COMB vs. VCMDX

Last updated Jun 24, 2026

COMB (GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF) and VCMDX (Vanguard Commodity Strategy Fund Admiral Shares) are both Commodities funds. Over the past 5 years, COMB returned 9.61%/yr vs 10.60%/yr for VCMDX. Their correlation of 0.93 suggests significant overlap in exposure. COMB charges 0.25%/yr vs 0.20%/yr for VCMDX.

Performance

COMB vs. VCMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB) and Vanguard Commodity Strategy Fund Admiral Shares (VCMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COMB achieves a 14.97% return, which is significantly higher than VCMDX's 13.42% return.

COMB

• 1D: -1.41%
• 1M: -9.91%
• YTD: 14.97%
• 6M: 13.14%
• 1Y: 22.62%
• 3Y*: 11.57%
• 5Y*: 9.61%
• 10Y*: —

VCMDX

• 1D: -0.77%
• 1M: -7.67%
• YTD: 13.42%
• 6M: 12.34%
• 1Y: 21.32%
• 3Y*: 12.04%
• 5Y*: 10.60%
• 10Y*: —

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

COMB vs. VCMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
COMB GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF	14.97%	15.12%	5.24%	-7.75%	14.56%	26.34%	-2.95%	2.41%
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	13.42%	18.20%	5.27%	-7.45%	13.83%	34.82%	5.07%	2.74%

Correlation

The correlation between COMB and VCMDX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jun 26, 2019	0.93

The correlation between COMB and VCMDX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

COMB vs. VCMDX — Risk / Return Rank

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

COMB

COMB Risk / Return Rank: 38
COMB Sharpe Ratio Rank: 38
COMB Sortino Ratio Rank: 36
COMB Omega Ratio Rank: 38
COMB Calmar Ratio Rank: 36
COMB Martin Ratio Rank: 44

VCMDX

VCMDX Risk / Return Rank: 27
VCMDX Sharpe Ratio Rank: 25
VCMDX Sortino Ratio Rank: 21
VCMDX Omega Ratio Rank: 24
VCMDX Calmar Ratio Rank: 28
VCMDX Martin Ratio Rank: 34

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.

COMB vs. VCMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB) and Vanguard Commodity Strategy Fund Admiral Shares (VCMDX). 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.

	COMB	VCMDX	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.33	-0.01
Sortino ratio: Return per unit of downside risk	1.80	1.80	0.00
Omega ratio: Gain probability vs. loss probability	1.24	1.24	0.00
Calmar ratio: Return relative to maximum drawdown	1.71	1.84	-0.13
Martin ratio: Return relative to average drawdown	6.79	7.27	-0.48

COMB vs. VCMDX - Sharpe Ratio Comparison

The current COMB Sharpe Ratio is 1.32, which is comparable to the VCMDX Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of COMB and VCMDX, 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

COMB vs. VCMDX - Drawdown Comparison

The maximum COMB drawdown since its inception was -33.50%, which is greater than VCMDX's maximum drawdown of -26.67%. Use the drawdown chart below to compare losses from any high point for COMB and VCMDX.

Drawdown Indicators

	COMB	VCMDX	Difference
Max Drawdown Largest peak-to-trough decline	-33.50%	-26.67%	-6.83%
Max Drawdown (1Y) Largest decline over 1 year	-13.28%	-10.85%	-2.43%
Max Drawdown (3Y) Largest decline over 3 years	-13.28%	-10.85%	-2.43%
Max Drawdown (5Y) Largest decline over 5 years	-26.63%	-25.45%	-1.18%
Current Drawdown Current decline from peak	-13.28%	-10.85%	-2.43%
Average Drawdown Average peak-to-trough decline	-12.04%	-10.83%	-1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	2.89%	+0.47%

Volatility

COMB vs. VCMDX - Volatility Comparison

GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB) has a higher volatility of 3.69% compared to Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) at 3.51%. This indicates that COMB's price experiences larger fluctuations and is considered to be riskier than VCMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COMB	VCMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	3.51%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	15.24%	12.85%	+2.39%
Volatility (1Y) Calculated over the trailing 1-year period	17.34%	15.06%	+2.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.69%	15.84%	+0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.14%	15.37%	-0.23%

COMB vs. VCMDX - Expense Ratio Comparison

COMB has a 0.25% expense ratio, which is higher than VCMDX's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

COMB vs. VCMDX - Dividend Comparison

COMB's dividend yield for the trailing twelve months is around 7.87%, less than VCMDX's 13.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
COMB GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF	7.87%	9.05%	2.48%	6.57%	30.85%	15.83%	0.07%	1.48%	0.97%	0.20%
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	13.41%	15.21%	2.19%	2.50%	14.21%	30.56%	0.50%	0.60%	0.00%	0.00%

Frequently Asked Questions

Can I hold both COMB and VCMDX in my portfolio?

COMB and VCMDX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COMB or VCMDX?

COMB has higher volatility (3.69%) compared to VCMDX (3.51%). In terms of maximum drawdown, COMB dropped -33.50% vs VCMDX's -26.67%.

Which has better risk-adjusted returns?

VCMDX currently has the higher Sharpe Ratio (1.33 vs 1.32), 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.