OBIL vs. CERY

Last updated Jun 23, 2026

OBIL (US Treasury 12 Month Bill ETF) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - OBIL is a Government Bonds fund tracking the ICE BofA US 1-Year Treasury Bill Index - Benchmark TR Gross, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. Both are passively managed. Over the past year, OBIL returned 3.62% vs 26.17% for CERY. At a correlation of -0.13, they often move in opposite directions. OBIL charges 0.15%/yr vs 0.28%/yr for CERY.

Performance

OBIL vs. CERY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 12 Month Bill ETF (OBIL) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OBIL achieves a 1.21% return, which is significantly lower than CERY's 19.54% return.

OBIL

• 1D: -0.04%
• 1M: 0.16%
• YTD: 1.21%
• 6M: 1.33%
• 1Y: 3.62%
• 3Y*: 4.47%
• 5Y*: —
• 10Y*: —

CERY

• 1D: -0.67%
• 1M: -8.39%
• YTD: 19.54%
• 6M: 18.91%
• 1Y: 26.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OBIL vs. CERY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OBIL US Treasury 12 Month Bill ETF	1.21%	4.19%	1.44%
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	19.54%	15.68%	3.80%

Correlation

The correlation between OBIL and CERY 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 Sep 5, 2024	-0.13

Return for Risk

OBIL vs. CERY — Risk / Return Rank

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

OBIL

OBIL Risk / Return Rank: 99
OBIL Sharpe Ratio Rank: 99
OBIL Sortino Ratio Rank: 99
OBIL Omega Ratio Rank: 99
OBIL Calmar Ratio Rank: 99
OBIL Martin Ratio Rank: 99

CERY

CERY Risk / Return Rank: 50
CERY Sharpe Ratio Rank: 50
CERY Sortino Ratio Rank: 47
CERY Omega Ratio Rank: 47
CERY Calmar Ratio Rank: 48
CERY 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.

OBIL vs. CERY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 12 Month Bill ETF (OBIL) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). 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.

	OBIL	CERY	Difference
Sharpe ratio: Return per unit of total volatility	6.37	1.68	+4.69
Sortino ratio: Return per unit of downside risk	12.77	2.26	+10.51
Omega ratio: Gain probability vs. loss probability	3.26	1.29	+1.97
Calmar ratio: Return relative to maximum drawdown	24.31	2.31	+22.00
Martin ratio: Return relative to average drawdown	126.79	9.93	+116.86

OBIL vs. CERY - Sharpe Ratio Comparison

The current OBIL Sharpe Ratio is 6.37, which is higher than the CERY Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of OBIL and CERY, 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

OBIL vs. CERY - Drawdown Comparison

The maximum OBIL drawdown since its inception was -0.33%, smaller than the maximum CERY drawdown of -11.37%. Use the drawdown chart below to compare losses from any high point for OBIL and CERY.

Drawdown Indicators

	OBIL	CERY	Difference
Max Drawdown Largest peak-to-trough decline	-0.33%	-11.37%	+11.04%
Max Drawdown (1Y) Largest decline over 1 year	-0.15%	-11.37%	+11.22%
Max Drawdown (3Y) Largest decline over 3 years	-0.21%	—	—
Current Drawdown Current decline from peak	-0.12%	-11.37%	+11.25%
Average Drawdown Average peak-to-trough decline	-0.03%	-2.27%	+2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	2.83%	-2.80%

Volatility

OBIL vs. CERY - Volatility Comparison

The current volatility for US Treasury 12 Month Bill ETF (OBIL) is 0.21%, while SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a volatility of 3.57%. This indicates that OBIL experiences smaller price fluctuations and is considered to be less risky than CERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OBIL	CERY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.21%	3.57%	-3.36%
Volatility (6M) Calculated over the trailing 6-month period	0.37%	13.57%	-13.20%
Volatility (1Y) Calculated over the trailing 1-year period	0.57%	15.63%	-15.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.82%	14.73%	-13.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.82%	14.73%	-13.91%

OBIL vs. CERY - Expense Ratio Comparison

OBIL has a 0.15% expense ratio, which is lower than CERY's 0.28% expense ratio.

Dividends

OBIL vs. CERY - Dividend Comparison

OBIL's dividend yield for the trailing twelve months is around 3.64%, less than CERY's 4.18% yield.

Position	TTM	2025	2024	2023	2022
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.18%	4.99%	0.52%	0.00%	0.00%
OBIL US Treasury 12 Month Bill ETF	3.64%	3.83%	4.56%	4.92%	0.52%

Frequently Asked Questions

Can I hold both OBIL and CERY in my portfolio?

OBIL and CERY 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, OBIL or CERY?

CERY has higher volatility (3.57%) compared to OBIL (0.21%). In terms of maximum drawdown, OBIL dropped -0.33% vs CERY's -11.37%.

Which ETF is better, OBIL or CERY?

On 1-year performance, CERY leads with 26.17% vs 3.62% for OBIL. On fees, OBIL is cheaper at 0.15% per year. On volatility, OBIL has been the lower-risk option at 0.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBIL or CERY?

Over the 1-year period, CERY has performed better with a 26.17% return vs 3.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBIL or CERY?

OBIL is cheaper with a 0.15% expense ratio, compared with 0.28% for CERY.

Which ETF pays a higher dividend yield, OBIL or CERY?

CERY has the higher dividend yield at 4.18%, compared with 3.64% for OBIL.

What is the main difference between OBIL and CERY?

OBIL is categorized as Government Bonds, while CERY is Commodities. OBIL tracks ICE BofA US 1-Year Treasury Bill Index - Benchmark TR Gross, while CERY tracks Bloomberg Enhanced Roll Yield Total Return Index. They also come from different issuers: US Benchmark Series and State Street. Their fees differ too: 0.15% for OBIL and 0.28% for CERY.

Which has better risk-adjusted returns?

OBIL currently has the higher Sharpe Ratio (6.37 vs 1.68), 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.