NHYM vs. CMDT

Last updated Jun 24, 2026

NHYM (Nuveen High Yield Municipal Income ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - NHYM is a High Yield Muni fund actively managed by Nuveen, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. NHYM is actively managed, while CMDT is passively managed. Over the past year, NHYM returned 7.77% vs 21.34% for CMDT. At a correlation of -0.11, they often move in opposite directions. NHYM charges 0.35%/yr vs 0.65%/yr for CMDT.

Performance

NHYM vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen High Yield Municipal Income ETF (NHYM) 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, NHYM achieves a 2.69% return, which is significantly lower than CMDT's 13.43% return.

NHYM

• 1D: -0.10%
• 1M: 1.47%
• YTD: 2.69%
• 6M: 2.75%
• 1Y: 7.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CMDT

• 1D: -1.14%
• 1M: -8.86%
• YTD: 13.43%
• 6M: 13.42%
• 1Y: 21.34%
• 3Y*: 12.77%
• 5Y*: —
• 10Y*: —

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

NHYM vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025
NHYM Nuveen High Yield Municipal Income ETF	2.69%	3.19%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	13.43%	8.69%

Correlation

The correlation between NHYM and CMDT is -0.15, 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	-0.15
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	-0.11

Return for Risk

NHYM vs. CMDT — Risk / Return Rank

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

NHYM

NHYM Risk / Return Rank: 63
NHYM Sharpe Ratio Rank: 61
NHYM Sortino Ratio Rank: 69
NHYM Omega Ratio Rank: 71
NHYM Calmar Ratio Rank: 62
NHYM Martin Ratio Rank: 52

CMDT

CMDT Risk / Return Rank: 50
CMDT Sharpe Ratio Rank: 53
CMDT Sortino Ratio Rank: 52
CMDT Omega Ratio Rank: 48
CMDT Calmar Ratio Rank: 41
CMDT 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.

NHYM vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Income ETF (NHYM) 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.

	NHYM	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.71	+0.13
Sortino ratio: Return per unit of downside risk	2.84	2.39	+0.45
Omega ratio: Gain probability vs. loss probability	1.38	1.29	+0.09
Calmar ratio: Return relative to maximum drawdown	2.82	1.93	+0.89
Martin ratio: Return relative to average drawdown	8.26	9.62	-1.36

NHYM vs. CMDT - Sharpe Ratio Comparison

The current NHYM Sharpe Ratio is 1.84, which is comparable to the CMDT Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of NHYM 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

NHYM vs. CMDT - Drawdown Comparison

The maximum NHYM drawdown since its inception was -6.11%, smaller than the maximum CMDT drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for NHYM and CMDT.

Drawdown Indicators

	NHYM	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-6.11%	-11.11%	+5.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-11.11%	+8.34%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.11%	—
Current Drawdown Current decline from peak	-0.32%	-11.11%	+10.79%
Average Drawdown Average peak-to-trough decline	-1.67%	-2.77%	+1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	2.25%	-1.31%

Volatility

NHYM vs. CMDT - Volatility Comparison

The current volatility for Nuveen High Yield Municipal Income ETF (NHYM) is 0.99%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 3.26%. This indicates that NHYM 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

	NHYM	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	3.26%	-2.27%
Volatility (6M) Calculated over the trailing 6-month period	2.65%	10.60%	-7.95%
Volatility (1Y) Calculated over the trailing 1-year period	4.25%	12.65%	-8.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.83%	12.24%	-6.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.83%	12.24%	-6.41%

NHYM vs. CMDT - Expense Ratio Comparison

NHYM has a 0.35% expense ratio, which is lower than CMDT's 0.65% expense ratio.

Dividends

NHYM vs. CMDT - Dividend Comparison

NHYM's dividend yield for the trailing twelve months is around 4.53%, more than CMDT's 2.67% yield.

Position	TTM	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.67%	3.04%	8.80%	2.71%
NHYM Nuveen High Yield Municipal Income ETF	4.53%	4.06%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NHYM and CMDT in my portfolio?

NHYM and CMDT have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NHYM or CMDT?

CMDT has higher volatility (3.26%) compared to NHYM (0.99%). In terms of maximum drawdown, NHYM dropped -6.11% vs CMDT's -11.11%.

Which ETF is better, NHYM or CMDT?

On 1-year performance, CMDT leads with 21.34% vs 7.77% for NHYM. On fees, NHYM is cheaper at 0.35% per year. On volatility, NHYM has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NHYM or CMDT?

Over the 1-year period, CMDT has performed better with a 21.34% return vs 7.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NHYM or CMDT?

NHYM is cheaper with a 0.35% expense ratio, compared with 0.65% for CMDT.

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

NHYM has the higher dividend yield at 4.53%, compared with 2.67% for CMDT.

What is the main difference between NHYM and CMDT?

NHYM is categorized as High Yield Muni, while CMDT is Commodities. They also come from different issuers: Nuveen and PIMCO. Their fees differ too: 0.35% for NHYM and 0.65% for CMDT.

Which has better risk-adjusted returns?

NHYM currently has the higher Sharpe Ratio (1.84 vs 1.71), 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.