MSSS vs. CMDT

Last updated Jul 17, 2026

MSSS (Monarch Select Subsector ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - MSSS is a Mid Cap Blend Equities fund tracking the Monarch Select Subsector Index, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past year, MSSS returned 22.78% vs 26.33% for CMDT. At a correlation of -0.03, they often move in opposite directions. MSSS charges 1.43%/yr vs 0.65%/yr for CMDT.

Performance

MSSS vs. CMDT - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with MSSS having a 18.33% return and CMDT slightly lower at 17.48%.

MSSS

• 1D: -0.06%
• 1M: 2.67%
• 6M: 12.60%
• YTD: 18.33%
• 1Y: 22.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CMDT

• 1D: -0.62%
• 1M: 0.86%
• 6M: 14.65%
• YTD: 17.48%
• 1Y: 26.33%
• 3Y*: 13.00%
• 5Y*: —
• 10Y*: —

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

MSSS vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSSS Monarch Select Subsector ETF	18.33%	10.31%	9.26%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	17.48%	12.78%	4.22%

Correlation

The correlation between MSSS and CMDT is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	-0.03

Return for Risk

MSSS vs. CMDT — Risk / Return Rank

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

MSSS

MSSS Risk / Return Rank: 64
MSSS Sharpe Ratio Rank: 67
MSSS Sortino Ratio Rank: 71
MSSS Omega Ratio Rank: 62
MSSS Calmar Ratio Rank: 56
MSSS Martin Ratio Rank: 63

CMDT

CMDT Risk / Return Rank: 67
CMDT Sharpe Ratio Rank: 81
CMDT Sortino Ratio Rank: 79
CMDT Omega Ratio Rank: 74
CMDT Calmar Ratio Rank: 49
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.

MSSS vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Monarch Select Subsector ETF (MSSS) 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.

	MSSS	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.05	-0.30
Sortino ratio: Return per unit of downside risk	2.59	2.82	-0.23
Omega ratio: Gain probability vs. loss probability	1.30	1.35	-0.05
Calmar ratio: Return relative to maximum drawdown	2.25	2.00	+0.25
Martin ratio: Return relative to average drawdown	8.82	7.54	+1.28

MSSS vs. CMDT - Sharpe Ratio Comparison

The current MSSS Sharpe Ratio is 1.75, which is comparable to the CMDT Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of MSSS 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

MSSS vs. CMDT - Drawdown Comparison

The maximum MSSS drawdown since its inception was -19.14%, which is greater than CMDT's maximum drawdown of -13.23%. Use the drawdown chart below to compare losses from any high point for MSSS and CMDT.

Drawdown Indicators

	MSSS	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-19.14%	-13.23%	-5.91%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-13.23%	+3.05%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.23%	—
Current Drawdown Current decline from peak	-2.03%	-7.94%	+5.91%
Average Drawdown Average peak-to-trough decline	-2.96%	-2.93%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	3.50%	-0.91%

Volatility

MSSS vs. CMDT - Volatility Comparison

The current volatility for Monarch Select Subsector ETF (MSSS) is 3.09%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 4.44%. This indicates that MSSS 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

	MSSS	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.09%	4.44%	-1.35%
Volatility (6M) Calculated over the trailing 6-month period	10.02%	11.04%	-1.02%
Volatility (1Y) Calculated over the trailing 1-year period	13.12%	12.91%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.88%	12.32%	+3.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.88%	12.32%	+3.56%

MSSS vs. CMDT - Expense Ratio Comparison

MSSS has a 1.43% expense ratio, which is higher than CMDT's 0.65% expense ratio.

Dividends

MSSS vs. CMDT - Dividend Comparison

MSSS's dividend yield for the trailing twelve months is around 0.28%, less than CMDT's 2.63% yield.

Position	TTM	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.63%	3.04%	8.80%	2.71%
MSSS Monarch Select Subsector ETF	0.28%	0.21%	0.42%	0.00%

Frequently Asked Questions

Can I hold both MSSS and CMDT in my portfolio?

MSSS and CMDT have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSSS or CMDT?

CMDT has higher volatility (4.44%) compared to MSSS (3.09%). In terms of maximum drawdown, MSSS dropped -19.14% vs CMDT's -13.23%.

Which ETF is better, MSSS or CMDT?

On 1-year performance, CMDT leads with 26.33% vs 22.78% for MSSS. On fees, CMDT is cheaper at 0.65% per year. On volatility, MSSS has been the lower-risk option at 3.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSSS or CMDT?

Over the 1-year period, CMDT has performed better with a 26.33% return vs 22.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSSS or CMDT?

CMDT is cheaper with a 0.65% expense ratio, compared with 1.43% for MSSS.

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

CMDT has the higher dividend yield at 2.63%, compared with 0.28% for MSSS.

What is the main difference between MSSS and CMDT?

MSSS is categorized as Mid Cap Blend Equities, while CMDT is Commodities. MSSS tracks Monarch Select Subsector Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: Monarch and PIMCO. Their fees differ too: 1.43% for MSSS and 0.65% for CMDT.

Which has better risk-adjusted returns?

CMDT currently has the higher Sharpe Ratio (2.05 vs 1.75), 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.