JAPN vs. CMCI

Last updated Jun 24, 2026

JAPN (Horizon Kinetics Japan Owner Operator ETF) and CMCI (VanEck CMCI Commodity Strategy ETF) are both exchange-traded funds - JAPN is a Japan Equities fund actively managed by Horizon, while CMCI is a Commodities fund tracking the UBS Bloomberg CMCI Composite Total Return Index. JAPN is actively managed, while CMCI is passively managed. Over the past year, JAPN returned -19.28% vs 19.16% for CMCI. At a correlation of -0.03, they often move in opposite directions. JAPN charges 0.85%/yr vs 0.65%/yr for CMCI.

Performance

JAPN vs. CMCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Japan Owner Operator ETF (JAPN) and VanEck CMCI Commodity Strategy ETF (CMCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JAPN achieves a -14.01% return, which is significantly lower than CMCI's 15.08% return.

JAPN

• 1D: -1.93%
• 1M: -2.75%
• YTD: -14.01%
• 6M: -14.07%
• 1Y: -19.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CMCI

• 1D: -1.04%
• 1M: -6.48%
• YTD: 15.08%
• 6M: 14.93%
• 1Y: 19.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JAPN vs. CMCI - Yearly Performance Comparison

	2026 (YTD)	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	-14.01%	3.10%
CMCI VanEck CMCI Commodity Strategy ETF	15.08%	6.68%

Correlation

The correlation between JAPN and CMCI is -0.02, 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	-0.02
Correlation (All Time) Calculated using the full available price history since May 13, 2025	-0.03

Return for Risk

JAPN vs. CMCI — Risk / Return Rank

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

JAPN

JAPN Risk / Return Rank: 2
JAPN Sharpe Ratio Rank: 1
JAPN Sortino Ratio Rank: 2
JAPN Omega Ratio Rank: 2
JAPN Calmar Ratio Rank: 2
JAPN Martin Ratio Rank: 1

CMCI

CMCI Risk / Return Rank: 48
CMCI Sharpe Ratio Rank: 48
CMCI Sortino Ratio Rank: 48
CMCI Omega Ratio Rank: 47
CMCI Calmar Ratio Rank: 44
CMCI Martin Ratio Rank: 54

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.

JAPN vs. CMCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Japan Owner Operator ETF (JAPN) and VanEck CMCI Commodity Strategy ETF (CMCI). 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.

	JAPN	CMCI	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	1.57	-2.57
Sortino ratio: Return per unit of downside risk	-1.36	2.21	-3.57
Omega ratio: Gain probability vs. loss probability	0.84	1.28	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.81	2.06	-2.86
Martin ratio: Return relative to average drawdown	-1.43	8.69	-10.12

JAPN vs. CMCI - Sharpe Ratio Comparison

The current JAPN Sharpe Ratio is -0.99, which is lower than the CMCI Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of JAPN and CMCI, 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

JAPN vs. CMCI - Drawdown Comparison

The maximum JAPN drawdown since its inception was -23.94%, which is greater than CMCI's maximum drawdown of -11.54%. Use the drawdown chart below to compare losses from any high point for JAPN and CMCI.

Drawdown Indicators

	JAPN	CMCI	Difference
Max Drawdown Largest peak-to-trough decline	-23.94%	-11.54%	-12.40%
Max Drawdown (1Y) Largest decline over 1 year	-23.94%	-9.36%	-14.58%
Current Drawdown Current decline from peak	-23.51%	-9.36%	-14.15%
Average Drawdown Average peak-to-trough decline	-10.03%	-3.60%	-6.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.52%	2.23%	+11.29%

Volatility

JAPN vs. CMCI - Volatility Comparison

Horizon Kinetics Japan Owner Operator ETF (JAPN) has a higher volatility of 6.67% compared to VanEck CMCI Commodity Strategy ETF (CMCI) at 2.95%. This indicates that JAPN's price experiences larger fluctuations and is considered to be riskier than CMCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAPN	CMCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.67%	2.95%	+3.72%
Volatility (6M) Calculated over the trailing 6-month period	16.17%	10.22%	+5.95%
Volatility (1Y) Calculated over the trailing 1-year period	19.48%	12.37%	+7.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.56%	12.60%	+6.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.56%	12.60%	+6.96%

JAPN vs. CMCI - Expense Ratio Comparison

JAPN has a 0.85% expense ratio, which is higher than CMCI's 0.65% expense ratio.

Dividends

JAPN vs. CMCI - Dividend Comparison

JAPN's dividend yield for the trailing twelve months is around 0.28%, less than CMCI's 8.59% yield.

Position	TTM	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	8.59%	9.89%	3.93%	1.64%
JAPN Horizon Kinetics Japan Owner Operator ETF	0.28%	0.24%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JAPN and CMCI in my portfolio?

JAPN and CMCI have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JAPN or CMCI?

JAPN has higher volatility (6.67%) compared to CMCI (2.95%). In terms of maximum drawdown, JAPN dropped -23.94% vs CMCI's -11.54%.

Which ETF is better, JAPN or CMCI?

On 1-year performance, CMCI leads with 19.16% vs -19.28% for JAPN. On fees, CMCI is cheaper at 0.65% per year. On volatility, CMCI has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JAPN or CMCI?

Over the 1-year period, CMCI has performed better with a 19.16% return vs -19.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAPN or CMCI?

CMCI is cheaper with a 0.65% expense ratio, compared with 0.85% for JAPN.

Which ETF pays a higher dividend yield, JAPN or CMCI?

CMCI has the higher dividend yield at 8.59%, compared with 0.28% for JAPN.

What is the main difference between JAPN and CMCI?

JAPN is categorized as Japan Equities, while CMCI is Commodities. They also come from different issuers: Horizon and VanEck. Their fees differ too: 0.85% for JAPN and 0.65% for CMCI.

Which has better risk-adjusted returns?

CMCI currently has the higher Sharpe Ratio (1.57 vs -0.99), 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.