TFNS vs. CERY

Last updated Jun 23, 2026

TFNS (T. Rowe Price Financials ETF) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - TFNS is a Financials Equities fund actively managed by T. Rowe Price, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. TFNS is actively managed, while CERY is passively managed. Over the past year, TFNS returned 12.43% vs 26.17% for CERY. At a correlation of -0.13, they often move in opposite directions. TFNS charges 0.44%/yr vs 0.28%/yr for CERY.

Performance

TFNS vs. CERY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Financials ETF (TFNS) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFNS achieves a 0.11% return, which is significantly lower than CERY's 19.54% return.

TFNS

• 1D: 0.47%
• 1M: 3.65%
• YTD: 0.11%
• 6M: -1.07%
• 1Y: 12.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CERY

• 1D: -0.67%
• 1M: -8.39%
• YTD: 19.54%
• 6M: 18.91%
• 1Y: 26.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TFNS vs. CERY - Yearly Performance Comparison

	2026 (YTD)	2025
TFNS T. Rowe Price Financials ETF	0.11%	11.06%
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	19.54%	9.20%

Correlation

The correlation between TFNS and CERY is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	-0.13

Return for Risk

TFNS vs. CERY — Risk / Return Rank

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

TFNS

TFNS Risk / Return Rank: 22
TFNS Sharpe Ratio Rank: 24
TFNS Sortino Ratio Rank: 22
TFNS Omega Ratio Rank: 22
TFNS Calmar Ratio Rank: 20
TFNS Martin Ratio Rank: 20

CERY

CERY Risk / Return Rank: 50
CERY Sharpe Ratio Rank: 50
CERY Sortino Ratio Rank: 47
CERY Omega Ratio Rank: 47
CERY Calmar Ratio Rank: 48
CERY Martin Ratio Rank: 58

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.

TFNS vs. CERY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Financials ETF (TFNS) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). 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.

	TFNS	CERY	Difference
Sharpe ratio: Return per unit of total volatility	0.83	1.68	-0.85
Sortino ratio: Return per unit of downside risk	1.20	2.26	-1.06
Omega ratio: Gain probability vs. loss probability	1.15	1.29	-0.14
Calmar ratio: Return relative to maximum drawdown	0.89	2.31	-1.42
Martin ratio: Return relative to average drawdown	2.40	9.93	-7.53

TFNS vs. CERY - Sharpe Ratio Comparison

The current TFNS Sharpe Ratio is 0.83, which is lower than the CERY Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of TFNS and CERY, 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

TFNS vs. CERY - Drawdown Comparison

The maximum TFNS drawdown since its inception was -14.00%, which is greater than CERY's maximum drawdown of -11.37%. Use the drawdown chart below to compare losses from any high point for TFNS and CERY.

Drawdown Indicators

	TFNS	CERY	Difference
Max Drawdown Largest peak-to-trough decline	-14.00%	-11.37%	-2.63%
Max Drawdown (1Y) Largest decline over 1 year	-14.00%	-11.37%	-2.63%
Current Drawdown Current decline from peak	-2.68%	-11.37%	+8.69%
Average Drawdown Average peak-to-trough decline	-3.82%	-2.27%	-1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.19%	2.83%	+2.36%

Volatility

TFNS vs. CERY - Volatility Comparison

T. Rowe Price Financials ETF (TFNS) has a higher volatility of 4.02% compared to SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) at 3.57%. This indicates that TFNS's price experiences larger fluctuations and is considered to be riskier than CERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFNS	CERY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	3.57%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	11.44%	13.57%	-2.13%
Volatility (1Y) Calculated over the trailing 1-year period	15.03%	15.63%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.09%	14.73%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.09%	14.73%	+0.36%

TFNS vs. CERY - Expense Ratio Comparison

TFNS has a 0.44% expense ratio, which is higher than CERY's 0.28% expense ratio.

Dividends

TFNS vs. CERY - Dividend Comparison

TFNS's dividend yield for the trailing twelve months is around 0.49%, less than CERY's 4.18% yield.

Position	TTM	2025	2024
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.18%	4.99%	0.52%
TFNS T. Rowe Price Financials ETF	0.49%	0.49%	0.00%

Frequently Asked Questions

Can I hold both TFNS and CERY in my portfolio?

TFNS and CERY have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFNS or CERY?

TFNS has higher volatility (4.02%) compared to CERY (3.57%). In terms of maximum drawdown, TFNS dropped -14.00% vs CERY's -11.37%.

Which ETF is better, TFNS or CERY?

On 1-year performance, CERY leads with 26.17% vs 12.43% for TFNS. On fees, CERY is cheaper at 0.28% per year. On volatility, CERY has been the lower-risk option at 3.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TFNS or CERY?

Over the 1-year period, CERY has performed better with a 26.17% return vs 12.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TFNS or CERY?

CERY is cheaper with a 0.28% expense ratio, compared with 0.44% for TFNS.

Which ETF pays a higher dividend yield, TFNS or CERY?

CERY has the higher dividend yield at 4.18%, compared with 0.49% for TFNS.

What is the main difference between TFNS and CERY?

TFNS is categorized as Financials Equities, while CERY is Commodities. They also come from different issuers: T. Rowe Price and State Street. Their fees differ too: 0.44% for TFNS and 0.28% for CERY.

Which has better risk-adjusted returns?

CERY currently has the higher Sharpe Ratio (1.68 vs 0.83), 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.