MPRO vs. CMCI

Last updated Jul 12, 2026

MPRO (Monarch ProCap ETF) and CMCI (VanEck CMCI Commodity Strategy ETF) are both exchange-traded funds - MPRO is a Diversified Portfolio fund tracking the Monarch ProCap Index, while CMCI is a Commodities fund tracking the UBS Bloomberg CMCI Composite Total Return Index. Both are passively managed. Over the past year, MPRO returned 12.40% vs 22.66% for CMCI. At a correlation of -0.01, they often move in opposite directions. MPRO charges 1.17%/yr vs 0.65%/yr for CMCI.

Performance

MPRO vs. CMCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Monarch ProCap ETF (MPRO) and VanEck CMCI Commodity Strategy ETF (CMCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MPRO achieves a 7.24% return, which is significantly lower than CMCI's 17.94% return.

MPRO

• 1D: 0.24%
• 1M: 0.40%
• 6M: 5.91%
• YTD: 7.24%
• 1Y: 12.40%
• 3Y*: 10.02%
• 5Y*: 5.68%
• 10Y*: —

CMCI

• 1D: -0.28%
• 1M: -0.46%
• 6M: 15.79%
• YTD: 17.94%
• 1Y: 22.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MPRO vs. CMCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MPRO Monarch ProCap ETF	7.24%	9.33%	8.37%	7.07%
CMCI VanEck CMCI Commodity Strategy ETF	17.94%	7.90%	5.68%	-2.74%

Correlation

The correlation between MPRO and CMCI 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 (All Time) Calculated using the full available price history since Aug 23, 2023	-0.01

The correlation between MPRO and CMCI shifts across timeframes, from -0.12 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MPRO vs. CMCI — Risk / Return Rank

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

MPRO

MPRO Risk / Return Rank: 64
MPRO Sharpe Ratio Rank: 69
MPRO Sortino Ratio Rank: 73
MPRO Omega Ratio Rank: 67
MPRO Calmar Ratio Rank: 53
MPRO Martin Ratio Rank: 59

CMCI

CMCI Risk / Return Rank: 66
CMCI Sharpe Ratio Rank: 74
CMCI Sortino Ratio Rank: 74
CMCI Omega Ratio Rank: 72
CMCI Calmar Ratio Rank: 55
CMCI 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.

MPRO vs. CMCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Monarch ProCap ETF (MPRO) and VanEck CMCI Commodity Strategy ETF (CMCI). 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.

	MPRO	CMCI	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.89	-0.11
Sortino ratio: Return per unit of downside risk	2.61	2.64	-0.03
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	2.11	2.17	-0.06
Martin ratio: Return relative to average drawdown	8.29	8.00	+0.29

MPRO vs. CMCI - Sharpe Ratio Comparison

The current MPRO Sharpe Ratio is 1.78, which is comparable to the CMCI Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of MPRO and CMCI, 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

MPRO vs. CMCI - Drawdown Comparison

The maximum MPRO drawdown since its inception was -14.51%, which is greater than CMCI's maximum drawdown of -11.54%. Use the drawdown chart below to compare losses from any high point for MPRO and CMCI.

Drawdown Indicators

	MPRO	CMCI	Difference
Max Drawdown Largest peak-to-trough decline	-14.51%	-11.54%	-2.97%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-10.77%	+5.10%
Max Drawdown (3Y) Largest decline over 3 years	-9.64%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.51%	—	—
Current Drawdown Current decline from peak	-0.65%	-7.11%	+6.46%
Average Drawdown Average peak-to-trough decline	-3.40%	-3.68%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	2.92%	-1.48%

Volatility

MPRO vs. CMCI - Volatility Comparison

The current volatility for Monarch ProCap ETF (MPRO) is 1.91%, while VanEck CMCI Commodity Strategy ETF (CMCI) has a volatility of 3.61%. This indicates that MPRO experiences smaller price fluctuations and is considered to be less risky than CMCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MPRO	CMCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	3.61%	-1.70%
Volatility (6M) Calculated over the trailing 6-month period	5.13%	10.37%	-5.24%
Volatility (1Y) Calculated over the trailing 1-year period	6.72%	12.36%	-5.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.29%	12.64%	-3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.19%	12.64%	-3.45%

MPRO vs. CMCI - Expense Ratio Comparison

MPRO has a 1.17% expense ratio, which is higher than CMCI's 0.65% expense ratio.

Dividends

MPRO vs. CMCI - Dividend Comparison

MPRO's dividend yield for the trailing twelve months is around 1.94%, less than CMCI's 8.38% yield.

Position	TTM	2025	2024	2023	2022	2021
CMCI VanEck CMCI Commodity Strategy ETF	8.38%	9.89%	3.93%	1.64%	0.00%	0.00%
MPRO Monarch ProCap ETF	1.94%	1.93%	1.64%	1.40%	1.09%	0.95%

Frequently Asked Questions

Can I hold both MPRO and CMCI in my portfolio?

MPRO and CMCI 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, MPRO or CMCI?

CMCI has higher volatility (3.61%) compared to MPRO (1.91%). In terms of maximum drawdown, MPRO dropped -14.51% vs CMCI's -11.54%.

Which ETF is better, MPRO or CMCI?

On 1-year performance, CMCI leads with 22.66% vs 12.40% for MPRO. On fees, CMCI is cheaper at 0.65% per year. On volatility, MPRO has been the lower-risk option at 1.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MPRO or CMCI?

Over the 1-year period, CMCI has performed better with a 22.66% return vs 12.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MPRO or CMCI?

CMCI is cheaper with a 0.65% expense ratio, compared with 1.17% for MPRO.

Which ETF pays a higher dividend yield, MPRO or CMCI?

CMCI has the higher dividend yield at 8.38%, compared with 1.94% for MPRO.

What is the main difference between MPRO and CMCI?

MPRO is categorized as Diversified Portfolio, while CMCI is Commodities. MPRO tracks Monarch ProCap Index, while CMCI tracks UBS Bloomberg CMCI Composite Total Return Index. They also come from different issuers: Monarch and VanEck. Their fees differ too: 1.17% for MPRO and 0.65% for CMCI.

Which has better risk-adjusted returns?

CMCI currently has the higher Sharpe Ratio (1.89 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.