PWC vs. CMDT
PWC (Invesco Dynamic Market ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - PWC is a Mid Cap Blend Equities fund tracking the Dynamic Market Intellidex 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, PWC returned 13.17%/yr vs 12.77%/yr for CMDT. At a 0.06 correlation, their price movements are largely independent. PWC charges 0.60%/yr vs 0.65%/yr for CMDT.
Performance
PWC vs. CMDT - Performance Comparison
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Returns By Period
In the year-to-date period, PWC achieves a 5.50% return, which is significantly lower than CMDT's 13.43% return.
PWC
- 1D
- 0.70%
- 1M
- -1.43%
- YTD
- 5.50%
- 6M
- 4.60%
- 1Y
- 8.55%
- 3Y*
- 13.17%
- 5Y*
- 6.41%
- 10Y*
- 9.67%
CMDT
- 1D
- -1.14%
- 1M
- -8.86%
- YTD
- 13.43%
- 6M
- 13.42%
- 1Y
- 21.34%
- 3Y*
- 12.77%
- 5Y*
- —
- 10Y*
- —
PWC vs. CMDT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PWC Invesco Dynamic Market ETF | 5.50% | 6.15% | 17.46% | 13.98% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 13.43% | 12.78% | 6.93% | 5.37% |
Correlation
The correlation between PWC and CMDT is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since May 10, 2023 | 0.06 |
The correlation between PWC and CMDT shifts across timeframes, from -0.04 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PWC vs. CMDT — Risk / Return Rank
PWC
CMDT
PWC vs. CMDT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Market ETF (PWC) 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.
| PWC | CMDT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.29 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 1.93 | -0.60 |
| Martin ratioReturn relative to average drawdown | 3.99 | 9.62 | -5.63 |
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Drawdowns
PWC vs. CMDT - Drawdown Comparison
The maximum PWC drawdown since its inception was -78.13%, which is greater than CMDT's maximum drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for PWC and CMDT.
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Drawdown Indicators
| PWC | CMDT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.13% | -11.11% | -67.02% |
Max Drawdown (1Y)Largest decline over 1 year | -6.45% | -11.11% | +4.66% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -11.11% | -4.01% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -39.45% | — | — |
Current DrawdownCurrent decline from peak | -2.69% | -11.11% | +8.42% |
Average DrawdownAverage peak-to-trough decline | -36.13% | -2.77% | -33.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 2.25% | -0.10% |
Volatility
PWC vs. CMDT - Volatility Comparison
The current volatility for Invesco Dynamic Market ETF (PWC) is 2.87%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 3.26%. This indicates that PWC 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.
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Volatility by Period
| PWC | CMDT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 3.26% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 7.29% | 10.60% | -3.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.86% | 12.65% | -2.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.03% | 12.24% | +3.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.79% | 12.24% | +6.55% |
PWC vs. CMDT - Expense Ratio Comparison
PWC has a 0.60% expense ratio, which is lower than CMDT's 0.65% expense ratio.
Dividends
PWC vs. CMDT - Dividend Comparison
PWC's dividend yield for the trailing twelve months is around 1.80%, 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% |
PWC Invesco Dynamic Market ETF | 1.80% | 1.77% | 1.58% | 1.67% | 1.51% | 0.56% | 1.09% | 0.95% | 1.44% | 1.75% | 1.35% | 1.02% |
Frequently Asked Questions
PWC and CMDT have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMDT has higher volatility (3.26%) compared to PWC (2.87%). In terms of maximum drawdown, PWC dropped -78.13% vs CMDT's -11.11%.
On 3-year performance, PWC leads with 13.17% vs 12.77% for CMDT. On fees, PWC is cheaper at 0.60% per year. On volatility, PWC has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PWC has performed better with a 13.17% return vs 12.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PWC is cheaper with a 0.60% expense ratio, compared with 0.65% for CMDT.
CMDT has the higher dividend yield at 2.67%, compared with 1.80% for PWC.
PWC is categorized as Mid Cap Blend Equities, while CMDT is Commodities. PWC tracks Dynamic Market Intellidex 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 PWC and 0.65% for CMDT.
CMDT currently has the higher Sharpe Ratio (1.71 vs 0.88), 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.
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