PIMCO Commodity Strategy Active… (CMDT) Performance
CMDT total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +30.2% since Dec 31, 2025
- 1 year
- +29.8% total return
- 5 years
- +2.6% a year
- 10 years
- +1.5% a year
- Since first price
- −1.6% a year since 2013
CMDT trailing returns vs AGG, TLT, SPY
| Period | CMDT total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | −0.1% | −9.3% | +0.9% | +1.5% | −1.0% |
| 3 months | +7.4% | −2.5% | −0.4% | −1.0% | +3.2% |
| 6 months | +6.8% | −3.8% | −1.5% | −3.8% | +7.8% |
| YTD | +30.2% | +16.6% | −1.0% | −3.4% | +12.3% |
| 1 year | +29.8% | +15.4% | −1.1% | −6.9% | +14.4% |
| 3 years | +50.6%+14.6%/yr | +18.6% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +13.5%+2.6%/yr | −11.8% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +16.1%+1.5%/yr | −9.7% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| Since inceptionAug 13, 2013 | −19.1%−1.6%/yr | −37.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: CMDT vs AGG
From Aug 13, 2013: CMDT grew to $8,095, AGG to $12,888.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
CMDT returns by calendar year
4 of 12 full years positive. Best 2016 (+14.3%), worst 2023 (−27.7%). 2026 is year to date.
CMDT annual returns table
| Year | CMDT | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +30.2% | −13.2% | −1.0% | −3.4% | +12.3% |
| 2025 | +12.8% | −9.4% | +7.2% | +4.3% | +17.7% |
| 2024 | +6.9% | −9.7% | +1.3% | −8.1% | +24.9% |
| 2023 | −27.7% | −34.0% | +5.7% | +2.8% | +26.2% |
| 2022 | 0.0% | 0.0% | −13.0% | −31.2% | −18.2% |
| 2021 | 0.0% | 0.0% | −1.8% | −4.6% | +28.7% |
| 2020 | 0.0% | 0.0% | +7.5% | +18.2% | +18.3% |
| 2019 | 0.0% | 0.0% | +8.5% | +14.1% | +31.2% |
| 2018 | −1.9% | −10.3% | +0.1% | −1.6% | −4.6% |
| 2017 | +1.5% | −10.2% | +3.6% | +9.2% | +21.7% |
| 2016 | +14.3% | −9.0% | +2.4% | +1.2% | +12.0% |
| 2015 | −25.2% | −25.8% | +0.5% | −1.8% | +1.2% |
| 2014 | −16.1% | −22.3% | +6.0% | +27.3% | +13.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
CMDT largest drawdowns
Now 24.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Apr 29, 2014 | −56.3% | May 31, 2023 | not yet | 9.1 years | 12.5 years so far |
| Aug 27, 2013 | −6.2% | Nov 4, 2013 | Feb 24, 2014 | 2 months | 6 months |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
CMDT risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2013 |
|---|---|---|---|---|
| Annualized return | +14.0% | +2.1% | +1.4% | −2.0% |
| Volatility (annualized) | 11.5% | 18.4% | 13.3% | 13.3% |
| Sharpe ratio | 0.82 | 0.03 | 0.02 | -0.20 |
| Sortino ratio | 1.40 | 0.03 | 0.02 | -0.23 |
| Best month | +8.6% | +8.6% | +8.6% | +8.6% |
| Worst month | −8.6% | −34.0% | −34.0% | −34.0% |
| Best 12 months | +38.9% | +38.9% | +38.9% | +38.9% |
| Worst 12 months | +0.2% | −34.0% | −34.0% | −34.0% |
| Positive months | 61% | 43% | 32% | 33% |
| Beta vs S&P 500 | -0.02 | 0.06 | 0.04 | — |
| Correlation with S&P 500 | -0.02 | 0.05 | 0.04 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
CMDT rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 147 | −34.0% | 0.0% | +38.9% | 37% |
| 3-year (a year) | 123 | −13.8% | −0.7% | +17.3% | 28% |
| 5-year (a year) | 99 | −8.9% | −2.7% | +2.7% | 31% |
| 10-year (a year) | 39 | −6.6% | −3.5% | +1.7% | 23% |
Every holding period starting at a month-end since 2013. Returns for 3 years and longer are annualized.
CMDT performance overview
PIMCO Commodity Strategy Active… (CMDT) returned +29.8% over the past year and +1.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2013 it has returned −1.6% a year, turning $10,000 into about $8,095. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −56.3%, from Apr 29, 2014 to May 31, 2023; the fund has not yet regained that high. CMDT finished 4 of its 12 full calendar years with a gain; the best year was 2016 (+14.3%) and the worst 2023 (−27.7%). Volatility has been 13.3% a year.
Related: CMDT chart, CMDT dividends, CMDT bond profile. See the CMDT overview for the latest quote and fund facts.
CMDT performance FAQ
What is the CMDT return over the past year?
CMDT returned +29.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 15.4%.
What is the average annual return of CMDT?
CMDT has returned +2.6% a year over 5 years, +1.5% a year over 10 years, −1.6% a year since August 13, 2013 (total return, distributions reinvested).
How much would $10,000 invested in CMDT be worth?
$10,000 invested in CMDT at its first recorded close on August 13, 2013 would be worth about $8,095 on October 23, 2026 with distributions reinvested.
What was the worst year for CMDT?
The worst calendar year was 2023, with a total return of −27.7%. The best was 2016 at +14.3%.
What is the biggest drawdown of CMDT?
The largest peak-to-trough decline was −56.3% between April 29, 2014 and May 31, 2023. It has not yet recovered to that high; it is 24.8% below its peak.
How volatile is CMDT?
Over the past 3 years CMDT had an annualized volatility of 11.5% and a Sharpe ratio of 0.82 (excess return over 1–3 month T-bills per unit of risk).