^BCOM vs. GGOV.L

Last updated Jun 4, 2026

^BCOM (Bloomberg Commodity Index) is an index, while GGOV.L (Amundi Index J.P. Morgan GBI Global Govies) is Global Bonds fund tracking the Bloomberg Global Aggregate TR USD. Over the past 5 years, ^BCOM returned 7.69%/yr vs -3.18%/yr for GGOV.L. At a 0.03 correlation, their price movements are largely independent.

Performance

^BCOM vs. GGOV.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bloomberg Commodity Index (^BCOM) and Amundi Index J.P. Morgan GBI Global Govies (GGOV.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

^BCOM is traded in USD, while GGOV.L is traded in GBp. To make them comparable, the GGOV.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ^BCOM achieves a 25.04% return, which is significantly higher than GGOV.L's -0.88% return.

^BCOM

• 1D: -0.05%
• 1M: -3.59%
• YTD: 25.04%
• 6M: 23.88%
• 1Y: 34.11%
• 3Y*: 11.17%
• 5Y*: 7.69%
• 10Y*: 4.64%

GGOV.L

• 1D: 0.22%
• 1M: -0.16%
• YTD: -0.88%
• 6M: -0.61%
• 1Y: 0.11%
• 3Y*: 1.26%
• 5Y*: -3.18%
• 10Y*: —

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

^BCOM vs. GGOV.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
^BCOM Bloomberg Commodity Index	25.04%	11.07%	0.12%	-12.55%	13.75%	27.05%	-3.50%	4.99%
GGOV.L Amundi Index J.P. Morgan GBI Global Govies	-0.92%	6.24%	-3.46%	3.23%	-17.30%	-6.55%	9.85%	-1.00%

Correlation

The correlation between ^BCOM and GGOV.L is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.16
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Aug 9, 2019	0.03

The correlation between ^BCOM and GGOV.L shifts across timeframes, from -0.16 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

^BCOM vs. GGOV.L — Risk / Return Rank

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

^BCOM

^BCOM Risk / Return Rank: 71
^BCOM Sharpe Ratio Rank: 66
^BCOM Sortino Ratio Rank: 60
^BCOM Omega Ratio Rank: 70
^BCOM Calmar Ratio Rank: 92
^BCOM Martin Ratio Rank: 69

GGOV.L

GGOV.L Risk / Return Rank: 10
GGOV.L Sharpe Ratio Rank: 11
GGOV.L Sortino Ratio Rank: 9
GGOV.L Omega Ratio Rank: 9
GGOV.L Calmar Ratio Rank: 10
GGOV.L Martin Ratio Rank: 10

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. GGOV.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bloomberg Commodity Index (^BCOM) and Amundi Index J.P. Morgan GBI Global Govies (GGOV.L). 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	GGOV.L	Difference
Sharpe ratio Return per unit of total volatility	1.95	0.02	+1.93
Sortino ratio Return per unit of downside risk	2.46	0.07	+2.39
Omega ratio Gain probability vs. loss probability	1.35	1.01	+0.35
Calmar ratio Return relative to maximum drawdown	4.38	0.08	+4.30
Martin ratio Return relative to average drawdown	10.36	0.18	+10.18
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. GGOV.L - Sharpe Ratio Comparison

The current ^BCOM Sharpe Ratio is 1.95, which is higher than the GGOV.L Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of ^BCOM and GGOV.L, 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	GGOV.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	0.02	+1.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	-0.45	+0.92
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	-0.27	+0.33

Drawdowns

^BCOM vs. GGOV.L - Drawdown Comparison

The maximum ^BCOM drawdown since its inception was -75.00%, which is greater than GGOV.L's maximum drawdown of -28.02%. Use the drawdown chart below to compare losses from any high point for ^BCOM and GGOV.L.

Drawdown Indicators

	^BCOM	GGOV.L	Difference
Max Drawdown Largest peak-to-trough decline	-75.00%	-28.02%	-46.98%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-4.10%	-3.52%
Max Drawdown (3Y) Largest decline over 3 years	-13.78%	-8.11%	-5.67%
Max Drawdown (5Y) Largest decline over 5 years	-31.68%	-25.66%	-6.02%
Max Drawdown (10Y) Largest decline over 10 years	-35.05%	—	—
Current Drawdown Current decline from peak	-42.36%	-19.18%	-23.18%
Average Drawdown Average peak-to-trough decline	-33.21%	-15.43%	-17.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	1.72%	+1.53%

Volatility

^BCOM vs. GGOV.L - Volatility Comparison

Bloomberg Commodity Index (^BCOM) has a higher volatility of 5.42% compared to Amundi Index J.P. Morgan GBI Global Govies (GGOV.L) at 2.04%. This indicates that ^BCOM's price experiences larger fluctuations and is considered to be riskier than GGOV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^BCOM	GGOV.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	2.04%	+3.38%
Volatility (6M) Calculated over the trailing 6-month period	15.23%	4.53%	+10.70%
Volatility (1Y) Calculated over the trailing 1-year period	17.10%	6.17%	+10.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.44%	9.20%	+7.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.70%	9.51%	+5.19%

Frequently Asked Questions

Can I hold both ^BCOM and GGOV.L in my portfolio?

^BCOM and GGOV.L have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.