SDMI Comparison

SDMI PERFORMANCE COMPARISONsm (“SDMI”)

Ten Year Comparison of Commodity Index Returns ()

The following table compares the total return of the SDMI in comparison with the total return of three major indexes over a 10 year period.

BCOM IM TRDB LCI OY IM TR RICI Metals TR SDMI TRstartdateenddate
Total return -2.25% 23.95% 31.50% 52.19% 10/31/2008 10/31/2018
Average Annual Return (Total) 1.91% 4.07% 4.21% 5.84%
Annualized Volatility 20.73% 19.66% 17.15% 18.00%
Annualized Sharpe Ratio 0.08 0.19 0.23 0.31


The table above shows the performance of the Index from through comparison with three traditional commodities indices: the Bloomberg Industrial Metals Subindex Total ReturnSM, and the Rogers International Commodity Index® - Metals Total Return, and the Deutsche Bank Liquid Commodity Index-Optimum Yield Industrial Metals Total ReturnTM. The data for the SDMI Total Return Index is derived by using the Index's calculation methodology with historical prices for the futures contracts comprising the Index.

In the table above, "Total Return" refers to the return of the relevant index from to ; "Annualized Volatility" refers to the monthly standard deviation multiplied by the square root of 12; and "Annualized Sharpe Ratio" refers to the average monthly excess return (not total return) divided by the monthly standard deviation, multiplied by the square root of 12.

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