LQDW vs. CMDT
LQDW (iShares Investment Grade Corporate Bond Buywrite Strategy ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - LQDW is a Corporate Bonds fund tracking the CBOE LQD BuyWrite 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, LQDW returned 3.70%/yr vs 12.77%/yr for CMDT. At a correlation of -0.07, they often move in opposite directions. LQDW charges 0.34%/yr vs 0.65%/yr for CMDT.
Performance
LQDW vs. CMDT - Performance Comparison
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Returns By Period
In the year-to-date period, LQDW achieves a 1.88% return, which is significantly lower than CMDT's 13.43% return.
LQDW
- 1D
- 0.18%
- 1M
- 1.36%
- YTD
- 1.88%
- 6M
- 2.02%
- 1Y
- 6.49%
- 3Y*
- 3.70%
- 5Y*
- —
- 10Y*
- —
CMDT
- 1D
- -1.14%
- 1M
- -8.86%
- YTD
- 13.43%
- 6M
- 13.42%
- 1Y
- 21.34%
- 3Y*
- 12.77%
- 5Y*
- —
- 10Y*
- —
LQDW vs. CMDT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 1.88% | 9.05% | 2.60% | -1.32% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 13.43% | 12.78% | 6.93% | 5.37% |
Correlation
The correlation between LQDW and CMDT is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since May 10, 2023 | -0.07 |
The correlation between LQDW and CMDT shifts across timeframes, from -0.27 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
LQDW vs. CMDT — Risk / Return Rank
LQDW
CMDT
LQDW vs. CMDT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) 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.
| LQDW | CMDT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.29 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 1.93 | +0.59 |
| Martin ratioReturn relative to average drawdown | 9.34 | 9.62 | -0.28 |
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Drawdowns
LQDW vs. CMDT - Drawdown Comparison
The maximum LQDW drawdown since its inception was -9.20%, smaller than the maximum CMDT drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for LQDW and CMDT.
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Drawdown Indicators
| LQDW | CMDT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.20% | -11.11% | +1.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.59% | -11.11% | +8.52% |
Max Drawdown (3Y)Largest decline over 3 years | -6.74% | -11.11% | +4.37% |
Current DrawdownCurrent decline from peak | -0.04% | -11.11% | +11.07% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -2.77% | +0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 2.25% | -1.55% |
Volatility
LQDW vs. CMDT - Volatility Comparison
The current volatility for iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) is 1.00%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 3.26%. This indicates that LQDW 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
| LQDW | CMDT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 3.26% | -2.26% |
Volatility (6M)Calculated over the trailing 6-month period | 3.12% | 10.60% | -7.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.62% | 12.65% | -9.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.47% | 12.24% | -6.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.47% | 12.24% | -6.77% |
LQDW vs. CMDT - Expense Ratio Comparison
LQDW has a 0.34% expense ratio, which is lower than CMDT's 0.65% expense ratio.
Dividends
LQDW vs. CMDT - Dividend Comparison
LQDW's dividend yield for the trailing twelve months is around 12.49%, more than CMDT's 2.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.67% | 3.04% | 8.80% | 2.71% | 0.00% |
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 12.49% | 16.02% | 15.74% | 19.28% | 8.85% |
Frequently Asked Questions
LQDW and CMDT have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMDT has higher volatility (3.26%) compared to LQDW (1.00%). In terms of maximum drawdown, LQDW dropped -9.20% vs CMDT's -11.11%.
On 3-year performance, CMDT leads with 12.77% vs 3.70% for LQDW. On fees, LQDW is cheaper at 0.34% per year. On volatility, LQDW has been the lower-risk option at 1.00%. 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 12.77% return vs 3.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LQDW is cheaper with a 0.34% expense ratio, compared with 0.65% for CMDT.
LQDW has the higher dividend yield at 12.49%, compared with 2.67% for CMDT.
LQDW is categorized as Corporate Bonds, while CMDT is Commodities. LQDW tracks CBOE LQD BuyWrite Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.34% for LQDW and 0.65% for CMDT.
LQDW currently has the higher Sharpe Ratio (1.80 vs 1.71), 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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