CMDY vs. BCI
CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) and BCI (abrdn Bloomberg All Commodity Strategy K-1 Free ETF) are both Commodities funds - CMDY tracks the Bloomberg Roll Select Commodity Total Return Index while BCI tracks the Bloomberg Commodity Index Total Return. Both are passively managed. Over the past 5 years, CMDY returned 8.99%/yr vs 9.41%/yr for BCI. Their correlation of 0.91 suggests significant overlap in exposure. CMDY charges 0.28%/yr vs 0.26%/yr for BCI.
Performance
CMDY vs. BCI - Performance Comparison
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Returns By Period
In the year-to-date period, CMDY achieves a 13.95% return, which is significantly lower than BCI's 14.90% return.
CMDY
- 1D
- 1.70%
- 1M
- -8.71%
- YTD
- 13.95%
- 6M
- 12.38%
- 1Y
- 24.13%
- 3Y*
- 11.30%
- 5Y*
- 8.99%
- 10Y*
- —
BCI
- 1D
- 1.68%
- 1M
- -8.97%
- YTD
- 14.90%
- 6M
- 13.19%
- 1Y
- 25.60%
- 3Y*
- 11.17%
- 5Y*
- 9.41%
- 10Y*
- —
CMDY vs. BCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 13.95% | 15.81% | 5.43% | -9.33% | 14.55% | 26.38% | 1.15% | 4.96% | -11.13% |
BCI abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 14.90% | 15.07% | 5.47% | -8.79% | 15.09% | 26.18% | -2.77% | 7.06% | -9.98% |
Correlation
The correlation between CMDY and BCI is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2018 | 0.91 |
The correlation between CMDY and BCI has been stable across timeframes, ranging from 0.91 to 0.98 - a consistent structural relationship.
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Return for Risk
CMDY vs. BCI — Risk / Return Rank
CMDY
BCI
CMDY vs. BCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) and abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI). 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.
| CMDY | BCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.27 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 1.74 | -0.03 |
| Martin ratioReturn relative to average drawdown | 7.33 | 7.23 | +0.11 |
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Drawdowns
CMDY vs. BCI - Drawdown Comparison
The maximum CMDY drawdown since its inception was -31.19%, roughly equal to the maximum BCI drawdown of -32.69%. Use the drawdown chart below to compare losses from any high point for CMDY and BCI.
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Drawdown Indicators
| CMDY | BCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.19% | -32.69% | +1.50% |
Max Drawdown (1Y)Largest decline over 1 year | -14.23% | -14.82% | +0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -14.23% | -14.82% | +0.59% |
Max Drawdown (5Y)Largest decline over 5 years | -26.56% | -26.50% | -0.06% |
Current DrawdownCurrent decline from peak | -12.77% | -13.39% | +0.62% |
Average DrawdownAverage peak-to-trough decline | -13.11% | -11.99% | -1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.30% | 3.55% | -0.25% |
Volatility
CMDY vs. BCI - Volatility Comparison
iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) and abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI) have volatilities of 4.48% and 4.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMDY | BCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.48% | 4.38% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 14.64% | 15.17% | -0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.35% | 17.14% | -0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.81% | 16.83% | -1.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.65% | 15.66% | -1.01% |
CMDY vs. BCI - Expense Ratio Comparison
CMDY has a 0.28% expense ratio, which is higher than BCI's 0.26% expense ratio.
Dividends
CMDY vs. BCI - Dividend Comparison
CMDY's dividend yield for the trailing twelve months is around 11.32%, less than BCI's 14.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BCI abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 14.35% | 16.49% | 3.29% | 3.93% | 19.98% | 19.43% | 0.68% | 1.47% | 1.13% | 5.02% |
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 11.32% | 12.89% | 4.23% | 5.10% | 3.98% | 16.09% | 0.15% | 2.21% | 1.73% | 0.00% |
Frequently Asked Questions
With a correlation of 0.98, CMDY and BCI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
CMDY has higher volatility (4.48%) compared to BCI (4.38%). In terms of maximum drawdown, CMDY dropped -31.19% vs BCI's -32.69%.
On 5-year performance, BCI leads with 9.41% vs 8.99% for CMDY. On fees, BCI is cheaper at 0.26% per year. On volatility, BCI has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BCI has performed better with a 9.41% return vs 8.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BCI is cheaper with a 0.26% expense ratio, compared with 0.28% for CMDY.
BCI has the higher dividend yield at 14.35%, compared with 11.32% for CMDY.
CMDY tracks Bloomberg Roll Select Commodity Total Return Index, while BCI tracks Bloomberg Commodity Index Total Return. They also come from different issuers: iShares and Aberdeen. Their fees differ too: 0.28% for CMDY and 0.26% for BCI.
BCI currently has the higher Sharpe Ratio (1.50 vs 1.48), 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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