MEAR vs. CERY
MEAR (iShares Short Maturity Municipal Bond ETF) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - MEAR is a Municipal Bonds fund actively managed by iShares, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. MEAR is actively managed, while CERY is passively managed. Over the past year, MEAR returned 3.11% vs 27.40% for CERY. At a correlation of -0.12, they often move in opposite directions. MEAR charges 0.25%/yr vs 0.28%/yr for CERY.
Performance
MEAR vs. CERY - Performance Comparison
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Returns By Period
In the year-to-date period, MEAR achieves a 1.16% return, which is significantly lower than CERY's 18.11% return.
MEAR
- 1D
- -0.02%
- 1M
- 0.37%
- YTD
- 1.16%
- 6M
- 1.24%
- 1Y
- 3.11%
- 3Y*
- 3.46%
- 5Y*
- 2.45%
- 10Y*
- 1.77%
CERY
- 1D
- -1.20%
- 1M
- -9.49%
- YTD
- 18.11%
- 6M
- 16.37%
- 1Y
- 27.40%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MEAR vs. CERY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MEAR iShares Short Maturity Municipal Bond ETF | 1.16% | 3.76% | 0.52% |
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 18.11% | 15.68% | 3.80% |
Correlation
The correlation between MEAR and CERY is -0.19, 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 | -0.19 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024 | -0.12 |
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Return for Risk
MEAR vs. CERY — Risk / Return Rank
MEAR
CERY
MEAR vs. CERY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Short Maturity Municipal Bond ETF (MEAR) 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.
| MEAR | CERY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.87 | ||
| Sortino ratioReturn per unit of downside risk | +3.45 | ||
| Omega ratioGain probability vs. loss probability | 1.84 | 1.31 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 6.69 | 2.21 | +4.48 |
| Martin ratioReturn relative to average drawdown | 27.40 | 10.02 | +17.38 |
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Drawdowns
MEAR vs. CERY - Drawdown Comparison
The maximum MEAR drawdown since its inception was -2.68%, smaller than the maximum CERY drawdown of -12.44%. Use the drawdown chart below to compare losses from any high point for MEAR and CERY.
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Drawdown Indicators
| MEAR | CERY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.68% | -12.44% | +9.76% |
Max Drawdown (1Y)Largest decline over 1 year | -0.47% | -12.44% | +11.97% |
Max Drawdown (3Y)Largest decline over 3 years | -0.86% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -1.12% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -2.68% | — | — |
Current DrawdownCurrent decline from peak | -0.02% | -12.44% | +12.42% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -2.29% | +2.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.11% | 2.76% | -2.65% |
Volatility
MEAR vs. CERY - Volatility Comparison
The current volatility for iShares Short Maturity Municipal Bond ETF (MEAR) is 0.21%, while SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a volatility of 3.64%. This indicates that MEAR 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.
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Volatility by Period
| MEAR | CERY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.21% | 3.64% | -3.43% |
Volatility (6M)Calculated over the trailing 6-month period | 0.61% | 13.63% | -13.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.86% | 15.66% | -14.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.99% | 14.74% | -13.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.51% | 14.74% | -13.23% |
MEAR vs. CERY - Expense Ratio Comparison
MEAR has a 0.25% expense ratio, which is lower than CERY's 0.28% expense ratio.
Dividends
MEAR vs. CERY - Dividend Comparison
MEAR's dividend yield for the trailing twelve months is around 2.84%, less than CERY's 4.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 4.23% | 4.99% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MEAR iShares Short Maturity Municipal Bond ETF | 2.84% | 2.95% | 3.44% | 3.30% | 0.88% | 0.30% | 0.90% | 1.57% | 1.36% | 1.01% | 0.81% | 0.53% |
Frequently Asked Questions
MEAR and CERY have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CERY has higher volatility (3.64%) compared to MEAR (0.21%). In terms of maximum drawdown, MEAR dropped -2.68% vs CERY's -12.44%.
On 1-year performance, CERY leads with 27.40% vs 3.11% for MEAR. On fees, MEAR is cheaper at 0.25% per year. On volatility, MEAR has been the lower-risk option at 0.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CERY has performed better with a 27.40% return vs 3.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MEAR is cheaper with a 0.25% expense ratio, compared with 0.28% for CERY.
CERY has the higher dividend yield at 4.23%, compared with 2.84% for MEAR.
MEAR is categorized as Municipal Bonds, while CERY is Commodities. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for MEAR and 0.28% for CERY.
MEAR currently has the higher Sharpe Ratio (3.64 vs 1.78), 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.
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