CMDY vs. SGOV
CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - CMDY is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, CMDY returned 10.49%/yr vs 3.54%/yr for SGOV. At a correlation of -0.08, they often move in opposite directions. CMDY charges 0.28%/yr vs 0.09%/yr for SGOV.
Performance
CMDY vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, CMDY achieves a 24.16% return, which is significantly higher than SGOV's 1.52% return.
CMDY
- 1D
- -1.01%
- 1M
- -3.07%
- YTD
- 24.16%
- 6M
- 23.07%
- 1Y
- 35.71%
- 3Y*
- 15.11%
- 5Y*
- 10.49%
- 10Y*
- —
SGOV
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.52%
- 6M
- 1.79%
- 1Y
- 3.95%
- 3Y*
- 4.72%
- 5Y*
- 3.54%
- 10Y*
- —
CMDY vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 24.16% | 15.81% | 5.43% | -9.33% | 14.55% | 26.38% | 22.97% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.52% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.05% |
Correlation
The correlation between CMDY and SGOV is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since May 29, 2020 | -0.08 |
The correlation between CMDY and SGOV shifts across timeframes, from -0.08 (all time) to 0.03 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CMDY vs. SGOV — Risk / Return Rank
CMDY
SGOV
CMDY vs. SGOV - 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 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.05 | ||
| Sortino ratioReturn per unit of downside risk | -272.86 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 195.55 | -194.15 |
| Calmar ratioReturn relative to maximum drawdown | 4.64 | 398.20 | -393.56 |
| Martin ratioReturn relative to average drawdown | 13.86 | 4,462.00 | -4,448.14 |
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 | SGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.23 | 20.28 | -18.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | 14.74 | -14.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 12.49 | -11.94 |
Drawdowns
CMDY vs. SGOV - Drawdown Comparison
The maximum CMDY drawdown since its inception was -31.19%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for CMDY and SGOV.
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Drawdown Indicators
| CMDY | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.19% | -0.03% | -31.16% |
Max Drawdown (1Y)Largest decline over 1 year | -7.73% | -0.01% | -7.72% |
Max Drawdown (3Y)Largest decline over 3 years | -10.08% | -0.01% | -10.07% |
Max Drawdown (5Y)Largest decline over 5 years | -26.56% | -0.03% | -26.53% |
Current DrawdownCurrent decline from peak | -4.95% | 0.00% | -4.95% |
Average DrawdownAverage peak-to-trough decline | -13.14% | -0.00% | -13.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.58% | 0.00% | +2.58% |
Volatility
CMDY vs. SGOV - Volatility Comparison
iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) has a higher volatility of 5.11% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that CMDY's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMDY | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.11% | 0.05% | +5.06% |
Volatility (6M)Calculated over the trailing 6-month period | 14.25% | 0.13% | +14.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.10% | 0.20% | +15.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.80% | 0.24% | +15.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.63% | 0.24% | +14.39% |
CMDY vs. SGOV - Expense Ratio Comparison
CMDY has a 0.28% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
CMDY vs. SGOV - Dividend Comparison
CMDY's dividend yield for the trailing twelve months is around 10.38%, more than SGOV's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 10.38% | 12.89% | 4.23% | 5.10% | 3.98% | 16.09% | 0.15% | 2.21% | 1.73% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.86% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% |
Frequently Asked Questions
CMDY and SGOV have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMDY has higher volatility (5.11%) compared to SGOV (0.05%). In terms of maximum drawdown, CMDY dropped -31.19% vs SGOV's -0.03%.
On 5-year performance, CMDY leads with 10.49% vs 3.54% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.05%. 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 10.49% return vs 3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.28% for CMDY.
CMDY has the higher dividend yield at 10.38%, compared with 3.86% for SGOV.
CMDY is categorized as Commodities, while SGOV is Ultrashort Bond. CMDY tracks Bloomberg Roll Select Commodity Total Return Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. Their fees differ too: 0.28% for CMDY and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.28 vs 2.23), 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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