CMFP.L vs. VAGS.L
CMFP.L (L&G Longer Dated All Commodities UCITS ETF) and VAGS.L (Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating) are both exchange-traded funds - CMFP.L is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward, while VAGS.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg GBP. Both are passively managed. Over the past 5 years, CMFP.L returned 12.15%/yr vs 1.46%/yr for VAGS.L. At a correlation of -0.18, they often move in opposite directions. CMFP.L charges 0.30%/yr vs 0.10%/yr for VAGS.L.
Performance
CMFP.L vs. VAGS.L - Performance Comparison
Loading charts...
Different Trading Currencies
CMFP.L is traded in GBp, while VAGS.L is traded in GBP. To make them comparable, the VAGS.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 VAGS.L's 0.31% 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%
VAGS.L
- 1D
- 0.31%
- 1M
- 0.47%
- YTD
- 0.31%
- 6M
- 1.01%
- 1Y
- 3.27%
- 3Y*
- 6.03%
- 5Y*
- 1.46%
- 10Y*
- —
CMFP.L vs. VAGS.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% | 0.72% |
VAGS.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating | 0.31% | 6.58% | 5.57% | 8.56% | -12.52% | -1.30% | 6.71% | 1.98% |
Correlation
The correlation between CMFP.L and VAGS.L is -0.38, 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 | -0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2019 | -0.18 |
Over the past year, the inverse relationship between CMFP.L and VAGS.L has strengthened: their correlation has moved from -0.18 to -0.38, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CMFP.L vs. VAGS.L — Risk / Return Rank
CMFP.L
VAGS.L
CMFP.L vs. VAGS.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 Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.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 | VAGS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.87 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.15 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.73 | 1.14 | +2.59 |
| Martin ratioReturn relative to average drawdown | 9.12 | 3.23 | +5.88 |
Loading charts...
Drawdowns
CMFP.L vs. VAGS.L - Drawdown Comparison
The maximum CMFP.L drawdown since its inception was -66.80%, which is greater than VAGS.L's maximum drawdown of -16.34%. Use the drawdown chart below to compare losses from any high point for CMFP.L and VAGS.L.
Loading charts...
Drawdown Indicators
| CMFP.L | VAGS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.80% | -16.34% | -50.46% |
Max Drawdown (1Y)Largest decline over 1 year | -6.94% | -2.67% | -4.27% |
Max Drawdown (3Y)Largest decline over 3 years | -25.15% | -3.39% | -21.76% |
Max Drawdown (5Y)Largest decline over 5 years | -25.15% | -16.34% | -8.81% |
Max Drawdown (10Y)Largest decline over 10 years | -25.15% | — | — |
Current DrawdownCurrent decline from peak | -8.48% | -1.18% | -7.30% |
Average DrawdownAverage peak-to-trough decline | -43.96% | -4.11% | -39.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 0.94% | +1.90% |
Volatility
CMFP.L vs. VAGS.L - Volatility Comparison
L&G Longer Dated All Commodities UCITS ETF (CMFP.L) has a higher volatility of 3.85% compared to Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L) at 1.41%. This indicates that CMFP.L's price experiences larger fluctuations and is considered to be riskier than VAGS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CMFP.L | VAGS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.85% | 1.41% | +2.44% |
Volatility (6M)Calculated over the trailing 6-month period | 12.31% | 2.77% | +9.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.89% | 3.54% | +11.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.04% | 4.91% | +15.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.83% | 4.60% | +12.23% |
CMFP.L vs. VAGS.L - Expense Ratio Comparison
CMFP.L has a 0.30% expense ratio, which is higher than VAGS.L's 0.10% expense ratio.
Dividends
CMFP.L vs. VAGS.L - Dividend Comparison
Neither CMFP.L nor VAGS.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
VAGS.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating | 0.00% | 1.43% | 3.03% | 2.33% | 1.45% | 0.87% | 1.08% | 0.10% |
Frequently Asked Questions
CMFP.L and VAGS.L have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VAGS.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VAGS.L is cheaper with a 0.10% expense ratio, compared with 0.30% for CMFP.L.
CMFP.L is categorized as Commodities, while VAGS.L is Global Bonds. CMFP.L tracks Bloomberg Commodity 3 Month Forward, while VAGS.L tracks Bloomberg Global Aggregate TR Hdg GBP. They also come from different issuers: Legal & General and Vanguard. Their fees differ too: 0.30% for CMFP.L and 0.10% for VAGS.L.
Find the right allocation for CMFP.L and VAGS.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer