CMDY vs. CERY
CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both Commodities funds - CMDY tracks the Bloomberg Roll Select Commodity Total Return Index while CERY tracks the Bloomberg Enhanced Roll Yield Total Return Index. Both are passively managed. Over the past year, CMDY returned 37.10% vs 44.30% for CERY. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.28% expense ratio.
Performance
CMDY vs. CERY - Performance Comparison
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Returns By Period
In the year-to-date period, CMDY achieves a 25.44% return, which is significantly lower than CERY's 29.88% return.
CMDY
- 1D
- 0.02%
- 1M
- -2.52%
- YTD
- 25.44%
- 6M
- 24.53%
- 1Y
- 37.10%
- 3Y*
- 15.48%
- 5Y*
- 10.71%
- 10Y*
- —
CERY
- 1D
- 0.06%
- 1M
- -1.63%
- YTD
- 29.88%
- 6M
- 30.50%
- 1Y
- 44.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMDY vs. CERY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 25.44% | 15.81% | 4.48% |
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 29.88% | 15.68% | 3.92% |
Correlation
The correlation between CMDY and CERY is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024 | 0.93 |
The correlation between CMDY and CERY has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.
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Return for Risk
CMDY vs. CERY — Risk / Return Rank
CMDY
CERY
CMDY vs. CERY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). 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.
| CMDY | CERY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.51 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 4.82 | 6.38 | -1.56 |
| Martin ratioReturn relative to average drawdown | 14.50 | 20.66 | -6.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CMDY | CERY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.32 | 2.90 | -0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.68 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 2.00 | -1.44 |
Drawdowns
CMDY vs. CERY - Drawdown Comparison
The maximum CMDY drawdown since its inception was -31.19%, which is greater than CERY's maximum drawdown of -10.05%. Use the drawdown chart below to compare losses from any high point for CMDY and CERY.
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Drawdown Indicators
| CMDY | CERY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.19% | -10.05% | -21.14% |
Max Drawdown (1Y)Largest decline over 1 year | -7.73% | -6.98% | -0.75% |
Max Drawdown (3Y)Largest decline over 3 years | -10.08% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -26.56% | — | — |
Current DrawdownCurrent decline from peak | -3.97% | -3.71% | -0.26% |
Average DrawdownAverage peak-to-trough decline | -13.14% | -2.11% | -11.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.57% | 2.15% | +0.42% |
Volatility
CMDY vs. CERY - Volatility Comparison
iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) have volatilities of 5.04% and 4.94%, 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 | CERY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.04% | 4.94% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 14.20% | 13.29% | +0.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.06% | 15.37% | +0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.80% | 14.71% | +1.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.63% | 14.71% | -0.08% |
CMDY vs. CERY - Expense Ratio Comparison
Both CMDY and CERY have an expense ratio of 0.28%.
Dividends
CMDY vs. CERY - Dividend Comparison
CMDY's dividend yield for the trailing twelve months is around 10.28%, more than CERY's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 3.85% | 4.99% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 10.28% | 12.89% | 4.23% | 5.10% | 3.98% | 16.09% | 0.15% | 2.21% | 1.73% |
Frequently Asked Questions
With a correlation of 0.94, CMDY and CERY 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 (5.04%) compared to CERY (4.94%). In terms of maximum drawdown, CMDY dropped -31.19% vs CERY's -10.05%.
On 1-year performance, CERY leads with 44.30% vs 37.10% for CMDY. Both ETFs have the same 0.28% expense ratio. On volatility, CERY has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CERY has performed better with a 44.30% return vs 37.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMDY and CERY have the same expense ratio: 0.28% per year.
CMDY has the higher dividend yield at 10.28%, compared with 3.85% for CERY.
CMDY tracks Bloomberg Roll Select Commodity Total Return Index, while CERY tracks Bloomberg Enhanced Roll Yield Total Return Index. They also come from different issuers: iShares and State Street.
CERY currently has the higher Sharpe Ratio (2.90 vs 2.32), 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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