JAPN vs. CMDT

Last updated Jun 4, 2026

JAPN (Horizon Kinetics Japan Owner Operator ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - JAPN is a Japan Equities fund actively managed by Horizon, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. JAPN is actively managed, while CMDT is passively managed. Over the past year, JAPN returned -16.72% vs 35.85% for CMDT. At a correlation of -0.06, they often move in opposite directions. JAPN charges 0.85%/yr vs 0.65%/yr for CMDT.

Performance

JAPN vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Japan Owner Operator ETF (JAPN) 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, JAPN achieves a -13.33% return, which is significantly lower than CMDT's 23.96% return.

JAPN

• 1D: -1.75%
• 1M: -2.99%
• YTD: -13.33%
• 6M: -13.01%
• 1Y: -16.72%
• 3Y*: —
• 5Y*: —
• 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)

JAPN vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	-13.33%	2.80%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	23.96%	8.75%

Correlation

The correlation between JAPN and CMDT is -0.05, 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	-0.05
Correlation (All Time) Calculated using the full available price history since May 14, 2025	-0.06

Return for Risk

JAPN vs. CMDT — 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: 2
JAPN Sortino Ratio Rank: 3
JAPN Omega Ratio Rank: 2
JAPN Calmar Ratio Rank: 3
JAPN Martin Ratio Rank: 2

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.

JAPN vs. CMDT - Risk-Adjusted Trends Comparison

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

	JAPN	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	2.92	-3.81
Sortino ratio: Return per unit of downside risk	-1.18	3.92	-5.11
Omega ratio: Gain probability vs. loss probability	0.86	1.50	-0.64
Calmar ratio: Return relative to maximum drawdown	-0.70	8.03	-8.73
Martin ratio: Return relative to average drawdown	-1.34	22.12	-23.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JAPN vs. CMDT - Sharpe Ratio Comparison

The current JAPN Sharpe Ratio is -0.90, which is lower than the CMDT Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of JAPN 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

	JAPN	CMDT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	2.92	-3.81
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	1.32	-1.86

Drawdowns

JAPN vs. CMDT - Drawdown Comparison

The maximum JAPN drawdown since its inception was -23.94%, which is greater than CMDT's maximum drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for JAPN and CMDT.

Drawdown Indicators

	JAPN	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-23.94%	-9.69%	-14.25%
Max Drawdown (1Y) Largest decline over 1 year	-23.94%	-4.49%	-19.45%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.69%	—
Current Drawdown Current decline from peak	-22.90%	-2.86%	-20.04%
Average Drawdown Average peak-to-trough decline	-9.47%	-2.69%	-6.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.54%	1.63%	+10.91%

Volatility

JAPN vs. CMDT - Volatility Comparison

Horizon Kinetics Japan Owner Operator ETF (JAPN) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) have volatilities of 4.33% and 4.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAPN	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	4.33%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	15.41%	10.30%	+5.11%
Volatility (1Y) Calculated over the trailing 1-year period	18.77%	12.35%	+6.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.24%	12.21%	+7.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.24%	12.21%	+7.03%

JAPN vs. CMDT - Expense Ratio Comparison

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

Dividends

JAPN vs. CMDT - Dividend Comparison

JAPN's dividend yield for the trailing twelve months is around 0.28%, less than CMDT's 2.44% yield.

Position	TTM	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.44%	3.04%	8.80%	2.71%
JAPN Horizon Kinetics Japan Owner Operator ETF	0.28%	0.24%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JAPN and CMDT in my portfolio?

JAPN and CMDT have a correlation of -0.05, 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 CMDT?

CMDT has higher volatility (4.33%) compared to JAPN (4.33%). In terms of maximum drawdown, JAPN dropped -23.94% vs CMDT's -9.69%.

Which ETF is better, JAPN or CMDT?

On 1-year performance, CMDT leads with 35.85% vs -16.72% for JAPN. On fees, CMDT is cheaper at 0.65% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JAPN or CMDT?

Over the 1-year period, CMDT has performed better with a 35.85% return vs -16.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAPN or CMDT?

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

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

CMDT has the higher dividend yield at 2.44%, compared with 0.28% for JAPN.

What is the main difference between JAPN and CMDT?

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

Which has better risk-adjusted returns?

CMDT currently has the higher Sharpe Ratio (2.92 vs -0.90), 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.