RAFE vs. CMDT

Last updated Jun 24, 2026

RAFE (PIMCO RAFI ESG U.S. ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - RAFE is a Large Cap Blend Equities fund tracking the RAFI ESG US 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, RAFE returned 19.07%/yr vs 12.77%/yr for CMDT. At a 0.06 correlation, their price movements are largely independent. RAFE charges 0.30%/yr vs 0.65%/yr for CMDT.

Performance

RAFE vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAFI ESG U.S. ETF (RAFE) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with RAFE having a 13.45% return and CMDT slightly lower at 13.43%.

RAFE

• 1D: -0.39%
• 1M: 2.23%
• YTD: 13.45%
• 6M: 12.91%
• 1Y: 29.87%
• 3Y*: 19.07%
• 5Y*: 11.34%
• 10Y*: —

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)

RAFE vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
RAFE PIMCO RAFI ESG U.S. ETF	13.45%	17.60%	13.81%	15.09%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	13.43%	12.78%	6.93%	5.37%

Correlation

The correlation between RAFE and CMDT is -0.07, 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	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (All Time) Calculated using the full available price history since May 10, 2023	0.06

The correlation between RAFE and CMDT shifts across timeframes, from -0.07 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RAFE vs. CMDT — Risk / Return Rank

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

RAFE

RAFE Risk / Return Rank: 84
RAFE Sharpe Ratio Rank: 86
RAFE Sortino Ratio Rank: 87
RAFE Omega Ratio Rank: 83
RAFE Calmar Ratio Rank: 82
RAFE Martin Ratio Rank: 82

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.

RAFE vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAFI ESG U.S. ETF (RAFE) 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.

	RAFE	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	2.61	1.71	+0.90
Sortino ratio: Return per unit of downside risk	3.63	2.39	+1.24
Omega ratio: Gain probability vs. loss probability	1.46	1.29	+0.17
Calmar ratio: Return relative to maximum drawdown	4.02	1.93	+2.09
Martin ratio: Return relative to average drawdown	15.57	9.62	+5.95

RAFE vs. CMDT - Sharpe Ratio Comparison

The current RAFE Sharpe Ratio is 2.61, which is higher than the CMDT Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of RAFE 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

RAFE vs. CMDT - Drawdown Comparison

The maximum RAFE drawdown since its inception was -35.74%, which is greater than CMDT's maximum drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for RAFE and CMDT.

Drawdown Indicators

	RAFE	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-35.74%	-11.11%	-24.63%
Max Drawdown (1Y) Largest decline over 1 year	-7.46%	-11.11%	+3.65%
Max Drawdown (3Y) Largest decline over 3 years	-16.36%	-11.11%	-5.25%
Max Drawdown (5Y) Largest decline over 5 years	-24.28%	—	—
Current Drawdown Current decline from peak	-1.25%	-11.11%	+9.86%
Average Drawdown Average peak-to-trough decline	-6.17%	-2.77%	-3.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	2.25%	-0.33%

Volatility

RAFE vs. CMDT - Volatility Comparison

PIMCO RAFI ESG U.S. ETF (RAFE) has a higher volatility of 3.88% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 3.26%. This indicates that RAFE'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

	RAFE	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	3.26%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	8.71%	10.60%	-1.89%
Volatility (1Y) Calculated over the trailing 1-year period	11.54%	12.65%	-1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.10%	12.24%	+2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.40%	12.24%	+7.16%

RAFE vs. CMDT - Expense Ratio Comparison

RAFE has a 0.30% expense ratio, which is lower than CMDT's 0.65% expense ratio.

Dividends

RAFE vs. CMDT - Dividend Comparison

RAFE's dividend yield for the trailing twelve months is around 1.50%, less than CMDT's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.67%	3.04%	8.80%	2.71%	0.00%	0.00%	0.00%
RAFE PIMCO RAFI ESG U.S. ETF	1.50%	1.67%	1.79%	1.81%	2.22%	1.42%	2.36%

Frequently Asked Questions

Can I hold both RAFE and CMDT in my portfolio?

RAFE and CMDT have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RAFE or CMDT?

RAFE has higher volatility (3.88%) compared to CMDT (3.26%). In terms of maximum drawdown, RAFE dropped -35.74% vs CMDT's -11.11%.

Which ETF is better, RAFE or CMDT?

On 3-year performance, RAFE leads with 19.07% vs 12.77% for CMDT. On fees, RAFE is cheaper at 0.30% 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, RAFE or CMDT?

Over the 3-year period, RAFE has performed better with a 19.07% return vs 12.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RAFE or CMDT?

RAFE is cheaper with a 0.30% expense ratio, compared with 0.65% for CMDT.

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

CMDT has the higher dividend yield at 2.67%, compared with 1.50% for RAFE.

What is the main difference between RAFE and CMDT?

RAFE is categorized as Large Cap Blend Equities, while CMDT is Commodities. RAFE tracks RAFI ESG US Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. Their fees differ too: 0.30% for RAFE and 0.65% for CMDT.

Which has better risk-adjusted returns?

RAFE currently has the higher Sharpe Ratio (2.61 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.