CMG vs. PDBC

Last updated Jul 14, 2026

CMG (Chipotle Mexican Grill, Inc.) is a stock, while PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) is Commodities fund actively managed by Invesco. Over the past 10 years, CMG returned 16.29%/yr vs 8.14%/yr for PDBC. At a 0.09 correlation, their price movements are largely independent.

Performance

CMG vs. PDBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Chipotle Mexican Grill, Inc. (CMG) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMG achieves a -1.00% return, which is significantly lower than PDBC's 27.55% return. Over the past 10 years, CMG has outperformed PDBC with an annualized return of 16.29%, while PDBC has yielded a comparatively lower 8.14% annualized return.

CMG

• 1D: 3.91%
• 1M: 13.65%
• 6M: -9.20%
• YTD: -1.00%
• 1Y: -34.59%
• 3Y*: -3.78%
• 5Y*: 2.48%
• 10Y*: 16.29%

PDBC

• 1D: 2.80%
• 1M: -0.94%
• 6M: 22.82%
• YTD: 27.55%
• 1Y: 30.72%
• 3Y*: 10.42%
• 5Y*: 10.81%
• 10Y*: 8.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CMG vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMG Chipotle Mexican Grill, Inc.	-1.00%	-38.64%	31.83%	64.83%	-20.64%	26.07%	65.65%	93.87%	49.39%	-23.40%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	27.55%	5.96%	2.09%	-6.25%	19.23%	41.72%	-7.84%	11.44%	-12.78%	5.06%

Correlation

The correlation between CMG and PDBC is -0.17, 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	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014	0.09

The correlation between CMG and PDBC shifts across timeframes, from -0.17 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CMG vs. PDBC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CMG

CMG Risk / Return Rank: 14
CMG Sharpe Ratio Rank: 8
CMG Sortino Ratio Rank: 12
CMG Omega Ratio Rank: 11
CMG Calmar Ratio Rank: 17
CMG Martin Ratio Rank: 22

PDBC

PDBC Risk / Return Rank: 55
PDBC Sharpe Ratio Rank: 62
PDBC Sortino Ratio Rank: 60
PDBC Omega Ratio Rank: 58
PDBC Calmar Ratio Rank: 47
PDBC Martin Ratio Rank: 49

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CMG vs. PDBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Chipotle Mexican Grill, Inc. (CMG) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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.

	CMG	PDBC	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	1.64	-2.52
Sortino ratio: Return per unit of downside risk	-1.07	2.24	-3.32
Omega ratio: Gain probability vs. loss probability	0.85	1.28	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.71	1.86	-2.58
Martin ratio: Return relative to average drawdown	-1.03	6.57	-7.61

CMG vs. PDBC - Sharpe Ratio Comparison

The current CMG Sharpe Ratio is -0.88, which is lower than the PDBC Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of CMG and PDBC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CMG vs. PDBC - Drawdown Comparison

The maximum CMG drawdown since its inception was -74.61%, which is greater than PDBC's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for CMG and PDBC.

Drawdown Indicators

	CMG	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	-74.61%	-49.52%	-25.09%
Max Drawdown (1Y) Largest decline over 1 year	-48.60%	-16.55%	-32.05%
Max Drawdown (3Y) Largest decline over 3 years	-58.89%	-16.55%	-42.34%
Max Drawdown (5Y) Largest decline over 5 years	-58.89%	-27.63%	-31.26%
Max Drawdown (10Y) Largest decline over 10 years	-58.89%	-40.73%	-18.16%
Current Drawdown Current decline from peak	-46.57%	-10.63%	-35.94%
Average Drawdown Average peak-to-trough decline	-21.48%	-23.11%	+1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.91%	4.69%	+30.22%

Volatility

CMG vs. PDBC - Volatility Comparison

Chipotle Mexican Grill, Inc. (CMG) has a higher volatility of 12.43% compared to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 6.25%. This indicates that CMG's price experiences larger fluctuations and is considered to be riskier than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMG	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.43%	6.25%	+6.18%
Volatility (6M) Calculated over the trailing 6-month period	25.84%	16.77%	+9.07%
Volatility (1Y) Calculated over the trailing 1-year period	39.56%	18.90%	+20.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.95%	19.24%	+14.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.73%	17.76%	+17.97%

Dividends

CMG vs. PDBC - Dividend Comparison

CMG has not paid dividends to shareholders, while PDBC's dividend yield for the trailing twelve months is around 3.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CMG Chipotle Mexican Grill, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	3.01%	3.84%	4.42%	4.21%	13.05%	50.83%	0.01%	1.40%	1.00%	3.83%	6.51%

Frequently Asked Questions

Can I hold both CMG and PDBC in my portfolio?

CMG and PDBC have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMG or PDBC?

CMG has higher volatility (12.43%) compared to PDBC (6.25%). In terms of maximum drawdown, CMG dropped -74.61% vs PDBC's -49.52%.

Which has better risk-adjusted returns?

PDBC currently has the higher Sharpe Ratio (1.64 vs -0.88), 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.