CRSOX vs. XME

Last updated Jun 26, 2026

CRSOX (Credit Suisse Commodity Return Strategy Fund) and XME (SPDR S&P Metals & Mining ETF) are both funds - CRSOX is a Commodities fund managed by Credit Suisse, while XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index. Over the past 10 years, CRSOX returned 6.15%/yr vs 18.64%/yr for XME. At a 0.46 correlation, their price movements are largely independent. CRSOX charges 0.81%/yr vs 0.35%/yr for XME.

Performance

CRSOX vs. XME - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Credit Suisse Commodity Return Strategy Fund (CRSOX) and SPDR S&P Metals & Mining ETF (XME). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CRSOX achieves a 13.37% return, which is significantly higher than XME's 5.09% return. Over the past 10 years, CRSOX has underperformed XME with an annualized return of 6.15%, while XME has yielded a comparatively higher 18.64% annualized return.

CRSOX

• 1D: -1.69%
• 1M: -10.46%
• YTD: 13.37%
• 6M: 11.79%
• 1Y: 23.84%
• 3Y*: 10.97%
• 5Y*: 9.70%
• 10Y*: 6.15%

XME

• 1D: 1.42%
• 1M: -11.28%
• YTD: 5.09%
• 6M: 0.94%
• 1Y: 66.55%
• 3Y*: 31.16%
• 5Y*: 21.46%
• 10Y*: 18.64%

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

CRSOX vs. XME - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CRSOX Credit Suisse Commodity Return Strategy Fund	13.37%	15.66%	5.21%	-8.88%	16.40%	28.99%	-1.12%	6.99%	-11.65%	1.75%
XME SPDR S&P Metals & Mining ETF	5.09%	83.47%	-4.54%	21.51%	13.13%	34.92%	15.95%	14.69%	-26.78%	21.17%

Correlation

The correlation between CRSOX and XME is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.46

Over the past year, the correlation between CRSOX and XME has dropped to 0.22 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

Return for Risk

CRSOX vs. XME — Risk / Return Rank

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

CRSOX

CRSOX Risk / Return Rank: 33
CRSOX Sharpe Ratio Rank: 36
CRSOX Sortino Ratio Rank: 30
CRSOX Omega Ratio Rank: 34
CRSOX Calmar Ratio Rank: 27
CRSOX Martin Ratio Rank: 40

XME

XME Risk / Return Rank: 59
XME Sharpe Ratio Rank: 65
XME Sortino Ratio Rank: 57
XME Omega Ratio Rank: 55
XME Calmar Ratio Rank: 68
XME 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.

CRSOX vs. XME - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Credit Suisse Commodity Return Strategy Fund (CRSOX) and SPDR S&P Metals & Mining ETF (XME). 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.

	CRSOX	XME	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.83	-0.39
Sortino ratio: Return per unit of downside risk	1.92	2.34	-0.42
Omega ratio: Gain probability vs. loss probability	1.26	1.30	-0.04
Calmar ratio: Return relative to maximum drawdown	1.66	2.96	-1.30
Martin ratio: Return relative to average drawdown	7.39	7.11	+0.28

CRSOX vs. XME - Sharpe Ratio Comparison

The current CRSOX Sharpe Ratio is 1.44, which is comparable to the XME Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of CRSOX and XME, 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

CRSOX vs. XME - Drawdown Comparison

The maximum CRSOX drawdown since its inception was -74.26%, smaller than the maximum XME drawdown of -85.89%. Use the drawdown chart below to compare losses from any high point for CRSOX and XME.

Drawdown Indicators

	CRSOX	XME	Difference
Max Drawdown Largest peak-to-trough decline	-74.26%	-85.89%	+11.63%
Max Drawdown (1Y) Largest decline over 1 year	-14.20%	-22.60%	+8.40%
Max Drawdown (3Y) Largest decline over 3 years	-14.20%	-30.47%	+16.27%
Max Drawdown (5Y) Largest decline over 5 years	-25.50%	-37.27%	+11.77%
Max Drawdown (10Y) Largest decline over 10 years	-31.89%	-61.69%	+29.80%
Current Drawdown Current decline from peak	-36.13%	-18.08%	-18.05%
Average Drawdown Average peak-to-trough decline	-45.10%	-44.04%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	9.39%	-6.20%

Volatility

CRSOX vs. XME - Volatility Comparison

The current volatility for Credit Suisse Commodity Return Strategy Fund (CRSOX) is 4.09%, while SPDR S&P Metals & Mining ETF (XME) has a volatility of 13.63%. This indicates that CRSOX experiences smaller price fluctuations and is considered to be less risky than XME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CRSOX	XME	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	13.63%	-9.54%
Volatility (6M) Calculated over the trailing 6-month period	14.48%	28.38%	-13.90%
Volatility (1Y) Calculated over the trailing 1-year period	16.54%	36.53%	-19.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.06%	32.77%	-16.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.33%	32.92%	-18.59%

CRSOX vs. XME - Expense Ratio Comparison

CRSOX has a 0.81% expense ratio, which is higher than XME's 0.35% expense ratio.

Dividends

CRSOX vs. XME - Dividend Comparison

CRSOX's dividend yield for the trailing twelve months is around 7.06%, more than XME's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRSOX Credit Suisse Commodity Return Strategy Fund	7.06%	4.78%	3.39%	3.38%	16.50%	39.76%	0.14%	1.20%	1.12%	2.75%	0.00%	0.00%
XME SPDR S&P Metals & Mining ETF	0.34%	0.38%	0.65%	1.00%	1.64%	0.70%	0.99%	2.43%	2.23%	1.15%	1.02%	2.61%

Frequently Asked Questions

Can I hold both CRSOX and XME in my portfolio?

CRSOX and XME have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CRSOX or XME?

XME has higher volatility (13.63%) compared to CRSOX (4.09%). In terms of maximum drawdown, CRSOX dropped -74.26% vs XME's -85.89%.

Which has better risk-adjusted returns?

XME currently has the higher Sharpe Ratio (1.83 vs 1.44), 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.