CE31.L vs. CMOP.L
CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) and CMOP.L (Invesco Bloomberg Commodity UCITS ETF Acc) are both exchange-traded funds - CE31.L is a European Government Bonds fund tracking the Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while CMOP.L is a Commodities fund tracking the Bloomberg Commodity. Both are passively managed. Over the past 5 years, CE31.L returned 0.96%/yr vs 12.08%/yr for CMOP.L. At a 0.19 correlation, their price movements are largely independent. CE31.L charges 0.15%/yr vs 0.19%/yr for CMOP.L.
Performance
CE31.L vs. CMOP.L - Performance Comparison
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Returns By Period
In the year-to-date period, CE31.L achieves a -0.69% return, which is significantly lower than CMOP.L's 24.84% return.
CE31.L
- 1D
- 0.18%
- 1M
- 0.53%
- YTD
- -0.69%
- 6M
- -0.65%
- 1Y
- 3.69%
- 3Y*
- 2.80%
- 5Y*
- 0.96%
- 10Y*
- 1.34%
CMOP.L
- 1D
- -1.31%
- 1M
- -2.74%
- YTD
- 24.84%
- 6M
- 23.47%
- 1Y
- 38.91%
- 3Y*
- 12.42%
- 5Y*
- 12.08%
- 10Y*
- —
CE31.L vs. CMOP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | -0.69% | 7.55% | -1.61% | 1.46% | 1.17% | -7.40% | 5.40% | -4.80% | 0.64% | 4.20% |
CMOP.L Invesco Bloomberg Commodity UCITS ETF Acc | 24.84% | 8.23% | 6.01% | -12.72% | 28.44% | 28.71% | -7.11% | 3.31% | -5.01% | -5.69% |
Correlation
The correlation between CE31.L and CMOP.L is -0.09, 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 | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2017 | 0.19 |
The correlation between CE31.L and CMOP.L shifts across timeframes, from -0.09 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CE31.L vs. CMOP.L — Risk / Return Rank
CE31.L
CMOP.L
CE31.L vs. CMOP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) and Invesco Bloomberg Commodity UCITS ETF Acc (CMOP.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.
| CE31.L | CMOP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.39 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 5.07 | -3.67 |
| Martin ratioReturn relative to average drawdown | 3.13 | 11.63 | -8.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CE31.L | CMOP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 2.10 | -1.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.73 | -0.55 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.43 | -0.35 |
Drawdowns
CE31.L vs. CMOP.L - Drawdown Comparison
The maximum CE31.L drawdown since its inception was -18.33%, smaller than the maximum CMOP.L drawdown of -28.78%. Use the drawdown chart below to compare losses from any high point for CE31.L and CMOP.L.
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Drawdown Indicators
| CE31.L | CMOP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.33% | -28.78% | +10.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -7.63% | +5.01% |
Max Drawdown (3Y)Largest decline over 3 years | -3.05% | -14.89% | +11.84% |
Max Drawdown (5Y)Largest decline over 5 years | -5.98% | -28.78% | +22.80% |
Max Drawdown (10Y)Largest decline over 10 years | -13.14% | — | — |
Current DrawdownCurrent decline from peak | -3.78% | -4.98% | +1.20% |
Average DrawdownAverage peak-to-trough decline | -7.24% | -12.18% | +4.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 3.34% | -2.17% |
Volatility
CE31.L vs. CMOP.L - Volatility Comparison
The current volatility for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) is 1.27%, while Invesco Bloomberg Commodity UCITS ETF Acc (CMOP.L) has a volatility of 6.19%. This indicates that CE31.L experiences smaller price fluctuations and is considered to be less risky than CMOP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CE31.L | CMOP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 6.19% | -4.92% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 16.17% | -13.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 18.42% | -14.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.29% | 16.59% | -11.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 15.15% | -8.08% |
CE31.L vs. CMOP.L - Expense Ratio Comparison
CE31.L has a 0.15% expense ratio, which is lower than CMOP.L's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CE31.L vs. CMOP.L - Dividend Comparison
Neither CE31.L nor CMOP.L has paid dividends to shareholders.
Frequently Asked Questions
CE31.L and CMOP.L have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CE31.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CE31.L is cheaper with a 0.15% expense ratio, compared with 0.19% for CMOP.L.
CE31.L is categorized as European Government Bonds, while CMOP.L is Commodities. CE31.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while CMOP.L tracks Bloomberg Commodity. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for CE31.L and 0.19% for CMOP.L.
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