CMDY vs. FYHTX
CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) and FYHTX (Fidelity Commodity Strategy Fund) are both Commodities funds - CMDY tracks the Bloomberg Roll Select Commodity Total Return Index while FYHTX tracks the Bloomberg Commodity Total Return Index. Both are passively managed. Over the past 5 years, CMDY returned 8.99%/yr vs 8.16%/yr for FYHTX. Their correlation of 0.92 suggests significant overlap in exposure. CMDY charges 0.28%/yr vs 0.63%/yr for FYHTX.
Performance
CMDY vs. FYHTX - Performance Comparison
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Returns By Period
In the year-to-date period, CMDY achieves a 13.95% return, which is significantly higher than FYHTX's 9.22% return.
CMDY
- 1D
- 1.70%
- 1M
- -8.71%
- YTD
- 13.95%
- 6M
- 12.38%
- 1Y
- 24.13%
- 3Y*
- 11.30%
- 5Y*
- 8.99%
- 10Y*
- —
FYHTX
- 1D
- -1.72%
- 1M
- -8.78%
- YTD
- 9.22%
- 6M
- 7.70%
- 1Y
- 18.96%
- 3Y*
- 9.04%
- 5Y*
- 8.16%
- 10Y*
- —
CMDY vs. FYHTX - 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% |
FYHTX Fidelity Commodity Strategy Fund | 9.22% | 14.72% | 4.73% | -8.62% | 15.32% | 26.43% | -3.84% | 6.91% | -10.44% |
Correlation
The correlation between CMDY and FYHTX is 0.95, 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2018 | 0.92 |
The correlation between CMDY and FYHTX has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
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Return for Risk
CMDY vs. FYHTX — Risk / Return Rank
CMDY
FYHTX
CMDY vs. FYHTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) and Fidelity Commodity Strategy Fund (FYHTX). 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 | FYHTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.24 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 1.49 | +0.22 |
| Martin ratioReturn relative to average drawdown | 7.33 | 6.25 | +1.08 |
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Drawdowns
CMDY vs. FYHTX - Drawdown Comparison
The maximum CMDY drawdown since its inception was -31.19%, smaller than the maximum FYHTX drawdown of -33.22%. Use the drawdown chart below to compare losses from any high point for CMDY and FYHTX.
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Drawdown Indicators
| CMDY | FYHTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.19% | -33.22% | +2.03% |
Max Drawdown (1Y)Largest decline over 1 year | -14.23% | -12.55% | -1.68% |
Max Drawdown (3Y)Largest decline over 3 years | -14.23% | -12.55% | -1.68% |
Max Drawdown (5Y)Largest decline over 5 years | -26.56% | -25.47% | -1.09% |
Current DrawdownCurrent decline from peak | -12.77% | -12.55% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -13.11% | -11.91% | -1.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.30% | 3.00% | +0.30% |
Volatility
CMDY vs. FYHTX - Volatility Comparison
iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) has a higher volatility of 4.48% compared to Fidelity Commodity Strategy Fund (FYHTX) at 3.47%. This indicates that CMDY's price experiences larger fluctuations and is considered to be riskier than FYHTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMDY | FYHTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.48% | 3.47% | +1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 14.64% | 11.87% | +2.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.35% | 14.12% | +2.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.81% | 15.83% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.65% | 14.47% | +0.18% |
CMDY vs. FYHTX - Expense Ratio Comparison
CMDY has a 0.28% expense ratio, which is lower than FYHTX's 0.63% expense ratio.
Dividends
CMDY vs. FYHTX - Dividend Comparison
CMDY's dividend yield for the trailing twelve months is around 11.32%, more than FYHTX's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
FYHTX Fidelity Commodity Strategy Fund | 2.68% | 2.93% | 3.78% | 4.10% | 57.34% | 15.05% | 0.00% | 7.00% | 12.49% | 0.36% |
Frequently Asked Questions
With a correlation of 0.95, CMDY and FYHTX 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 FYHTX (3.47%). In terms of maximum drawdown, CMDY dropped -31.19% vs FYHTX's -33.22%.
CMDY currently has the higher Sharpe Ratio (1.48 vs 1.34), 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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