CMOD.L vs. AGGG.L
CMOD.L (Invesco Bloomberg Commodity UCITS ETF) and AGGG.L (iShares Global Aggregate Bond UCITS Dist) are both exchange-traded funds - CMOD.L is a Commodities fund tracking the Bloomberg Commodity TR Index, while AGGG.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 5 years, CMOD.L returned 10.42%/yr vs -1.88%/yr for AGGG.L. At a 0.03 correlation, their price movements are largely independent. CMOD.L charges 0.19%/yr vs 0.10%/yr for AGGG.L.
Performance
CMOD.L vs. AGGG.L - Performance Comparison
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Returns By Period
In the year-to-date period, CMOD.L achieves a 22.33% return, which is significantly higher than AGGG.L's -0.86% return.
CMOD.L
- 1D
- -0.15%
- 1M
- -3.74%
- YTD
- 22.33%
- 6M
- 22.42%
- 1Y
- 33.62%
- 3Y*
- 14.20%
- 5Y*
- 10.42%
- 10Y*
- —
AGGG.L
- 1D
- 0.00%
- 1M
- -1.35%
- YTD
- -0.86%
- 6M
- 0.26%
- 1Y
- 2.02%
- 3Y*
- 3.13%
- 5Y*
- -1.88%
- 10Y*
- —
CMOD.L vs. AGGG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMOD.L Invesco Bloomberg Commodity UCITS ETF | 22.33% | 16.16% | 4.12% | -7.56% | 14.50% | 27.35% | -3.87% | 6.64% | -10.22% | 1.97% |
AGGG.L iShares Global Aggregate Bond UCITS Dist | -0.86% | 7.96% | -1.41% | 5.38% | -15.91% | -5.43% | 9.42% | 6.84% | -1.44% | 1.00% |
Correlation
The correlation between CMOD.L and AGGG.L is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2017 | 0.03 |
The correlation between CMOD.L and AGGG.L shifts across timeframes, from -0.25 (1 year) to 0.03 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CMOD.L vs. AGGG.L — Risk / Return Rank
CMOD.L
AGGG.L
CMOD.L vs. AGGG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Commodity UCITS ETF (CMOD.L) and iShares Global Aggregate Bond UCITS Dist (AGGG.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.
| CMOD.L | AGGG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.60 | ||
| Sortino ratioReturn per unit of downside risk | +1.89 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.07 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 4.60 | 0.56 | +4.04 |
| Martin ratioReturn relative to average drawdown | 10.43 | 1.50 | +8.93 |
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
| CMOD.L | AGGG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 0.38 | +1.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | -0.27 | +0.90 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.05 | +0.42 |
Drawdowns
CMOD.L vs. AGGG.L - Drawdown Comparison
The maximum CMOD.L drawdown since its inception was -33.16%, which is greater than AGGG.L's maximum drawdown of -26.00%. Use the drawdown chart below to compare losses from any high point for CMOD.L and AGGG.L.
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Drawdown Indicators
| CMOD.L | AGGG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.16% | -26.00% | -7.16% |
Max Drawdown (1Y)Largest decline over 1 year | -7.28% | -3.56% | -3.72% |
Max Drawdown (3Y)Largest decline over 3 years | -11.65% | -7.32% | -4.33% |
Max Drawdown (5Y)Largest decline over 5 years | -26.86% | -24.36% | -2.50% |
Current DrawdownCurrent decline from peak | -7.23% | -11.57% | +4.34% |
Average DrawdownAverage peak-to-trough decline | -12.25% | -9.47% | -2.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 1.34% | +1.87% |
Volatility
CMOD.L vs. AGGG.L - Volatility Comparison
Invesco Bloomberg Commodity UCITS ETF (CMOD.L) has a higher volatility of 5.26% compared to iShares Global Aggregate Bond UCITS Dist (AGGG.L) at 1.84%. This indicates that CMOD.L's price experiences larger fluctuations and is considered to be riskier than AGGG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMOD.L | AGGG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.26% | 1.84% | +3.42% |
Volatility (6M)Calculated over the trailing 6-month period | 15.05% | 4.15% | +10.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.91% | 5.24% | +11.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.60% | 6.96% | +9.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.68% | 6.42% | +8.26% |
CMOD.L vs. AGGG.L - Expense Ratio Comparison
CMOD.L has a 0.19% expense ratio, which is higher than AGGG.L's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CMOD.L vs. AGGG.L - Dividend Comparison
CMOD.L has not paid dividends to shareholders, while AGGG.L's dividend yield for the trailing twelve months is around 3.17%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AGGG.L iShares Global Aggregate Bond UCITS Dist | 3.17% | 2.97% | 2.74% | 2.01% | 1.55% | 1.33% | 1.46% | 1.62% | 0.96% |
CMOD.L Invesco Bloomberg Commodity UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CMOD.L and AGGG.L have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AGGG.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AGGG.L is cheaper with a 0.10% expense ratio, compared with 0.19% for CMOD.L.
CMOD.L is categorized as Commodities, while AGGG.L is Global Bonds. CMOD.L tracks Bloomberg Commodity TR Index, while AGGG.L tracks Bloomberg Global Aggregate TR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for CMOD.L and 0.10% for AGGG.L.
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