FYHTX vs. CMDY

Last updated Jun 3, 2026

FYHTX (Fidelity Commodity Strategy Fund) and CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) are both Commodities funds - FYHTX tracks the Bloomberg Commodity Total Return Index while CMDY tracks the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 5 years, FYHTX returned 9.78%/yr vs 10.95%/yr for CMDY. Their correlation of 0.92 suggests significant overlap in exposure. FYHTX charges 0.63%/yr vs 0.28%/yr for CMDY.

Performance

FYHTX vs. CMDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Commodity Strategy Fund (FYHTX) 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, FYHTX achieves a 20.27% return, which is significantly lower than CMDY's 25.42% return.

FYHTX

• 1D: 0.72%
• 1M: -0.45%
• YTD: 20.27%
• 6M: 20.66%
• 1Y: 31.28%
• 3Y*: 13.63%
• 5Y*: 9.78%
• 10Y*: —

CMDY

• 1D: 0.41%
• 1M: -1.37%
• YTD: 25.42%
• 6M: 25.12%
• 1Y: 37.25%
• 3Y*: 15.48%
• 5Y*: 10.95%
• 10Y*: —

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

FYHTX vs. CMDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FYHTX Fidelity Commodity Strategy Fund	20.27%	14.72%	4.73%	-8.62%	15.32%	26.43%	-3.84%	6.91%	-11.04%
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF	25.42%	15.81%	5.43%	-9.33%	14.55%	26.38%	1.15%	4.96%	-11.11%

Correlation

The correlation between FYHTX and CMDY is 0.95 - 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	0.95
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 FYHTX and CMDY has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Return for Risk

FYHTX vs. CMDY — Risk / Return Rank

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

FYHTX

FYHTX Risk / Return Rank: 68
FYHTX Sharpe Ratio Rank: 70
FYHTX Sortino Ratio Rank: 56
FYHTX Omega Ratio Rank: 62
FYHTX Calmar Ratio Rank: 90
FYHTX Martin Ratio Rank: 60

CMDY

CMDY Risk / Return Rank: 74
CMDY Sharpe Ratio Rank: 70
CMDY Sortino Ratio Rank: 62
CMDY Omega Ratio Rank: 69
CMDY Calmar Ratio Rank: 88
CMDY Martin Ratio Rank: 79

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.

FYHTX vs. CMDY - Risk-Adjusted Trends Comparison

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

	FYHTX	CMDY	Difference
Sharpe ratio Return per unit of total volatility	2.45	2.33	+0.12
Sortino ratio Return per unit of downside risk	3.15	2.94	+0.22
Omega ratio Gain probability vs. loss probability	1.44	1.42	+0.02
Calmar ratio Return relative to maximum drawdown	4.59	5.20	-0.60
Martin ratio Return relative to average drawdown	12.00	15.73	-3.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FYHTX vs. CMDY - Sharpe Ratio Comparison

The current FYHTX Sharpe Ratio is 2.45, which is comparable to the CMDY Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of FYHTX 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

	FYHTX	CMDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.33	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.70	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.56	-0.07

Drawdowns

FYHTX vs. CMDY - Drawdown Comparison

The maximum FYHTX drawdown since its inception was -33.22%, which is greater than CMDY's maximum drawdown of -31.19%. Use the drawdown chart below to compare losses from any high point for FYHTX and CMDY.

Drawdown Indicators

	FYHTX	CMDY	Difference
Max Drawdown Largest peak-to-trough decline	-33.22%	-31.19%	-2.03%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-7.73%	+0.51%
Max Drawdown (3Y) Largest decline over 3 years	-11.52%	-10.08%	-1.44%
Max Drawdown (5Y) Largest decline over 5 years	-25.47%	-26.56%	+1.09%
Current Drawdown Current decline from peak	-3.70%	-3.99%	+0.29%
Average Drawdown Average peak-to-trough decline	-11.95%	-13.15%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	2.55%	+0.21%

Volatility

FYHTX vs. CMDY - Volatility Comparison

The current volatility for Fidelity Commodity Strategy Fund (FYHTX) is 4.52%, while iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) has a volatility of 5.21%. This indicates that FYHTX 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

	FYHTX	CMDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	5.21%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	11.59%	14.20%	-2.61%
Volatility (1Y) Calculated over the trailing 1-year period	14.14%	16.18%	-2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.85%	15.81%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.48%	14.64%	-0.16%

FYHTX vs. CMDY - Expense Ratio Comparison

FYHTX has a 0.63% expense ratio, which is higher than CMDY's 0.28% expense ratio.

Dividends

FYHTX vs. CMDY - Dividend Comparison

FYHTX's dividend yield for the trailing twelve months is around 2.44%, 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%
FYHTX Fidelity Commodity Strategy Fund	2.44%	2.93%	3.78%	4.10%	57.34%	15.05%	0.00%	7.00%	12.49%	0.36%

Frequently Asked Questions

Can I hold both FYHTX and CMDY in my portfolio?

With a correlation of 0.95, FYHTX 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, FYHTX or CMDY?

CMDY has higher volatility (5.21%) compared to FYHTX (4.52%). In terms of maximum drawdown, FYHTX dropped -33.22% vs CMDY's -31.19%.

Which has better risk-adjusted returns?

FYHTX currently has the higher Sharpe Ratio (2.45 vs 2.33), 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.