LMUB vs. CERY

Last updated Jun 25, 2026

LMUB (iShares Long-Term National Muni Bond ETF) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - LMUB is a Municipal Bonds fund tracking the ICE AMT-Free US Long National Municipal Index, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. Both are passively managed. Over the past year, LMUB returned 9.10% vs 26.93% for CERY. At a correlation of -0.18, they often move in opposite directions. LMUB charges 0.09%/yr vs 0.28%/yr for CERY.

Performance

LMUB vs. CERY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Long-Term National Muni Bond ETF (LMUB) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LMUB achieves a 2.88% return, which is significantly lower than CERY's 15.55% return.

LMUB

• 1D: 0.26%
• 1M: 2.56%
• YTD: 2.88%
• 6M: 2.78%
• 1Y: 9.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CERY

• 1D: -2.16%
• 1M: -11.45%
• YTD: 15.55%
• 6M: 13.60%
• 1Y: 26.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LMUB vs. CERY - Yearly Performance Comparison

	2026 (YTD)	2025
LMUB iShares Long-Term National Muni Bond ETF	2.88%	3.52%
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	15.55%	9.56%

Correlation

The correlation between LMUB and CERY is -0.20, 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	-0.20
Correlation (All Time) Calculated using the full available price history since Mar 18, 2025	-0.18

Return for Risk

LMUB vs. CERY — Risk / Return Rank

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

LMUB

LMUB Risk / Return Rank: 76
LMUB Sharpe Ratio Rank: 79
LMUB Sortino Ratio Rank: 83
LMUB Omega Ratio Rank: 86
LMUB Calmar Ratio Rank: 68
LMUB Martin Ratio Rank: 65

CERY

CERY Risk / Return Rank: 54
CERY Sharpe Ratio Rank: 59
CERY Sortino Ratio Rank: 54
CERY Omega Ratio Rank: 55
CERY Calmar Ratio Rank: 42
CERY Martin Ratio Rank: 59

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.

LMUB vs. CERY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Long-Term National Muni Bond ETF (LMUB) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). 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.

	LMUB	CERY	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.74	+0.46
Sortino ratio: Return per unit of downside risk	3.20	2.33	+0.86
Omega ratio: Gain probability vs. loss probability	1.45	1.30	+0.15
Calmar ratio: Return relative to maximum drawdown	2.94	1.89	+1.05
Martin ratio: Return relative to average drawdown	10.32	9.35	+0.97

LMUB vs. CERY - Sharpe Ratio Comparison

The current LMUB Sharpe Ratio is 2.20, which is comparable to the CERY Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of LMUB and CERY, 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

LMUB vs. CERY - Drawdown Comparison

The maximum LMUB drawdown since its inception was -5.51%, smaller than the maximum CERY drawdown of -14.33%. Use the drawdown chart below to compare losses from any high point for LMUB and CERY.

Drawdown Indicators

	LMUB	CERY	Difference
Max Drawdown Largest peak-to-trough decline	-5.51%	-14.33%	+8.82%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-14.33%	+11.22%
Current Drawdown Current decline from peak	0.00%	-14.33%	+14.33%
Average Drawdown Average peak-to-trough decline	-1.54%	-2.32%	+0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	2.89%	-2.01%

Volatility

LMUB vs. CERY - Volatility Comparison

The current volatility for iShares Long-Term National Muni Bond ETF (LMUB) is 1.08%, while SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a volatility of 4.01%. This indicates that LMUB experiences smaller price fluctuations and is considered to be less risky than CERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LMUB	CERY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	4.01%	-2.93%
Volatility (6M) Calculated over the trailing 6-month period	2.98%	13.81%	-10.83%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	15.66%	-11.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.85%	14.82%	-8.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.85%	14.82%	-8.97%

LMUB vs. CERY - Expense Ratio Comparison

LMUB has a 0.09% expense ratio, which is lower than CERY's 0.28% expense ratio.

Dividends

LMUB vs. CERY - Dividend Comparison

LMUB's dividend yield for the trailing twelve months is around 3.75%, less than CERY's 4.32% yield.

Position	TTM	2025	2024
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.32%	4.99%	0.52%
LMUB iShares Long-Term National Muni Bond ETF	3.75%	3.14%	0.00%

Frequently Asked Questions

Can I hold both LMUB and CERY in my portfolio?

LMUB and CERY have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LMUB or CERY?

CERY has higher volatility (4.01%) compared to LMUB (1.08%). In terms of maximum drawdown, LMUB dropped -5.51% vs CERY's -14.33%.

Which ETF is better, LMUB or CERY?

On 1-year performance, CERY leads with 26.93% vs 9.10% for LMUB. On fees, LMUB is cheaper at 0.09% per year. On volatility, LMUB has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LMUB or CERY?

Over the 1-year period, CERY has performed better with a 26.93% return vs 9.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LMUB or CERY?

LMUB is cheaper with a 0.09% expense ratio, compared with 0.28% for CERY.

Which ETF pays a higher dividend yield, LMUB or CERY?

CERY has the higher dividend yield at 4.32%, compared with 3.75% for LMUB.

What is the main difference between LMUB and CERY?

LMUB is categorized as Municipal Bonds, while CERY is Commodities. LMUB tracks ICE AMT-Free US Long National Municipal Index, while CERY tracks Bloomberg Enhanced Roll Yield Total Return Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.09% for LMUB and 0.28% for CERY.

Which has better risk-adjusted returns?

LMUB currently has the higher Sharpe Ratio (2.20 vs 1.74), 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.