SPLS vs. CMDT
SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - SPLS is a Diversified Portfolio fund actively managed by PIMCO, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. SPLS is actively managed, while CMDT is passively managed. At a correlation of -0.17, they often move in opposite directions. SPLS charges 0.18%/yr vs 0.65%/yr for CMDT.
Performance
SPLS vs. CMDT - Performance Comparison
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Returns By Period
SPLS
- 1D
- -0.24%
- 1M
- -1.52%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMDT
- 1D
- -2.38%
- 1M
- -11.03%
- YTD
- 10.73%
- 6M
- 10.29%
- 1Y
- 20.39%
- 3Y*
- 11.87%
- 5Y*
- —
- 10Y*
- —
SPLS vs. CMDT - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF | 6.49% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 8.06% |
Correlation
The correlation between SPLS and CMDT is -0.17, 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 (All Time) Calculated using the full available price history since Jan 16, 2026 | -0.17 |
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Return for Risk
SPLS vs. CMDT — Risk / Return Rank
SPLS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CMDT
SPLS vs. CMDT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS) 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.
| SPLS | CMDT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.28 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.55 | — |
| Martin ratioReturn relative to average drawdown | — | 8.61 | — |
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Drawdowns
SPLS vs. CMDT - Drawdown Comparison
The maximum SPLS drawdown since its inception was -9.24%, smaller than the maximum CMDT drawdown of -13.23%. Use the drawdown chart below to compare losses from any high point for SPLS and CMDT.
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Drawdown Indicators
| SPLS | CMDT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.24% | -13.23% | +3.99% |
Max Drawdown (1Y)Largest decline over 1 year | — | -13.23% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.23% | — |
Current DrawdownCurrent decline from peak | -3.29% | -13.23% | +9.94% |
Average DrawdownAverage peak-to-trough decline | -1.88% | -2.78% | +0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.37% | — |
Volatility
SPLS vs. CMDT - Volatility Comparison
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Volatility by Period
| SPLS | CMDT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.79% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 10.89% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 15.55% | 12.78% | +2.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.55% | 12.31% | +3.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.55% | 12.31% | +3.24% |
SPLS vs. CMDT - Expense Ratio Comparison
SPLS has a 0.18% expense ratio, which is lower than CMDT's 0.65% expense ratio.
Dividends
SPLS vs. CMDT - Dividend Comparison
SPLS's dividend yield for the trailing twelve months is around 0.22%, less than CMDT's 2.73% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.73% | 3.04% | 8.80% | 2.71% |
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF | 0.22% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPLS and CMDT have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPLS is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPLS is cheaper with a 0.18% expense ratio, compared with 0.65% for CMDT.
CMDT has the higher dividend yield at 2.73%, compared with 0.22% for SPLS.
SPLS is categorized as Diversified Portfolio, while CMDT is Commodities. Their fees differ too: 0.18% for SPLS and 0.65% for CMDT.
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