FSHGX vs. CMDT

Last updated Jun 4, 2026

FSHGX (Fidelity SAI High Income Fund) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both funds - FSHGX is a High Yield Bonds fund managed by Fidelity, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Over the past 3 years, FSHGX returned 10.42%/yr vs 16.90%/yr for CMDT. At a 0.02 correlation, their price movements are largely independent. FSHGX charges 0.60%/yr vs 0.65%/yr for CMDT.

Performance

FSHGX vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI High Income Fund (FSHGX) 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, FSHGX achieves a 3.81% return, which is significantly lower than CMDT's 23.96% return.

FSHGX

• 1D: 0.10%
• 1M: 1.05%
• YTD: 3.81%
• 6M: 4.61%
• 1Y: 10.66%
• 3Y*: 10.42%
• 5Y*: 4.67%
• 10Y*: —

CMDT

• 1D: -0.03%
• 1M: -0.63%
• YTD: 23.96%
• 6M: 24.09%
• 1Y: 35.85%
• 3Y*: 16.90%
• 5Y*: —
• 10Y*: —

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

FSHGX vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FSHGX Fidelity SAI High Income Fund	3.81%	10.26%	9.79%	7.51%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	23.96%	12.78%	6.93%	5.50%

Correlation

The correlation between FSHGX and CMDT is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.02

The correlation between FSHGX and CMDT shifts across timeframes, from -0.12 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSHGX vs. CMDT — Risk / Return Rank

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

FSHGX

FSHGX Risk / Return Rank: 95
FSHGX Sharpe Ratio Rank: 95
FSHGX Sortino Ratio Rank: 97
FSHGX Omega Ratio Rank: 96
FSHGX Calmar Ratio Rank: 93
FSHGX Martin Ratio Rank: 96

CMDT

CMDT Risk / Return Rank: 88
CMDT Sharpe Ratio Rank: 87
CMDT Sortino Ratio Rank: 86
CMDT Omega Ratio Rank: 83
CMDT Calmar Ratio Rank: 95
CMDT Martin Ratio Rank: 91

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.

FSHGX vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI High Income Fund (FSHGX) 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.

	FSHGX	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	3.35	2.92	+0.43
Sortino ratio: Return per unit of downside risk	5.98	3.92	+2.05
Omega ratio: Gain probability vs. loss probability	1.84	1.50	+0.33
Calmar ratio: Return relative to maximum drawdown	5.11	8.03	-2.92
Martin ratio: Return relative to average drawdown	24.98	22.12	+2.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSHGX vs. CMDT - Sharpe Ratio Comparison

The current FSHGX Sharpe Ratio is 3.35, which is comparable to the CMDT Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of FSHGX 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.

Sharpe Ratios by Period

	FSHGX	CMDT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.35	2.92	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	1.32	-0.43

Drawdowns

FSHGX vs. CMDT - Drawdown Comparison

The maximum FSHGX drawdown since its inception was -15.77%, which is greater than CMDT's maximum drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for FSHGX and CMDT.

Drawdown Indicators

	FSHGX	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-15.77%	-9.69%	-6.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.31%	-4.49%	+2.18%
Max Drawdown (3Y) Largest decline over 3 years	-3.93%	-9.69%	+5.76%
Max Drawdown (5Y) Largest decline over 5 years	-15.77%	—	—
Current Drawdown Current decline from peak	0.00%	-2.86%	+2.86%
Average Drawdown Average peak-to-trough decline	-3.83%	-2.69%	-1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	1.63%	-1.16%

Volatility

FSHGX vs. CMDT - Volatility Comparison

The current volatility for Fidelity SAI High Income Fund (FSHGX) is 1.06%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 4.33%. This indicates that FSHGX experiences smaller price fluctuations and is considered to be less risky than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSHGX	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	4.33%	-3.27%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	10.30%	-7.68%
Volatility (1Y) Calculated over the trailing 1-year period	3.52%	12.35%	-8.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.26%	12.21%	-6.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.24%	12.21%	-6.97%

FSHGX vs. CMDT - Expense Ratio Comparison

FSHGX has a 0.60% expense ratio, which is lower than CMDT's 0.65% expense ratio.

Dividends

FSHGX vs. CMDT - Dividend Comparison

FSHGX's dividend yield for the trailing twelve months is around 6.31%, more than CMDT's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.44%	3.04%	8.80%	2.71%	0.00%	0.00%
FSHGX Fidelity SAI High Income Fund	6.31%	6.34%	6.15%	5.47%	3.99%	2.28%

Frequently Asked Questions

Can I hold both FSHGX and CMDT in my portfolio?

FSHGX and CMDT have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSHGX or CMDT?

CMDT has higher volatility (4.33%) compared to FSHGX (1.06%). In terms of maximum drawdown, FSHGX dropped -15.77% vs CMDT's -9.69%.

Which has better risk-adjusted returns?

FSHGX currently has the higher Sharpe Ratio (3.35 vs 2.92), 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.