SRHQ vs. CMDT

Last updated Jun 18, 2026

SRHQ (SRH U.S. Quality ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - SRHQ is a Mid Cap Blend Equities fund tracking the SRH US Quality Index - Benchmark TR Gross, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 3 years, SRHQ returned 15.89%/yr vs 12.87%/yr for CMDT. At a 0.05 correlation, their price movements are largely independent. SRHQ charges 0.35%/yr vs 0.65%/yr for CMDT.

Performance

SRHQ vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SRH U.S. Quality ETF (SRHQ) 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, SRHQ achieves a 11.54% return, which is significantly lower than CMDT's 15.83% return.

SRHQ

• 1D: -1.83%
• 1M: 2.03%
• YTD: 11.54%
• 6M: 11.79%
• 1Y: 22.77%
• 3Y*: 15.89%
• 5Y*: —
• 10Y*: —

CMDT

• 1D: -0.55%
• 1M: -8.55%
• YTD: 15.83%
• 6M: 17.84%
• 1Y: 21.66%
• 3Y*: 12.87%
• 5Y*: —
• 10Y*: —

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

SRHQ vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SRHQ SRH U.S. Quality ETF	11.54%	7.34%	16.49%	18.67%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	15.83%	12.78%	6.93%	5.37%

Correlation

The correlation between SRHQ and CMDT is -0.09, 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	-0.09
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	0.05

The correlation between SRHQ and CMDT shifts across timeframes, from -0.09 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SRHQ vs. CMDT — Risk / Return Rank

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

SRHQ

SRHQ Risk / Return Rank: 57
SRHQ Sharpe Ratio Rank: 47
SRHQ Sortino Ratio Rank: 48
SRHQ Omega Ratio Rank: 44
SRHQ Calmar Ratio Rank: 76
SRHQ Martin Ratio Rank: 72

CMDT

CMDT Risk / Return Rank: 54
CMDT Sharpe Ratio Rank: 54
CMDT Sortino Ratio Rank: 53
CMDT Omega Ratio Rank: 49
CMDT Calmar Ratio Rank: 50
CMDT Martin Ratio Rank: 62

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.

SRHQ vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SRH U.S. Quality ETF (SRHQ) 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.

	SRHQ	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.73	-0.18
Sortino ratio: Return per unit of downside risk	2.24	2.41	-0.17
Omega ratio: Gain probability vs. loss probability	1.27	1.30	-0.03
Calmar ratio: Return relative to maximum drawdown	3.63	2.36	+1.27
Martin ratio: Return relative to average drawdown	12.40	10.32	+2.08

SRHQ vs. CMDT - Sharpe Ratio Comparison

The current SRHQ Sharpe Ratio is 1.55, which is comparable to the CMDT Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of SRHQ 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

SRHQ vs. CMDT - Drawdown Comparison

The maximum SRHQ drawdown since its inception was -18.50%, which is greater than CMDT's maximum drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for SRHQ and CMDT.

Drawdown Indicators

	SRHQ	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-18.50%	-9.69%	-8.81%
Max Drawdown (1Y) Largest decline over 1 year	-6.31%	-9.23%	+2.92%
Max Drawdown (3Y) Largest decline over 3 years	-18.50%	-9.69%	-8.81%
Current Drawdown Current decline from peak	-2.14%	-9.23%	+7.09%
Average Drawdown Average peak-to-trough decline	-3.05%	-2.74%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	2.14%	-0.30%

Volatility

SRHQ vs. CMDT - Volatility Comparison

SRH U.S. Quality ETF (SRHQ) has a higher volatility of 3.99% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 3.41%. This indicates that SRHQ'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

	SRHQ	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	3.41%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	10.83%	10.54%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	14.80%	12.60%	+2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.02%	12.23%	+3.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.02%	12.23%	+3.79%

SRHQ vs. CMDT - Expense Ratio Comparison

SRHQ has a 0.35% expense ratio, which is lower than CMDT's 0.65% expense ratio.

Dividends

SRHQ vs. CMDT - Dividend Comparison

SRHQ's dividend yield for the trailing twelve months is around 0.71%, less than CMDT's 2.61% yield.

Position	TTM	2025	2024	2023	2022
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.61%	3.04%	8.80%	2.71%	0.00%
SRHQ SRH U.S. Quality ETF	0.71%	0.76%	0.66%	0.84%	0.27%

Frequently Asked Questions

Can I hold both SRHQ and CMDT in my portfolio?

SRHQ and CMDT have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SRHQ or CMDT?

SRHQ has higher volatility (3.99%) compared to CMDT (3.41%). In terms of maximum drawdown, SRHQ dropped -18.50% vs CMDT's -9.69%.

Which ETF is better, SRHQ or CMDT?

On 3-year performance, SRHQ leads with 15.89% vs 12.87% for CMDT. On fees, SRHQ is cheaper at 0.35% per year. On volatility, CMDT has been the lower-risk option at 3.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SRHQ or CMDT?

Over the 3-year period, SRHQ has performed better with a 15.89% return vs 12.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SRHQ or CMDT?

SRHQ is cheaper with a 0.35% expense ratio, compared with 0.65% for CMDT.

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

CMDT has the higher dividend yield at 2.61%, compared with 0.71% for SRHQ.

What is the main difference between SRHQ and CMDT?

SRHQ is categorized as Mid Cap Blend Equities, while CMDT is Commodities. SRHQ tracks SRH US Quality Index - Benchmark TR Gross, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: SRH and PIMCO. Their fees differ too: 0.35% for SRHQ and 0.65% for CMDT.

Which has better risk-adjusted returns?

CMDT currently has the higher Sharpe Ratio (1.73 vs 1.55), 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.