CMFP.L vs. UKRE.L
CMFP.L (L&G Longer Dated All Commodities UCITS ETF) and UKRE.L (iShares MSCI Target UK Real Estate UCITS ETF) are both exchange-traded funds - CMFP.L is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward, while UKRE.L is a REIT fund tracking the MSCI UK IMI Liquid Real Estate Index. Both are passively managed. Over the past 10 years, CMFP.L returned 8.48%/yr vs 0.74%/yr for UKRE.L. At a correlation of -0.01, they often move in opposite directions. CMFP.L charges 0.30%/yr vs 0.40%/yr for UKRE.L.
Performance
CMFP.L vs. UKRE.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 UKRE.L's 1.43% return. Over the past 10 years, CMFP.L has outperformed UKRE.L with an annualized return of 8.48%, while UKRE.L has yielded a comparatively lower 0.74% 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%
UKRE.L
- 1D
- 1.37%
- 1M
- 2.91%
- YTD
- 1.43%
- 6M
- 3.88%
- 1Y
- 1.31%
- 3Y*
- 3.06%
- 5Y*
- -2.05%
- 10Y*
- 0.74%
CMFP.L vs. UKRE.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% |
UKRE.L iShares MSCI Target UK Real Estate UCITS ETF | 1.43% | 6.21% | -7.39% | 7.02% | -24.23% | 21.16% | -10.46% | 21.84% | -8.26% | 8.82% |
Correlation
The correlation between CMFP.L and UKRE.L is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 16, 2015 | -0.01 |
Over the past year, the inverse relationship between CMFP.L and UKRE.L has strengthened: their correlation has moved from -0.01 to -0.24, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
CMFP.L vs. UKRE.L — Risk / Return Rank
CMFP.L
UKRE.L
CMFP.L vs. UKRE.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 MSCI Target UK Real Estate UCITS ETF (UKRE.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 | UKRE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.73 | ||
| Sortino ratioReturn per unit of downside risk | +2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.01 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 3.73 | 0.01 | +3.72 |
| Martin ratioReturn relative to average drawdown | 9.12 | 0.02 | +9.10 |
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Drawdowns
CMFP.L vs. UKRE.L - Drawdown Comparison
The maximum CMFP.L drawdown since its inception was -66.80%, which is greater than UKRE.L's maximum drawdown of -31.82%. Use the drawdown chart below to compare losses from any high point for CMFP.L and UKRE.L.
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Drawdown Indicators
| CMFP.L | UKRE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.80% | -31.82% | -34.98% |
Max Drawdown (1Y)Largest decline over 1 year | -6.94% | -11.51% | +4.57% |
Max Drawdown (3Y)Largest decline over 3 years | -25.15% | -15.60% | -9.55% |
Max Drawdown (5Y)Largest decline over 5 years | -25.15% | -31.82% | +6.67% |
Max Drawdown (10Y)Largest decline over 10 years | -25.15% | -31.82% | +6.67% |
Current DrawdownCurrent decline from peak | -8.48% | -19.10% | +10.62% |
Average DrawdownAverage peak-to-trough decline | -43.96% | -11.98% | -31.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 4.79% | -1.95% |
Volatility
CMFP.L vs. UKRE.L - Volatility Comparison
L&G Longer Dated All Commodities UCITS ETF (CMFP.L) and iShares MSCI Target UK Real Estate UCITS ETF (UKRE.L) have volatilities of 3.85% and 3.82%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMFP.L | UKRE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.85% | 3.82% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 12.31% | 10.13% | +2.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.89% | 12.71% | +2.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.04% | 14.48% | +5.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.83% | 13.76% | +3.07% |
CMFP.L vs. UKRE.L - Expense Ratio Comparison
CMFP.L has a 0.30% expense ratio, which is lower than UKRE.L's 0.40% expense ratio.
Dividends
CMFP.L vs. UKRE.L - Dividend Comparison
CMFP.L has not paid dividends to shareholders, while UKRE.L's dividend yield for the trailing twelve months is around 6.71%.
| 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% |
UKRE.L iShares MSCI Target UK Real Estate UCITS ETF | 6.71% | 7.07% | 7.68% | 5.20% | 1.90% | 0.86% | 1.45% | 2.09% | 2.60% | 2.31% | 1.76% | 0.86% |
Frequently Asked Questions
CMFP.L and UKRE.L have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMFP.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMFP.L is cheaper with a 0.30% expense ratio, compared with 0.40% for UKRE.L.
CMFP.L is categorized as Commodities, while UKRE.L is REIT. CMFP.L tracks Bloomberg Commodity 3 Month Forward, while UKRE.L tracks MSCI UK IMI Liquid Real Estate Index. They also come from different issuers: Legal & General and iShares. Their fees differ too: 0.30% for CMFP.L and 0.40% for UKRE.L.
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