CMFP.L vs. XUSE.AS
CMFP.L (L&G Longer Dated All Commodities UCITS ETF) and XUSE.AS (iShares MSCI World ex-USA UCITS ETF) are both exchange-traded funds - CMFP.L is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward, while XUSE.AS is a Global Equities fund tracking the MSCI World ex USA Index. Both are passively managed. Over the past year, CMFP.L returned 32.00% vs 23.71% for XUSE.AS. At a correlation of -0.14, they often move in opposite directions. CMFP.L charges 0.30%/yr vs 0.25%/yr for XUSE.AS.
Performance
CMFP.L vs. XUSE.AS - Performance Comparison
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Different Trading Currencies
CMFP.L is traded in GBp, while XUSE.AS is traded in USD. To make them comparable, the XUSE.AS 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 19.16% return, which is significantly higher than XUSE.AS's 8.82% return.
CMFP.L
- 1D
- -1.12%
- 1M
- -1.18%
- YTD
- 19.16%
- 6M
- 18.60%
- 1Y
- 32.00%
- 3Y*
- 10.92%
- 5Y*
- 13.29%
- 10Y*
- 9.22%
XUSE.AS
- 1D
- 0.27%
- 1M
- 3.61%
- YTD
- 8.82%
- 6M
- 10.50%
- 1Y
- 23.71%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMFP.L vs. XUSE.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CMFP.L L&G Longer Dated All Commodities UCITS ETF | 19.16% | 2.65% |
XUSE.AS iShares MSCI World ex-USA UCITS ETF | 8.82% | 15.83% |
Correlation
The correlation between CMFP.L and XUSE.AS is -0.17, 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 | -0.17 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2025 | -0.14 |
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Return for Risk
CMFP.L vs. XUSE.AS — Risk / Return Rank
CMFP.L
XUSE.AS
CMFP.L vs. XUSE.AS - 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 World ex-USA UCITS ETF (XUSE.AS). 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 | XUSE.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.34 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 4.81 | 2.44 | +2.37 |
| Martin ratioReturn relative to average drawdown | 11.77 | 9.07 | +2.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CMFP.L | XUSE.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.16 | 1.80 | +0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.89 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 1.29 | -1.02 |
Drawdowns
CMFP.L vs. XUSE.AS - Drawdown Comparison
The maximum CMFP.L drawdown since its inception was -50.47%, which is greater than XUSE.AS's maximum drawdown of -12.83%. Use the drawdown chart below to compare losses from any high point for CMFP.L and XUSE.AS.
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Drawdown Indicators
| CMFP.L | XUSE.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.47% | -12.83% | -37.64% |
Max Drawdown (1Y)Largest decline over 1 year | -6.63% | -9.60% | +2.97% |
Max Drawdown (3Y)Largest decline over 3 years | -12.97% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -23.51% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -23.95% | — | — |
Current DrawdownCurrent decline from peak | -3.64% | -0.61% | -3.03% |
Average DrawdownAverage peak-to-trough decline | -24.51% | -1.81% | -22.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.71% | 2.60% | +0.11% |
Volatility
CMFP.L vs. XUSE.AS - Volatility Comparison
L&G Longer Dated All Commodities UCITS ETF (CMFP.L) has a higher volatility of 4.82% compared to iShares MSCI World ex-USA UCITS ETF (XUSE.AS) at 3.73%. This indicates that CMFP.L's price experiences larger fluctuations and is considered to be riskier than XUSE.AS 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 | XUSE.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.82% | 3.73% | +1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 12.18% | 11.19% | +0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.73% | 12.99% | +1.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.86% | 14.49% | +0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.92% | 14.49% | -0.57% |
CMFP.L vs. XUSE.AS - Expense Ratio Comparison
CMFP.L has a 0.30% expense ratio, which is higher than XUSE.AS's 0.25% expense ratio.
Dividends
CMFP.L vs. XUSE.AS - Dividend Comparison
Neither CMFP.L nor XUSE.AS has paid dividends to shareholders.
Frequently Asked Questions
CMFP.L and XUSE.AS have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XUSE.AS is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XUSE.AS is cheaper with a 0.25% expense ratio, compared with 0.30% for CMFP.L.
CMFP.L is categorized as Commodities, while XUSE.AS is Global Equities. CMFP.L tracks Bloomberg Commodity 3 Month Forward, while XUSE.AS tracks MSCI World ex USA Index. They also come from different issuers: Legal & General and iShares. Their fees differ too: 0.30% for CMFP.L and 0.25% for XUSE.AS.
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