VWO vs. CMDY

Last updated Jun 9, 2026

VWO (Vanguard FTSE Emerging Markets ETF) and CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) are both exchange-traded funds - VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index, while CMDY is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 5 years, VWO returned 4.65%/yr vs 9.88%/yr for CMDY. At a 0.31 correlation, their price movements are largely independent. VWO charges 0.08%/yr vs 0.28%/yr for CMDY.

Performance

VWO vs. CMDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Emerging Markets ETF (VWO) 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, VWO achieves a 8.50% return, which is significantly lower than CMDY's 21.76% return.

VWO

• 1D: 0.52%
• 1M: -3.65%
• YTD: 8.50%
• 6M: 9.73%
• 1Y: 24.29%
• 3Y*: 16.22%
• 5Y*: 4.65%
• 10Y*: 8.60%

CMDY

• 1D: 0.27%
• 1M: -3.10%
• YTD: 21.76%
• 6M: 21.83%
• 1Y: 31.65%
• 3Y*: 14.14%
• 5Y*: 9.88%
• 10Y*: —

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

VWO vs. CMDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VWO Vanguard FTSE Emerging Markets ETF	8.50%	25.60%	10.59%	9.25%	-17.98%	1.26%	15.17%	20.75%	-16.88%
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF	21.76%	15.81%	5.43%	-9.33%	14.55%	26.38%	1.15%	4.96%	-11.11%

Correlation

The correlation between VWO and CMDY is 0.01, 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	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Apr 6, 2018	0.31

Over the past year, the correlation between VWO and CMDY has dropped to 0.01 - well below their long-term average of 0.31, suggesting their price drivers have been diverging.

VWO vs. CMDY - Sectors Allocation Comparison

Sectors	VWO	CMDY
Technology	29.6%	-
Financial Services	19.5%	-
Consumer Cyclical	10.7%	-
Industrials	8.0%	-
Basic Materials	8.0%	-
Communication Services	7.1%	100.0%
Energy	4.6%	-
Healthcare	3.9%	-
Consumer Defensive	3.7%	-
Utilities	2.9%	-
Real Estate	2.2%	-

Return for Risk

VWO vs. CMDY — Risk / Return Rank

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

VWO

VWO Risk / Return Rank: 49
VWO Sharpe Ratio Rank: 47
VWO Sortino Ratio Rank: 47
VWO Omega Ratio Rank: 50
VWO Calmar Ratio Rank: 49
VWO Martin Ratio Rank: 51

CMDY

CMDY Risk / Return Rank: 69
CMDY Sharpe Ratio Rank: 66
CMDY Sortino Ratio Rank: 59
CMDY Omega Ratio Rank: 66
CMDY Calmar Ratio Rank: 84
CMDY Martin Ratio Rank: 71

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.

VWO vs. CMDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets ETF (VWO) 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.

	VWO	CMDY	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.96	-0.46
Sortino ratio: Return per unit of downside risk	2.08	2.51	-0.43
Omega ratio: Gain probability vs. loss probability	1.28	1.35	-0.07
Calmar ratio: Return relative to maximum drawdown	2.18	4.11	-1.93
Martin ratio: Return relative to average drawdown	7.79	11.95	-4.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VWO vs. CMDY - Sharpe Ratio Comparison

The current VWO Sharpe Ratio is 1.49, which is comparable to the CMDY Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of VWO 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

	VWO	CMDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	1.96	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.63	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.53	-0.27

Drawdowns

VWO vs. CMDY - Drawdown Comparison

The maximum VWO drawdown since its inception was -67.68%, which is greater than CMDY's maximum drawdown of -31.19%. Use the drawdown chart below to compare losses from any high point for VWO and CMDY.

Drawdown Indicators

	VWO	CMDY	Difference
Max Drawdown Largest peak-to-trough decline	-67.68%	-31.19%	-36.49%
Max Drawdown (1Y) Largest decline over 1 year	-11.17%	-7.73%	-3.44%
Max Drawdown (3Y) Largest decline over 3 years	-17.37%	-10.08%	-7.29%
Max Drawdown (5Y) Largest decline over 5 years	-32.60%	-26.56%	-6.04%
Max Drawdown (10Y) Largest decline over 10 years	-36.39%	—	—
Current Drawdown Current decline from peak	-4.67%	-6.78%	+2.11%
Average Drawdown Average peak-to-trough decline	-15.81%	-13.13%	-2.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	2.66%	+0.46%

Volatility

VWO vs. CMDY - Volatility Comparison

Vanguard FTSE Emerging Markets ETF (VWO) has a higher volatility of 6.29% compared to iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) at 5.12%. This indicates that VWO's price experiences larger fluctuations and is considered to be riskier than CMDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWO	CMDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.29%	5.12%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	13.80%	14.45%	-0.65%
Volatility (1Y) Calculated over the trailing 1-year period	16.37%	16.28%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	15.83%	+1.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.23%	14.65%	+4.58%

VWO vs. CMDY - Expense Ratio Comparison

VWO has a 0.08% expense ratio, which is lower than CMDY's 0.28% expense ratio.

Dividends

VWO vs. CMDY - Dividend Comparison

VWO's dividend yield for the trailing twelve months is around 2.49%, less than CMDY's 10.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF	10.59%	12.89%	4.23%	5.10%	3.98%	16.09%	0.15%	2.21%	1.73%	0.00%	0.00%	0.00%
VWO Vanguard FTSE Emerging Markets ETF	2.49%	2.79%	3.20%	3.52%	4.11%	2.63%	1.91%	3.23%	2.88%	2.30%	2.52%	3.26%

Frequently Asked Questions

Can I hold both VWO and CMDY in my portfolio?

VWO and CMDY have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWO or CMDY?

VWO has higher volatility (6.29%) compared to CMDY (5.12%). In terms of maximum drawdown, VWO dropped -67.68% vs CMDY's -31.19%.

Which ETF is better, VWO or CMDY?

On 5-year performance, CMDY leads with 9.88% vs 4.65% for VWO. On fees, VWO is cheaper at 0.08% per year. On volatility, CMDY has been the lower-risk option at 5.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VWO or CMDY?

Over the 5-year period, CMDY has performed better with a 9.88% return vs 4.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VWO or CMDY?

VWO is cheaper with a 0.08% expense ratio, compared with 0.28% for CMDY.

Which ETF pays a higher dividend yield, VWO or CMDY?

CMDY has the higher dividend yield at 10.59%, compared with 2.49% for VWO.

What is the main difference between VWO and CMDY?

VWO is categorized as Emerging Markets Equities, while CMDY is Commodities. VWO tracks FTSE Emerging Index, while CMDY tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.08% for VWO and 0.28% for CMDY.

Which has better risk-adjusted returns?

CMDY currently has the higher Sharpe Ratio (1.96 vs 1.49), 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.