MLN vs. CMDT

Last updated Jun 24, 2026

MLN (VanEck Long Muni ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - MLN is a Municipal Bonds fund tracking the Bloomberg AMT-Free Long Continuous, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 3 years, MLN returned 3.45%/yr vs 12.77%/yr for CMDT. At a correlation of -0.05, they often move in opposite directions. MLN charges 0.24%/yr vs 0.65%/yr for CMDT.

Performance

MLN vs. CMDT - Performance Comparison

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

Returns By Period

In the year-to-date period, MLN achieves a 2.53% return, which is significantly lower than CMDT's 13.43% return.

MLN

• 1D: 0.00%
• 1M: 2.41%
• YTD: 2.53%
• 6M: 2.00%
• 1Y: 8.68%
• 3Y*: 3.45%
• 5Y*: -0.94%
• 10Y*: 1.37%

CMDT

• 1D: -1.14%
• 1M: -8.86%
• YTD: 13.43%
• 6M: 13.42%
• 1Y: 21.34%
• 3Y*: 12.77%
• 5Y*: —
• 10Y*: —

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

MLN vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MLN VanEck Long Muni ETF	2.53%	1.82%	1.54%	3.98%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	13.43%	12.78%	6.93%	5.37%

Correlation

The correlation between MLN and CMDT is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (All Time) Calculated using the full available price history since May 10, 2023	-0.05

Return for Risk

MLN vs. CMDT — Risk / Return Rank

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

MLN

MLN Risk / Return Rank: 70
MLN Sharpe Ratio Rank: 65
MLN Sortino Ratio Rank: 70
MLN Omega Ratio Rank: 76
MLN Calmar Ratio Rank: 72
MLN Martin Ratio Rank: 66

CMDT

CMDT Risk / Return Rank: 50
CMDT Sharpe Ratio Rank: 53
CMDT Sortino Ratio Rank: 52
CMDT Omega Ratio Rank: 48
CMDT Calmar Ratio Rank: 41
CMDT Martin Ratio Rank: 58

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.

MLN vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) 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.

	MLN	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.71	+0.26
Sortino ratio: Return per unit of downside risk	2.94	2.39	+0.55
Omega ratio: Gain probability vs. loss probability	1.41	1.29	+0.12
Calmar ratio: Return relative to maximum drawdown	3.41	1.93	+1.48
Martin ratio: Return relative to average drawdown	11.19	9.62	+1.57

MLN vs. CMDT - Sharpe Ratio Comparison

The current MLN Sharpe Ratio is 1.97, which is comparable to the CMDT Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of MLN and CMDT, 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

MLN vs. CMDT - Drawdown Comparison

The maximum MLN drawdown since its inception was -28.36%, which is greater than CMDT's maximum drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for MLN and CMDT.

Drawdown Indicators

	MLN	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-28.36%	-11.11%	-17.25%
Max Drawdown (1Y) Largest decline over 1 year	-2.56%	-11.11%	+8.55%
Max Drawdown (3Y) Largest decline over 3 years	-9.84%	-11.11%	+1.27%
Max Drawdown (5Y) Largest decline over 5 years	-24.46%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.46%	—	—
Current Drawdown Current decline from peak	-6.02%	-11.11%	+5.09%
Average Drawdown Average peak-to-trough decline	-5.73%	-2.77%	-2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	2.25%	-1.47%

Volatility

MLN vs. CMDT - Volatility Comparison

The current volatility for VanEck Long Muni ETF (MLN) is 1.29%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 3.26%. This indicates that MLN 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.

Volatility by Period

	MLN	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	3.26%	-1.97%
Volatility (6M) Calculated over the trailing 6-month period	3.24%	10.60%	-7.36%
Volatility (1Y) Calculated over the trailing 1-year period	4.42%	12.65%	-8.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.32%	12.24%	-4.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.88%	12.24%	-3.36%

MLN vs. CMDT - Expense Ratio Comparison

MLN has a 0.24% expense ratio, which is lower than CMDT's 0.65% expense ratio.

Dividends

MLN vs. CMDT - Dividend Comparison

MLN's dividend yield for the trailing twelve months is around 3.69%, more than CMDT's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.67%	3.04%	8.80%	2.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MLN VanEck Long Muni ETF	3.69%	3.73%	3.59%	3.19%	2.67%	2.52%	2.69%	2.98%	3.09%	2.91%	3.16%	3.38%

Frequently Asked Questions

Can I hold both MLN and CMDT in my portfolio?

MLN and CMDT have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLN or CMDT?

CMDT has higher volatility (3.26%) compared to MLN (1.29%). In terms of maximum drawdown, MLN dropped -28.36% vs CMDT's -11.11%.

Which ETF is better, MLN or CMDT?

On 3-year performance, CMDT leads with 12.77% vs 3.45% for MLN. On fees, MLN is cheaper at 0.24% per year. On volatility, MLN has been the lower-risk option at 1.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MLN or CMDT?

Over the 3-year period, CMDT has performed better with a 12.77% return vs 3.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MLN or CMDT?

MLN is cheaper with a 0.24% expense ratio, compared with 0.65% for CMDT.

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

MLN has the higher dividend yield at 3.69%, compared with 2.67% for CMDT.

What is the main difference between MLN and CMDT?

MLN is categorized as Municipal Bonds, while CMDT is Commodities. MLN tracks Bloomberg AMT-Free Long Continuous, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: VanEck and PIMCO. Their fees differ too: 0.24% for MLN and 0.65% for CMDT.

Which has better risk-adjusted returns?

MLN currently has the higher Sharpe Ratio (1.97 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.