QAT vs. CERY
QAT (iShares MSCI Qatar ETF) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - QAT is a Emerging Markets Equities fund tracking the MSCI All Qatar Capped Index, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. Both are passively managed. Over the past year, QAT returned 7.11% vs 27.40% for CERY. At a correlation of -0.04, they often move in opposite directions. QAT charges 0.59%/yr vs 0.28%/yr for CERY.
Performance
QAT vs. CERY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, QAT achieves a 1.01% return, which is significantly lower than CERY's 18.11% return.
QAT
- 1D
- -0.39%
- 1M
- 2.08%
- YTD
- 1.01%
- 6M
- 0.41%
- 1Y
- 7.11%
- 3Y*
- 5.84%
- 5Y*
- 3.56%
- 10Y*
- 4.43%
CERY
- 1D
- -1.20%
- 1M
- -9.49%
- YTD
- 18.11%
- 6M
- 16.37%
- 1Y
- 27.40%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QAT vs. CERY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
QAT iShares MSCI Qatar ETF | 1.01% | 8.81% | 2.00% |
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 18.11% | 15.68% | 3.80% |
Correlation
The correlation between QAT and CERY is -0.13, 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 | -0.13 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024 | -0.04 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
QAT vs. CERY — Risk / Return Rank
QAT
CERY
QAT vs. CERY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Qatar ETF (QAT) 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.
| QAT | CERY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.23 | ||
| Sortino ratioReturn per unit of downside risk | -1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.31 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.67 | 2.21 | -1.54 |
| Martin ratioReturn relative to average drawdown | 1.24 | 10.02 | -8.78 |
Loading charts...
Drawdowns
QAT vs. CERY - Drawdown Comparison
The maximum QAT drawdown since its inception was -45.21%, which is greater than CERY's maximum drawdown of -12.44%. Use the drawdown chart below to compare losses from any high point for QAT and CERY.
Loading charts...
Drawdown Indicators
| QAT | CERY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -12.44% | -32.77% |
Max Drawdown (1Y)Largest decline over 1 year | -10.60% | -12.44% | +1.84% |
Max Drawdown (3Y)Largest decline over 3 years | -17.41% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -33.17% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.04% | — | — |
Current DrawdownCurrent decline from peak | -11.55% | -12.44% | +0.89% |
Average DrawdownAverage peak-to-trough decline | -19.14% | -2.29% | -16.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.75% | 2.76% | +2.99% |
Volatility
QAT vs. CERY - Volatility Comparison
iShares MSCI Qatar ETF (QAT) has a higher volatility of 5.72% compared to SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) at 3.64%. This indicates that QAT's price experiences larger fluctuations and is considered to be riskier than CERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| QAT | CERY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.72% | 3.64% | +2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 11.06% | 13.63% | -2.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.25% | 15.66% | -2.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.06% | 14.74% | +0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.54% | 14.74% | +2.80% |
QAT vs. CERY - Expense Ratio Comparison
QAT has a 0.59% expense ratio, which is higher than CERY's 0.28% expense ratio.
Dividends
QAT vs. CERY - Dividend Comparison
QAT's dividend yield for the trailing twelve months is around 4.63%, more than CERY's 4.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 4.23% | 4.99% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QAT iShares MSCI Qatar ETF | 4.63% | 3.51% | 5.90% | 3.92% | 4.78% | 2.33% | 2.63% | 3.57% | 4.63% | 4.10% | 3.51% | 4.49% |
Frequently Asked Questions
QAT and CERY have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QAT has higher volatility (5.72%) compared to CERY (3.64%). In terms of maximum drawdown, QAT dropped -45.21% vs CERY's -12.44%.
On 1-year performance, CERY leads with 27.40% vs 7.11% for QAT. On fees, CERY is cheaper at 0.28% per year. On volatility, CERY has been the lower-risk option at 3.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CERY has performed better with a 27.40% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CERY is cheaper with a 0.28% expense ratio, compared with 0.59% for QAT.
QAT has the higher dividend yield at 4.63%, compared with 4.23% for CERY.
QAT is categorized as Emerging Markets Equities, while CERY is Commodities. QAT tracks MSCI All Qatar Capped Index, while CERY tracks Bloomberg Enhanced Roll Yield Total Return Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.59% for QAT and 0.28% for CERY.
CERY currently has the higher Sharpe Ratio (1.78 vs 0.54), 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.
Find the right allocation for QAT and CERY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer