TAXM vs. CMCI

Last updated Jun 4, 2026

TAXM (BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents) and CMCI (VanEck CMCI Commodity Strategy ETF) are both exchange-traded funds - TAXM is a Municipal Bonds fund actively managed by BondBloxx, while CMCI is a Commodities fund tracking the UBS Bloomberg CMCI Composite Total Return Index. TAXM is actively managed, while CMCI is passively managed. Over the past year, TAXM returned 6.62% vs 30.85% for CMCI. At a correlation of -0.21, they often move in opposite directions. TAXM charges 0.35%/yr vs 0.65%/yr for CMCI.

Performance

TAXM vs. CMCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) and VanEck CMCI Commodity Strategy ETF (CMCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TAXM achieves a 1.18% return, which is significantly lower than CMCI's 23.01% return.

TAXM

• 1D: -0.06%
• 1M: 0.51%
• YTD: 1.18%
• 6M: 1.54%
• 1Y: 6.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CMCI

• 1D: -0.31%
• 1M: -0.41%
• YTD: 23.01%
• 6M: 23.83%
• 1Y: 30.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAXM vs. CMCI - Yearly Performance Comparison

	2026 (YTD)	2025
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	1.18%	3.71%
CMCI VanEck CMCI Commodity Strategy ETF	23.01%	4.71%

Correlation

The correlation between TAXM and CMCI is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025	-0.21

Return for Risk

TAXM vs. CMCI — Risk / Return Rank

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

TAXM

TAXM Risk / Return Rank: 70
TAXM Sharpe Ratio Rank: 78
TAXM Sortino Ratio Rank: 83
TAXM Omega Ratio Rank: 86
TAXM Calmar Ratio Rank: 51
TAXM Martin Ratio Rank: 52

CMCI

CMCI Risk / Return Rank: 81
CMCI Sharpe Ratio Rank: 78
CMCI Sortino Ratio Rank: 76
CMCI Omega Ratio Rank: 77
CMCI Calmar Ratio Rank: 92
CMCI Martin Ratio Rank: 81

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.

TAXM vs. CMCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) and VanEck CMCI Commodity Strategy ETF (CMCI). 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.

	TAXM	CMCI	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.54	-0.05
Sortino ratio: Return per unit of downside risk	3.67	3.42	+0.25
Omega ratio: Gain probability vs. loss probability	1.53	1.46	+0.07
Calmar ratio: Return relative to maximum drawdown	2.46	6.16	-3.70
Martin ratio: Return relative to average drawdown	8.62	16.15	-7.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TAXM vs. CMCI - Sharpe Ratio Comparison

The current TAXM Sharpe Ratio is 2.49, which is comparable to the CMCI Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of TAXM and CMCI, 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

	TAXM	CMCI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	2.54	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	1.14	0.94	+0.20

Drawdowns

TAXM vs. CMCI - Drawdown Comparison

The maximum TAXM drawdown since its inception was -3.10%, smaller than the maximum CMCI drawdown of -11.54%. Use the drawdown chart below to compare losses from any high point for TAXM and CMCI.

Drawdown Indicators

	TAXM	CMCI	Difference
Max Drawdown Largest peak-to-trough decline	-3.10%	-11.54%	+8.44%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-5.03%	+2.33%
Current Drawdown Current decline from peak	-0.80%	-3.12%	+2.32%
Average Drawdown Average peak-to-trough decline	-0.71%	-3.54%	+2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	1.92%	-1.15%

Volatility

TAXM vs. CMCI - Volatility Comparison

The current volatility for BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) is 0.94%, while VanEck CMCI Commodity Strategy ETF (CMCI) has a volatility of 4.25%. This indicates that TAXM experiences smaller price fluctuations and is considered to be less risky than CMCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAXM	CMCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.94%	4.25%	-3.31%
Volatility (6M) Calculated over the trailing 6-month period	2.04%	10.14%	-8.10%
Volatility (1Y) Calculated over the trailing 1-year period	2.67%	12.19%	-9.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.56%	12.63%	-9.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.56%	12.63%	-9.07%

TAXM vs. CMCI - Expense Ratio Comparison

TAXM has a 0.35% expense ratio, which is lower than CMCI's 0.65% expense ratio.

Dividends

TAXM vs. CMCI - Dividend Comparison

TAXM's dividend yield for the trailing twelve months is around 3.29%, less than CMCI's 8.04% yield.

Position	TTM	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	8.04%	9.89%	3.93%	1.64%
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	3.29%	2.75%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TAXM and CMCI in my portfolio?

TAXM and CMCI have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAXM or CMCI?

CMCI has higher volatility (4.25%) compared to TAXM (0.94%). In terms of maximum drawdown, TAXM dropped -3.10% vs CMCI's -11.54%.

Which ETF is better, TAXM or CMCI?

On 1-year performance, CMCI leads with 30.85% vs 6.62% for TAXM. On fees, TAXM is cheaper at 0.35% per year. On volatility, TAXM has been the lower-risk option at 0.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAXM or CMCI?

Over the 1-year period, CMCI has performed better with a 30.85% return vs 6.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAXM or CMCI?

TAXM is cheaper with a 0.35% expense ratio, compared with 0.65% for CMCI.

Which ETF pays a higher dividend yield, TAXM or CMCI?

CMCI has the higher dividend yield at 8.04%, compared with 3.29% for TAXM.

What is the main difference between TAXM and CMCI?

TAXM is categorized as Municipal Bonds, while CMCI is Commodities. They also come from different issuers: BondBloxx and VanEck. Their fees differ too: 0.35% for TAXM and 0.65% for CMCI.

Which has better risk-adjusted returns?

CMCI currently has the higher Sharpe Ratio (2.54 vs 2.49), 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.