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CMDT vs PDBC

PIMCO Commodity Strategy Active Exchange-Traded Fund

CMDTBNYSE Arca

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF

PDBCANasdaq

Overlap

0.0%by weight

Expense ratio

PDBC −0.06pt a year

CMDT0.65%PDBC0.59%

Avg volume · 30D

PDBC 95.8×the volume

CMDT65.9KPDBC6.31M

3Y return · a year

PDBC +1.3pt

CMDT+14.2%PDBC+15.5%

CMDT vs PDBC Performance

Oct 31, 2025 – Oct 30, 2026

+28.0%CMDT+53.1%PDBC

Oct 31, 2025 to Oct 30, 2026. CMDT +28.0%. PDBC +53.1%. Use the arrow keys to read each point.0%10%20%40%Oct 2025Apr 2026Oct 2026
Expense ratio
CMDT 0.65%
PDBC 0.59%, better
Fund size
CMDT $890M
PDBC $8.06B
1Y total return
CMDT +28.0%
PDBC +53.1%, better
Yield (12M)
CMDT 12.09%, better
PDBC 2.54%
Holdings
CMDT 357
PDBC 3
Avg volume (30D)
CMDT 65.9K sh
PDBC 6.31M sh, better
NAV per share
CMDT $31.84
PDBC $20.12
52W range

ETF.net Grade

CMDT: Cost 61, Risk 81, Mission not scored, Tradability 51, Holdings 70, Durability 72. PDBC: Cost 87, Risk 69, Mission not scored, Tradability 90, Holdings not scored, Durability 94.
Pillar letters and Scores for CMDT, PDBC, with each pillar’s weight
PillarCMDTPDBC
Cost30% weightB61A87Higher
Mission25% weightNot scoredNot scored
Risk15% weightA81HigherB69
Tradability15% weightC51A90Higher
Holdings10% weightA70Not scored
Durability5% weightA72A94Higher

Rank among Commodity Futures funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CMDT and PDBC are both graded against the same 13 Commodity Futures funds, so their Grades compare head to head.

Commodity Futures⁠

Category · 13 funds
See all 13 ›

PDBC ranks 1st and CMDT 4th of 13 funds in the Commodity Futures Category.

  1. Rank 1APDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETFScore 84
  2. Rank 2BSOYBTeucrium Soybean FundScore 65
  3. Rank 2BWEATTeucrium Wheat FundScore 65
  4. Rank 4BCMDTPIMCO Commodity Strategy Active Exchange-Traded FundScore 64
  5. Rank 5BUSGUSCF Gold Strategy Plus Income FundScore 62

Our read on each fund

ETF.net Research

CMDTBPIMCO Commodity Strategy Active Exchange-Traded Fund

PDBCAInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF

In short

CMDT PIMCO took the standard commodity futures fund and added the thing it is known for: an actively managed bond portfolio sitting behind the commodity bets. The mandate is to beat the Bloomberg Commodity Index, not mirror it.

PDBC Broad commodity exposure without the K-1 paperwork. Trading since 2014, PDBC packages a diversified futures basket inside an ordinary fund wrapper and aims to beat its commodity benchmark rather than simply mirror it.

Stated mandate

CMDT The fund aims to achieve a total return that outperforms the Bloomberg Commodity Index Total Return, while maintaining prudent investment management.

PDBC The fund seeks to outperform the excess-return version of its benchmark through a diversified commodity strategy.

Why people hold it

  • CMDT Active by design. The stated objective is to outperform the Bloomberg Commodity Index Total Return, not replicate it.
  • Two engines in one ticker: swaps, futures and commodity-linked notes for the commodity exposure, an actively managed fixed income portfolio as the collateral behind them.
  • A 1940 Act fund that routes commodity-linked exposure through a Cayman subsidiary, so holders get a 1099 rather than a partnership K-1.
  • Global commodity reach spread across roughly 300 positions, with cash distributed quarterly.
  • PDBC The K-1 dodge is right there in the name. It is built as a 1940 Act fund, not a commodity partnership.invesco.com
  • 0.74% a year, below the typical fee among commodity futures funds.
  • A multi-billion-dollar fund and one of the busiest tickers in the commodity aisle, which tends to show up as tight spreads for buyers and sellers.
  • Live since 2014 and one of the strongest implementations in its commodity futures peer group.

Worth knowing

  • CMDT At 0.98% a year, it sits above cheaper index-based options in the commodity futures group such as PDBC (0.74%) and HARD (0.78%). Active management is what the premium buys.
  • Tracking is not the goal here. Manager calls can push results away from the Bloomberg Commodity Index in either direction.
  • The bond collateral sleeve brings interest rate and credit sensitivity that a plain futures-and-Treasuries commodity fund does not carry.
  • PDBC Commodities swing. Energy, metals and crops can move hard in both directions, and this basket rides every one of those moves.
  • The mandate is to beat the benchmark, not hug it, so results can diverge from the index it measures itself against.invesco.com
  • Payouts are lumpy by design: distributions land annually or semiannually, not on a monthly drip.

