PEZ vs. CMDT

Last updated Jun 24, 2026

PEZ (Invesco DWA Consumer Cyclicals Momentum ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - PEZ is a Momentum fund tracking the DWA Consumer Cyclicals Technical Leaders Index, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 3 years, PEZ returned 15.31%/yr vs 12.77%/yr for CMDT. At a 0.04 correlation, their price movements are largely independent. PEZ charges 0.60%/yr vs 0.65%/yr for CMDT.

Performance

PEZ vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) 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, PEZ achieves a -1.19% return, which is significantly lower than CMDT's 13.43% return.

PEZ

• 1D: -0.12%
• 1M: 4.00%
• YTD: -1.19%
• 6M: -3.03%
• 1Y: 6.82%
• 3Y*: 15.31%
• 5Y*: 2.52%
• 10Y*: 10.13%

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)

PEZ vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PEZ Invesco DWA Consumer Cyclicals Momentum ETF	-1.19%	5.40%	20.06%	21.40%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	13.43%	12.78%	6.93%	5.37%

Correlation

The correlation between PEZ 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 (3Y) Calculated over the trailing 3-year period	0.03
Correlation (All Time) Calculated using the full available price history since May 10, 2023	0.04

The correlation between PEZ and CMDT shifts across timeframes, from -0.15 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PEZ vs. CMDT — Risk / Return Rank

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

PEZ

PEZ Risk / Return Rank: 13
PEZ Sharpe Ratio Rank: 14
PEZ Sortino Ratio Rank: 13
PEZ Omega Ratio Rank: 13
PEZ Calmar Ratio Rank: 14
PEZ Martin Ratio Rank: 14

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.

PEZ vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) 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.

	PEZ	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	0.34	1.71	-1.37
Sortino ratio: Return per unit of downside risk	0.64	2.39	-1.75
Omega ratio: Gain probability vs. loss probability	1.07	1.29	-0.22
Calmar ratio: Return relative to maximum drawdown	0.43	1.93	-1.50
Martin ratio: Return relative to average drawdown	1.11	9.62	-8.51

PEZ vs. CMDT - Sharpe Ratio Comparison

The current PEZ Sharpe Ratio is 0.34, which is lower than the CMDT Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of PEZ 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

PEZ vs. CMDT - Drawdown Comparison

The maximum PEZ drawdown since its inception was -58.39%, which is greater than CMDT's maximum drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for PEZ and CMDT.

Drawdown Indicators

	PEZ	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-58.39%	-11.11%	-47.28%
Max Drawdown (1Y) Largest decline over 1 year	-15.83%	-11.11%	-4.72%
Max Drawdown (3Y) Largest decline over 3 years	-31.48%	-11.11%	-20.37%
Max Drawdown (5Y) Largest decline over 5 years	-41.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-52.05%	—	—
Current Drawdown Current decline from peak	-8.42%	-11.11%	+2.69%
Average Drawdown Average peak-to-trough decline	-13.84%	-2.77%	-11.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.18%	2.25%	+3.93%

Volatility

PEZ vs. CMDT - Volatility Comparison

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) has a higher volatility of 3.76% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 3.26%. This indicates that PEZ'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

	PEZ	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	3.26%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	14.95%	10.60%	+4.35%
Volatility (1Y) Calculated over the trailing 1-year period	19.98%	12.65%	+7.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.35%	12.24%	+12.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.06%	12.24%	+12.82%

PEZ vs. CMDT - Expense Ratio Comparison

PEZ has a 0.60% expense ratio, which is lower than CMDT's 0.65% expense ratio.

Dividends

PEZ vs. CMDT - Dividend Comparison

PEZ's dividend yield for the trailing twelve months is around 0.24%, less than CMDT's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.67%	3.04%	8.80%	2.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PEZ Invesco DWA Consumer Cyclicals Momentum ETF	0.24%	0.11%	0.12%	0.60%	0.43%	0.23%	0.39%	0.01%	0.40%	0.42%	0.83%	0.64%

Frequently Asked Questions

Can I hold both PEZ and CMDT in my portfolio?

PEZ 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, PEZ or CMDT?

PEZ has higher volatility (3.76%) compared to CMDT (3.26%). In terms of maximum drawdown, PEZ dropped -58.39% vs CMDT's -11.11%.

Which ETF is better, PEZ or CMDT?

On 3-year performance, PEZ leads with 15.31% vs 12.77% for CMDT. On fees, PEZ is cheaper at 0.60% per year. On volatility, CMDT has been the lower-risk option at 3.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEZ or CMDT?

Over the 3-year period, PEZ has performed better with a 15.31% return vs 12.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEZ or CMDT?

PEZ is cheaper with a 0.60% expense ratio, compared with 0.65% for CMDT.

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

CMDT has the higher dividend yield at 2.67%, compared with 0.24% for PEZ.

What is the main difference between PEZ and CMDT?

PEZ is categorized as Momentum, while CMDT is Commodities. PEZ tracks DWA Consumer Cyclicals Technical Leaders Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: Invesco and PIMCO. Their fees differ too: 0.60% for PEZ and 0.65% for CMDT.

Which has better risk-adjusted returns?

CMDT currently has the higher Sharpe Ratio (1.71 vs 0.34), 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.