CMDT vs. VCSH
CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) and VCSH (Vanguard Short-Term Corporate Bond ETF) are both exchange-traded funds - CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index, while VCSH is a Corporate Bonds fund tracking the Bloomberg U.S. 1-5 Year Corporate Bond Index. Both are passively managed. Over the past 3 years, CMDT returned 13.20%/yr vs 5.56%/yr for VCSH. At a correlation of -0.07, they often move in opposite directions. CMDT charges 0.65%/yr vs 0.04%/yr for VCSH.
Performance
CMDT vs. VCSH - Performance Comparison
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Returns By Period
In the year-to-date period, CMDT achieves a 14.74% return, which is significantly higher than VCSH's 0.62% return.
CMDT
- 1D
- -0.69%
- 1M
- -7.81%
- YTD
- 14.74%
- 6M
- 15.38%
- 1Y
- 20.78%
- 3Y*
- 13.20%
- 5Y*
- —
- 10Y*
- —
VCSH
- 1D
- -0.10%
- 1M
- 0.25%
- YTD
- 0.62%
- 6M
- 0.82%
- 1Y
- 4.15%
- 3Y*
- 5.56%
- 5Y*
- 2.36%
- 10Y*
- 2.64%
CMDT vs. VCSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 14.74% | 12.78% | 6.93% | 5.37% |
VCSH Vanguard Short-Term Corporate Bond ETF | 0.62% | 6.77% | 4.91% | 3.93% |
Correlation
The correlation between CMDT and VCSH is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since May 10, 2023 | -0.07 |
The correlation between CMDT and VCSH shifts across timeframes, from -0.24 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CMDT vs. VCSH — Risk / Return Rank
CMDT
VCSH
CMDT vs. VCSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) and Vanguard Short-Term Corporate Bond ETF (VCSH). 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 | VCSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.42 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 2.98 | -0.91 |
| Martin ratioReturn relative to average drawdown | 9.74 | 12.06 | -2.32 |
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Drawdowns
CMDT vs. VCSH - Drawdown Comparison
The maximum CMDT drawdown since its inception was -10.09%, smaller than the maximum VCSH drawdown of -12.86%. Use the drawdown chart below to compare losses from any high point for CMDT and VCSH.
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Drawdown Indicators
| CMDT | VCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.09% | -12.86% | +2.77% |
Max Drawdown (1Y)Largest decline over 1 year | -10.09% | -1.40% | -8.69% |
Max Drawdown (3Y)Largest decline over 3 years | -10.09% | -1.40% | -8.69% |
Max Drawdown (5Y)Largest decline over 5 years | — | -9.48% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -12.86% | — |
Current DrawdownCurrent decline from peak | -10.09% | -0.34% | -9.75% |
Average DrawdownAverage peak-to-trough decline | -2.76% | -0.96% | -1.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 0.35% | +1.93% |
Volatility
CMDT vs. VCSH - Volatility Comparison
PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a higher volatility of 3.18% compared to Vanguard Short-Term Corporate Bond ETF (VCSH) at 0.68%. This indicates that CMDT's price experiences larger fluctuations and is considered to be riskier than VCSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMDT | VCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.18% | 0.68% | +2.50% |
Volatility (6M)Calculated over the trailing 6-month period | 10.52% | 1.48% | +9.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.62% | 1.92% | +10.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.23% | 2.89% | +9.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.23% | 3.35% | +8.88% |
CMDT vs. VCSH - Expense Ratio Comparison
CMDT has a 0.65% expense ratio, which is higher than VCSH's 0.04% expense ratio.
Dividends
CMDT vs. VCSH - Dividend Comparison
CMDT's dividend yield for the trailing twelve months is around 2.64%, less than VCSH's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
VCSH Vanguard Short-Term Corporate Bond ETF | 4.45% | 4.35% | 3.96% | 3.09% | 2.01% | 1.81% | 2.27% | 2.87% | 2.65% | 2.26% | 2.10% | 2.08% |
Frequently Asked Questions
CMDT and VCSH have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMDT has higher volatility (3.18%) compared to VCSH (0.68%). In terms of maximum drawdown, CMDT dropped -10.09% vs VCSH's -12.86%.
On 3-year performance, CMDT leads with 13.20% vs 5.56% for VCSH. On fees, VCSH is cheaper at 0.04% per year. On volatility, VCSH has been the lower-risk option at 0.68%. 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 5.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCSH is cheaper with a 0.04% expense ratio, compared with 0.65% for CMDT.
VCSH has the higher dividend yield at 4.45%, compared with 2.64% for CMDT.
CMDT is categorized as Commodities, while VCSH is Corporate Bonds. CMDT tracks Bloomberg Roll Select Commodity Total Return Index, while VCSH tracks Bloomberg U.S. 1-5 Year Corporate Bond Index. They also come from different issuers: PIMCO and Vanguard. Their fees differ too: 0.65% for CMDT and 0.04% for VCSH.
VCSH currently has the higher Sharpe Ratio (2.17 vs 1.66), 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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