SPSB vs. CMDT
SPSB (SPDR Portfolio Short Term Corporate Bond ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - SPSB is a Corporate Bonds fund tracking the Bloomberg Barclays U.S. 1-3 Year Corporate Bond 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, SPSB returned 5.31%/yr vs 13.20%/yr for CMDT. At a correlation of -0.03, they often move in opposite directions. SPSB charges 0.07%/yr vs 0.65%/yr for CMDT.
Performance
SPSB vs. CMDT - Performance Comparison
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Returns By Period
In the year-to-date period, SPSB achieves a 0.87% return, which is significantly lower than CMDT's 14.74% return.
SPSB
- 1D
- -0.10%
- 1M
- 0.16%
- YTD
- 0.87%
- 6M
- 1.04%
- 1Y
- 3.98%
- 3Y*
- 5.31%
- 5Y*
- 2.73%
- 10Y*
- 2.60%
CMDT
- 1D
- -0.69%
- 1M
- -7.81%
- YTD
- 14.74%
- 6M
- 15.38%
- 1Y
- 20.78%
- 3Y*
- 13.20%
- 5Y*
- —
- 10Y*
- —
SPSB vs. CMDT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SPSB SPDR Portfolio Short Term Corporate Bond ETF | 0.87% | 5.86% | 5.25% | 3.73% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 14.74% | 12.78% | 6.93% | 5.37% |
Correlation
The correlation between SPSB and CMDT is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since May 10, 2023 | -0.03 |
The correlation between SPSB and CMDT shifts across timeframes, from -0.19 (1 year) to -0.03 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPSB vs. CMDT — Risk / Return Rank
SPSB
CMDT
SPSB vs. CMDT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Short Term Corporate Bond ETF (SPSB) 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.
| SPSB | CMDT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.27 | ||
| Sortino ratioReturn per unit of downside risk | +2.33 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.28 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 4.58 | 2.07 | +2.51 |
| Martin ratioReturn relative to average drawdown | 21.10 | 9.74 | +11.36 |
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Drawdowns
SPSB vs. CMDT - Drawdown Comparison
The maximum SPSB drawdown since its inception was -11.75%, which is greater than CMDT's maximum drawdown of -10.09%. Use the drawdown chart below to compare losses from any high point for SPSB and CMDT.
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Drawdown Indicators
| SPSB | CMDT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.75% | -10.09% | -1.66% |
Max Drawdown (1Y)Largest decline over 1 year | -0.87% | -10.09% | +9.22% |
Max Drawdown (3Y)Largest decline over 3 years | -0.87% | -10.09% | +9.22% |
Max Drawdown (5Y)Largest decline over 5 years | -5.96% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -11.75% | — | — |
Current DrawdownCurrent decline from peak | -0.20% | -10.09% | +9.89% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -2.76% | +2.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.19% | 2.28% | -2.09% |
Volatility
SPSB vs. CMDT - Volatility Comparison
The current volatility for SPDR Portfolio Short Term Corporate Bond ETF (SPSB) is 0.48%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 3.18%. This indicates that SPSB experiences smaller price fluctuations and is considered to be less risky than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPSB | CMDT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.48% | 3.18% | -2.70% |
Volatility (6M)Calculated over the trailing 6-month period | 1.01% | 10.52% | -9.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.37% | 12.62% | -11.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.99% | 12.23% | -10.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.06% | 12.23% | -9.17% |
SPSB vs. CMDT - Expense Ratio Comparison
SPSB has a 0.07% expense ratio, which is lower than CMDT's 0.65% expense ratio.
Dividends
SPSB vs. CMDT - Dividend Comparison
SPSB's dividend yield for the trailing twelve months is around 4.41%, more than CMDT's 2.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.64% | 3.04% | 8.80% | 2.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPSB SPDR Portfolio Short Term Corporate Bond ETF | 4.41% | 4.55% | 4.85% | 4.05% | 1.92% | 1.19% | 1.94% | 2.77% | 2.36% | 1.94% | 1.65% | 1.43% |
Frequently Asked Questions
SPSB and CMDT have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMDT has higher volatility (3.18%) compared to SPSB (0.48%). In terms of maximum drawdown, SPSB dropped -11.75% vs CMDT's -10.09%.
On 3-year performance, CMDT leads with 13.20% vs 5.31% for SPSB. On fees, SPSB is cheaper at 0.07% per year. On volatility, SPSB has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CMDT has performed better with a 13.20% return vs 5.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPSB is cheaper with a 0.07% expense ratio, compared with 0.65% for CMDT.
SPSB has the higher dividend yield at 4.41%, compared with 2.64% for CMDT.
SPSB is categorized as Corporate Bonds, while CMDT is Commodities. SPSB tracks Bloomberg Barclays U.S. 1-3 Year Corporate Bond Index, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: State Street and PIMCO. Their fees differ too: 0.07% for SPSB and 0.65% for CMDT.
SPSB currently has the higher Sharpe Ratio (2.93 vs 1.66), 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.
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