CMDY vs. BYLD
CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) and BYLD (iShares Yield Optimized Bond ETF) are both exchange-traded funds - CMDY is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index, while BYLD is a Intermediate Core-Plus Bond fund tracking the Morningstar U.S. Bond Market Yield-Optimized Index. Both are passively managed. Over the past 5 years, CMDY returned 9.18%/yr vs 2.21%/yr for BYLD. At a 0.06 correlation, their price movements are largely independent. CMDY charges 0.28%/yr vs 0.17%/yr for BYLD.
Performance
CMDY vs. BYLD - Performance Comparison
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Returns By Period
In the year-to-date period, CMDY achieves a 14.22% return, which is significantly higher than BYLD's 1.50% return.
CMDY
- 1D
- -1.43%
- 1M
- -9.33%
- YTD
- 14.22%
- 6M
- 12.70%
- 1Y
- 21.95%
- 3Y*
- 11.39%
- 5Y*
- 9.18%
- 10Y*
- —
BYLD
- 1D
- 0.04%
- 1M
- 0.88%
- YTD
- 1.50%
- 6M
- 1.48%
- 1Y
- 6.22%
- 3Y*
- 6.54%
- 5Y*
- 2.21%
- 10Y*
- 2.97%
CMDY vs. BYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 14.22% | 15.81% | 5.43% | -9.33% | 14.55% | 26.38% | 1.15% | 4.96% | -11.13% |
BYLD iShares Yield Optimized Bond ETF | 1.50% | 8.41% | 4.17% | 8.30% | -10.33% | -1.25% | 4.25% | 12.79% | 0.24% |
Correlation
The correlation between CMDY and BYLD is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2018 | 0.06 |
The correlation between CMDY and BYLD shifts across timeframes, from -0.28 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CMDY vs. BYLD — Risk / Return Rank
CMDY
BYLD
CMDY vs. BYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) and iShares Yield Optimized Bond ETF (BYLD). 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 | BYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.31 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 2.30 | -0.55 |
| Martin ratioReturn relative to average drawdown | 7.16 | 9.29 | -2.13 |
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Drawdowns
CMDY vs. BYLD - Drawdown Comparison
The maximum CMDY drawdown since its inception was -31.19%, which is greater than BYLD's maximum drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for CMDY and BYLD.
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Drawdown Indicators
| CMDY | BYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.19% | -14.75% | -16.44% |
Max Drawdown (1Y)Largest decline over 1 year | -12.56% | -2.71% | -9.85% |
Max Drawdown (3Y)Largest decline over 3 years | -12.56% | -3.94% | -8.62% |
Max Drawdown (5Y)Largest decline over 5 years | -26.56% | -14.65% | -11.91% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.75% | — |
Current DrawdownCurrent decline from peak | -12.56% | -0.13% | -12.43% |
Average DrawdownAverage peak-to-trough decline | -13.11% | -2.50% | -10.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 0.67% | +2.42% |
Volatility
CMDY vs. BYLD - Volatility Comparison
iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) has a higher volatility of 3.63% compared to iShares Yield Optimized Bond ETF (BYLD) at 1.13%. This indicates that CMDY's price experiences larger fluctuations and is considered to be riskier than BYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMDY | BYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.63% | 1.13% | +2.50% |
Volatility (6M)Calculated over the trailing 6-month period | 14.45% | 3.06% | +11.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.35% | 3.85% | +12.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.77% | 5.21% | +10.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.63% | 5.43% | +9.20% |
CMDY vs. BYLD - Expense Ratio Comparison
CMDY has a 0.28% expense ratio, which is higher than BYLD's 0.17% expense ratio.
Dividends
CMDY vs. BYLD - Dividend Comparison
CMDY's dividend yield for the trailing twelve months is around 11.29%, more than BYLD's 5.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BYLD iShares Yield Optimized Bond ETF | 5.35% | 5.32% | 5.31% | 4.45% | 3.39% | 2.18% | 3.41% | 3.67% | 4.22% | 3.22% | 3.14% | 3.37% |
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 11.29% | 12.89% | 4.23% | 5.10% | 3.98% | 16.09% | 0.15% | 2.21% | 1.73% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CMDY and BYLD have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMDY has higher volatility (3.63%) compared to BYLD (1.13%). In terms of maximum drawdown, CMDY dropped -31.19% vs BYLD's -14.75%.
On 5-year performance, CMDY leads with 9.18% vs 2.21% for BYLD. On fees, BYLD is cheaper at 0.17% per year. On volatility, BYLD has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CMDY has performed better with a 9.18% return vs 2.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BYLD is cheaper with a 0.17% expense ratio, compared with 0.28% for CMDY.
CMDY has the higher dividend yield at 11.29%, compared with 5.35% for BYLD.
CMDY is categorized as Commodities, while BYLD is Intermediate Core-Plus Bond. CMDY tracks Bloomberg Roll Select Commodity Total Return Index, while BYLD tracks Morningstar U.S. Bond Market Yield-Optimized Index. Their fees differ too: 0.28% for CMDY and 0.17% for BYLD.
BYLD currently has the higher Sharpe Ratio (1.62 vs 1.36), 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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