QVMT vs. CMDT

Last updated Jun 23, 2026

QVMT (Invesco S&P S&P 500 Concentrated QVM ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - QVMT is a S&P 500 fund tracking the S&P 500 Quality, Value & Momentum Multi-factor 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, QVMT returned 24.07%/yr vs 12.77%/yr for CMDT. At a 0.13 correlation, their price movements are largely independent. QVMT charges 0.13%/yr vs 0.65%/yr for CMDT.

Performance

QVMT vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) 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, QVMT achieves a 22.44% return, which is significantly higher than CMDT's 13.43% return.

QVMT

• 1D: 1.34%
• 1M: 4.77%
• YTD: 22.44%
• 6M: 22.40%
• 1Y: 38.59%
• 3Y*: 24.07%
• 5Y*: 13.72%
• 10Y*: 13.59%

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)

QVMT vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QVMT Invesco S&P S&P 500 Concentrated QVM ETF	22.44%	19.08%	14.40%	17.01%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	13.43%	12.78%	6.93%	5.37%

Correlation

The correlation between QVMT and CMDT is -0.05, 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	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (All Time) Calculated using the full available price history since May 10, 2023	0.13

The correlation between QVMT and CMDT shifts across timeframes, from -0.05 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QVMT vs. CMDT — Risk / Return Rank

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

QVMT

QVMT Risk / Return Rank: 91
QVMT Sharpe Ratio Rank: 91
QVMT Sortino Ratio Rank: 92
QVMT Omega Ratio Rank: 87
QVMT Calmar Ratio Rank: 93
QVMT Martin Ratio Rank: 92

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.

QVMT vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) 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.

	QVMT	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	3.02	1.71	+1.31
Sortino ratio: Return per unit of downside risk	4.28	2.39	+1.89
Omega ratio: Gain probability vs. loss probability	1.51	1.29	+0.22
Calmar ratio: Return relative to maximum drawdown	6.20	1.93	+4.27
Martin ratio: Return relative to average drawdown	21.92	9.62	+12.30

QVMT vs. CMDT - Sharpe Ratio Comparison

The current QVMT Sharpe Ratio is 3.02, which is higher than the CMDT Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of QVMT 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

QVMT vs. CMDT - Drawdown Comparison

The maximum QVMT drawdown since its inception was -48.05%, which is greater than CMDT's maximum drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for QVMT and CMDT.

Drawdown Indicators

	QVMT	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-48.05%	-11.11%	-36.94%
Max Drawdown (1Y) Largest decline over 1 year	-6.25%	-11.11%	+4.86%
Max Drawdown (3Y) Largest decline over 3 years	-14.42%	-11.11%	-3.31%
Max Drawdown (5Y) Largest decline over 5 years	-21.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.05%	—	—
Current Drawdown Current decline from peak	0.00%	-11.11%	+11.11%
Average Drawdown Average peak-to-trough decline	-6.31%	-2.77%	-3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	2.25%	-0.48%

Volatility

QVMT vs. CMDT - Volatility Comparison

Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) has a higher volatility of 4.12% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 3.26%. This indicates that QVMT'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

	QVMT	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	3.26%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	9.40%	10.60%	-1.20%
Volatility (1Y) Calculated over the trailing 1-year period	12.88%	12.65%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.26%	12.24%	+5.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.09%	12.24%	+8.85%

QVMT vs. CMDT - Expense Ratio Comparison

QVMT has a 0.13% expense ratio, which is lower than CMDT's 0.65% expense ratio.

Dividends

QVMT vs. CMDT - Dividend Comparison

QVMT's dividend yield for the trailing twelve months is around 2.24%, 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%
QVMT Invesco S&P S&P 500 Concentrated QVM ETF	1.78%	2.42%	2.71%	3.05%	2.49%	2.31%	2.70%	2.23%	2.48%	2.37%	1.11%	0.54%

Frequently Asked Questions

Can I hold both QVMT and CMDT in my portfolio?

QVMT and CMDT have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QVMT or CMDT?

QVMT has higher volatility (4.12%) compared to CMDT (3.26%). In terms of maximum drawdown, QVMT dropped -48.05% vs CMDT's -11.11%.

Which ETF is better, QVMT or CMDT?

On 3-year performance, QVMT leads with 24.07% vs 12.77% for CMDT. On fees, QVMT is cheaper at 0.13% 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, QVMT or CMDT?

Over the 3-year period, QVMT has performed better with a 24.07% return vs 12.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QVMT or CMDT?

QVMT is cheaper with a 0.13% expense ratio, compared with 0.65% for CMDT.

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

CMDT has the higher dividend yield at 2.67%, compared with 2.24% for QVMT.

What is the main difference between QVMT and CMDT?

QVMT is categorized as S&P 500, while CMDT is Commodities. QVMT tracks S&P 500 Quality, Value & Momentum Multi-factor Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: Invesco and PIMCO. Their fees differ too: 0.13% for QVMT and 0.65% for CMDT.

Which has better risk-adjusted returns?

QVMT currently has the higher Sharpe Ratio (3.02 vs 1.71), 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.