB in my portfolio?

CMDT and TMB have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CMDT or TMB?

On fees, TMB is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CMDT or TMB?

TMB is cheaper with a 0.55% expense ratio, compared with 0.65% for CMDT.

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

CMDT has the higher dividend yield at 2.58%, compared with 1.13% for TMB.

What is the main difference between CMDT and TMB?

CMDT is categorized as Commodities, while TMB is Multisector Bonds. They also come from different issuers: PIMCO and Thornburg. Their fees differ too: 0.65% for CMDT and 0.55% for TMB.