TOGA vs. CERY

Last updated Jun 24, 2026

TOGA (Tremblant Global ETF) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - TOGA is a Global Equities fund actively managed by Tremblant Advisors, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. TOGA is actively managed, while CERY is passively managed. Over the past year, TOGA returned -11.25% vs 27.40% for CERY. At a correlation of -0.00, they often move in opposite directions. TOGA charges 0.69%/yr vs 0.28%/yr for CERY.

Performance

TOGA vs. CERY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tremblant Global ETF (TOGA) 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, TOGA achieves a -13.46% return, which is significantly lower than CERY's 18.11% return.

TOGA

• 1D: -0.56%
• 1M: 1.02%
• YTD: -13.46%
• 6M: -14.10%
• 1Y: -11.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CERY

• 1D: -1.20%
• 1M: -9.49%
• YTD: 18.11%
• 6M: 16.37%
• 1Y: 27.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOGA vs. CERY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOGA Tremblant Global ETF	-13.46%	14.13%	13.85%
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	18.11%	15.68%	3.80%

Correlation

The correlation between TOGA and CERY is -0.05, 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	-0.05
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	-0.00

Return for Risk

TOGA vs. CERY — Risk / Return Rank

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

TOGA

TOGA Risk / Return Rank: 5
TOGA Sharpe Ratio Rank: 5
TOGA Sortino Ratio Rank: 5
TOGA Omega Ratio Rank: 5
TOGA Calmar Ratio Rank: 6
TOGA Martin Ratio Rank: 5

CERY

CERY Risk / Return Rank: 53
CERY Sharpe Ratio Rank: 56
CERY Sortino Ratio Rank: 52
CERY Omega Ratio Rank: 52
CERY Calmar Ratio Rank: 47
CERY Martin Ratio Rank: 60

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.

TOGA vs. CERY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tremblant Global ETF (TOGA) 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.

	TOGA	CERY	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	1.78	-2.31
Sortino ratio: Return per unit of downside risk	-0.61	2.38	-3.00
Omega ratio: Gain probability vs. loss probability	0.93	1.31	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.40	2.21	-2.61
Martin ratio: Return relative to average drawdown	-0.85	10.02	-10.87

TOGA vs. CERY - Sharpe Ratio Comparison

The current TOGA Sharpe Ratio is -0.54, which is lower than the CERY Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of TOGA 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

TOGA vs. CERY - Drawdown Comparison

The maximum TOGA drawdown since its inception was -28.50%, which is greater than CERY's maximum drawdown of -12.44%. Use the drawdown chart below to compare losses from any high point for TOGA and CERY.

Drawdown Indicators

	TOGA	CERY	Difference
Max Drawdown Largest peak-to-trough decline	-28.50%	-12.44%	-16.06%
Max Drawdown (1Y) Largest decline over 1 year	-28.50%	-12.44%	-16.06%
Current Drawdown Current decline from peak	-18.83%	-12.44%	-6.39%
Average Drawdown Average peak-to-trough decline	-6.71%	-2.29%	-4.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.21%	2.76%	+10.45%

Volatility

TOGA vs. CERY - Volatility Comparison

Tremblant Global ETF (TOGA) has a higher volatility of 7.40% compared to SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) at 3.64%. This indicates that TOGA'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

	TOGA	CERY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.40%	3.64%	+3.76%
Volatility (6M) Calculated over the trailing 6-month period	17.19%	13.63%	+3.56%
Volatility (1Y) Calculated over the trailing 1-year period	21.10%	15.66%	+5.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.11%	14.74%	+6.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.11%	14.74%	+6.37%

TOGA vs. CERY - Expense Ratio Comparison

TOGA has a 0.69% expense ratio, which is higher than CERY's 0.28% expense ratio.

Dividends

TOGA vs. CERY - Dividend Comparison

TOGA has not paid dividends to shareholders, while CERY's dividend yield for the trailing twelve months is around 4.23%.

Position	TTM	2025	2024
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.23%	4.99%	0.52%
TOGA Tremblant Global ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOGA and CERY in my portfolio?

TOGA and CERY have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOGA or CERY?

TOGA has higher volatility (7.40%) compared to CERY (3.64%). In terms of maximum drawdown, TOGA dropped -28.50% vs CERY's -12.44%.

Which ETF is better, TOGA or CERY?

On 1-year performance, CERY leads with 27.40% vs -11.25% for TOGA. On fees, CERY is cheaper at 0.28% per year. On volatility, CERY has been the lower-risk option at 3.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOGA or CERY?

Over the 1-year period, CERY has performed better with a 27.40% return vs -11.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOGA or CERY?

CERY is cheaper with a 0.28% expense ratio, compared with 0.69% for TOGA.

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

CERY has the higher dividend yield at 4.23%, compared with 0.00% for TOGA.

What is the main difference between TOGA and CERY?

TOGA is categorized as Global Equities, while CERY is Commodities. They also come from different issuers: Tremblant Advisors and State Street. Their fees differ too: 0.69% for TOGA and 0.28% for CERY.

Which has better risk-adjusted returns?

CERY currently has the higher Sharpe Ratio (1.78 vs -0.54), 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.