RAAX vs. CERY

Last updated Jun 4, 2026

RAAX (VanEck Inflation Allocation ETF) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - RAAX is a Diversified Portfolio fund actively managed by VanEck, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. RAAX is actively managed, while CERY is passively managed. Over the past year, RAAX returned 37.19% vs 44.30% for CERY. A 0.67 correlation means they provide meaningful diversification when combined. RAAX charges 0.78%/yr vs 0.28%/yr for CERY.

Performance

RAAX vs. CERY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Inflation Allocation ETF (RAAX) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RAAX achieves a 19.15% return, which is significantly lower than CERY's 29.88% return.

RAAX

• 1D: 0.39%
• 1M: -1.28%
• YTD: 19.15%
• 6M: 19.65%
• 1Y: 37.19%
• 3Y*: 22.13%
• 5Y*: 13.54%
• 10Y*: —

CERY

• 1D: 0.06%
• 1M: -1.63%
• YTD: 29.88%
• 6M: 30.50%
• 1Y: 44.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RAAX vs. CERY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RAAX VanEck Inflation Allocation ETF	19.15%	26.74%	3.67%
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	29.88%	15.68%	3.92%

Correlation

The correlation between RAAX and CERY is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.67

The correlation between RAAX and CERY has been stable across timeframes, ranging from 0.65 to 0.67 - a consistent structural relationship.

Return for Risk

RAAX vs. CERY — Risk / Return Rank

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

RAAX

RAAX Risk / Return Rank: 85
RAAX Sharpe Ratio Rank: 83
RAAX Sortino Ratio Rank: 78
RAAX Omega Ratio Rank: 82
RAAX Calmar Ratio Rank: 90
RAAX Martin Ratio Rank: 90

CERY

CERY Risk / Return Rank: 87
CERY Sharpe Ratio Rank: 86
CERY Sortino Ratio Rank: 81
CERY Omega Ratio Rank: 83
CERY Calmar Ratio Rank: 92
CERY Martin Ratio Rank: 90

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.

RAAX vs. CERY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Inflation Allocation ETF (RAAX) 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.

	RAAX	CERY	Difference
Sharpe ratio: Return per unit of total volatility	2.75	2.90	-0.15
Sortino ratio: Return per unit of downside risk	3.57	3.66	-0.09
Omega ratio: Gain probability vs. loss probability	1.50	1.51	0.00
Calmar ratio: Return relative to maximum drawdown	5.64	6.38	-0.74
Martin ratio: Return relative to average drawdown	21.06	20.66	+0.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RAAX vs. CERY - Sharpe Ratio Comparison

The current RAAX Sharpe Ratio is 2.75, which is comparable to the CERY Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of RAAX and CERY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RAAX	CERY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	2.90	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	2.00	-1.38

Drawdowns

RAAX vs. CERY - Drawdown Comparison

The maximum RAAX drawdown since its inception was -33.91%, which is greater than CERY's maximum drawdown of -10.05%. Use the drawdown chart below to compare losses from any high point for RAAX and CERY.

Drawdown Indicators

	RAAX	CERY	Difference
Max Drawdown Largest peak-to-trough decline	-33.91%	-10.05%	-23.86%
Max Drawdown (1Y) Largest decline over 1 year	-6.62%	-6.98%	+0.36%
Max Drawdown (3Y) Largest decline over 3 years	-11.59%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.55%	—	—
Current Drawdown Current decline from peak	-2.53%	-3.71%	+1.18%
Average Drawdown Average peak-to-trough decline	-6.78%	-2.11%	-4.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	2.15%	-0.38%

Volatility

RAAX vs. CERY - Volatility Comparison

The current volatility for VanEck Inflation Allocation ETF (RAAX) is 2.95%, while SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a volatility of 4.94%. This indicates that RAAX experiences smaller price fluctuations and is considered to be less risky than CERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RAAX	CERY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	4.94%	-1.99%
Volatility (6M) Calculated over the trailing 6-month period	11.58%	13.29%	-1.71%
Volatility (1Y) Calculated over the trailing 1-year period	13.60%	15.37%	-1.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	14.71%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.76%	14.71%	+1.05%

RAAX vs. CERY - Expense Ratio Comparison

RAAX has a 0.78% expense ratio, which is higher than CERY's 0.28% expense ratio.

Dividends

RAAX vs. CERY - Dividend Comparison

RAAX's dividend yield for the trailing twelve months is around 1.96%, less than CERY's 3.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	3.85%	4.99%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RAAX VanEck Inflation Allocation ETF	1.96%	2.34%	1.91%	3.66%	1.53%	8.72%	6.27%	2.37%	0.56%

Frequently Asked Questions

Can I hold both RAAX and CERY in my portfolio?

RAAX and CERY have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RAAX or CERY?

CERY has higher volatility (4.94%) compared to RAAX (2.95%). In terms of maximum drawdown, RAAX dropped -33.91% vs CERY's -10.05%.

Which ETF is better, RAAX or CERY?

On 1-year performance, CERY leads with 44.30% vs 37.19% for RAAX. On fees, CERY is cheaper at 0.28% per year. On volatility, RAAX has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RAAX or CERY?

Over the 1-year period, CERY has performed better with a 44.30% return vs 37.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RAAX or CERY?

CERY is cheaper with a 0.28% expense ratio, compared with 0.78% for RAAX.

Which ETF pays a higher dividend yield, RAAX or CERY?

CERY has the higher dividend yield at 3.85%, compared with 1.96% for RAAX.

What is the main difference between RAAX and CERY?

RAAX is categorized as Diversified Portfolio, while CERY is Commodities. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.78% for RAAX and 0.28% for CERY.

Which has better risk-adjusted returns?

CERY currently has the higher Sharpe Ratio (2.90 vs 2.75), 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.