TIPZ vs. CMDT

Last updated Jun 3, 2026

TIPZ (PIMCO Broad US TIPS Index ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - TIPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 3 years, TIPZ returned 3.93%/yr vs 16.91%/yr for CMDT. At a correlation of -0.00, they often move in opposite directions. TIPZ charges 0.20%/yr vs 0.65%/yr for CMDT.

Performance

TIPZ vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Broad US TIPS Index ETF (TIPZ) 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, TIPZ achieves a 2.79% return, which is significantly lower than CMDT's 24.00% return.

TIPZ

• 1D: 0.02%
• 1M: -0.03%
• YTD: 2.79%
• 6M: 1.43%
• 1Y: 5.19%
• 3Y*: 3.93%
• 5Y*: 0.92%
• 10Y*: 2.51%

CMDT

• 1D: 0.27%
• 1M: 0.27%
• YTD: 24.00%
• 6M: 24.49%
• 1Y: 36.00%
• 3Y*: 16.91%
• 5Y*: —
• 10Y*: —

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

TIPZ vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TIPZ PIMCO Broad US TIPS Index ETF	2.79%	5.87%	1.52%	0.23%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	24.00%	12.78%	6.93%	5.50%

Correlation

The correlation between TIPZ and CMDT is -0.07, 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	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (All Time) Calculated using the full available price history since May 11, 2023	-0.00

Return for Risk

TIPZ vs. CMDT — Risk / Return Rank

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

TIPZ

TIPZ Risk / Return Rank: 39
TIPZ Sharpe Ratio Rank: 37
TIPZ Sortino Ratio Rank: 37
TIPZ Omega Ratio Rank: 37
TIPZ Calmar Ratio Rank: 44
TIPZ Martin Ratio Rank: 42

CMDT

CMDT Risk / Return Rank: 89
CMDT Sharpe Ratio Rank: 87
CMDT Sortino Ratio Rank: 86
CMDT Omega Ratio Rank: 83
CMDT Calmar Ratio Rank: 95
CMDT Martin Ratio Rank: 92

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.

TIPZ vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Broad US TIPS Index ETF (TIPZ) 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.

	TIPZ	CMDT	Difference
Sharpe ratio Return per unit of total volatility	1.33	2.93	-1.60
Sortino ratio Return per unit of downside risk	1.96	3.94	-1.97
Omega ratio Gain probability vs. loss probability	1.25	1.51	-0.26
Calmar ratio Return relative to maximum drawdown	2.21	8.53	-6.32
Martin ratio Return relative to average drawdown	6.91	23.68	-16.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TIPZ vs. CMDT - Sharpe Ratio Comparison

The current TIPZ Sharpe Ratio is 1.33, which is lower than the CMDT Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of TIPZ 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.

Sharpe Ratios by Period

	TIPZ	CMDT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	2.93	-1.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	1.32	-0.80

Drawdowns

TIPZ vs. CMDT - Drawdown Comparison

The maximum TIPZ drawdown since its inception was -15.77%, which is greater than CMDT's maximum drawdown of -9.69%. Use the drawdown chart below to compare losses from any high point for TIPZ and CMDT.

Drawdown Indicators

	TIPZ	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-15.77%	-9.69%	-6.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.18%	-4.49%	+2.31%
Max Drawdown (3Y) Largest decline over 3 years	-4.74%	-9.69%	+4.95%
Max Drawdown (5Y) Largest decline over 5 years	-15.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.77%	—	—
Current Drawdown Current decline from peak	-1.24%	-2.83%	+1.59%
Average Drawdown Average peak-to-trough decline	-4.33%	-2.69%	-1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	1.62%	-0.92%

Volatility

TIPZ vs. CMDT - Volatility Comparison

The current volatility for PIMCO Broad US TIPS Index ETF (TIPZ) is 0.97%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 4.42%. This indicates that TIPZ 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.

Volatility by Period

	TIPZ	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	4.42%	-3.45%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	10.31%	-7.41%
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	12.44%	-8.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.37%	12.22%	-5.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.84%	12.22%	-6.38%

TIPZ vs. CMDT - Expense Ratio Comparison

TIPZ has a 0.20% expense ratio, which is lower than CMDT's 0.65% expense ratio.

Dividends

TIPZ vs. CMDT - Dividend Comparison

TIPZ's dividend yield for the trailing twelve months is around 5.10%, more than CMDT's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.44%	3.04%	8.80%	2.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TIPZ PIMCO Broad US TIPS Index ETF	5.10%	4.74%	4.44%	4.69%	7.14%	4.41%	1.47%	1.65%	2.23%	1.70%	1.06%	0.56%

Frequently Asked Questions

Can I hold both TIPZ and CMDT in my portfolio?

TIPZ and CMDT have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TIPZ or CMDT?

CMDT has higher volatility (4.42%) compared to TIPZ (0.97%). In terms of maximum drawdown, TIPZ dropped -15.77% vs CMDT's -9.69%.

Which ETF is better, TIPZ or CMDT?

On 3-year performance, CMDT leads with 16.91% vs 3.93% for TIPZ. On fees, TIPZ is cheaper at 0.20% per year. On volatility, TIPZ has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TIPZ or CMDT?

Over the 3-year period, CMDT has performed better with a 16.91% return vs 3.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TIPZ or CMDT?

TIPZ is cheaper with a 0.20% expense ratio, compared with 0.65% for CMDT.

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

TIPZ has the higher dividend yield at 5.10%, compared with 2.44% for CMDT.

What is the main difference between TIPZ and CMDT?

TIPZ is categorized as Inflation-Protected Bonds, while CMDT is Commodities. TIPZ tracks ICE BofA US Inflation-Linked Treasury, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. Their fees differ too: 0.20% for TIPZ and 0.65% for CMDT.

Which has better risk-adjusted returns?

CMDT currently has the higher Sharpe Ratio (2.93 vs 1.33), 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.