CMFP.L vs. IBTL.L
CMFP.L (L&G Longer Dated All Commodities UCITS ETF) and IBTL.L (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) are both exchange-traded funds - CMFP.L is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward, while IBTL.L is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, CMFP.L returned 8.48%/yr vs -1.26%/yr for IBTL.L. At a 0.07 correlation, their price movements are largely independent. CMFP.L charges 0.30%/yr vs 0.07%/yr for IBTL.L.
Performance
CMFP.L vs. IBTL.L - Performance Comparison
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Returns By Period
In the year-to-date period, CMFP.L achieves a 15.07% return, which is significantly higher than IBTL.L's -0.34% return. Over the past 10 years, CMFP.L has outperformed IBTL.L with an annualized return of 8.48%, while IBTL.L has yielded a comparatively lower -1.26% annualized return.
CMFP.L
- 1D
- -1.41%
- 1M
- -5.88%
- YTD
- 15.07%
- 6M
- 15.94%
- 1Y
- 24.58%
- 3Y*
- 10.01%
- 5Y*
- 12.15%
- 10Y*
- 8.48%
IBTL.L
- 1D
- -0.17%
- 1M
- 1.43%
- YTD
- -0.34%
- 6M
- 0.20%
- 1Y
- 5.42%
- 3Y*
- -3.32%
- 5Y*
- -5.44%
- 10Y*
- -1.26%
CMFP.L vs. IBTL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMFP.L L&G Longer Dated All Commodities UCITS ETF | 15.07% | 8.49% | 6.86% | -11.43% | 32.79% | 34.61% | -0.92% | 3.99% | -3.16% | -6.17% |
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | -0.34% | -2.80% | -5.51% | -3.61% | -22.17% | -3.32% | 13.06% | 12.05% | 3.88% | -0.83% |
Correlation
The correlation between CMFP.L and IBTL.L is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2015 | 0.07 |
The correlation between CMFP.L and IBTL.L shifts across timeframes, from -0.08 (1 year) to 0.09 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
CMFP.L vs. IBTL.L — Risk / Return Rank
CMFP.L
IBTL.L
CMFP.L vs. IBTL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Longer Dated All Commodities UCITS ETF (CMFP.L) and iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.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.
| CMFP.L | IBTL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.23 | ||
| Sortino ratioReturn per unit of downside risk | +1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.09 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 3.73 | 0.58 | +3.15 |
| Martin ratioReturn relative to average drawdown | 9.12 | 1.23 | +7.89 |
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Drawdowns
CMFP.L vs. IBTL.L - Drawdown Comparison
The maximum CMFP.L drawdown since its inception was -66.80%, which is greater than IBTL.L's maximum drawdown of -48.85%. Use the drawdown chart below to compare losses from any high point for CMFP.L and IBTL.L.
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Drawdown Indicators
| CMFP.L | IBTL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.80% | -48.85% | -17.95% |
Max Drawdown (1Y)Largest decline over 1 year | -6.94% | -8.26% | +1.32% |
Max Drawdown (3Y)Largest decline over 3 years | -25.15% | -17.10% | -8.05% |
Max Drawdown (5Y)Largest decline over 5 years | -25.15% | -39.34% | +14.19% |
Max Drawdown (10Y)Largest decline over 10 years | -25.15% | -48.85% | +23.70% |
Current DrawdownCurrent decline from peak | -8.48% | -45.09% | +36.61% |
Average DrawdownAverage peak-to-trough decline | -43.96% | -22.69% | -21.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 3.91% | -1.07% |
Volatility
CMFP.L vs. IBTL.L - Volatility Comparison
L&G Longer Dated All Commodities UCITS ETF (CMFP.L) has a higher volatility of 3.85% compared to iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) at 2.35%. This indicates that CMFP.L's price experiences larger fluctuations and is considered to be riskier than IBTL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMFP.L | IBTL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.85% | 2.35% | +1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 12.31% | 6.40% | +5.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.89% | 9.51% | +5.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.04% | 15.47% | +4.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.83% | 16.31% | +0.52% |
CMFP.L vs. IBTL.L - Expense Ratio Comparison
CMFP.L has a 0.30% expense ratio, which is higher than IBTL.L's 0.07% expense ratio.
Dividends
CMFP.L vs. IBTL.L - Dividend Comparison
CMFP.L has not paid dividends to shareholders, while IBTL.L's dividend yield for the trailing twelve months is around 2.27%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMFP.L L&G Longer Dated All Commodities UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 2.27% | 4.31% | 4.58% | 3.79% | 2.96% | 1.72% | 1.86% | 2.54% | 2.75% | 2.68% | 2.45% | 2.09% |
Frequently Asked Questions
CMFP.L and IBTL.L have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTL.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTL.L is cheaper with a 0.07% expense ratio, compared with 0.30% for CMFP.L.
CMFP.L is categorized as Commodities, while IBTL.L is Government Bonds. CMFP.L tracks Bloomberg Commodity 3 Month Forward, while IBTL.L tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Legal & General and iShares. Their fees differ too: 0.30% for CMFP.L and 0.07% for IBTL.L.
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