ZFEB vs. CMDT

Last updated Jun 24, 2026

ZFEB (Innovator Equity Defined Protection ETF - 1 Yr February) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - ZFEB is a Defined Outcome fund actively managed by Innovator, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. ZFEB is actively managed, while CMDT is passively managed. Over the past year, ZFEB returned 7.24% vs 21.34% for CMDT. At a 0.00 correlation, their price movements are largely independent. ZFEB charges 0.79%/yr vs 0.65%/yr for CMDT.

Performance

ZFEB vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB) 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, ZFEB achieves a 2.19% return, which is significantly lower than CMDT's 13.43% return.

ZFEB

• 1D: -0.06%
• 1M: 0.00%
• YTD: 2.19%
• 6M: 2.25%
• 1Y: 7.24%
• 3Y*: —
• 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)

ZFEB vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025
ZFEB Innovator Equity Defined Protection ETF - 1 Yr February	2.19%	6.19%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	13.43%	9.15%

Correlation

The correlation between ZFEB and CMDT is -0.02, 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	-0.02
Correlation (All Time) Calculated using the full available price history since Feb 3, 2025	0.00

Return for Risk

ZFEB vs. CMDT — Risk / Return Rank

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

ZFEB

ZFEB Risk / Return Rank: 94
ZFEB Sharpe Ratio Rank: 95
ZFEB Sortino Ratio Rank: 96
ZFEB Omega Ratio Rank: 96
ZFEB Calmar Ratio Rank: 91
ZFEB Martin Ratio Rank: 95

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.

ZFEB vs. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB) 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.

	ZFEB	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	3.35	1.71	+1.64
Sortino ratio: Return per unit of downside risk	5.32	2.39	+2.92
Omega ratio: Gain probability vs. loss probability	1.73	1.29	+0.44
Calmar ratio: Return relative to maximum drawdown	5.39	1.93	+3.46
Martin ratio: Return relative to average drawdown	26.07	9.62	+16.45

ZFEB vs. CMDT - Sharpe Ratio Comparison

The current ZFEB Sharpe Ratio is 3.35, which is higher than the CMDT Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of ZFEB 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

ZFEB vs. CMDT - Drawdown Comparison

The maximum ZFEB drawdown since its inception was -3.00%, smaller than the maximum CMDT drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for ZFEB and CMDT.

Drawdown Indicators

	ZFEB	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-3.00%	-11.11%	+8.11%
Max Drawdown (1Y) Largest decline over 1 year	-1.35%	-11.11%	+9.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.11%	—
Current Drawdown Current decline from peak	-0.23%	-11.11%	+10.88%
Average Drawdown Average peak-to-trough decline	-0.36%	-2.77%	+2.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	2.25%	-1.97%

Volatility

ZFEB vs. CMDT - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB) is 0.56%, while PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) has a volatility of 3.26%. This indicates that ZFEB experiences smaller price fluctuations and is considered to be less risky than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZFEB	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.56%	3.26%	-2.70%
Volatility (6M) Calculated over the trailing 6-month period	1.51%	10.60%	-9.09%
Volatility (1Y) Calculated over the trailing 1-year period	2.18%	12.65%	-10.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.86%	12.24%	-9.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.86%	12.24%	-9.38%

ZFEB vs. CMDT - Expense Ratio Comparison

ZFEB has a 0.79% expense ratio, which is higher than CMDT's 0.65% expense ratio.

Dividends

ZFEB vs. CMDT - Dividend Comparison

ZFEB has not paid dividends to shareholders, while CMDT's dividend yield for the trailing twelve months is around 2.67%.

Position	TTM	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.67%	3.04%	8.80%	2.71%
ZFEB Innovator Equity Defined Protection ETF - 1 Yr February	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZFEB and CMDT in my portfolio?

ZFEB and CMDT have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZFEB or CMDT?

CMDT has higher volatility (3.26%) compared to ZFEB (0.56%). In terms of maximum drawdown, ZFEB dropped -3.00% vs CMDT's -11.11%.

Which ETF is better, ZFEB or CMDT?

On 1-year performance, CMDT leads with 21.34% vs 7.24% for ZFEB. On fees, CMDT is cheaper at 0.65% per year. On volatility, ZFEB has been the lower-risk option at 0.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZFEB or CMDT?

Over the 1-year period, CMDT has performed better with a 21.34% return vs 7.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZFEB or CMDT?

CMDT is cheaper with a 0.65% expense ratio, compared with 0.79% for ZFEB.

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

CMDT has the higher dividend yield at 2.67%, compared with 0.00% for ZFEB.

What is the main difference between ZFEB and CMDT?

ZFEB is categorized as Defined Outcome, while CMDT is Commodities. They also come from different issuers: Innovator and PIMCO. Their fees differ too: 0.79% for ZFEB and 0.65% for CMDT.

Which has better risk-adjusted returns?

ZFEB currently has the higher Sharpe Ratio (3.35 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.