FPRO vs. CMDT

Last updated Jun 24, 2026

FPRO (Fidelity Real Estate Investment ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - FPRO is a REIT fund actively managed by Fidelity, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. FPRO is actively managed, while CMDT is passively managed. Over the past 3 years, FPRO returned 11.58%/yr vs 12.77%/yr for CMDT. At a correlation of -0.02, they often move in opposite directions. FPRO charges 0.59%/yr vs 0.65%/yr for CMDT.

Performance

FPRO vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Real Estate Investment ETF (FPRO) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPRO achieves a 14.20% return, which is significantly higher than CMDT's 13.43% return.

FPRO

• 1D: 1.48%
• 1M: 1.47%
• YTD: 14.20%
• 6M: 14.88%
• 1Y: 12.37%
• 3Y*: 11.58%
• 5Y*: 3.88%
• 10Y*: —

CMDT

• 1D: -1.14%
• 1M: -8.86%
• YTD: 13.43%
• 6M: 13.42%
• 1Y: 21.34%
• 3Y*: 12.77%
• 5Y*: —
• 10Y*: —

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

FPRO vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FPRO Fidelity Real Estate Investment ETF	14.20%	2.60%	5.63%	8.86%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	13.43%	12.78%	6.93%	5.37%

Correlation

The correlation between FPRO and CMDT is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since May 10, 2023	-0.02

Return for Risk

FPRO vs. CMDT — Risk / Return Rank

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

FPRO

FPRO Risk / Return Rank: 29
FPRO Sharpe Ratio Rank: 26
FPRO Sortino Ratio Rank: 25
FPRO Omega Ratio Rank: 25
FPRO Calmar Ratio Rank: 34
FPRO Martin Ratio Rank: 33

CMDT

CMDT Risk / Return Rank: 50
CMDT Sharpe Ratio Rank: 53
CMDT Sortino Ratio Rank: 52
CMDT Omega Ratio Rank: 48
CMDT Calmar Ratio Rank: 41
CMDT Martin Ratio Rank: 58

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.

FPRO vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Investment ETF (FPRO) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). 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.

	FPRO	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	0.91	1.71	-0.80
Sortino ratio: Return per unit of downside risk	1.31	2.39	-1.08
Omega ratio: Gain probability vs. loss probability	1.16	1.29	-0.13
Calmar ratio: Return relative to maximum drawdown	1.62	1.93	-0.31
Martin ratio: Return relative to average drawdown	4.62	9.62	-5.00

FPRO vs. CMDT - Sharpe Ratio Comparison

The current FPRO Sharpe Ratio is 0.91, which is lower than the CMDT Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of FPRO and CMDT, 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

FPRO vs. CMDT - Drawdown Comparison

The maximum FPRO drawdown since its inception was -32.81%, which is greater than CMDT's maximum drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for FPRO and CMDT.

Drawdown Indicators

	FPRO	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-32.81%	-11.11%	-21.70%
Max Drawdown (1Y) Largest decline over 1 year	-7.67%	-11.11%	+3.44%
Max Drawdown (3Y) Largest decline over 3 years	-16.83%	-11.11%	-5.72%
Max Drawdown (5Y) Largest decline over 5 years	-32.81%	—	—
Current Drawdown Current decline from peak	-0.27%	-11.11%	+10.84%
Average Drawdown Average peak-to-trough decline	-12.53%	-2.77%	-9.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	2.25%	+0.43%

Volatility

FPRO vs. CMDT - Volatility Comparison

Fidelity Real Estate Investment ETF (FPRO) has a higher volatility of 5.01% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 3.26%. This indicates that FPRO's price experiences larger fluctuations and is considered to be riskier than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPRO	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	3.26%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	9.99%	10.60%	-0.61%
Volatility (1Y) Calculated over the trailing 1-year period	13.75%	12.65%	+1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.68%	12.24%	+6.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.38%	12.24%	+6.14%

FPRO vs. CMDT - Expense Ratio Comparison

FPRO has a 0.59% expense ratio, which is lower than CMDT's 0.65% expense ratio.

Dividends

FPRO vs. CMDT - Dividend Comparison

FPRO's dividend yield for the trailing twelve months is around 2.48%, less than CMDT's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.67%	3.04%	8.80%	2.71%	0.00%	0.00%
FPRO Fidelity Real Estate Investment ETF	2.48%	2.69%	2.50%	2.83%	2.67%	1.69%

Frequently Asked Questions

Can I hold both FPRO and CMDT in my portfolio?

FPRO and CMDT have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPRO or CMDT?

FPRO has higher volatility (5.01%) compared to CMDT (3.26%). In terms of maximum drawdown, FPRO dropped -32.81% vs CMDT's -11.11%.

Which ETF is better, FPRO or CMDT?

On 3-year performance, CMDT leads with 12.77% vs 11.58% for FPRO. On fees, FPRO is cheaper at 0.59% per year. On volatility, CMDT has been the lower-risk option at 3.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPRO or CMDT?

Over the 3-year period, CMDT has performed better with a 12.77% return vs 11.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPRO or CMDT?

FPRO is cheaper with a 0.59% expense ratio, compared with 0.65% for CMDT.

Which ETF pays a higher dividend yield, FPRO or CMDT?

CMDT has the higher dividend yield at 2.67%, compared with 2.48% for FPRO.

What is the main difference between FPRO and CMDT?

FPRO is categorized as REIT, while CMDT is Commodities. They also come from different issuers: Fidelity and PIMCO. Their fees differ too: 0.59% for FPRO and 0.65% for CMDT.

Which has better risk-adjusted returns?

CMDT currently has the higher Sharpe Ratio (1.71 vs 0.91), 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.