FREL vs. CMDT
FREL (Fidelity MSCI Real Estate Index ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - FREL is a REIT fund tracking the MSCI USA IMI Real Estate Index, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 3 years, FREL returned 8.65%/yr vs 12.77%/yr for CMDT. At a 0.00 correlation, their price movements are largely independent. FREL charges 0.08%/yr vs 0.65%/yr for CMDT.
Performance
FREL vs. CMDT - Performance Comparison
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Returns By Period
In the year-to-date period, FREL achieves a 8.97% return, which is significantly lower than CMDT's 15.54% return.
FREL
- 1D
- -0.04%
- 1M
- 0.34%
- YTD
- 8.97%
- 6M
- 9.40%
- 1Y
- 10.32%
- 3Y*
- 8.65%
- 5Y*
- 2.50%
- 10Y*
- 5.72%
CMDT
- 1D
- -0.25%
- 1M
- -9.16%
- YTD
- 15.54%
- 6M
- 17.61%
- 1Y
- 21.69%
- 3Y*
- 12.77%
- 5Y*
- —
- 10Y*
- —
FREL vs. CMDT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 8.97% | 3.09% | 5.05% | 11.12% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 15.54% | 12.78% | 6.93% | 5.37% |
Correlation
The correlation between FREL and CMDT is -0.07, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since May 10, 2023 | 0.00 |
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Return for Risk
FREL vs. CMDT — Risk / Return Rank
FREL
CMDT
FREL vs. CMDT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Real Estate Index ETF (FREL) 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.
| FREL | CMDT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.30 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 2.30 | -1.08 |
| Martin ratioReturn relative to average drawdown | 3.84 | 9.95 | -6.11 |
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Drawdowns
FREL vs. CMDT - Drawdown Comparison
The maximum FREL drawdown since its inception was -42.61%, which is greater than CMDT's maximum drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for FREL and CMDT.
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Drawdown Indicators
| FREL | CMDT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.61% | -9.69% | -32.92% |
Max Drawdown (1Y)Largest decline over 1 year | -8.45% | -9.46% | +1.01% |
Max Drawdown (3Y)Largest decline over 3 years | -17.54% | -9.69% | -7.85% |
Max Drawdown (5Y)Largest decline over 5 years | -34.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -42.61% | — | — |
Current DrawdownCurrent decline from peak | -3.05% | -9.46% | +6.41% |
Average DrawdownAverage peak-to-trough decline | -9.92% | -2.75% | -7.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 2.19% | +0.50% |
Volatility
FREL vs. CMDT - Volatility Comparison
Fidelity MSCI Real Estate Index ETF (FREL) has a higher volatility of 5.03% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 3.30%. This indicates that FREL'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.
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Volatility by Period
| FREL | CMDT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.03% | 3.30% | +1.73% |
Volatility (6M)Calculated over the trailing 6-month period | 10.11% | 10.50% | -0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.74% | 12.57% | +1.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.90% | 12.23% | +6.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.71% | 12.23% | +8.48% |
FREL vs. CMDT - Expense Ratio Comparison
FREL has a 0.08% expense ratio, which is lower than CMDT's 0.65% expense ratio.
Dividends
FREL vs. CMDT - Dividend Comparison
FREL's dividend yield for the trailing twelve months is around 4.28%, more than CMDT's 2.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.62% | 3.04% | 8.80% | 2.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FREL Fidelity MSCI Real Estate Index ETF | 4.28% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
Frequently Asked Questions
FREL and CMDT have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FREL has higher volatility (5.03%) compared to CMDT (3.30%). In terms of maximum drawdown, FREL dropped -42.61% vs CMDT's -9.69%.
On 3-year performance, CMDT leads with 12.77% vs 8.65% for FREL. On fees, FREL is cheaper at 0.08% per year. On volatility, CMDT has been the lower-risk option at 3.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CMDT has performed better with a 12.77% return vs 8.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FREL is cheaper with a 0.08% expense ratio, compared with 0.65% for CMDT.
FREL has the higher dividend yield at 4.28%, compared with 2.62% for CMDT.
FREL is categorized as REIT, while CMDT is Commodities. FREL tracks MSCI USA IMI Real Estate Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: Fidelity and PIMCO. Their fees differ too: 0.08% for FREL and 0.65% for CMDT.
CMDT currently has the higher Sharpe Ratio (1.73 vs 0.75), 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.
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