FCSSX vs. CMDY

Last updated Jun 4, 2026

FCSSX (Fidelity Series Commodity Strategy Fund) and CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) are both Commodities funds. Over the past 5 years, FCSSX returned 11.27%/yr vs 10.71%/yr for CMDY. Their correlation of 0.92 suggests significant overlap in exposure. FCSSX charges 0.00%/yr vs 0.28%/yr for CMDY.

Performance

FCSSX vs. CMDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Commodity Strategy Fund (FCSSX) 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, FCSSX achieves a 21.09% return, which is significantly lower than CMDY's 25.44% return.

FCSSX

• 1D: 0.31%
• 1M: -1.32%
• YTD: 21.09%
• 6M: 21.06%
• 1Y: 32.62%
• 3Y*: 14.44%
• 5Y*: 11.27%
• 10Y*: 6.53%

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)

FCSSX vs. CMDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FCSSX Fidelity Series Commodity Strategy Fund	21.09%	15.43%	5.36%	-8.25%	18.11%	27.59%	-3.11%	7.41%	-11.62%
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 FCSSX and CMDY is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 6, 2018	0.92

The correlation between FCSSX and CMDY has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Return for Risk

FCSSX vs. CMDY — Risk / Return Rank

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

FCSSX

FCSSX Risk / Return Rank: 64
FCSSX Sharpe Ratio Rank: 63
FCSSX Sortino Ratio Rank: 50
FCSSX Omega Ratio Rank: 56
FCSSX Calmar Ratio Rank: 90
FCSSX Martin Ratio Rank: 60

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.

FCSSX vs. CMDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Commodity Strategy Fund (FCSSX) 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.

	FCSSX	CMDY	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.32	0.00
Sortino ratio: Return per unit of downside risk	2.97	2.93	+0.05
Omega ratio: Gain probability vs. loss probability	1.42	1.42	0.00
Calmar ratio: Return relative to maximum drawdown	4.55	4.82	-0.27
Martin ratio: Return relative to average drawdown	11.93	14.50	-2.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCSSX vs. CMDY - Sharpe Ratio Comparison

The current FCSSX Sharpe Ratio is 2.32, which is comparable to the CMDY Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of FCSSX 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

	FCSSX	CMDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	2.32	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.68	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.56	-0.46

Drawdowns

FCSSX vs. CMDY - Drawdown Comparison

The maximum FCSSX drawdown since its inception was -66.04%, which is greater than CMDY's maximum drawdown of -31.19%. Use the drawdown chart below to compare losses from any high point for FCSSX and CMDY.

Drawdown Indicators

	FCSSX	CMDY	Difference
Max Drawdown Largest peak-to-trough decline	-66.04%	-31.19%	-34.85%
Max Drawdown (1Y) Largest decline over 1 year	-7.21%	-7.73%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	-11.43%	-10.08%	-1.35%
Max Drawdown (5Y) Largest decline over 5 years	-24.07%	-26.56%	+2.49%
Max Drawdown (10Y) Largest decline over 10 years	-33.37%	—	—
Current Drawdown Current decline from peak	-9.40%	-3.97%	-5.43%
Average Drawdown Average peak-to-trough decline	-36.20%	-13.14%	-23.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	2.57%	+0.17%

Volatility

FCSSX vs. CMDY - Volatility Comparison

The current volatility for Fidelity Series Commodity Strategy Fund (FCSSX) is 4.53%, while iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) has a volatility of 5.04%. This indicates that FCSSX 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

	FCSSX	CMDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	5.04%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	11.73%	14.20%	-2.47%
Volatility (1Y) Calculated over the trailing 1-year period	14.28%	16.06%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	15.80%	+0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.34%	14.63%	-0.29%

FCSSX vs. CMDY - Expense Ratio Comparison

FCSSX has a 0.00% expense ratio, which is lower than CMDY's 0.28% expense ratio.

Dividends

FCSSX vs. CMDY - Dividend Comparison

FCSSX's dividend yield for the trailing twelve months is around 2.22%, 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%
FCSSX Fidelity Series Commodity Strategy Fund	2.22%	2.69%	12.74%	4.53%	128.24%	41.74%	0.44%	1.49%	6.76%	0.53%

Frequently Asked Questions

Can I hold both FCSSX and CMDY in my portfolio?

With a correlation of 0.96, FCSSX and CMDY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FCSSX or CMDY?

CMDY has higher volatility (5.04%) compared to FCSSX (4.53%). In terms of maximum drawdown, FCSSX dropped -66.04% vs CMDY's -31.19%.

Which has better risk-adjusted returns?

FCSSX currently has the higher Sharpe Ratio (2.32 vs 2.32), 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.