PMIO vs. CMDT

Last updated Jul 12, 2026

PMIO (PGIM Municipal Income Opportunities ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - PMIO is a Municipal Bonds fund actively managed by PGIM, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. PMIO is actively managed, while CMDT is passively managed. Over the past year, PMIO returned 6.24% vs 23.48% for CMDT. At a correlation of -0.13, they often move in opposite directions. PMIO charges 0.25%/yr vs 0.65%/yr for CMDT.

Performance

PMIO vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Municipal Income Opportunities ETF (PMIO) 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, PMIO achieves a 1.91% return, which is significantly lower than CMDT's 15.27% return.

PMIO

• 1D: 0.04%
• 1M: 0.19%
• 6M: 1.42%
• YTD: 1.91%
• 1Y: 6.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CMDT

• 1D: -0.10%
• 1M: -2.39%
• 6M: 13.14%
• YTD: 15.27%
• 1Y: 23.48%
• 3Y*: 12.44%
• 5Y*: —
• 10Y*: —

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

PMIO vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PMIO PGIM Municipal Income Opportunities ETF	1.91%	5.30%	2.41%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	15.27%	12.78%	-0.56%

Correlation

The correlation between PMIO and CMDT is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Jun 28, 2024	-0.13

Return for Risk

PMIO vs. CMDT — Risk / Return Rank

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

PMIO

PMIO Risk / Return Rank: 83
PMIO Sharpe Ratio Rank: 94
PMIO Sortino Ratio Rank: 94
PMIO Omega Ratio Rank: 95
PMIO Calmar Ratio Rank: 68
PMIO Martin Ratio Rank: 64

CMDT

CMDT Risk / Return Rank: 65
CMDT Sharpe Ratio Rank: 77
CMDT Sortino Ratio Rank: 75
CMDT Omega Ratio Rank: 70
CMDT Calmar Ratio Rank: 47
CMDT Martin Ratio Rank: 54

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.

PMIO vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Municipal Income Opportunities ETF (PMIO) 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.

	PMIO	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	2.73	1.95	+0.78
Sortino ratio: Return per unit of downside risk	4.04	2.69	+1.35
Omega ratio: Gain probability vs. loss probability	1.61	1.33	+0.28
Calmar ratio: Return relative to maximum drawdown	2.71	1.90	+0.82
Martin ratio: Return relative to average drawdown	9.14	7.45	+1.69

PMIO vs. CMDT - Sharpe Ratio Comparison

The current PMIO Sharpe Ratio is 2.73, which is higher than the CMDT Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of PMIO 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

PMIO vs. CMDT - Drawdown Comparison

The maximum PMIO drawdown since its inception was -3.39%, smaller than the maximum CMDT drawdown of -13.23%. Use the drawdown chart below to compare losses from any high point for PMIO and CMDT.

Drawdown Indicators

	PMIO	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-3.39%	-13.23%	+9.84%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-13.23%	+10.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.23%	—
Current Drawdown Current decline from peak	-0.38%	-9.67%	+9.29%
Average Drawdown Average peak-to-trough decline	-0.63%	-2.90%	+2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	3.36%	-2.69%

Volatility

PMIO vs. CMDT - Volatility Comparison

The current volatility for PGIM Municipal Income Opportunities ETF (PMIO) is 0.59%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 4.13%. This indicates that PMIO 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

	PMIO	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	4.13%	-3.54%
Volatility (6M) Calculated over the trailing 6-month period	1.66%	10.95%	-9.29%
Volatility (1Y) Calculated over the trailing 1-year period	2.23%	12.86%	-10.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.03%	12.31%	-9.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.03%	12.31%	-9.28%

PMIO vs. CMDT - Expense Ratio Comparison

PMIO has a 0.25% expense ratio, which is lower than CMDT's 0.65% expense ratio.

Dividends

PMIO vs. CMDT - Dividend Comparison

PMIO's dividend yield for the trailing twelve months is around 3.91%, more than CMDT's 2.68% yield.

Position	TTM	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.68%	3.04%	8.80%	2.71%
PMIO PGIM Municipal Income Opportunities ETF	3.91%	4.00%	2.11%	0.00%

Frequently Asked Questions

Can I hold both PMIO and CMDT in my portfolio?

PMIO and CMDT have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMIO or CMDT?

CMDT has higher volatility (4.13%) compared to PMIO (0.59%). In terms of maximum drawdown, PMIO dropped -3.39% vs CMDT's -13.23%.

Which ETF is better, PMIO or CMDT?

On 1-year performance, CMDT leads with 23.48% vs 6.24% for PMIO. On fees, PMIO is cheaper at 0.25% per year. On volatility, PMIO has been the lower-risk option at 0.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMIO or CMDT?

Over the 1-year period, CMDT has performed better with a 23.48% return vs 6.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMIO or CMDT?

PMIO is cheaper with a 0.25% expense ratio, compared with 0.65% for CMDT.

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

PMIO has the higher dividend yield at 3.91%, compared with 2.68% for CMDT.

What is the main difference between PMIO and CMDT?

PMIO is categorized as Municipal Bonds, while CMDT is Commodities. They also come from different issuers: PGIM and PIMCO. Their fees differ too: 0.25% for PMIO and 0.65% for CMDT.

Which has better risk-adjusted returns?

PMIO currently has the higher Sharpe Ratio (2.73 vs 1.95), 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.