RAFE vs. DCMT

Last updated Jul 14, 2026

RAFE (PIMCO RAFI ESG U.S. ETF) and DCMT (DoubleLine Commodity Strategy ETF) are both exchange-traded funds - RAFE is a Large Cap Blend Equities fund tracking the RAFI ESG US Index, while DCMT is a Commodities fund actively managed by DoubleLine. RAFE is passively managed, while DCMT is actively managed. Over the past year, RAFE returned 28.06% vs 28.33% for DCMT. At a correlation of -0.03, they often move in opposite directions. RAFE charges 0.30%/yr vs 0.66%/yr for DCMT.

Performance

RAFE vs. DCMT - Performance Comparison

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

Returns By Period

In the year-to-date period, RAFE achieves a 15.70% return, which is significantly lower than DCMT's 25.74% return.

RAFE

• 1D: -0.06%
• 1M: 1.59%
• 6M: 13.30%
• YTD: 15.70%
• 1Y: 28.06%
• 3Y*: 18.76%
• 5Y*: 11.46%
• 10Y*: —

DCMT

• 1D: 2.59%
• 1M: -0.52%
• 6M: 21.60%
• YTD: 25.74%
• 1Y: 28.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RAFE vs. DCMT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RAFE PIMCO RAFI ESG U.S. ETF	15.70%	17.60%	12.54%
DCMT DoubleLine Commodity Strategy ETF	25.74%	6.04%	3.65%

Correlation

The correlation between RAFE and DCMT is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024	-0.03

The correlation between RAFE and DCMT shifts across timeframes, from -0.16 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RAFE vs. DCMT — Risk / Return Rank

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

RAFE

RAFE Risk / Return Rank: 89
RAFE Sharpe Ratio Rank: 91
RAFE Sortino Ratio Rank: 91
RAFE Omega Ratio Rank: 89
RAFE Calmar Ratio Rank: 86
RAFE Martin Ratio Rank: 88

DCMT

DCMT Risk / Return Rank: 51
DCMT Sharpe Ratio Rank: 57
DCMT Sortino Ratio Rank: 55
DCMT Omega Ratio Rank: 53
DCMT Calmar Ratio Rank: 44
DCMT Martin Ratio Rank: 49

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. DCMT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAFI ESG U.S. ETF (RAFE) and DoubleLine Commodity Strategy ETF (DCMT). 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	DCMT	Difference
Sharpe ratio: Return per unit of total volatility	2.49	1.52	+0.97
Sortino ratio: Return per unit of downside risk	3.48	2.11	+1.38
Omega ratio: Gain probability vs. loss probability	1.45	1.27	+0.18
Calmar ratio: Return relative to maximum drawdown	3.78	1.78	+2.00
Martin ratio: Return relative to average drawdown	14.72	6.45	+8.27

RAFE vs. DCMT - Sharpe Ratio Comparison

The current RAFE Sharpe Ratio is 2.49, which is higher than the DCMT Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of RAFE and DCMT, 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. DCMT - Drawdown Comparison

The maximum RAFE drawdown since its inception was -35.74%, which is greater than DCMT's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for RAFE and DCMT.

Drawdown Indicators

	RAFE	DCMT	Difference
Max Drawdown Largest peak-to-trough decline	-35.74%	-15.96%	-19.78%
Max Drawdown (1Y) Largest decline over 1 year	-7.46%	-15.96%	+8.50%
Max Drawdown (3Y) Largest decline over 3 years	-16.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.28%	—	—
Current Drawdown Current decline from peak	-0.06%	-9.74%	+9.68%
Average Drawdown Average peak-to-trough decline	-6.13%	-3.51%	-2.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	4.40%	-2.49%

Volatility

RAFE vs. DCMT - Volatility Comparison

The current volatility for PIMCO RAFI ESG U.S. ETF (RAFE) is 2.78%, while DoubleLine Commodity Strategy ETF (DCMT) has a volatility of 6.10%. This indicates that RAFE experiences smaller price fluctuations and is considered to be less risky than DCMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RAFE	DCMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	6.10%	-3.32%
Volatility (6M) Calculated over the trailing 6-month period	8.59%	16.86%	-8.27%
Volatility (1Y) Calculated over the trailing 1-year period	11.34%	18.80%	-7.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.07%	16.03%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.33%	16.03%	+3.30%

RAFE vs. DCMT - Expense Ratio Comparison

RAFE has a 0.30% expense ratio, which is lower than DCMT's 0.66% expense ratio.

Dividends

RAFE vs. DCMT - Dividend Comparison

RAFE's dividend yield for the trailing twelve months is around 1.49%, less than DCMT's 2.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
DCMT DoubleLine Commodity Strategy ETF	2.92%	3.67%	1.59%	0.00%	0.00%	0.00%	0.00%
RAFE PIMCO RAFI ESG U.S. ETF	1.49%	1.67%	1.79%	1.81%	2.22%	1.42%	2.36%

Frequently Asked Questions

Can I hold both RAFE and DCMT in my portfolio?

RAFE and DCMT have a correlation of -0.16, 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 DCMT?

DCMT has higher volatility (6.10%) compared to RAFE (2.78%). In terms of maximum drawdown, RAFE dropped -35.74% vs DCMT's -15.96%.

Which ETF is better, RAFE or DCMT?

On 1-year performance, DCMT leads with 28.33% vs 28.06% for RAFE. On fees, RAFE is cheaper at 0.30% per year. On volatility, RAFE has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RAFE or DCMT?

Over the 1-year period, DCMT has performed better with a 28.33% return vs 28.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RAFE or DCMT?

RAFE is cheaper with a 0.30% expense ratio, compared with 0.66% for DCMT.

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

DCMT has the higher dividend yield at 2.92%, compared with 1.49% for RAFE.

What is the main difference between RAFE and DCMT?

RAFE is categorized as Large Cap Blend Equities, while DCMT is Commodities. They also come from different issuers: PIMCO and DoubleLine. Their fees differ too: 0.30% for RAFE and 0.66% for DCMT.

Which has better risk-adjusted returns?

RAFE currently has the higher Sharpe Ratio (2.49 vs 1.52), 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.