VNAM vs. CERY

Last updated Jun 23, 2026

VNAM (Global X MSCI Vietnam ETF) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - VNAM is a Emerging Markets Equities fund tracking the MSCI Vietnam Select 25/50 Index, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. Both are passively managed. Over the past year, VNAM returned 51.15% vs 26.17% for CERY. At a correlation of -0.01, they often move in opposite directions. VNAM charges 0.51%/yr vs 0.28%/yr for CERY.

Performance

VNAM vs. CERY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI Vietnam ETF (VNAM) 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, VNAM achieves a 0.99% return, which is significantly lower than CERY's 19.54% return.

VNAM

• 1D: 0.59%
• 1M: -1.55%
• YTD: 0.99%
• 6M: 2.48%
• 1Y: 51.15%
• 3Y*: 15.39%
• 5Y*: —
• 10Y*: —

CERY

• 1D: -0.67%
• 1M: -8.39%
• YTD: 19.54%
• 6M: 18.91%
• 1Y: 26.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VNAM vs. CERY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VNAM Global X MSCI Vietnam ETF	0.99%	67.05%	-6.62%
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	19.54%	15.68%	3.80%

Correlation

The correlation between VNAM and CERY is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	-0.01

The correlation between VNAM and CERY shifts across timeframes, from -0.11 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VNAM vs. CERY — Risk / Return Rank

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

VNAM

VNAM Risk / Return Rank: 56
VNAM Sharpe Ratio Rank: 58
VNAM Sortino Ratio Rank: 55
VNAM Omega Ratio Rank: 52
VNAM Calmar Ratio Rank: 63
VNAM Martin Ratio Rank: 51

CERY

CERY Risk / Return Rank: 50
CERY Sharpe Ratio Rank: 50
CERY Sortino Ratio Rank: 47
CERY Omega Ratio Rank: 47
CERY Calmar Ratio Rank: 48
CERY 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.

VNAM vs. CERY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Vietnam ETF (VNAM) 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.

	VNAM	CERY	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.68	+0.21
Sortino ratio: Return per unit of downside risk	2.55	2.26	+0.28
Omega ratio: Gain probability vs. loss probability	1.32	1.29	+0.02
Calmar ratio: Return relative to maximum drawdown	3.02	2.31	+0.71
Martin ratio: Return relative to average drawdown	8.44	9.93	-1.49

VNAM vs. CERY - Sharpe Ratio Comparison

The current VNAM Sharpe Ratio is 1.90, which is comparable to the CERY Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of VNAM 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

VNAM vs. CERY - Drawdown Comparison

The maximum VNAM drawdown since its inception was -52.84%, which is greater than CERY's maximum drawdown of -11.37%. Use the drawdown chart below to compare losses from any high point for VNAM and CERY.

Drawdown Indicators

	VNAM	CERY	Difference
Max Drawdown Largest peak-to-trough decline	-52.84%	-11.37%	-41.47%
Max Drawdown (1Y) Largest decline over 1 year	-17.03%	-11.37%	-5.66%
Max Drawdown (3Y) Largest decline over 3 years	-31.34%	—	—
Current Drawdown Current decline from peak	-5.86%	-11.37%	+5.51%
Average Drawdown Average peak-to-trough decline	-30.28%	-2.27%	-28.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.08%	2.83%	+3.25%

Volatility

VNAM vs. CERY - Volatility Comparison

Global X MSCI Vietnam ETF (VNAM) has a higher volatility of 6.41% compared to SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) at 3.57%. This indicates that VNAM'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

	VNAM	CERY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	3.57%	+2.84%
Volatility (6M) Calculated over the trailing 6-month period	19.71%	13.57%	+6.14%
Volatility (1Y) Calculated over the trailing 1-year period	27.15%	15.63%	+11.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.57%	14.73%	+10.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.57%	14.73%	+10.84%

VNAM vs. CERY - Expense Ratio Comparison

VNAM has a 0.51% expense ratio, which is higher than CERY's 0.28% expense ratio.

Dividends

VNAM vs. CERY - Dividend Comparison

VNAM's dividend yield for the trailing twelve months is around 0.49%, less than CERY's 4.18% yield.

Position	TTM	2025	2024	2023	2022	2021
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.18%	4.99%	0.52%	0.00%	0.00%	0.00%
VNAM Global X MSCI Vietnam ETF	0.49%	0.50%	1.00%	0.49%	1.04%	0.13%

Frequently Asked Questions

Can I hold both VNAM and CERY in my portfolio?

VNAM and CERY have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNAM or CERY?

VNAM has higher volatility (6.41%) compared to CERY (3.57%). In terms of maximum drawdown, VNAM dropped -52.84% vs CERY's -11.37%.

Which ETF is better, VNAM or CERY?

On 1-year performance, VNAM leads with 51.15% vs 26.17% for CERY. On fees, CERY is cheaper at 0.28% per year. On volatility, CERY has been the lower-risk option at 3.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VNAM or CERY?

Over the 1-year period, VNAM has performed better with a 51.15% return vs 26.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VNAM or CERY?

CERY is cheaper with a 0.28% expense ratio, compared with 0.51% for VNAM.

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

CERY has the higher dividend yield at 4.18%, compared with 0.49% for VNAM.

What is the main difference between VNAM and CERY?

VNAM is categorized as Emerging Markets Equities, while CERY is Commodities. VNAM tracks MSCI Vietnam Select 25/50 Index, while CERY tracks Bloomberg Enhanced Roll Yield Total Return Index. They also come from different issuers: Global X and State Street. Their fees differ too: 0.51% for VNAM and 0.28% for CERY.

Which has better risk-adjusted returns?

VNAM currently has the higher Sharpe Ratio (1.90 vs 1.68), 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.