MBBA vs. CMDT

Last updated Jun 5, 2026

MBBA (iShares Mortgage-Backed Securities Active ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - MBBA is a Mortgage Backed Securities fund actively managed by iShares, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. MBBA is actively managed, while CMDT is passively managed. At a correlation of -0.51, they often move in opposite directions. MBBA charges 0.25%/yr vs 0.65%/yr for CMDT.

Performance

MBBA vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Mortgage-Backed Securities Active ETF (MBBA) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MBBA

• 1D: -0.10%
• 1M: 0.34%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CMDT

• 1D: -1.03%
• 1M: -2.01%
• YTD: 22.69%
• 6M: 22.11%
• 1Y: 34.25%
• 3Y*: 16.55%
• 5Y*: —
• 10Y*: —

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

MBBA vs. CMDT - Yearly Performance Comparison

	2026 (YTD)
MBBA iShares Mortgage-Backed Securities Active ETF	0.54%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	16.68%

Correlation

The correlation between MBBA and CMDT is -0.51, 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 (All Time) Calculated using the full available price history since Jan 27, 2026	-0.51

Return for Risk

MBBA vs. CMDT — Risk / Return Rank

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

CMDT

CMDT Risk / Return Rank: 87
CMDT Sharpe Ratio Rank: 86
CMDT Sortino Ratio Rank: 84
CMDT Omega Ratio Rank: 81
CMDT Calmar Ratio Rank: 95
CMDT Martin Ratio Rank: 90

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.

MBBA vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Mortgage-Backed Securities Active ETF (MBBA) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MBBA	CMDT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	1.29	-0.96

Drawdowns

MBBA vs. CMDT - Drawdown Comparison

The maximum MBBA drawdown since its inception was -2.83%, smaller than the maximum CMDT drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for MBBA and CMDT.

Drawdown Indicators

	MBBA	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-2.83%	-9.69%	+6.86%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.49%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-9.69%	—
Current Drawdown Current decline from peak	-1.27%	-3.86%	+2.59%
Average Drawdown Average peak-to-trough decline	-1.12%	-2.69%	+1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.64%	—

Volatility

Volatility by Period

	MBBA	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.42%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.64%	12.40%	-7.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.64%	12.22%	-7.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.64%	12.22%	-7.58%

MBBA vs. CMDT - Expense Ratio Comparison

MBBA has a 0.25% expense ratio, which is lower than CMDT's 0.65% expense ratio.

Dividends

MBBA vs. CMDT - Dividend Comparison

MBBA's dividend yield for the trailing twelve months is around 1.84%, less than CMDT's 2.47% yield.

Position	TTM	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.47%	3.04%	8.80%	2.71%
MBBA iShares Mortgage-Backed Securities Active ETF	1.84%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MBBA and CMDT in my portfolio?

MBBA and CMDT have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MBBA or CMDT?

On fees, MBBA is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MBBA or CMDT?

MBBA is cheaper with a 0.25% expense ratio, compared with 0.65% for CMDT.

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

CMDT has the higher dividend yield at 2.47%, compared with 1.84% for MBBA.

What is the main difference between MBBA and CMDT?

MBBA is categorized as Mortgage Backed Securities, while CMDT is Commodities. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.25% for MBBA and 0.65% for CMDT.