MMCA vs. CMDT

Last updated Jun 25, 2026

MMCA (IQ MacKay California Municipal Intermediate ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - MMCA is a Municipal Bonds fund actively managed by IndexIQ, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. MMCA is actively managed, while CMDT is passively managed. Over the past 3 years, MMCA returned 4.13%/yr vs 11.87%/yr for CMDT. At a correlation of -0.08, they often move in opposite directions. MMCA charges 0.36%/yr vs 0.65%/yr for CMDT.

Performance

MMCA vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ MacKay California Municipal Intermediate ETF (MMCA) 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, MMCA achieves a 1.27% return, which is significantly lower than CMDT's 10.73% return.

MMCA

• 1D: 0.11%
• 1M: 1.36%
• YTD: 1.27%
• 6M: 1.42%
• 1Y: 6.17%
• 3Y*: 4.13%
• 5Y*: —
• 10Y*: —

CMDT

• 1D: -2.38%
• 1M: -11.03%
• YTD: 10.73%
• 6M: 10.29%
• 1Y: 20.39%
• 3Y*: 11.87%
• 5Y*: —
• 10Y*: —

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

MMCA vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MMCA IQ MacKay California Municipal Intermediate ETF	1.27%	5.74%	1.70%	3.18%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	10.73%	12.78%	6.93%	5.37%

Correlation

The correlation between MMCA and CMDT is -0.14, 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	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (All Time) Calculated using the full available price history since May 10, 2023	-0.08

Return for Risk

MMCA vs. CMDT — Risk / Return Rank

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

MMCA

MMCA Risk / Return Rank: 71
MMCA Sharpe Ratio Rank: 85
MMCA Sortino Ratio Rank: 89
MMCA Omega Ratio Rank: 91
MMCA Calmar Ratio Rank: 46
MMCA Martin Ratio Rank: 43

CMDT

CMDT Risk / Return Rank: 48
CMDT Sharpe Ratio Rank: 53
CMDT Sortino Ratio Rank: 52
CMDT Omega Ratio Rank: 48
CMDT Calmar Ratio Rank: 34
CMDT Martin Ratio Rank: 55

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.

MMCA vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay California Municipal Intermediate ETF (MMCA) 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.

	MMCA	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	2.43	1.62	+0.81
Sortino ratio: Return per unit of downside risk	3.59	2.25	+1.33
Omega ratio: Gain probability vs. loss probability	1.52	1.28	+0.24
Calmar ratio: Return relative to maximum drawdown	2.06	1.55	+0.51
Martin ratio: Return relative to average drawdown	6.26	8.61	-2.34

MMCA vs. CMDT - Sharpe Ratio Comparison

The current MMCA Sharpe Ratio is 2.43, which is higher than the CMDT Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of MMCA 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

MMCA vs. CMDT - Drawdown Comparison

The maximum MMCA drawdown since its inception was -16.04%, which is greater than CMDT's maximum drawdown of -13.23%. Use the drawdown chart below to compare losses from any high point for MMCA and CMDT.

Drawdown Indicators

	MMCA	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-16.04%	-13.23%	-2.81%
Max Drawdown (1Y) Largest decline over 1 year	-3.01%	-13.23%	+10.22%
Max Drawdown (3Y) Largest decline over 3 years	-3.68%	-13.23%	+9.55%
Current Drawdown Current decline from peak	-0.94%	-13.23%	+12.29%
Average Drawdown Average peak-to-trough decline	-7.03%	-2.78%	-4.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	2.37%	-1.38%

Volatility

MMCA vs. CMDT - Volatility Comparison

The current volatility for IQ MacKay California Municipal Intermediate ETF (MMCA) is 0.71%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 3.79%. This indicates that MMCA 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

	MMCA	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	3.79%	-3.08%
Volatility (6M) Calculated over the trailing 6-month period	1.92%	10.89%	-8.97%
Volatility (1Y) Calculated over the trailing 1-year period	2.55%	12.78%	-10.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.59%	12.31%	-8.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.59%	12.31%	-8.72%

MMCA vs. CMDT - Expense Ratio Comparison

MMCA has a 0.36% expense ratio, which is lower than CMDT's 0.65% expense ratio.

Dividends

MMCA vs. CMDT - Dividend Comparison

MMCA's dividend yield for the trailing twelve months is around 3.27%, more than CMDT's 2.73% yield.

Position	TTM	2025	2024	2023	2022	2021
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.73%	3.04%	8.80%	2.71%	0.00%	0.00%
MMCA IQ MacKay California Municipal Intermediate ETF	3.27%	3.39%	3.66%	3.57%	2.90%	0.05%

Frequently Asked Questions

Can I hold both MMCA and CMDT in my portfolio?

MMCA and CMDT have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMCA or CMDT?

CMDT has higher volatility (3.79%) compared to MMCA (0.71%). In terms of maximum drawdown, MMCA dropped -16.04% vs CMDT's -13.23%.

Which ETF is better, MMCA or CMDT?

On 3-year performance, CMDT leads with 11.87% vs 4.13% for MMCA. On fees, MMCA is cheaper at 0.36% per year. On volatility, MMCA has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMCA or CMDT?

Over the 3-year period, CMDT has performed better with a 11.87% return vs 4.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMCA or CMDT?

MMCA is cheaper with a 0.36% expense ratio, compared with 0.65% for CMDT.

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

MMCA has the higher dividend yield at 3.27%, compared with 2.73% for CMDT.

What is the main difference between MMCA and CMDT?

MMCA is categorized as Municipal Bonds, while CMDT is Commodities. They also come from different issuers: IndexIQ and PIMCO. Their fees differ too: 0.36% for MMCA and 0.65% for CMDT.

Which has better risk-adjusted returns?

MMCA currently has the higher Sharpe Ratio (2.43 vs 1.62), 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.