CMDT vs SPY
PIMCO Commodity Strategy Active Exchange-Traded Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. CMDT delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CMDT | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.65% | 0.09% | |
| AUM | $826M | $821.1B | |
| Dividend Yield | 1.91% | 1.01% | |
| Holdings | 352 | 505 | |
| YTD Return | +22.53% | +14.24% | |
| 1Y Return | +31.53% | +21.71% | |
| 3Y Return (annualized) | +13.49% | +22.10% | |
| 5Y Return (annualized) | - | +13.21% | |
| Volatility (annualized) | 11.3% | 15.3% | |
| Max Drawdown | -13.2% | -56.5% | |
| Fund Family | PIMCO (US) | State Street Investment Management | |
| Category | Commodity | Equity | |
| Inception | May 9, 2023 | Jan 22, 1993 |
CMDT vs SPY Performance
PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) is a ETF from PIMCO (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CMDT returned +31.53% while SPY returned +21.71%. Year to date, CMDT is up 22.53% versus a gain of 14.24% for SPY.
Over three years, CMDT compounded at +13.49% per year against +22.10% for SPY. Across the full 3-year window we track, CMDT has the edge at +14.47% annualized vs +8.86%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 11.3% for CMDT. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -13.2% for CMDT and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.04. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CMDT charges 0.65% per year while SPY charges 0.09%. On a $10,000 position that is $65 vs $9 annually, a gap of $56 per year that compounds over a long holding period. On income, CMDT currently yields 1.91% against 1.01% for SPY.
Holdings Overlap
CMDT and SPY share 0 holdings out of 653 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CMDT or SPY?
CMDT has an expense ratio of 0.65% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $56 per year of difference.
Which performed better, CMDT or SPY?
Over the past year CMDT returned +31.53% vs +21.71% for SPY, so CMDT leads on 1-year performance. Over the longest common window we track (3 years), CMDT annualized +14.47% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, CMDT or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 11.3% for CMDT. Worst drawdown: CMDT -13.2% vs SPY -56.5%.
Should I hold both CMDT and SPY?
CMDT and SPY have a monthly-return correlation of 0.04, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CMDT and SPY?
CMDT and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 653 unique securities.
Which pays a higher dividend, CMDT or SPY?
CMDT yields 1.91% while SPY yields 1.01%, so CMDT currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.