CMF vs. CERY
CMF (iShares California Muni Bond ETF) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - CMF is a Municipal Bonds fund tracking the S&P California AMT-Free Municipal Bond Index, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. Both are passively managed. Over the past year, CMF returned 6.61% vs 26.17% for CERY. At a correlation of -0.11, they often move in opposite directions. CMF charges 0.25%/yr vs 0.28%/yr for CERY.
Performance
CMF vs. CERY - Performance Comparison
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Returns By Period
In the year-to-date period, CMF achieves a 1.28% return, which is significantly lower than CERY's 19.54% return.
CMF
- 1D
- -0.02%
- 1M
- 1.39%
- YTD
- 1.28%
- 6M
- 1.51%
- 1Y
- 6.61%
- 3Y*
- 3.14%
- 5Y*
- 0.75%
- 10Y*
- 1.66%
CERY
- 1D
- -0.67%
- 1M
- -8.39%
- YTD
- 19.54%
- 6M
- 18.91%
- 1Y
- 26.17%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMF vs. CERY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CMF iShares California Muni Bond ETF | 1.28% | 3.36% | 0.16% |
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 19.54% | 15.68% | 3.80% |
Correlation
The correlation between CMF and CERY is -0.19, 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 | -0.19 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024 | -0.11 |
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Return for Risk
CMF vs. CERY — Risk / Return Rank
CMF
CERY
CMF vs. CERY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) 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.
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.
| CMF | CERY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.29 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 2.31 | -0.03 |
| Martin ratioReturn relative to average drawdown | 7.50 | 9.93 | -2.43 |
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Drawdowns
CMF vs. CERY - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, which is greater than CERY's maximum drawdown of -11.37%. Use the drawdown chart below to compare losses from any high point for CMF and CERY.
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Drawdown Indicators
| CMF | CERY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -11.37% | -5.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -11.37% | +8.46% |
Max Drawdown (3Y)Largest decline over 3 years | -5.22% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -12.45% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.57% | — | — |
Current DrawdownCurrent decline from peak | -0.61% | -11.37% | +10.76% |
Average DrawdownAverage peak-to-trough decline | -4.76% | -2.27% | -2.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 2.83% | -1.95% |
Volatility
CMF vs. CERY - Volatility Comparison
The current volatility for iShares California Muni Bond ETF (CMF) is 0.71%, while SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a volatility of 3.57%. This indicates that CMF experiences smaller price fluctuations and is considered to be less risky than CERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMF | CERY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 3.57% | -2.86% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 13.57% | -11.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.77% | 15.63% | -12.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.19% | 14.73% | -10.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 14.73% | -9.65% |
CMF vs. CERY - Expense Ratio Comparison
CMF has a 0.25% expense ratio, which is lower than CERY's 0.28% expense ratio.
Dividends
CMF vs. CERY - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.94%, less than CERY's 4.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 4.18% | 4.99% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
CMF iShares California Muni Bond ETF | 2.94% | 2.94% | 2.78% | 2.29% | 1.91% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% |
Frequently Asked Questions
CMF and CERY have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CERY has higher volatility (3.57%) compared to CMF (0.71%). In terms of maximum drawdown, CMF dropped -16.45% vs CERY's -11.37%.
On 1-year performance, CERY leads with 26.17% vs 6.61% for CMF. On fees, CMF is cheaper at 0.25% per year. On volatility, CMF has been the lower-risk option at 0.71%. 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 26.17% return vs 6.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMF is cheaper with a 0.25% expense ratio, compared with 0.28% for CERY.
CERY has the higher dividend yield at 4.18%, compared with 2.94% for CMF.
CMF is categorized as Municipal Bonds, while CERY is Commodities. CMF tracks S&P California AMT-Free Municipal Bond Index, while CERY tracks Bloomberg Enhanced Roll Yield Total Return Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for CMF and 0.28% for CERY.
CMF currently has the higher Sharpe Ratio (2.40 vs 1.68), 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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