AIAI.L vs. CMOD.L

Last updated Jul 16, 2026

AIAI.L (L&G Artificial Intelligence UCITS ETF) and CMOD.L (Invesco Bloomberg Commodity UCITS ETF) are both exchange-traded funds - AIAI.L is a Technology Equities fund tracking the MSCI World/Information Tech NR USD, while CMOD.L is a Commodities fund tracking the Bloomberg Commodity TR Index. Both are passively managed. Over the past 5 years, AIAI.L returned 16.13%/yr vs 10.03%/yr for CMOD.L. At a 0.19 correlation, their price movements are largely independent. AIAI.L charges 0.49%/yr vs 0.19%/yr for CMOD.L.

Performance

AIAI.L vs. CMOD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in L&G Artificial Intelligence UCITS ETF (AIAI.L) and Invesco Bloomberg Commodity UCITS ETF (CMOD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIAI.L achieves a 36.11% return, which is significantly higher than CMOD.L's 20.12% return.

AIAI.L

• 1D: -1.48%
• 1M: -2.72%
• 6M: 34.36%
• YTD: 36.11%
• 1Y: 60.53%
• 3Y*: 32.84%
• 5Y*: 16.13%
• 10Y*: —

CMOD.L

• 1D: -0.16%
• 1M: 1.48%
• 6M: 15.29%
• YTD: 20.12%
• 1Y: 29.88%
• 3Y*: 12.27%
• 5Y*: 10.03%
• 10Y*: —

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

AIAI.L vs. CMOD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AIAI.L L&G Artificial Intelligence UCITS ETF	36.11%	30.31%	18.47%	59.57%	-40.29%	9.81%	68.60%	7.32%
CMOD.L Invesco Bloomberg Commodity UCITS ETF	20.12%	16.16%	4.12%	-7.56%	14.50%	27.35%	-3.87%	2.25%

Correlation

The correlation between AIAI.L and CMOD.L is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jun 26, 2019	0.19

The correlation between AIAI.L and CMOD.L shifts across timeframes, from -0.04 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AIAI.L vs. CMOD.L — Risk / Return Rank

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

AIAI.L

AIAI.L Risk / Return Rank: 77
AIAI.L Sharpe Ratio Rank: 83
AIAI.L Sortino Ratio Rank: 77
AIAI.L Omega Ratio Rank: 72
AIAI.L Calmar Ratio Rank: 83
AIAI.L Martin Ratio Rank: 71

CMOD.L

CMOD.L Risk / Return Rank: 58
CMOD.L Sharpe Ratio Rank: 66
CMOD.L Sortino Ratio Rank: 59
CMOD.L Omega Ratio Rank: 66
CMOD.L Calmar Ratio Rank: 51
CMOD.L Martin Ratio Rank: 49

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.

AIAI.L vs. CMOD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Artificial Intelligence UCITS ETF (AIAI.L) and Invesco Bloomberg Commodity UCITS ETF (CMOD.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AIAI.L	CMOD.L	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.75	+0.35
Sortino ratio: Return per unit of downside risk	2.75	2.26	+0.49
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	3.59	2.06	+1.52
Martin ratio: Return relative to average drawdown	10.41	6.61	+3.79

AIAI.L vs. CMOD.L - Sharpe Ratio Comparison

The current AIAI.L Sharpe Ratio is 2.10, which is comparable to the CMOD.L Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of AIAI.L and CMOD.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.

Drawdowns

AIAI.L vs. CMOD.L - Drawdown Comparison

The maximum AIAI.L drawdown since its inception was -49.61%, which is greater than CMOD.L's maximum drawdown of -33.16%. Use the drawdown chart below to compare losses from any high point for AIAI.L and CMOD.L.

Drawdown Indicators

	AIAI.L	CMOD.L	Difference
Max Drawdown Largest peak-to-trough decline	-49.61%	-33.16%	-16.45%
Max Drawdown (1Y) Largest decline over 1 year	-16.80%	-14.44%	-2.36%
Max Drawdown (3Y) Largest decline over 3 years	-29.94%	-14.44%	-15.50%
Max Drawdown (5Y) Largest decline over 5 years	-49.61%	-26.86%	-22.75%
Current Drawdown Current decline from peak	-6.11%	-8.91%	+2.80%
Average Drawdown Average peak-to-trough decline	-13.96%	-12.24%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.80%	4.51%	+1.29%

Volatility

AIAI.L vs. CMOD.L - Volatility Comparison

L&G Artificial Intelligence UCITS ETF (AIAI.L) has a higher volatility of 9.36% compared to Invesco Bloomberg Commodity UCITS ETF (CMOD.L) at 4.66%. This indicates that AIAI.L's price experiences larger fluctuations and is considered to be riskier than CMOD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIAI.L	CMOD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.36%	4.66%	+4.70%
Volatility (6M) Calculated over the trailing 6-month period	23.09%	15.08%	+8.01%
Volatility (1Y) Calculated over the trailing 1-year period	28.69%	17.03%	+11.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.01%	16.57%	+12.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.86%	14.69%	+14.17%

AIAI.L vs. CMOD.L - Expense Ratio Comparison

AIAI.L has a 0.49% expense ratio, which is higher than CMOD.L's 0.19% expense ratio.

Dividends

AIAI.L vs. CMOD.L - Dividend Comparison

Neither AIAI.L nor CMOD.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AIAI.L and CMOD.L in my portfolio?

AIAI.L and CMOD.L have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AIAI.L or CMOD.L?

On fees, CMOD.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AIAI.L or CMOD.L?

CMOD.L is cheaper with a 0.19% expense ratio, compared with 0.49% for AIAI.L.

What is the main difference between AIAI.L and CMOD.L?

AIAI.L is categorized as Technology Equities, while CMOD.L is Commodities. AIAI.L tracks MSCI World/Information Tech NR USD, while CMOD.L tracks Bloomberg Commodity TR Index. They also come from different issuers: Legal & General and Invesco. Their fees differ too: 0.49% for AIAI.L and 0.19% for CMOD.L.