CMFP.L vs. SWLD.L
CMFP.L (L&G Longer Dated All Commodities UCITS ETF) and SWLD.L (SPDR MSCI World UCITS ETF) are both exchange-traded funds - CMFP.L is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward, while SWLD.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 5 years, CMFP.L returned 12.15%/yr vs 12.74%/yr for SWLD.L. At a 0.22 correlation, their price movements are largely independent. CMFP.L charges 0.30%/yr vs 0.12%/yr for SWLD.L.
Performance
CMFP.L vs. SWLD.L - Performance Comparison
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Different Trading Currencies
CMFP.L is traded in GBp, while SWLD.L is traded in GBP. To make them comparable, the SWLD.L 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 15.07% return, which is significantly higher than SWLD.L's 8.85% 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%
SWLD.L
- 1D
- 1.57%
- 1M
- 0.34%
- YTD
- 8.85%
- 6M
- 9.40%
- 1Y
- 25.61%
- 3Y*
- 17.17%
- 5Y*
- 12.74%
- 10Y*
- —
CMFP.L vs. SWLD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CMFP.L L&G Longer Dated All Commodities UCITS ETF | 15.07% | 8.49% | 6.86% | -11.43% | 32.79% | 34.61% | -0.92% | 0.37% |
SWLD.L SPDR MSCI World UCITS ETF | 8.85% | 12.84% | 21.21% | 17.69% | -8.06% | 23.66% | 12.00% | -13.14% |
Correlation
The correlation between CMFP.L and SWLD.L is -0.06, 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 | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2019 | 0.22 |
The correlation between CMFP.L and SWLD.L shifts across timeframes, from -0.06 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CMFP.L vs. SWLD.L — Risk / Return Rank
CMFP.L
SWLD.L
CMFP.L vs. SWLD.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 SPDR MSCI World UCITS ETF (SWLD.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 | SWLD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.46 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.73 | 3.80 | -0.07 |
| Martin ratioReturn relative to average drawdown | 9.12 | 14.98 | -5.86 |
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Drawdowns
CMFP.L vs. SWLD.L - Drawdown Comparison
The maximum CMFP.L drawdown since its inception was -66.80%, which is greater than SWLD.L's maximum drawdown of -32.06%. Use the drawdown chart below to compare losses from any high point for CMFP.L and SWLD.L.
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Drawdown Indicators
| CMFP.L | SWLD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.80% | -32.06% | -34.74% |
Max Drawdown (1Y)Largest decline over 1 year | -6.94% | -6.56% | -0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -25.15% | -19.94% | -5.21% |
Max Drawdown (5Y)Largest decline over 5 years | -25.15% | -19.94% | -5.21% |
Max Drawdown (10Y)Largest decline over 10 years | -25.15% | — | — |
Current DrawdownCurrent decline from peak | -8.48% | -1.30% | -7.18% |
Average DrawdownAverage peak-to-trough decline | -43.96% | -7.02% | -36.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 1.67% | +1.17% |
Volatility
CMFP.L vs. SWLD.L - Volatility Comparison
L&G Longer Dated All Commodities UCITS ETF (CMFP.L) has a higher volatility of 3.85% compared to SPDR MSCI World UCITS ETF (SWLD.L) at 3.35%. This indicates that CMFP.L's price experiences larger fluctuations and is considered to be riskier than SWLD.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 | SWLD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.85% | 3.35% | +0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 12.31% | 7.59% | +4.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.89% | 10.33% | +4.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.04% | 19.10% | +0.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.83% | 21.05% | -4.22% |
CMFP.L vs. SWLD.L - Expense Ratio Comparison
CMFP.L has a 0.30% expense ratio, which is higher than SWLD.L's 0.12% expense ratio.
Dividends
CMFP.L vs. SWLD.L - Dividend Comparison
Neither CMFP.L nor SWLD.L has paid dividends to shareholders.
Frequently Asked Questions
CMFP.L and SWLD.L have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SWLD.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SWLD.L is cheaper with a 0.12% expense ratio, compared with 0.30% for CMFP.L.
CMFP.L is categorized as Commodities, while SWLD.L is Global Equities. CMFP.L tracks Bloomberg Commodity 3 Month Forward, while SWLD.L tracks MSCI ACWI NR USD. They also come from different issuers: Legal & General and State Street. Their fees differ too: 0.30% for CMFP.L and 0.12% for SWLD.L.
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