NBCM vs. CMDT

Last updated Jun 5, 2026

NBCM (Neuberger Berman Commodity Strategy ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both Commodities funds. NBCM is actively managed, while CMDT is passively managed. Over the past 3 years, NBCM returned 18.06%/yr vs 16.55%/yr for CMDT. Their correlation of 0.90 suggests significant overlap in exposure. NBCM charges 0.66%/yr vs 0.65%/yr for CMDT.

Performance

NBCM vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Commodity Strategy ETF (NBCM) 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, NBCM achieves a 28.62% return, which is significantly higher than CMDT's 22.69% return.

NBCM

• 1D: -0.95%
• 1M: -2.98%
• YTD: 28.62%
• 6M: 28.05%
• 1Y: 43.15%
• 3Y*: 18.06%
• 5Y*: —
• 10Y*: —

CMDT

• 1D: -1.03%
• 1M: -2.01%
• YTD: 22.69%
• 6M: 22.11%
• 1Y: 34.25%
• 3Y*: 16.55%
• 5Y*: —
• 10Y*: —

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

NBCM vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NBCM Neuberger Berman Commodity Strategy ETF	28.62%	17.45%	6.55%	-0.01%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	22.69%	12.78%	6.93%	5.50%

Correlation

The correlation between NBCM and CMDT is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.90

The correlation between NBCM and CMDT has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

NBCM vs. CMDT — Risk / Return Rank

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

NBCM

NBCM Risk / Return Rank: 77
NBCM Sharpe Ratio Rank: 78
NBCM Sortino Ratio Rank: 68
NBCM Omega Ratio Rank: 76
NBCM Calmar Ratio Rank: 84
NBCM Martin Ratio Rank: 81

CMDT

CMDT Risk / Return Rank: 87
CMDT Sharpe Ratio Rank: 86
CMDT Sortino Ratio Rank: 84
CMDT Omega Ratio Rank: 81
CMDT Calmar Ratio Rank: 95
CMDT Martin Ratio Rank: 90

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.

NBCM vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Commodity Strategy ETF (NBCM) 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.

	NBCM	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.77	-0.29
Sortino ratio: Return per unit of downside risk	3.07	3.74	-0.68
Omega ratio: Gain probability vs. loss probability	1.44	1.48	-0.04
Calmar ratio: Return relative to maximum drawdown	4.47	7.67	-3.20
Martin ratio: Return relative to average drawdown	15.96	20.89	-4.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NBCM vs. CMDT - Sharpe Ratio Comparison

The current NBCM Sharpe Ratio is 2.49, which is comparable to the CMDT Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of NBCM 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.

Sharpe Ratios by Period

	NBCM	CMDT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	2.77	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	1.29	-0.37

Drawdowns

NBCM vs. CMDT - Drawdown Comparison

The maximum NBCM drawdown since its inception was -12.84%, which is greater than CMDT's maximum drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for NBCM and CMDT.

Drawdown Indicators

	NBCM	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-12.84%	-9.69%	-3.15%
Max Drawdown (1Y) Largest decline over 1 year	-9.70%	-4.49%	-5.21%
Max Drawdown (3Y) Largest decline over 3 years	-11.47%	-9.69%	-1.78%
Current Drawdown Current decline from peak	-5.39%	-3.86%	-1.53%
Average Drawdown Average peak-to-trough decline	-4.18%	-2.69%	-1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	1.64%	+1.07%

Volatility

NBCM vs. CMDT - Volatility Comparison

Neuberger Berman Commodity Strategy ETF (NBCM) has a higher volatility of 5.03% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 4.42%. This indicates that NBCM'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

	NBCM	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.03%	4.42%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	15.49%	10.33%	+5.16%
Volatility (1Y) Calculated over the trailing 1-year period	17.43%	12.40%	+5.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.94%	12.22%	+2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.94%	12.22%	+2.72%

NBCM vs. CMDT - Expense Ratio Comparison

NBCM has a 0.66% expense ratio, which is higher than CMDT's 0.65% expense ratio.

Dividends

NBCM vs. CMDT - Dividend Comparison

NBCM's dividend yield for the trailing twelve months is around 6.57%, more than CMDT's 2.47% yield.

Position	TTM	2025	2024	2023	2022
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.47%	3.04%	8.80%	2.71%	0.00%
NBCM Neuberger Berman Commodity Strategy ETF	6.57%	8.46%	5.22%	4.37%	0.80%

Frequently Asked Questions

Can I hold both NBCM and CMDT in my portfolio?

NBCM and CMDT have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBCM or CMDT?

NBCM has higher volatility (5.03%) compared to CMDT (4.42%). In terms of maximum drawdown, NBCM dropped -12.84% vs CMDT's -9.69%.

Which ETF is better, NBCM or CMDT?

On 3-year performance, NBCM leads with 18.06% vs 16.55% for CMDT. On fees, CMDT is cheaper at 0.65% per year. On volatility, CMDT has been the lower-risk option at 4.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBCM or CMDT?

Over the 3-year period, NBCM has performed better with a 18.06% return vs 16.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBCM or CMDT?

CMDT is cheaper with a 0.65% expense ratio, compared with 0.66% for NBCM.

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

NBCM has the higher dividend yield at 6.57%, compared with 2.47% for CMDT.

What is the main difference between NBCM and CMDT?

They also come from different issuers: Neuberger Berman and PIMCO. Their fees differ too: 0.66% for NBCM and 0.65% for CMDT.

Which has better risk-adjusted returns?

CMDT currently has the higher Sharpe Ratio (2.77 vs 2.49), 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.