CMFP.L vs. PDBC

Last updated Apr 2, 2026

Compare and contrast key facts about L&G Longer Dated All Commodities UCITS ETF (CMFP.L) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC).

CMFP.L and PDBC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CMFP.L is a passively managed fund by Legal & General that tracks the performance of the Bloomberg Commodity 3 Month Forward. It was launched on Mar 15, 2010. PDBC is an actively managed fund by Invesco. It was launched on Nov 7, 2014.

Performance

CMFP.L vs. PDBC - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G Longer Dated All Commodities UCITS ETF (CMFP.L) and Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). The values are adjusted to include any dividend payments, if applicable.

CMFP.L vs. PDBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMFP.L L&G Longer Dated All Commodities UCITS ETF	15.66%	8.49%	6.86%	-11.43%	32.79%	34.61%	-0.92%	3.99%	-3.16%	-6.17%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	31.19%	-1.59%	3.87%	-10.93%	33.41%	43.07%	-10.55%	7.20%	-7.60%	-4.03%

Different Trading Currencies

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

Returns By Period

In the year-to-date period, CMFP.L achieves a 15.66% return, which is significantly lower than PDBC's 33.20% return. Over the past 10 years, CMFP.L has underperformed PDBC with an annualized return of 9.92%, while PDBC has yielded a comparatively higher 10.67% annualized return.

CMFP.L

• 1D: -2.25%
• 1M: 3.62%
• YTD: 15.66%
• 6M: 22.72%
• 1Y: 18.13%
• 3Y*: 8.19%
• 5Y*: 14.94%
• 10Y*: 9.92%

PDBC

• 1D: 0.00%
• 1M: 14.32%
• YTD: 33.20%
• 6M: 36.76%
• 1Y: 28.81%
• 3Y*: 8.73%
• 5Y*: 15.32%
• 10Y*: 10.67%

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

CMFP.L vs. PDBC - Expense Ratio Comparison

CMFP.L has a 0.30% expense ratio, which is lower than PDBC's 0.58% expense ratio.

PDBC

Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF

CMFP.L

L&G Longer Dated All Commodities UCITS ETF

Return for Risk

CMFP.L vs. PDBC — Risk / Return Rank

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

CMFP.L

CMFP.L Risk / Return Rank: 66
CMFP.L Sharpe Ratio Rank: 67
CMFP.L Sortino Ratio Rank: 63
CMFP.L Omega Ratio Rank: 59
CMFP.L Calmar Ratio Rank: 85
CMFP.L Martin Ratio Rank: 57

PDBC

PDBC Risk / Return Rank: 78
PDBC Sharpe Ratio Rank: 82
PDBC Sortino Ratio Rank: 81
PDBC Omega Ratio Rank: 75
PDBC Calmar Ratio Rank: 86
PDBC Martin Ratio Rank: 65

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.

CMFP.L vs. PDBC - 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 Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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.

	CMFP.L	PDBC	Difference
Sharpe ratio Return per unit of total volatility	1.24	1.46	-0.21
Sortino ratio Return per unit of downside risk	1.68	2.00	-0.32
Omega ratio Gain probability vs. loss probability	1.23	1.27	-0.04
Calmar ratio Return relative to maximum drawdown	2.79	2.46	+0.33
Martin ratio Return relative to average drawdown	6.15	4.78	+1.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMFP.L vs. PDBC - Sharpe Ratio Comparison

The current CMFP.L Sharpe Ratio is 1.24, which is comparable to the PDBC Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of CMFP.L and PDBC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CMFP.L	PDBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	1.46	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	0.81	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.58	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.30	-0.04

Correlation

The correlation between CMFP.L and PDBC is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CMFP.L vs. PDBC - Dividend Comparison

CMFP.L has not paid dividends to shareholders, while PDBC's dividend yield for the trailing twelve months is around 2.97%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	2.97%	3.84%	4.42%	4.21%	13.05%	50.83%	0.01%	1.40%	1.00%	3.83%	6.51%

Drawdowns

CMFP.L vs. PDBC - Drawdown Comparison

The maximum CMFP.L drawdown since its inception was -50.47%, which is greater than PDBC's maximum drawdown of -38.90%. Use the drawdown chart below to compare losses from any high point for CMFP.L and PDBC.

Drawdown Indicators

	CMFP.L	PDBC	Difference
Max Drawdown Largest peak-to-trough decline	-50.47%	-49.52%	-0.95%
Max Drawdown (1Y) Largest decline over 1 year	-9.02%	-11.07%	+2.05%
Max Drawdown (5Y) Largest decline over 5 years	-23.51%	-27.63%	+4.12%
Max Drawdown (10Y) Largest decline over 10 years	-23.95%	-40.73%	+16.78%
Current Drawdown Current decline from peak	-2.92%	-2.29%	-0.63%
Average Drawdown Average peak-to-trough decline	-24.76%	-23.53%	-1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	4.50%	-1.49%

Volatility

CMFP.L vs. PDBC - Volatility Comparison

The current volatility for L&G Longer Dated All Commodities UCITS ETF (CMFP.L) is 6.28%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 9.54%. This indicates that CMFP.L experiences smaller price fluctuations and is considered to be less risky than PDBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMFP.L	PDBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.28%	9.54%	-3.26%
Volatility (6M) Calculated over the trailing 6-month period	11.28%	14.36%	-3.08%
Volatility (1Y) Calculated over the trailing 1-year period	14.52%	19.88%	-5.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.74%	19.04%	-4.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.89%	18.36%	-4.47%