MDEV vs. CMDT
MDEV (First Trust Indxx Medical Devices ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - MDEV is a Health & Biotech Equities fund tracking the Indxx Global Medical Equipment 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, MDEV returned -3.34%/yr vs 12.77%/yr for CMDT. At a 0.05 correlation, their price movements are largely independent. MDEV charges 0.70%/yr vs 0.65%/yr for CMDT.
Performance
MDEV vs. CMDT - Performance Comparison
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Returns By Period
In the year-to-date period, MDEV achieves a -11.56% return, which is significantly lower than CMDT's 13.43% return.
MDEV
- 1D
- 0.35%
- 1M
- -1.40%
- YTD
- -11.56%
- 6M
- -12.11%
- 1Y
- -7.87%
- 3Y*
- -3.34%
- 5Y*
- -6.04%
- 10Y*
- —
CMDT
- 1D
- -1.14%
- 1M
- -8.86%
- YTD
- 13.43%
- 6M
- 13.42%
- 1Y
- 21.34%
- 3Y*
- 12.77%
- 5Y*
- —
- 10Y*
- —
MDEV vs. CMDT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MDEV First Trust Indxx Medical Devices ETF | -11.56% | 2.00% | 1.79% | -2.66% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 13.43% | 12.78% | 6.93% | 5.37% |
Correlation
The correlation between MDEV and CMDT is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since May 10, 2023 | 0.05 |
The correlation between MDEV and CMDT shifts across timeframes, from -0.10 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MDEV vs. CMDT — Risk / Return Rank
MDEV
CMDT
MDEV vs. CMDT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Medical Devices ETF (MDEV) 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.
| MDEV | CMDT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -2.99 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.29 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 1.93 | -2.36 |
| Martin ratioReturn relative to average drawdown | -1.00 | 9.62 | -10.62 |
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Drawdowns
MDEV vs. CMDT - Drawdown Comparison
The maximum MDEV drawdown since its inception was -42.34%, which is greater than CMDT's maximum drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for MDEV and CMDT.
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Drawdown Indicators
| MDEV | CMDT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.34% | -11.11% | -31.23% |
Max Drawdown (1Y)Largest decline over 1 year | -18.13% | -11.11% | -7.02% |
Max Drawdown (3Y)Largest decline over 3 years | -22.50% | -11.11% | -11.39% |
Max Drawdown (5Y)Largest decline over 5 years | -42.34% | — | — |
Current DrawdownCurrent decline from peak | -33.81% | -11.11% | -22.70% |
Average DrawdownAverage peak-to-trough decline | -25.71% | -2.77% | -22.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.87% | 2.25% | +5.62% |
Volatility
MDEV vs. CMDT - Volatility Comparison
First Trust Indxx Medical Devices ETF (MDEV) has a higher volatility of 4.27% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 3.26%. This indicates that MDEV'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.
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Volatility by Period
| MDEV | CMDT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.27% | 3.26% | +1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 11.81% | 10.60% | +1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.17% | 12.65% | +3.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.96% | 12.24% | +6.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.95% | 12.24% | +6.71% |
MDEV vs. CMDT - Expense Ratio Comparison
MDEV has a 0.70% expense ratio, which is higher than CMDT's 0.65% expense ratio.
Dividends
MDEV vs. CMDT - Dividend Comparison
MDEV has not paid dividends to shareholders, while CMDT's dividend yield for the trailing twelve months is around 2.67%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.67% | 3.04% | 8.80% | 2.71% |
MDEV First Trust Indxx Medical Devices ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MDEV and CMDT have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MDEV has higher volatility (4.27%) compared to CMDT (3.26%). In terms of maximum drawdown, MDEV dropped -42.34% vs CMDT's -11.11%.
On 3-year performance, CMDT leads with 12.77% vs -3.34% for MDEV. 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.
Over the 3-year period, CMDT has performed better with a 12.77% return vs -3.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMDT is cheaper with a 0.65% expense ratio, compared with 0.70% for MDEV.
CMDT has the higher dividend yield at 2.67%, compared with 0.00% for MDEV.
MDEV is categorized as Health & Biotech Equities, while CMDT is Commodities. MDEV tracks Indxx Global Medical Equipment Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: First Trust and PIMCO. Their fees differ too: 0.70% for MDEV and 0.65% for CMDT.
CMDT currently has the higher Sharpe Ratio (1.71 vs -0.49), 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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