EBLU vs. CMDY

Last updated Jun 4, 2026

EBLU (Ecofin Global Water ESG Fund) and CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) are both exchange-traded funds - EBLU is a Water Equities fund tracking the Ecofin Water ESG Index, while CMDY is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 5 years, EBLU returned 3.78%/yr vs 10.71%/yr for CMDY. At a 0.19 correlation, their price movements are largely independent. EBLU charges 0.40%/yr vs 0.28%/yr for CMDY.

Performance

EBLU vs. CMDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ecofin Global Water ESG Fund (EBLU) and iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EBLU achieves a -1.99% return, which is significantly lower than CMDY's 25.44% return.

EBLU

• 1D: 0.17%
• 1M: -3.28%
• YTD: -1.99%
• 6M: -4.11%
• 1Y: -1.51%
• 3Y*: 9.71%
• 5Y*: 3.78%
• 10Y*: —

CMDY

• 1D: 0.02%
• 1M: -2.52%
• YTD: 25.44%
• 6M: 24.53%
• 1Y: 37.10%
• 3Y*: 15.48%
• 5Y*: 10.71%
• 10Y*: —

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

EBLU vs. CMDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EBLU Ecofin Global Water ESG Fund	-1.99%	11.82%	8.54%	20.95%	-25.99%	28.93%	15.74%	38.72%	-10.28%
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF	25.44%	15.81%	5.43%	-9.33%	14.55%	26.38%	1.15%	4.96%	-11.11%

Correlation

The correlation between EBLU and CMDY is -0.14, 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	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Apr 6, 2018	0.19

The correlation between EBLU and CMDY shifts across timeframes, from -0.14 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

EBLU vs. CMDY - Sectors Allocation Comparison

Sectors	EBLU	CMDY
Industrials	70.6%	-
Utilities	20.1%	-
Technology	4.0%	-
Basic Materials	4.0%	-
Consumer Defensive	3.4%	-
Energy	1.1%	-
Consumer Cyclical	0.2%	-
Communication Services	-	100.0%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

EBLU vs. CMDY — Risk / Return Rank

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

EBLU

EBLU Risk / Return Rank: 7
EBLU Sharpe Ratio Rank: 8
EBLU Sortino Ratio Rank: 7
EBLU Omega Ratio Rank: 7
EBLU Calmar Ratio Rank: 8
EBLU Martin Ratio Rank: 7

CMDY

CMDY Risk / Return Rank: 72
CMDY Sharpe Ratio Rank: 69
CMDY Sortino Ratio Rank: 61
CMDY Omega Ratio Rank: 69
CMDY Calmar Ratio Rank: 86
CMDY Martin Ratio Rank: 75

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.

EBLU vs. CMDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ecofin Global Water ESG Fund (EBLU) and iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY). 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.

	EBLU	CMDY	Difference
Sharpe ratio Return per unit of total volatility	-0.11	2.32	-2.43
Sortino ratio Return per unit of downside risk	-0.05	2.93	-2.98
Omega ratio Gain probability vs. loss probability	0.99	1.42	-0.43
Calmar ratio Return relative to maximum drawdown	-0.12	4.82	-4.94
Martin ratio Return relative to average drawdown	-0.28	14.50	-14.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EBLU vs. CMDY - Sharpe Ratio Comparison

The current EBLU Sharpe Ratio is -0.11, which is lower than the CMDY Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of EBLU and CMDY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EBLU	CMDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.11	2.32	-2.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.68	-0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.56	-0.06

Drawdowns

EBLU vs. CMDY - Drawdown Comparison

The maximum EBLU drawdown since its inception was -37.58%, which is greater than CMDY's maximum drawdown of -31.19%. Use the drawdown chart below to compare losses from any high point for EBLU and CMDY.

Drawdown Indicators

	EBLU	CMDY	Difference
Max Drawdown Largest peak-to-trough decline	-37.58%	-31.19%	-6.39%
Max Drawdown (1Y) Largest decline over 1 year	-13.17%	-7.73%	-5.44%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-10.08%	-5.34%
Max Drawdown (5Y) Largest decline over 5 years	-35.36%	-26.56%	-8.80%
Current Drawdown Current decline from peak	-11.65%	-3.97%	-7.68%
Average Drawdown Average peak-to-trough decline	-8.15%	-13.14%	+4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.46%	2.57%	+2.89%

Volatility

EBLU vs. CMDY - Volatility Comparison

The current volatility for Ecofin Global Water ESG Fund (EBLU) is 4.35%, while iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) has a volatility of 5.04%. This indicates that EBLU experiences smaller price fluctuations and is considered to be less risky than CMDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EBLU	CMDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	5.04%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	14.20%	-2.74%
Volatility (1Y) Calculated over the trailing 1-year period	14.44%	16.06%	-1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	15.80%	+1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	14.63%	+4.33%

EBLU vs. CMDY - Expense Ratio Comparison

EBLU has a 0.40% expense ratio, which is higher than CMDY's 0.28% expense ratio.

Dividends

EBLU vs. CMDY - Dividend Comparison

EBLU's dividend yield for the trailing twelve months is around 3.37%, less than CMDY's 10.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF	10.28%	12.89%	4.23%	5.10%	3.98%	16.09%	0.15%	2.21%	1.73%	0.00%
EBLU Ecofin Global Water ESG Fund	3.37%	3.31%	1.34%	1.46%	1.64%	1.55%	1.42%	1.58%	1.35%	1.32%

Frequently Asked Questions

Can I hold both EBLU and CMDY in my portfolio?

EBLU and CMDY have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EBLU or CMDY?

CMDY has higher volatility (5.04%) compared to EBLU (4.35%). In terms of maximum drawdown, EBLU dropped -37.58% vs CMDY's -31.19%.

Which ETF is better, EBLU or CMDY?

On 5-year performance, CMDY leads with 10.71% vs 3.78% for EBLU. On fees, CMDY is cheaper at 0.28% per year. On volatility, EBLU has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EBLU or CMDY?

Over the 5-year period, CMDY has performed better with a 10.71% return vs 3.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EBLU or CMDY?

CMDY is cheaper with a 0.28% expense ratio, compared with 0.40% for EBLU.

Which ETF pays a higher dividend yield, EBLU or CMDY?

CMDY has the higher dividend yield at 10.28%, compared with 3.37% for EBLU.

What is the main difference between EBLU and CMDY?

EBLU is categorized as Water Equities, while CMDY is Commodities. EBLU tracks Ecofin Water ESG Index, while CMDY tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: Tortoise and iShares. Their fees differ too: 0.40% for EBLU and 0.28% for CMDY.

Which has better risk-adjusted returns?

CMDY currently has the higher Sharpe Ratio (2.32 vs -0.11), 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.