IBTI vs. CMDT
IBTI (iShares iBonds Dec 2028 Term Treasury ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - IBTI is a Government Bonds fund tracking the ICE 2028 Maturity US Treasury 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, IBTI returned 3.84%/yr vs 13.20%/yr for CMDT. At a correlation of -0.10, they often move in opposite directions. IBTI charges 0.07%/yr vs 0.65%/yr for CMDT.
Performance
IBTI vs. CMDT - Performance Comparison
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Returns By Period
In the year-to-date period, IBTI achieves a 0.24% return, which is significantly lower than CMDT's 14.74% return.
IBTI
- 1D
- -0.07%
- 1M
- 0.11%
- YTD
- 0.24%
- 6M
- 0.38%
- 1Y
- 3.10%
- 3Y*
- 3.84%
- 5Y*
- 0.18%
- 10Y*
- —
CMDT
- 1D
- -0.69%
- 1M
- -7.81%
- YTD
- 14.74%
- 6M
- 15.38%
- 1Y
- 20.78%
- 3Y*
- 13.20%
- 5Y*
- —
- 10Y*
- —
IBTI vs. CMDT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IBTI iShares iBonds Dec 2028 Term Treasury ETF | 0.24% | 6.15% | 2.52% | 0.84% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 14.74% | 12.78% | 6.93% | 5.37% |
Correlation
The correlation between IBTI and CMDT is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since May 10, 2023 | -0.10 |
The correlation between IBTI and CMDT shifts across timeframes, from -0.23 (1 year) to -0.10 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
IBTI vs. CMDT — Risk / Return Rank
IBTI
CMDT
IBTI vs. CMDT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2028 Term Treasury ETF (IBTI) 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.
| IBTI | CMDT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.28 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.83 | 2.07 | +0.76 |
| Martin ratioReturn relative to average drawdown | 9.15 | 9.74 | -0.60 |
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Drawdowns
IBTI vs. CMDT - Drawdown Comparison
The maximum IBTI drawdown since its inception was -18.45%, which is greater than CMDT's maximum drawdown of -10.09%. Use the drawdown chart below to compare losses from any high point for IBTI and CMDT.
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Drawdown Indicators
| IBTI | CMDT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.45% | -10.09% | -8.36% |
Max Drawdown (1Y)Largest decline over 1 year | -1.10% | -10.09% | +8.99% |
Max Drawdown (3Y)Largest decline over 3 years | -3.24% | -10.09% | +6.85% |
Max Drawdown (5Y)Largest decline over 5 years | -16.18% | — | — |
Current DrawdownCurrent decline from peak | -3.97% | -10.09% | +6.12% |
Average DrawdownAverage peak-to-trough decline | -8.22% | -2.76% | -5.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.34% | 2.28% | -1.94% |
Volatility
IBTI vs. CMDT - Volatility Comparison
The current volatility for iShares iBonds Dec 2028 Term Treasury ETF (IBTI) is 0.48%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 3.18%. This indicates that IBTI 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.
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Volatility by Period
| IBTI | CMDT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.48% | 3.18% | -2.70% |
Volatility (6M)Calculated over the trailing 6-month period | 1.11% | 10.52% | -9.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.70% | 12.62% | -10.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.00% | 12.23% | -7.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.16% | 12.23% | -7.07% |
IBTI vs. CMDT - Expense Ratio Comparison
IBTI has a 0.07% expense ratio, which is lower than CMDT's 0.65% expense ratio.
Dividends
IBTI vs. CMDT - Dividend Comparison
IBTI's dividend yield for the trailing twelve months is around 3.81%, more than CMDT's 2.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.64% | 3.04% | 8.80% | 2.71% | 0.00% | 0.00% | 0.00% |
IBTI iShares iBonds Dec 2028 Term Treasury ETF | 3.81% | 3.87% | 3.92% | 3.27% | 1.70% | 0.90% | 0.56% |
Frequently Asked Questions
IBTI and CMDT have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMDT has higher volatility (3.18%) compared to IBTI (0.48%). In terms of maximum drawdown, IBTI dropped -18.45% vs CMDT's -10.09%.
On 3-year performance, CMDT leads with 13.20% vs 3.84% for IBTI. On fees, IBTI is cheaper at 0.07% per year. On volatility, IBTI has been the lower-risk option at 0.48%. 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 13.20% return vs 3.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTI is cheaper with a 0.07% expense ratio, compared with 0.65% for CMDT.
IBTI has the higher dividend yield at 3.81%, compared with 2.64% for CMDT.
IBTI is categorized as Government Bonds, while CMDT is Commodities. IBTI tracks ICE 2028 Maturity US Treasury Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.07% for IBTI and 0.65% for CMDT.
IBTI currently has the higher Sharpe Ratio (1.84 vs 1.66), 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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