John, a portfolio manager with a strong background in commodity investments, is evaluating a strategy for managing commodity futures within his client's investment portfolio. He is specifically considering the implications of contango and backwardation in the commodity futures market.

He recalls that contango occurs when the future prices of a commodity are higher than the spot prices, while backwardation is when future prices are lower than spot prices. He wants to determine the impact of these conditions on the performance of a commodity futures investment approach.

Given this context, which of the following statements is TRUE regarding the relationship between contango, backwardation, and the returns from investing in commodity futures?