SMTC vs. CMDT

Last updated Jun 5, 2026

SMTC (Semtech Corporation) is a stock, while CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) is Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Over the past 3 years, SMTC returned 97.75%/yr vs 16.55%/yr for CMDT. At a 0.04 correlation, their price movements are largely independent.

Performance

SMTC vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Semtech Corporation (SMTC) 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, SMTC achieves a 129.81% return, which is significantly higher than CMDT's 22.69% return.

SMTC

• 1D: 3.58%
• 1M: 49.89%
• YTD: 129.81%
• 6M: 116.34%
• 1Y: 341.59%
• 3Y*: 97.75%
• 5Y*: 20.28%
• 10Y*: 21.50%

CMDT

• 1D: -1.03%
• 1M: -2.01%
• YTD: 22.69%
• 6M: 22.11%
• 1Y: 34.25%
• 3Y*: 16.55%
• 5Y*: —
• 10Y*: —

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

SMTC vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMTC Semtech Corporation	129.81%	19.14%	182.29%	17.54%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	22.69%	12.78%	6.93%	5.50%

Correlation

The correlation between SMTC and CMDT is -0.08, 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	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.04

The correlation between SMTC and CMDT shifts across timeframes, from -0.08 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMTC vs. CMDT — Risk / Return Rank

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

SMTC

SMTC Risk / Return Rank: 97
SMTC Sharpe Ratio Rank: 99
SMTC Sortino Ratio Rank: 97
SMTC Omega Ratio Rank: 95
SMTC Calmar Ratio Rank: 98
SMTC Martin Ratio Rank: 99

CMDT

CMDT Risk / Return Rank: 87
CMDT Sharpe Ratio Rank: 86
CMDT Sortino Ratio Rank: 84
CMDT Omega Ratio Rank: 81
CMDT Calmar Ratio Rank: 95
CMDT 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.

SMTC vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Semtech Corporation (SMTC) 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.

	SMTC	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	5.43	2.77	+2.66
Sortino ratio: Return per unit of downside risk	4.60	3.74	+0.86
Omega ratio: Gain probability vs. loss probability	1.57	1.48	+0.09
Calmar ratio: Return relative to maximum drawdown	12.90	7.67	+5.23
Martin ratio: Return relative to average drawdown	46.50	20.89	+25.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMTC vs. CMDT - Sharpe Ratio Comparison

The current SMTC Sharpe Ratio is 5.43, which is higher than the CMDT Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of SMTC 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.

Sharpe Ratios by Period

	SMTC	CMDT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.43	2.77	+2.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	1.29	-1.05

Drawdowns

SMTC vs. CMDT - Drawdown Comparison

The maximum SMTC drawdown since its inception was -85.40%, which is greater than CMDT's maximum drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for SMTC and CMDT.

Drawdown Indicators

	SMTC	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-85.40%	-9.69%	-75.71%
Max Drawdown (1Y) Largest decline over 1 year	-26.68%	-4.49%	-22.19%
Max Drawdown (3Y) Largest decline over 3 years	-68.45%	-9.69%	-58.76%
Max Drawdown (5Y) Largest decline over 5 years	-85.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-85.40%	—	—
Current Drawdown Current decline from peak	0.00%	-3.86%	+3.86%
Average Drawdown Average peak-to-trough decline	-47.92%	-2.69%	-45.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.39%	1.64%	+5.75%

Volatility

SMTC vs. CMDT - Volatility Comparison

Semtech Corporation (SMTC) has a higher volatility of 23.40% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 4.42%. This indicates that SMTC'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

	SMTC	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.40%	4.42%	+18.98%
Volatility (6M) Calculated over the trailing 6-month period	48.07%	10.33%	+37.74%
Volatility (1Y) Calculated over the trailing 1-year period	63.33%	12.40%	+50.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.67%	12.22%	+50.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.62%	12.22%	+41.40%

Dividends

SMTC vs. CMDT - Dividend Comparison

SMTC has not paid dividends to shareholders, while CMDT's dividend yield for the trailing twelve months is around 2.47%.

Position	TTM	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.47%	3.04%	8.80%	2.71%
SMTC Semtech Corporation	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMTC and CMDT in my portfolio?

SMTC and CMDT have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMTC or CMDT?

SMTC has higher volatility (23.40%) compared to CMDT (4.42%). In terms of maximum drawdown, SMTC dropped -85.40% vs CMDT's -9.69%.

Which has better risk-adjusted returns?

SMTC currently has the higher Sharpe Ratio (5.43 vs 2.77), 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.