LLYX vs. CMDT

Last updated Jun 24, 2026

LLYX (Defiance Daily Target 2X Long LLY ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - LLYX is a Leveraged Equities fund actively managed by Defiance, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. LLYX is actively managed, while CMDT is passively managed. Over the past year, LLYX returned 58.33% vs 21.34% for CMDT. At a correlation of -0.08, they often move in opposite directions. LLYX charges 1.32%/yr vs 0.65%/yr for CMDT.

Performance

LLYX vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long LLY ETF (LLYX) 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, LLYX achieves a -6.47% return, which is significantly lower than CMDT's 13.43% return.

LLYX

• 1D: 0.89%
• 1M: 6.57%
• YTD: -6.47%
• 6M: -5.94%
• 1Y: 58.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CMDT

• 1D: -1.14%
• 1M: -8.86%
• YTD: 13.43%
• 6M: 13.42%
• 1Y: 21.34%
• 3Y*: 12.77%
• 5Y*: —
• 10Y*: —

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

LLYX vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LLYX Defiance Daily Target 2X Long LLY ETF	-6.47%	44.29%	-23.22%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	13.43%	12.78%	4.49%

Correlation

The correlation between LLYX and CMDT is -0.15, 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	-0.15
Correlation (All Time) Calculated using the full available price history since Aug 8, 2024	-0.08

Return for Risk

LLYX vs. CMDT — Risk / Return Rank

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

LLYX

LLYX Risk / Return Rank: 27
LLYX Sharpe Ratio Rank: 23
LLYX Sortino Ratio Rank: 29
LLYX Omega Ratio Rank: 31
LLYX Calmar Ratio Rank: 27
LLYX Martin Ratio Rank: 23

CMDT

CMDT Risk / Return Rank: 50
CMDT Sharpe Ratio Rank: 53
CMDT Sortino Ratio Rank: 52
CMDT Omega Ratio Rank: 48
CMDT Calmar Ratio Rank: 41
CMDT Martin Ratio Rank: 58

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.

LLYX vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long LLY ETF (LLYX) 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.

	LLYX	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.71	-0.93
Sortino ratio: Return per unit of downside risk	1.48	2.39	-0.91
Omega ratio: Gain probability vs. loss probability	1.20	1.29	-0.09
Calmar ratio: Return relative to maximum drawdown	1.24	1.93	-0.69
Martin ratio: Return relative to average drawdown	2.76	9.62	-6.86

LLYX vs. CMDT - Sharpe Ratio Comparison

The current LLYX Sharpe Ratio is 0.78, which is lower than the CMDT Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of LLYX 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.

Drawdowns

LLYX vs. CMDT - Drawdown Comparison

The maximum LLYX drawdown since its inception was -67.98%, which is greater than CMDT's maximum drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for LLYX and CMDT.

Drawdown Indicators

	LLYX	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-67.98%	-11.11%	-56.87%
Max Drawdown (1Y) Largest decline over 1 year	-47.36%	-11.11%	-36.25%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.11%	—
Current Drawdown Current decline from peak	-19.07%	-11.11%	-7.96%
Average Drawdown Average peak-to-trough decline	-33.04%	-2.77%	-30.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.22%	2.25%	+18.97%

Volatility

LLYX vs. CMDT - Volatility Comparison

Defiance Daily Target 2X Long LLY ETF (LLYX) has a higher volatility of 16.45% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 3.26%. This indicates that LLYX's price experiences larger fluctuations and is considered to be riskier than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LLYX	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.45%	3.26%	+13.19%
Volatility (6M) Calculated over the trailing 6-month period	52.68%	10.60%	+42.08%
Volatility (1Y) Calculated over the trailing 1-year period	74.74%	12.65%	+62.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.58%	12.24%	+63.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.58%	12.24%	+63.34%

LLYX vs. CMDT - Expense Ratio Comparison

LLYX has a 1.32% expense ratio, which is higher than CMDT's 0.65% expense ratio.

Dividends

LLYX vs. CMDT - Dividend Comparison

LLYX's dividend yield for the trailing twelve months is around 2.95%, more than CMDT's 2.67% yield.

Position	TTM	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.67%	3.04%	8.80%	2.71%
LLYX Defiance Daily Target 2X Long LLY ETF	2.95%	2.76%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LLYX and CMDT in my portfolio?

LLYX and CMDT have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LLYX or CMDT?

LLYX has higher volatility (16.45%) compared to CMDT (3.26%). In terms of maximum drawdown, LLYX dropped -67.98% vs CMDT's -11.11%.

Which ETF is better, LLYX or CMDT?

On 1-year performance, LLYX leads with 58.33% vs 21.34% for CMDT. On fees, CMDT is cheaper at 0.65% per year. On volatility, CMDT has been the lower-risk option at 3.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LLYX or CMDT?

Over the 1-year period, LLYX has performed better with a 58.33% return vs 21.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LLYX or CMDT?

CMDT is cheaper with a 0.65% expense ratio, compared with 1.32% for LLYX.

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

LLYX has the higher dividend yield at 2.95%, compared with 2.67% for CMDT.

What is the main difference between LLYX and CMDT?

LLYX is categorized as Leveraged Equities, while CMDT is Commodities. They also come from different issuers: Defiance and PIMCO. Their fees differ too: 1.32% for LLYX and 0.65% for CMDT.

Which has better risk-adjusted returns?

CMDT currently has the higher Sharpe Ratio (1.71 vs 0.78), 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.