BCOM.L vs. LDAP.L

Last updated Jul 18, 2026

BCOM.L (L&G All Commodities UCITS ETF - USD Accumulating ETF) and LDAP.L (L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist)) are both exchange-traded funds - BCOM.L is a Commodities fund tracking the Bloomberg Commodity Index Total Return, while LDAP.L is a Asia Pacific Equities fund tracking the FTSE Developed Asia Pacific ex Japan All Cap ex CW ex TC ex REITS Dividend Growth with Quality Net Tax Index. Both are passively managed. Over the past 5 years, BCOM.L returned 10.55%/yr vs 9.48%/yr for LDAP.L. At a 0.27 correlation, their price movements are largely independent. BCOM.L charges 0.15%/yr vs 0.40%/yr for LDAP.L.

Performance

BCOM.L vs. LDAP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in L&G All Commodities UCITS ETF - USD Accumulating ETF (BCOM.L) and L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist) (LDAP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCOM.L achieves a 21.11% return, which is significantly higher than LDAP.L's 16.25% return.

BCOM.L

• 1D: 0.72%
• 1M: 2.57%
• 6M: 17.34%
• YTD: 21.11%
• 1Y: 30.23%
• 3Y*: 12.55%
• 5Y*: 10.55%
• 10Y*: —

LDAP.L

• 1D: -0.31%
• 1M: -1.62%
• 6M: 14.02%
• YTD: 16.25%
• 1Y: 23.79%
• 3Y*: 19.79%
• 5Y*: 9.48%
• 10Y*: —

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

BCOM.L vs. LDAP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BCOM.L L&G All Commodities UCITS ETF - USD Accumulating ETF	21.11%	16.19%	4.43%	-7.25%	15.63%	17.41%
LDAP.L L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist)	16.25%	35.59%	3.81%	9.13%	-8.93%	-99.00%

Correlation

The correlation between BCOM.L and LDAP.L is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (All Time) Calculated using the full available price history since Apr 12, 2021	0.27

Over the past year, the correlation between BCOM.L and LDAP.L has dropped to 0.03 - well below their long-term average of 0.27, suggesting their price drivers have been diverging.

Return for Risk

BCOM.L vs. LDAP.L — Risk / Return Rank

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

BCOM.L

BCOM.L Risk / Return Rank: 64
BCOM.L Sharpe Ratio Rank: 74
BCOM.L Sortino Ratio Rank: 67
BCOM.L Omega Ratio Rank: 72
BCOM.L Calmar Ratio Rank: 56
BCOM.L Martin Ratio Rank: 52

LDAP.L

LDAP.L Risk / Return Rank: 56
LDAP.L Sharpe Ratio Rank: 60
LDAP.L Sortino Ratio Rank: 59
LDAP.L Omega Ratio Rank: 56
LDAP.L Calmar Ratio Rank: 58
LDAP.L Martin Ratio Rank: 47

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.L vs. LDAP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G All Commodities UCITS ETF - USD Accumulating ETF (BCOM.L) and L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist) (LDAP.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.

	BCOM.L	LDAP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.50	+0.28
Sortino ratio: Return per unit of downside risk	2.32	2.12	+0.20
Omega ratio: Gain probability vs. loss probability	1.32	1.26	+0.06
Calmar ratio: Return relative to maximum drawdown	2.10	2.18	-0.08
Martin ratio: Return relative to average drawdown	6.60	5.87	+0.73

BCOM.L vs. LDAP.L - Sharpe Ratio Comparison

The current BCOM.L Sharpe Ratio is 1.78, which is comparable to the LDAP.L Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of BCOM.L and LDAP.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

BCOM.L vs. LDAP.L - Drawdown Comparison

The maximum BCOM.L drawdown since its inception was -31.65%, smaller than the maximum LDAP.L drawdown of -99.33%. Use the drawdown chart below to compare losses from any high point for BCOM.L and LDAP.L.

Drawdown Indicators

	BCOM.L	LDAP.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.65%	-99.33%	+67.68%
Max Drawdown (1Y) Largest decline over 1 year	-14.33%	-10.85%	-3.48%
Max Drawdown (3Y) Largest decline over 3 years	-14.33%	-24.47%	+10.14%
Max Drawdown (5Y) Largest decline over 5 years	-26.27%	-34.61%	+8.34%
Current Drawdown Current decline from peak	-8.13%	-98.39%	+90.26%
Average Drawdown Average peak-to-trough decline	-11.63%	-98.71%	+87.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.52%	4.04%	+0.48%

Volatility

BCOM.L vs. LDAP.L - Volatility Comparison

The current volatility for L&G All Commodities UCITS ETF - USD Accumulating ETF (BCOM.L) is 4.12%, while L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist) (LDAP.L) has a volatility of 4.63%. This indicates that BCOM.L experiences smaller price fluctuations and is considered to be less risky than LDAP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCOM.L	LDAP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	4.63%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	14.82%	13.33%	+1.49%
Volatility (1Y) Calculated over the trailing 1-year period	16.93%	15.79%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.80%	28.06%	-11.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.34%	51.13%	-35.79%

BCOM.L vs. LDAP.L - Expense Ratio Comparison

BCOM.L has a 0.15% expense ratio, which is lower than LDAP.L's 0.40% expense ratio.

Dividends

BCOM.L vs. LDAP.L - Dividend Comparison

BCOM.L has not paid dividends to shareholders, while LDAP.L's dividend yield for the trailing twelve months is around 3.86%.

Position	TTM	2025	2024	2023	2022	2021
BCOM.L L&G All Commodities UCITS ETF - USD Accumulating ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
LDAP.L L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist)	3.86%	4.23%	4.86%	5.25%	4.92%	2.23%

Frequently Asked Questions

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

BCOM.L and LDAP.L have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BCOM.L or LDAP.L?

On fees, BCOM.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BCOM.L or LDAP.L?

BCOM.L is cheaper with a 0.15% expense ratio, compared with 0.40% for LDAP.L.

What is the main difference between BCOM.L and LDAP.L?

BCOM.L is categorized as Commodities, while LDAP.L is Asia Pacific Equities. BCOM.L tracks Bloomberg Commodity Index Total Return, while LDAP.L tracks FTSE Developed Asia Pacific ex Japan All Cap ex CW ex TC ex REITS Dividend Growth with Quality Net Tax Index. Their fees differ too: 0.15% for BCOM.L and 0.40% for LDAP.L.