MILK vs. DJP

Last updated Jul 11, 2026

MILK (Pacer US Cash Cows Bond ETF) and DJP (iPath Bloomberg Commodity Index Total Return ETN) are both exchange-traded funds - MILK is a Corporate Bonds fund tracking the Solactive Pacer US Cash Cows Bond Index, while DJP is a Commodities fund tracking the Bloomberg Commodity Index. Both are passively managed. Over the past year, MILK returned 6.79% vs 29.52% for DJP. At a correlation of -0.11, they often move in opposite directions. MILK charges 0.49%/yr vs 0.70%/yr for DJP.

Performance

MILK vs. DJP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer US Cash Cows Bond ETF (MILK) and iPath Bloomberg Commodity Index Total Return ETN (DJP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MILK achieves a 1.91% return, which is significantly lower than DJP's 19.91% return.

MILK

• 1D: -0.26%
• 1M: -0.56%
• 6M: 1.29%
• YTD: 1.91%
• 1Y: 6.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DJP

• 1D: -0.35%
• 1M: -1.94%
• 6M: 16.75%
• YTD: 19.91%
• 1Y: 29.52%
• 3Y*: 13.06%
• 5Y*: 10.88%
• 10Y*: 6.43%

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

MILK vs. DJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MILK Pacer US Cash Cows Bond ETF	1.91%	7.49%	-1.49%
DJP iPath Bloomberg Commodity Index Total Return ETN	19.91%	17.20%	1.67%

Correlation

The correlation between MILK and DJP is -0.21, 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	-0.21
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	-0.11

The correlation between MILK and DJP shifts across timeframes, from -0.21 (1 year) to -0.11 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MILK vs. DJP — Risk / Return Rank

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

MILK

MILK Risk / Return Rank: 42
MILK Sharpe Ratio Rank: 43
MILK Sortino Ratio Rank: 43
MILK Omega Ratio Rank: 40
MILK Calmar Ratio Rank: 40
MILK Martin Ratio Rank: 46

DJP

DJP Risk / Return Rank: 53
DJP Sharpe Ratio Rank: 59
DJP Sortino Ratio Rank: 54
DJP Omega Ratio Rank: 58
DJP Calmar Ratio Rank: 46
DJP Martin Ratio Rank: 48

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.

MILK vs. DJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer US Cash Cows Bond ETF (MILK) and iPath Bloomberg Commodity Index Total Return ETN (DJP). 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.

	MILK	DJP	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.59	-0.37
Sortino ratio: Return per unit of downside risk	1.78	2.12	-0.34
Omega ratio: Gain probability vs. loss probability	1.21	1.29	-0.07
Calmar ratio: Return relative to maximum drawdown	1.65	1.88	-0.23
Martin ratio: Return relative to average drawdown	6.04	6.29	-0.26

MILK vs. DJP - Sharpe Ratio Comparison

The current MILK Sharpe Ratio is 1.23, which is comparable to the DJP Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of MILK and DJP, 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

MILK vs. DJP - Drawdown Comparison

The maximum MILK drawdown since its inception was -6.16%, smaller than the maximum DJP drawdown of -78.35%. Use the drawdown chart below to compare losses from any high point for MILK and DJP.

Drawdown Indicators

	MILK	DJP	Difference
Max Drawdown Largest peak-to-trough decline	-6.16%	-78.35%	+72.19%
Max Drawdown (1Y) Largest decline over 1 year	-3.75%	-16.42%	+12.67%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.36%	—
Current Drawdown Current decline from peak	-1.19%	-38.33%	+37.14%
Average Drawdown Average peak-to-trough decline	-1.11%	-50.79%	+49.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	4.89%	-3.86%

Volatility

MILK vs. DJP - Volatility Comparison

The current volatility for Pacer US Cash Cows Bond ETF (MILK) is 1.26%, while iPath Bloomberg Commodity Index Total Return ETN (DJP) has a volatility of 4.94%. This indicates that MILK experiences smaller price fluctuations and is considered to be less risky than DJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MILK	DJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	4.94%	-3.68%
Volatility (6M) Calculated over the trailing 6-month period	3.82%	16.79%	-12.97%
Volatility (1Y) Calculated over the trailing 1-year period	5.05%	19.32%	-14.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.63%	18.98%	-12.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.63%	17.04%	-10.41%

MILK vs. DJP - Expense Ratio Comparison

MILK has a 0.49% expense ratio, which is lower than DJP's 0.70% expense ratio.

Dividends

MILK vs. DJP - Dividend Comparison

MILK's dividend yield for the trailing twelve months is around 7.00%, while DJP has not paid dividends to shareholders.

Position	TTM	2025
DJP iPath Bloomberg Commodity Index Total Return ETN	0.00%	0.00%
MILK Pacer US Cash Cows Bond ETF	7.00%	6.97%

Frequently Asked Questions

Can I hold both MILK and DJP in my portfolio?

MILK and DJP have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MILK or DJP?

DJP has higher volatility (4.94%) compared to MILK (1.26%). In terms of maximum drawdown, MILK dropped -6.16% vs DJP's -78.35%.

Which ETF is better, MILK or DJP?

On 1-year performance, DJP leads with 29.52% vs 6.79% for MILK. On fees, MILK is cheaper at 0.49% per year. On volatility, MILK has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MILK or DJP?

Over the 1-year period, DJP has performed better with a 29.52% return vs 6.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MILK or DJP?

MILK is cheaper with a 0.49% expense ratio, compared with 0.70% for DJP.

Which ETF pays a higher dividend yield, MILK or DJP?

MILK has the higher dividend yield at 7.00%, compared with 0.00% for DJP.

What is the main difference between MILK and DJP?

MILK is categorized as Corporate Bonds, while DJP is Commodities. MILK tracks Solactive Pacer US Cash Cows Bond Index, while DJP tracks Bloomberg Commodity Index. They also come from different issuers: Pacer and Barclays Capital. Their fees differ too: 0.49% for MILK and 0.70% for DJP.

Which has better risk-adjusted returns?

DJP currently has the higher Sharpe Ratio (1.59 vs 1.23), 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.