MUSQ vs. CMDT

Last updated Jun 21, 2026

MUSQ (MUSQ Global Music Industry Index ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - MUSQ is a Communications Equities fund tracking the MUSQ Global Music Industry Index, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past year, MUSQ returned -7.63% vs 20.78% for CMDT. At a 0.08 correlation, their price movements are largely independent. MUSQ charges 0.76%/yr vs 0.65%/yr for CMDT.

Performance

MUSQ vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MUSQ Global Music Industry Index ETF (MUSQ) 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, MUSQ achieves a -9.76% return, which is significantly lower than CMDT's 14.74% return.

MUSQ

• 1D: 1.05%
• 1M: -3.84%
• YTD: -9.76%
• 6M: -8.32%
• 1Y: -7.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CMDT

• 1D: -0.69%
• 1M: -7.81%
• YTD: 14.74%
• 6M: 15.38%
• 1Y: 20.78%
• 3Y*: 13.20%
• 5Y*: —
• 10Y*: —

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

MUSQ vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MUSQ MUSQ Global Music Industry Index ETF	-9.76%	19.60%	-4.94%	0.81%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	14.74%	12.78%	6.93%	4.13%

Correlation

The correlation between MUSQ and CMDT is -0.05, 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	-0.05
Correlation (All Time) Calculated using the full available price history since Jul 7, 2023	0.08

The correlation between MUSQ and CMDT shifts across timeframes, from -0.05 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MUSQ vs. CMDT — Risk / Return Rank

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

MUSQ

MUSQ Risk / Return Rank: 5
MUSQ Sharpe Ratio Rank: 5
MUSQ Sortino Ratio Rank: 5
MUSQ Omega Ratio Rank: 5
MUSQ Calmar Ratio Rank: 6
MUSQ Martin Ratio Rank: 5

CMDT

CMDT Risk / Return Rank: 48
CMDT Sharpe Ratio Rank: 49
CMDT Sortino Ratio Rank: 48
CMDT Omega Ratio Rank: 45
CMDT Calmar Ratio Rank: 43
CMDT Martin Ratio Rank: 57

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.

MUSQ vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MUSQ Global Music Industry Index ETF (MUSQ) 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.

	MUSQ	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	1.66	-2.09
Sortino ratio: Return per unit of downside risk	-0.51	2.32	-2.82
Omega ratio: Gain probability vs. loss probability	0.94	1.28	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.32	2.07	-2.39
Martin ratio: Return relative to average drawdown	-0.74	9.74	-10.48

MUSQ vs. CMDT - Sharpe Ratio Comparison

The current MUSQ Sharpe Ratio is -0.43, which is lower than the CMDT Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of MUSQ 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

MUSQ vs. CMDT - Drawdown Comparison

The maximum MUSQ drawdown since its inception was -23.11%, which is greater than CMDT's maximum drawdown of -10.09%. Use the drawdown chart below to compare losses from any high point for MUSQ and CMDT.

Drawdown Indicators

	MUSQ	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-23.11%	-10.09%	-13.02%
Max Drawdown (1Y) Largest decline over 1 year	-23.11%	-10.09%	-13.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.09%	—
Current Drawdown Current decline from peak	-15.81%	-10.09%	-5.72%
Average Drawdown Average peak-to-trough decline	-6.72%	-2.76%	-3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.01%	2.28%	+7.73%

Volatility

MUSQ vs. CMDT - Volatility Comparison

MUSQ Global Music Industry Index ETF (MUSQ) has a higher volatility of 5.67% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 3.18%. This indicates that MUSQ's price experiences larger fluctuations and is considered to be riskier than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUSQ	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.67%	3.18%	+2.49%
Volatility (6M) Calculated over the trailing 6-month period	13.80%	10.52%	+3.28%
Volatility (1Y) Calculated over the trailing 1-year period	17.13%	12.62%	+4.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.91%	12.23%	+5.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.91%	12.23%	+5.68%

MUSQ vs. CMDT - Expense Ratio Comparison

MUSQ has a 0.76% expense ratio, which is higher than CMDT's 0.65% expense ratio.

Dividends

MUSQ vs. CMDT - Dividend Comparison

MUSQ's dividend yield for the trailing twelve months is around 0.70%, less than CMDT's 2.64% yield.

Position	TTM	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.64%	3.04%	8.80%	2.71%
MUSQ MUSQ Global Music Industry Index ETF	0.70%	0.63%	1.08%	0.74%

Frequently Asked Questions

Can I hold both MUSQ and CMDT in my portfolio?

MUSQ and CMDT have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUSQ or CMDT?

MUSQ has higher volatility (5.67%) compared to CMDT (3.18%). In terms of maximum drawdown, MUSQ dropped -23.11% vs CMDT's -10.09%.

Which ETF is better, MUSQ or CMDT?

On 1-year performance, CMDT leads with 20.78% vs -7.63% for MUSQ. On fees, CMDT is cheaper at 0.65% per year. On volatility, CMDT has been the lower-risk option at 3.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MUSQ or CMDT?

Over the 1-year period, CMDT has performed better with a 20.78% return vs -7.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MUSQ or CMDT?

CMDT is cheaper with a 0.65% expense ratio, compared with 0.76% for MUSQ.

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

CMDT has the higher dividend yield at 2.64%, compared with 0.70% for MUSQ.

What is the main difference between MUSQ and CMDT?

MUSQ is categorized as Communications Equities, while CMDT is Commodities. MUSQ tracks MUSQ Global Music Industry Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: Exchange Traded Concepts and PIMCO. Their fees differ too: 0.76% for MUSQ and 0.65% for CMDT.

Which has better risk-adjusted returns?

CMDT currently has the higher Sharpe Ratio (1.66 vs -0.43), 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.