TOTR vs. CERY

Last updated Jun 24, 2026

TOTR (T. Rowe Price Total Return ETF) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - TOTR is a Intermediate Core-Plus Bond fund actively managed by T. Rowe Price, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. TOTR is actively managed, while CERY is passively managed. Over the past year, TOTR returned 4.46% vs 27.40% for CERY. At a correlation of -0.13, they often move in opposite directions. TOTR charges 0.31%/yr vs 0.28%/yr for CERY.

Performance

TOTR vs. CERY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Total Return ETF (TOTR) 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, TOTR achieves a 0.57% return, which is significantly lower than CERY's 18.11% return.

TOTR

• 1D: 0.10%
• 1M: 0.66%
• YTD: 0.57%
• 6M: 0.71%
• 1Y: 4.46%
• 3Y*: 4.48%
• 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)

TOTR vs. CERY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOTR T. Rowe Price Total Return ETF	0.57%	7.41%	-2.31%
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	18.11%	15.68%	3.80%

Correlation

The correlation between TOTR and CERY is -0.23, 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	-0.23
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	-0.13

Return for Risk

TOTR vs. CERY — Risk / Return Rank

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

TOTR

TOTR Risk / Return Rank: 33
TOTR Sharpe Ratio Rank: 32
TOTR Sortino Ratio Rank: 33
TOTR Omega Ratio Rank: 30
TOTR Calmar Ratio Rank: 37
TOTR Martin Ratio Rank: 35

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.

TOTR vs. CERY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Total Return ETF (TOTR) 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.

	TOTR	CERY	Difference
Sharpe ratio: Return per unit of total volatility	1.08	1.78	-0.70
Sortino ratio: Return per unit of downside risk	1.64	2.38	-0.74
Omega ratio: Gain probability vs. loss probability	1.20	1.31	-0.11
Calmar ratio: Return relative to maximum drawdown	1.75	2.21	-0.46
Martin ratio: Return relative to average drawdown	5.00	10.02	-5.02

TOTR vs. CERY - Sharpe Ratio Comparison

The current TOTR Sharpe Ratio is 1.08, which is lower than the CERY Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of TOTR 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

TOTR vs. CERY - Drawdown Comparison

The maximum TOTR drawdown since its inception was -19.63%, which is greater than CERY's maximum drawdown of -12.44%. Use the drawdown chart below to compare losses from any high point for TOTR and CERY.

Drawdown Indicators

	TOTR	CERY	Difference
Max Drawdown Largest peak-to-trough decline	-19.63%	-12.44%	-7.19%
Max Drawdown (1Y) Largest decline over 1 year	-2.56%	-12.44%	+9.88%
Max Drawdown (3Y) Largest decline over 3 years	-6.16%	—	—
Current Drawdown Current decline from peak	-1.72%	-12.44%	+10.72%
Average Drawdown Average peak-to-trough decline	-8.91%	-2.29%	-6.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	2.76%	-1.87%

Volatility

TOTR vs. CERY - Volatility Comparison

The current volatility for T. Rowe Price Total Return ETF (TOTR) is 0.92%, while SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a volatility of 3.64%. This indicates that TOTR experiences smaller price fluctuations and is considered to be less risky than CERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOTR	CERY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	3.64%	-2.72%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	13.63%	-10.91%
Volatility (1Y) Calculated over the trailing 1-year period	4.19%	15.66%	-11.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.19%	14.74%	-8.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.19%	14.74%	-8.55%

TOTR vs. CERY - Expense Ratio Comparison

TOTR has a 0.31% expense ratio, which is higher than CERY's 0.28% expense ratio.

Dividends

TOTR vs. CERY - Dividend Comparison

TOTR's dividend yield for the trailing twelve months is around 5.30%, more than CERY's 4.23% yield.

Position	TTM	2025	2024	2023	2022	2021
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.23%	4.99%	0.52%	0.00%	0.00%	0.00%
TOTR T. Rowe Price Total Return ETF	5.30%	5.14%	5.32%	4.71%	3.45%	0.56%

Frequently Asked Questions

Can I hold both TOTR and CERY in my portfolio?

TOTR and CERY have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOTR or CERY?

CERY has higher volatility (3.64%) compared to TOTR (0.92%). In terms of maximum drawdown, TOTR dropped -19.63% vs CERY's -12.44%.

Which ETF is better, TOTR or CERY?

On 1-year performance, CERY leads with 27.40% vs 4.46% for TOTR. On fees, CERY is cheaper at 0.28% per year. On volatility, TOTR has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOTR or CERY?

Over the 1-year period, CERY has performed better with a 27.40% return vs 4.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOTR or CERY?

CERY is cheaper with a 0.28% expense ratio, compared with 0.31% for TOTR.

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

TOTR has the higher dividend yield at 5.30%, compared with 4.23% for CERY.

What is the main difference between TOTR and CERY?

TOTR is categorized as Intermediate Core-Plus Bond, while CERY is Commodities. They also come from different issuers: T. Rowe Price and State Street. Their fees differ too: 0.31% for TOTR and 0.28% for CERY.

Which has better risk-adjusted returns?

CERY currently has the higher Sharpe Ratio (1.78 vs 1.08), 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.