TSME vs. CMDT

Last updated Jun 24, 2026

TSME (Thrivent Small-Mid Cap ESG ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - TSME is a Mid Cap Blend Equities fund actively managed by Thrivent, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. TSME is actively managed, while CMDT is passively managed. Over the past 3 years, TSME returned 22.33%/yr vs 12.77%/yr for CMDT. At a 0.08 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.

Performance

TSME vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Small-Mid Cap ESG ETF (TSME) 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, TSME achieves a 20.35% return, which is significantly higher than CMDT's 13.43% return.

TSME

• 1D: -2.09%
• 1M: 7.53%
• YTD: 20.35%
• 6M: 17.91%
• 1Y: 37.53%
• 3Y*: 22.33%
• 5Y*: —
• 10Y*: —

CMDT

• 1D: -1.14%
• 1M: -8.86%
• YTD: 13.43%
• 6M: 13.42%
• 1Y: 21.34%
• 3Y*: 12.77%
• 5Y*: —
• 10Y*: —

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

TSME vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSME Thrivent Small-Mid Cap ESG ETF	20.35%	13.79%	18.98%	18.01%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	13.43%	12.78%	6.93%	5.37%

Correlation

The correlation between TSME and CMDT is -0.08, 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	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since May 10, 2023	0.08

The correlation between TSME and CMDT shifts across timeframes, from -0.08 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TSME vs. CMDT — Risk / Return Rank

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

TSME

TSME Risk / Return Rank: 54
TSME Sharpe Ratio Rank: 55
TSME Sortino Ratio Rank: 55
TSME Omega Ratio Rank: 51
TSME Calmar Ratio Rank: 56
TSME Martin Ratio Rank: 54

CMDT

CMDT Risk / Return Rank: 50
CMDT Sharpe Ratio Rank: 53
CMDT Sortino Ratio Rank: 52
CMDT Omega Ratio Rank: 48
CMDT Calmar Ratio Rank: 41
CMDT 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.

TSME vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Small-Mid Cap ESG ETF (TSME) 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.

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.

	TSME	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.71	+0.01
Sortino ratio: Return per unit of downside risk	2.44	2.39	+0.05
Omega ratio: Gain probability vs. loss probability	1.30	1.29	+0.01
Calmar ratio: Return relative to maximum drawdown	2.56	1.93	+0.63
Martin ratio: Return relative to average drawdown	8.75	9.62	-0.87

TSME vs. CMDT - Sharpe Ratio Comparison

The current TSME Sharpe Ratio is 1.72, which is comparable to the CMDT Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of TSME 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.

Drawdowns

TSME vs. CMDT - Drawdown Comparison

The maximum TSME drawdown since its inception was -26.59%, which is greater than CMDT's maximum drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for TSME and CMDT.

Drawdown Indicators

	TSME	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-26.59%	-11.11%	-15.48%
Max Drawdown (1Y) Largest decline over 1 year	-14.72%	-11.11%	-3.61%
Max Drawdown (3Y) Largest decline over 3 years	-26.59%	-11.11%	-15.48%
Current Drawdown Current decline from peak	-2.09%	-11.11%	+9.02%
Average Drawdown Average peak-to-trough decline	-5.13%	-2.77%	-2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	2.25%	+2.05%

Volatility

TSME vs. CMDT - Volatility Comparison

Thrivent Small-Mid Cap ESG ETF (TSME) has a higher volatility of 7.80% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 3.26%. This indicates that TSME's price experiences larger fluctuations and is considered to be riskier than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSME	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.80%	3.26%	+4.54%
Volatility (6M) Calculated over the trailing 6-month period	17.97%	10.60%	+7.37%
Volatility (1Y) Calculated over the trailing 1-year period	21.93%	12.65%	+9.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.82%	12.24%	+9.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.82%	12.24%	+9.58%

TSME vs. CMDT - Expense Ratio Comparison

Both TSME and CMDT have an expense ratio of 0.65%.

Dividends

TSME vs. CMDT - Dividend Comparison

TSME's dividend yield for the trailing twelve months is around 0.14%, less than CMDT's 2.67% yield.

Position	TTM	2025	2024	2023	2022
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.67%	3.04%	8.80%	2.71%	0.00%
TSME Thrivent Small-Mid Cap ESG ETF	0.14%	0.17%	0.38%	0.53%	0.16%

Frequently Asked Questions

Can I hold both TSME and CMDT in my portfolio?

TSME and CMDT have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSME or CMDT?

TSME has higher volatility (7.80%) compared to CMDT (3.26%). In terms of maximum drawdown, TSME dropped -26.59% vs CMDT's -11.11%.

Which ETF is better, TSME or CMDT?

On 3-year performance, TSME leads with 22.33% vs 12.77% for CMDT. Both ETFs have the same 0.65% expense ratio. On volatility, CMDT has been the lower-risk option at 3.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSME or CMDT?

Over the 3-year period, TSME has performed better with a 22.33% return vs 12.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSME or CMDT?

TSME and CMDT have the same expense ratio: 0.65% per year.

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

CMDT has the higher dividend yield at 2.67%, compared with 0.14% for TSME.

What is the main difference between TSME and CMDT?

TSME is categorized as Mid Cap Blend Equities, while CMDT is Commodities. They also come from different issuers: Thrivent and PIMCO.

Which has better risk-adjusted returns?

TSME currently has the higher Sharpe Ratio (1.72 vs 1.71), 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.