VMO vs. CMDY

Last updated Jun 4, 2026

VMO (Invesco Municipal Opportunity Trust) is a stock, while CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) is Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Over the past 5 years, VMO returned -1.01%/yr vs 10.71%/yr for CMDY. At a 0.04 correlation, their price movements are largely independent.

Performance

VMO vs. CMDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Municipal Opportunity Trust (VMO) and iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMO achieves a 4.65% return, which is significantly lower than CMDY's 25.44% return.

VMO

• 1D: -0.61%
• 1M: 2.44%
• YTD: 4.65%
• 6M: 5.55%
• 1Y: 15.04%
• 3Y*: 7.99%
• 5Y*: -1.01%
• 10Y*: 1.79%

CMDY

• 1D: 0.02%
• 1M: -2.52%
• YTD: 25.44%
• 6M: 24.53%
• 1Y: 37.10%
• 3Y*: 15.48%
• 5Y*: 10.71%
• 10Y*: —

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

VMO vs. CMDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VMO Invesco Municipal Opportunity Trust	4.65%	6.57%	7.73%	1.54%	-24.29%	12.95%	8.89%	16.23%	-1.16%
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF	25.44%	15.81%	5.43%	-9.33%	14.55%	26.38%	1.15%	4.96%	-11.11%

Correlation

The correlation between VMO and CMDY is -0.15, 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	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Apr 6, 2018	0.04

The correlation between VMO and CMDY shifts across timeframes, from -0.15 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VMO vs. CMDY — Risk / Return Rank

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

VMO

VMO Risk / Return Rank: 82
VMO Sharpe Ratio Rank: 84
VMO Sortino Ratio Rank: 83
VMO Omega Ratio Rank: 81
VMO Calmar Ratio Rank: 77
VMO Martin Ratio Rank: 85

CMDY

CMDY Risk / Return Rank: 72
CMDY Sharpe Ratio Rank: 69
CMDY Sortino Ratio Rank: 61
CMDY Omega Ratio Rank: 69
CMDY Calmar Ratio Rank: 86
CMDY Martin Ratio Rank: 75

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.

VMO vs. CMDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Municipal Opportunity Trust (VMO) and iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY). 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.

	VMO	CMDY	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.32	-0.61
Sortino ratio: Return per unit of downside risk	2.59	2.93	-0.33
Omega ratio: Gain probability vs. loss probability	1.32	1.42	-0.10
Calmar ratio: Return relative to maximum drawdown	2.29	4.82	-2.53
Martin ratio: Return relative to average drawdown	8.85	14.50	-5.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMO vs. CMDY - Sharpe Ratio Comparison

The current VMO Sharpe Ratio is 1.71, which is comparable to the CMDY Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of VMO and CMDY, 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

	VMO	CMDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	2.32	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	0.68	-0.77
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.56	-0.30

Drawdowns

VMO vs. CMDY - Drawdown Comparison

The maximum VMO drawdown since its inception was -50.11%, which is greater than CMDY's maximum drawdown of -31.19%. Use the drawdown chart below to compare losses from any high point for VMO and CMDY.

Drawdown Indicators

	VMO	CMDY	Difference
Max Drawdown Largest peak-to-trough decline	-50.11%	-31.19%	-18.92%
Max Drawdown (1Y) Largest decline over 1 year	-6.59%	-7.73%	+1.14%
Max Drawdown (3Y) Largest decline over 3 years	-16.51%	-10.08%	-6.43%
Max Drawdown (5Y) Largest decline over 5 years	-37.70%	-26.56%	-11.14%
Max Drawdown (10Y) Largest decline over 10 years	-37.70%	—	—
Current Drawdown Current decline from peak	-8.02%	-3.97%	-4.05%
Average Drawdown Average peak-to-trough decline	-9.87%	-13.14%	+3.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.70%	2.57%	-0.87%

Volatility

VMO vs. CMDY - Volatility Comparison

The current volatility for Invesco Municipal Opportunity Trust (VMO) is 3.76%, while iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) has a volatility of 5.04%. This indicates that VMO experiences smaller price fluctuations and is considered to be less risky than CMDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMO	CMDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	5.04%	-1.28%
Volatility (6M) Calculated over the trailing 6-month period	6.72%	14.20%	-7.48%
Volatility (1Y) Calculated over the trailing 1-year period	8.87%	16.06%	-7.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.53%	15.80%	-4.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.67%	14.63%	-1.96%

Dividends

VMO vs. CMDY - Dividend Comparison

VMO's dividend yield for the trailing twelve months is around 7.73%, less than CMDY's 10.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF	10.28%	12.89%	4.23%	5.10%	3.98%	16.09%	0.15%	2.21%	1.73%	0.00%	0.00%	0.00%
VMO Invesco Municipal Opportunity Trust	7.73%	7.84%	6.44%	4.47%	5.69%	4.64%	4.66%	4.94%	5.95%	5.98%	6.73%	6.33%

Frequently Asked Questions

Can I hold both VMO and CMDY in my portfolio?

VMO and CMDY have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMO or CMDY?

CMDY has higher volatility (5.04%) compared to VMO (3.76%). In terms of maximum drawdown, VMO dropped -50.11% vs CMDY's -31.19%.

Which has better risk-adjusted returns?

CMDY currently has the higher Sharpe Ratio (2.32 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.