Full CMDT profile⁠

Full PDBC profile⁠

CMDT vs PDBC Holdings

How CMDT and PDBC differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CMDT and 0.0% of PDBC.

Level by level

  • Asset classCommodities, Alternatives0.0%
  • Holdings0 in both0.0%

Sector

No Sector split for PDBC.

Country, concentration and asset class

Country by domicile

No country split for PDBC.

Concentration

Weight in the 10 largest Holdings

  • CMDT28.3%
  • PDBC100.0%

Securities held

  • CMDT323
  • PDBC2

Asset class

CMDT
Commodities
PDBC
Alternatives

Holdings

  • Only in CMDT323
  • In both0
  • Only in PDBC2

Only in CMDT

323 securities, 88.6% of CMDT by weight

  • Pimco Enhanced Short Maturity Pimco Enhanced Short Maturit5.22%
  • Vistra Operations Co Llc Company Guar 144A 01/27 3.7 3.70% 01/30/20271.57%
  • Cpde Invt Co Llc 4.36% 01/08/20271.47%

Only in PDBC

2 securities, 99.8% of PDBC by weight

  • Invesco Premier US Government Money Portfolio80.36%
  • Powershares Cayman Fund19.40%

Weight gaps

CMDT and PDBC share no securities.

All 303 CMDT holdings⁠All 2 PDBC holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CMDT vs PDBC Cost

Overpaying CMDT vs PDBC

$1,082

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CMDT 0.65%

    $12,717

  • PDBC 0.59%

    $11,635

$10,000
30 years

Cost over time

  • CMDT 0.65%
  • PDBC 0.59%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CMDT $12,717PDBC $11,635

Year by year

YearCMDTPDBCOverpaying
10$1,163$1,058$105
20$4,440$4,051$389
30$12,717$11,635$1,082

Expense ratio

  • 0.65%CMDT
  • 0.59%PDBC, cheaper
  • Middle half of Commodity Futures funds
  • Median 0.79%

PDBC 2nd cheapest of 13 funds

CMDT 6th cheapest of 13 funds

CMDT vs PDBC Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
CMDT 12.09%, better
PDBC 2.54%
Payout (12M)
CMDT $3.83
PDBC $0.51
Last payment
CMDT $3.20
PDBC $0.51
Ex-dividend
CMDT Oct 1, 2026
PDBC Dec 22, 2025
Paid on
CMDT Oct 5, 2026
PDBC Dec 26, 2025
Frequency
CMDT Quarterly
PDBC Annual

Distribution history

Per share, 2017 to 2026, same scale for both

CMDTQuarterly · 15 paymentsAll CMDT payments⁠
One bar per payment. 15 payments from 2017 to 2026 YTD. Jul 3, 2023 $0.03; Oct 2, 2023 $0.32; Dec 11, 2023 $0.03; Dec 28, 2023 $0.31; Apr 1, 2024 $0.27; Jul 1, 2024 $0.26; Oct 1, 2024 $0.76; Dec 31, 2024 $0.93; Apr 1, 2025 $0.20; Jul 1, 2025 $0.21; Oct 1, 2025 $0.21; Dec 31, 2025 $0.22; Apr 1, 2026 $0.19; Jul 1, 2026 $0.22; Oct 1, 2026 $3.20. Use the arrow keys to read each point.$0$52017202020232026YTD
PDBCAnnual · 10 paymentsAll PDBC payments⁠
One bar per payment. 10 payments from 2017 to 2026 YTD. Dec 18, 2017 $0.67; Dec 24, 2018 $0.15; Dec 23, 2019 $0.23; Dec 21, 2020 $0.001; Dec 3, 2021 $5.39; Dec 20, 2021 $1.76; Dec 19, 2022 $1.93; Dec 18, 2023 $0.56; Dec 23, 2024 $0.57; Dec 22, 2025 $0.51. Use the arrow keys to read each point.$0$52017202020232026YTD

CMDT vs PDBC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CMDT 11.5%, betterPDBC 16.8%
Return per unit of riskSharpe ratio, 3 years
CMDT 0.83, betterPDBC 0.67
Worst fallMax drawdown, 5 years
CMDT −13.2%since May 2023PDBC −27.6%
Market sensitivityBeta, 5 years
CMDT 0.78PDBC 1.06

CMDT and PDBC in the news

All news⁠

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