{"slug":"contango-and-roll-yield-in-etfs","qid":"carry_rate","label":"The financing leg: 3 month and 1 year Treasury yields by month","post_title":"Contango and Roll Yield in Commodity ETFs","post_url":"/blog/contango-and-roll-yield-in-etfs#q-carry_rate","columns":["month","as_of_label","yield_3m_pct","yield_1y_pct"],"rows":[{"month":"2019-01-01","as_of_label":"Jan 2019","yield_3m_pct":2.42,"yield_1y_pct":2.58},{"month":"2019-02-01","as_of_label":"Feb 2019","yield_3m_pct":2.44,"yield_1y_pct":2.55},{"month":"2019-03-01","as_of_label":"Mar 2019","yield_3m_pct":2.45,"yield_1y_pct":2.49},{"month":"2019-04-01","as_of_label":"Apr 2019","yield_3m_pct":2.43,"yield_1y_pct":2.42},{"month":"2019-05-01","as_of_label":"May 2019","yield_3m_pct":2.4,"yield_1y_pct":2.34},{"month":"2019-06-01","as_of_label":"Jun 2019","yield_3m_pct":2.22,"yield_1y_pct":2},{"month":"2019-07-01","as_of_label":"Jul 2019","yield_3m_pct":2.14,"yield_1y_pct":1.96},{"month":"2019-08-01","as_of_label":"Aug 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2023","yield_3m_pct":5.07,"yield_1y_pct":4.68},{"month":"2023-05-01","as_of_label":"May 2023","yield_3m_pct":5.31,"yield_1y_pct":4.91},{"month":"2023-06-01","as_of_label":"Jun 2023","yield_3m_pct":5.42,"yield_1y_pct":5.24},{"month":"2023-07-01","as_of_label":"Jul 2023","yield_3m_pct":5.49,"yield_1y_pct":5.37},{"month":"2023-08-01","as_of_label":"Aug 2023","yield_3m_pct":5.56,"yield_1y_pct":5.37},{"month":"2023-09-01","as_of_label":"Sep 2023","yield_3m_pct":5.56,"yield_1y_pct":5.44},{"month":"2023-10-01","as_of_label":"Oct 2023","yield_3m_pct":5.6,"yield_1y_pct":5.42},{"month":"2023-11-01","as_of_label":"Nov 2023","yield_3m_pct":5.52,"yield_1y_pct":5.28},{"month":"2023-12-01","as_of_label":"Dec 2023","yield_3m_pct":5.44,"yield_1y_pct":4.96},{"month":"2024-01-01","as_of_label":"Jan 2024","yield_3m_pct":5.45,"yield_1y_pct":4.79},{"month":"2024-02-01","as_of_label":"Feb 2024","yield_3m_pct":5.44,"yield_1y_pct":4.92},{"month":"2024-03-01","as_of_label":"Mar 2024","yield_3m_pct":5.47,"yield_1y_pct":4.99},{"month":"2024-04-01","as_of_label":"Apr 2024","yield_3m_pct":5.44,"yield_1y_pct":5.14},{"month":"2024-05-01","as_of_label":"May 2024","yield_3m_pct":5.45,"yield_1y_pct":5.16},{"month":"2024-06-01","as_of_label":"Jun 2024","yield_3m_pct":5.51,"yield_1y_pct":5.11},{"month":"2024-07-01","as_of_label":"Jul 2024","yield_3m_pct":5.43,"yield_1y_pct":4.9},{"month":"2024-08-01","as_of_label":"Aug 2024","yield_3m_pct":5.3,"yield_1y_pct":4.43},{"month":"2024-09-01","as_of_label":"Sep 2024","yield_3m_pct":4.92,"yield_1y_pct":4.03},{"month":"2024-10-01","as_of_label":"Oct 2024","yield_3m_pct":4.72,"yield_1y_pct":4.2},{"month":"2024-11-01","as_of_label":"Nov 2024","yield_3m_pct":4.62,"yield_1y_pct":4.33},{"month":"2024-12-01","as_of_label":"Dec 2024","yield_3m_pct":4.39,"yield_1y_pct":4.23},{"month":"2025-01-01","as_of_label":"Jan 2025","yield_3m_pct":4.34,"yield_1y_pct":4.18},{"month":"2025-02-01","as_of_label":"Feb 2025","yield_3m_pct":4.33,"yield_1y_pct":4.19},{"month":"2025-03-01","as_of_label":"Mar 2025","yield_3m_pct":4.34,"yield_1y_pct":4.06},{"month":"2025-04-01","as_of_label":"Apr 2025","yield_3m_pct":4.32,"yield_1y_pct":3.95},{"month":"2025-05-01","as_of_label":"May 2025","yield_3m_pct":4.36,"yield_1y_pct":4.09},{"month":"2025-06-01","as_of_label":"Jun 2025","yield_3m_pct":4.42,"yield_1y_pct":4.06},{"month":"2025-07-01","as_of_label":"Jul 2025","yield_3m_pct":4.41,"yield_1y_pct":4.08},{"month":"2025-08-01","as_of_label":"Aug 2025","yield_3m_pct":4.3,"yield_1y_pct":3.89},{"month":"2025-09-01","as_of_label":"Sep 2025","yield_3m_pct":4.07,"yield_1y_pct":3.66},{"month":"2025-10-01","as_of_label":"Oct 2025","yield_3m_pct":3.98,"yield_1y_pct":3.61},{"month":"2025-11-01","as_of_label":"Nov 2025","yield_3m_pct":3.94,"yield_1y_pct":3.66},{"month":"2025-12-01","as_of_label":"Dec 2025","yield_3m_pct":3.68,"yield_1y_pct":3.54},{"month":"2026-01-01","as_of_label":"Jan 2026","yield_3m_pct":3.67,"yield_1y_pct":3.51},{"month":"2026-02-01","as_of_label":"Feb 2026","yield_3m_pct":3.69,"yield_1y_pct":3.48},{"month":"2026-03-01","as_of_label":"Mar 2026","yield_3m_pct":3.72,"yield_1y_pct":3.67},{"month":"2026-04-01","as_of_label":"Apr 2026","yield_3m_pct":3.7,"yield_1y_pct":3.69},{"month":"2026-05-01","as_of_label":"May 2026","yield_3m_pct":3.69,"yield_1y_pct":3.79},{"month":"2026-06-01","as_of_label":"Jun 2026","yield_3m_pct":3.81,"yield_1y_pct":3.91},{"month":"2026-07-01","as_of_label":"Jul 2026","yield_3m_pct":3.87,"yield_1y_pct":4.05}],"shape":"series","sql":"SELECT\n    toString(toStartOfMonth(date))                AS month,\n    formatDateTime(toStartOfMonth(date), '%b %Y') AS as_of_label,\n    round(avg(yield_3_month), 2)                  AS yield_3m_pct,\n    round(avg(yield_1_year), 2)                   AS yield_1y_pct\nFROM global_markets.treasury_yields\nWHERE date >= '2019-01-01'\n  AND date <  '2026-08-01'\nGROUP BY toStartOfMonth(date)\nHAVING count() > 5\nORDER BY toStartOfMonth(date)","computed_at":"2026-08-10T15:47:34.895306+00:00","elapsed":0.002129685}