^BCOM vs. BHP

Last updated Jun 5, 2026

^BCOM (Bloomberg Commodity Index) is an index, while BHP (BHP Group) is a stock. Over the past 10 years, ^BCOM returned 4.40%/yr vs 21.59%/yr for BHP. At a 0.34 correlation, their price movements are largely independent.

Performance

^BCOM vs. BHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bloomberg Commodity Index (^BCOM) and BHP Group (BHP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^BCOM achieves a 23.60% return, which is significantly lower than BHP's 49.96% return. Over the past 10 years, ^BCOM has underperformed BHP with an annualized return of 4.40%, while BHP has yielded a comparatively higher 21.59% annualized return.

^BCOM

• 1D: -1.15%
• 1M: -3.91%
• YTD: 23.60%
• 6M: 22.00%
• 1Y: 32.42%
• 3Y*: 10.66%
• 5Y*: 7.44%
• 10Y*: 4.40%

BHP

• 1D: -2.28%
• 1M: 12.04%
• YTD: 49.96%
• 6M: 53.52%
• 1Y: 88.45%
• 3Y*: 20.92%
• 5Y*: 15.65%
• 10Y*: 21.59%

*Multi-year figures are annualized to reflect compound growth (CAGR)

^BCOM vs. BHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^BCOM Bloomberg Commodity Index	23.60%	11.07%	0.12%	-12.55%	13.75%	27.05%	-3.50%	5.44%	-12.99%	0.75%
BHP BHP Group	49.96%	28.91%	-24.64%	16.50%	44.34%	0.91%	25.37%	24.50%	10.55%	33.87%

Correlation

The correlation between ^BCOM and BHP is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jan 3, 1991	0.34

The correlation between ^BCOM and BHP shifts across timeframes, from 0.15 (1 year) to 0.42 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

^BCOM vs. BHP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^BCOM

^BCOM Risk / Return Rank: 69
^BCOM Sharpe Ratio Rank: 65
^BCOM Sortino Ratio Rank: 58
^BCOM Omega Ratio Rank: 68
^BCOM Calmar Ratio Rank: 91
^BCOM Martin Ratio Rank: 66

BHP

BHP Risk / Return Rank: 92
BHP Sharpe Ratio Rank: 94
BHP Sortino Ratio Rank: 92
BHP Omega Ratio Rank: 90
BHP Calmar Ratio Rank: 90
BHP Martin Ratio Rank: 94

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^BCOM vs. BHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bloomberg Commodity Index (^BCOM) and BHP Group (BHP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^BCOM	BHP	Difference
Sharpe ratio: Return per unit of total volatility	1.85	2.88	-1.03
Sortino ratio: Return per unit of downside risk	2.35	3.48	-1.13
Omega ratio: Gain probability vs. loss probability	1.33	1.43	-0.09
Calmar ratio: Return relative to maximum drawdown	4.16	4.49	-0.33
Martin ratio: Return relative to average drawdown	9.80	16.75	-6.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^BCOM vs. BHP - Sharpe Ratio Comparison

The current ^BCOM Sharpe Ratio is 1.85, which is lower than the BHP Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of ^BCOM and BHP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^BCOM	BHP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	2.88	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.49	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.67	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.33	-0.27

Drawdowns

^BCOM vs. BHP - Drawdown Comparison

The maximum ^BCOM drawdown since its inception was -75.00%, roughly equal to the maximum BHP drawdown of -76.22%. Use the drawdown chart below to compare losses from any high point for ^BCOM and BHP.

Drawdown Indicators

	^BCOM	BHP	Difference
Max Drawdown Largest peak-to-trough decline	-75.00%	-76.22%	+1.22%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-19.80%	+12.18%
Max Drawdown (3Y) Largest decline over 3 years	-13.78%	-37.21%	+23.43%
Max Drawdown (5Y) Largest decline over 5 years	-31.68%	-37.21%	+5.53%
Max Drawdown (10Y) Largest decline over 10 years	-35.05%	-44.29%	+9.24%
Current Drawdown Current decline from peak	-43.02%	-4.69%	-38.33%
Average Drawdown Average peak-to-trough decline	-33.21%	-21.29%	-11.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	5.30%	-2.03%

Volatility

^BCOM vs. BHP - Volatility Comparison

The current volatility for Bloomberg Commodity Index (^BCOM) is 5.01%, while BHP Group (BHP) has a volatility of 12.16%. This indicates that ^BCOM experiences smaller price fluctuations and is considered to be less risky than BHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^BCOM	BHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	12.16%	-7.15%
Volatility (6M) Calculated over the trailing 6-month period	15.28%	25.02%	-9.74%
Volatility (1Y) Calculated over the trailing 1-year period	17.15%	30.89%	-13.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.44%	32.17%	-15.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.70%	32.32%	-17.62%

Frequently Asked Questions

Can I hold both ^BCOM and BHP in my portfolio?

^BCOM and BHP have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^BCOM or BHP?

BHP has higher volatility (12.16%) compared to ^BCOM (5.01%). In terms of maximum drawdown, ^BCOM dropped -75.00% vs BHP's -76.22%.

Which has better risk-adjusted returns?

BHP currently has the higher Sharpe Ratio (2.88 vs 1.85), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.