XSLV vs. CERY
XSLV (Invesco S&P SmallCap Low Volatility ETF) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - XSLV is a Volatility Hedged Equity fund tracking the S&P SmallCap 600 Low Volatility Index, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. Both are passively managed. Over the past year, XSLV returned 15.43% vs 26.17% for CERY. At a correlation of -0.06, they often move in opposite directions. XSLV charges 0.25%/yr vs 0.28%/yr for CERY.
Performance
XSLV vs. CERY - Performance Comparison
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Returns By Period
In the year-to-date period, XSLV achieves a 10.38% return, which is significantly lower than CERY's 19.54% return.
XSLV
- 1D
- 0.37%
- 1M
- 1.87%
- YTD
- 10.38%
- 6M
- 8.81%
- 1Y
- 15.43%
- 3Y*
- 11.50%
- 5Y*
- 4.06%
- 10Y*
- 6.00%
CERY
- 1D
- -0.67%
- 1M
- -8.39%
- YTD
- 19.54%
- 6M
- 18.91%
- 1Y
- 26.17%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XSLV vs. CERY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
XSLV Invesco S&P SmallCap Low Volatility ETF | 10.38% | 0.31% | 1.40% |
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 19.54% | 15.68% | 3.80% |
Correlation
The correlation between XSLV and CERY is -0.12, 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 | -0.12 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024 | -0.06 |
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Return for Risk
XSLV vs. CERY — Risk / Return Rank
XSLV
CERY
XSLV vs. CERY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Low Volatility ETF (XSLV) 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.
| XSLV | CERY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.29 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 2.31 | -0.23 |
| Martin ratioReturn relative to average drawdown | 5.90 | 9.93 | -4.02 |
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Drawdowns
XSLV vs. CERY - Drawdown Comparison
The maximum XSLV drawdown since its inception was -44.34%, which is greater than CERY's maximum drawdown of -11.37%. Use the drawdown chart below to compare losses from any high point for XSLV and CERY.
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Drawdown Indicators
| XSLV | CERY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.34% | -11.37% | -32.97% |
Max Drawdown (1Y)Largest decline over 1 year | -7.46% | -11.37% | +3.91% |
Max Drawdown (3Y)Largest decline over 3 years | -18.35% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -24.72% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -44.34% | — | — |
Current DrawdownCurrent decline from peak | -1.38% | -11.37% | +9.99% |
Average DrawdownAverage peak-to-trough decline | -7.26% | -2.27% | -4.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.62% | 2.83% | -0.21% |
Volatility
XSLV vs. CERY - Volatility Comparison
Invesco S&P SmallCap Low Volatility ETF (XSLV) has a higher volatility of 4.39% compared to SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) at 3.57%. This indicates that XSLV'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.
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Volatility by Period
| XSLV | CERY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.39% | 3.57% | +0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 9.33% | 13.57% | -4.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.46% | 15.63% | -2.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.69% | 14.73% | +1.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.96% | 14.73% | +5.23% |
XSLV vs. CERY - Expense Ratio Comparison
XSLV has a 0.25% expense ratio, which is lower than CERY's 0.28% expense ratio.
Dividends
XSLV vs. CERY - Dividend Comparison
XSLV's dividend yield for the trailing twelve months is around 2.79%, less than CERY's 4.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 4.18% | 4.99% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XSLV Invesco S&P SmallCap Low Volatility ETF | 2.79% | 2.14% | 2.55% | 2.35% | 2.78% | 1.05% | 2.49% | 2.43% | 2.75% | 1.87% | 1.96% | 2.20% |
Frequently Asked Questions
XSLV and CERY have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XSLV has higher volatility (4.39%) compared to CERY (3.57%). In terms of maximum drawdown, XSLV dropped -44.34% vs CERY's -11.37%.
On 1-year performance, CERY leads with 26.17% vs 15.43% for XSLV. On fees, XSLV is cheaper at 0.25% 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.
Over the 1-year period, CERY has performed better with a 26.17% return vs 15.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XSLV is cheaper with a 0.25% expense ratio, compared with 0.28% for CERY.
CERY has the higher dividend yield at 4.18%, compared with 2.79% for XSLV.
XSLV is categorized as Volatility Hedged Equity, while CERY is Commodities. XSLV tracks S&P SmallCap 600 Low Volatility Index, while CERY tracks Bloomberg Enhanced Roll Yield Total Return Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.25% for XSLV and 0.28% for CERY.
CERY currently has the higher Sharpe Ratio (1.68 vs 1.15), 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.
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