CMOD.L vs. IBTM
CMOD.L (Invesco Bloomberg Commodity UCITS ETF) and IBTM (iShares iBonds Dec 2032 Term Treasury ETF) are both exchange-traded funds - CMOD.L is a Commodities fund tracking the Bloomberg Commodity TR Index, while IBTM is a Intermediate Core Bond fund tracking the ICE 2032 Maturity US Treasury Index. Both are passively managed. Over the past 3 years, CMOD.L returned 13.33%/yr vs 3.05%/yr for IBTM. At a correlation of -0.03, they often move in opposite directions. CMOD.L charges 0.19%/yr vs 0.07%/yr for IBTM.
Performance
CMOD.L vs. IBTM - Performance Comparison
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Returns By Period
In the year-to-date period, CMOD.L achieves a 19.22% return, which is significantly higher than IBTM's -0.36% return.
CMOD.L
- 1D
- -1.06%
- 1M
- -8.02%
- YTD
- 19.22%
- 6M
- 20.80%
- 1Y
- 27.62%
- 3Y*
- 13.33%
- 5Y*
- 9.74%
- 10Y*
- —
IBTM
- 1D
- -0.22%
- 1M
- 0.15%
- YTD
- -0.36%
- 6M
- -0.07%
- 1Y
- 3.66%
- 3Y*
- 3.05%
- 5Y*
- —
- 10Y*
- —
CMOD.L vs. IBTM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CMOD.L Invesco Bloomberg Commodity UCITS ETF | 19.22% | 16.16% | 4.12% | -7.56% | -0.96% |
IBTM iShares iBonds Dec 2032 Term Treasury ETF | -0.36% | 8.06% | -0.14% | 3.48% | -5.01% |
Correlation
The correlation between CMOD.L and IBTM is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2022 | -0.03 |
The correlation between CMOD.L and IBTM shifts across timeframes, from -0.15 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CMOD.L vs. IBTM — Risk / Return Rank
CMOD.L
IBTM
CMOD.L vs. IBTM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Commodity UCITS ETF (CMOD.L) and iShares iBonds Dec 2032 Term Treasury ETF (IBTM). 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.
| CMOD.L | IBTM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.14 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.07 | 1.03 | +2.05 |
| Martin ratioReturn relative to average drawdown | 8.68 | 2.81 | +5.86 |
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Drawdowns
CMOD.L vs. IBTM - Drawdown Comparison
The maximum CMOD.L drawdown since its inception was -33.16%, which is greater than IBTM's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for CMOD.L and IBTM.
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Drawdown Indicators
| CMOD.L | IBTM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.16% | -13.60% | -19.56% |
Max Drawdown (1Y)Largest decline over 1 year | -9.59% | -3.26% | -6.33% |
Max Drawdown (3Y)Largest decline over 3 years | -11.65% | -7.86% | -3.79% |
Max Drawdown (5Y)Largest decline over 5 years | -26.86% | — | — |
Current DrawdownCurrent decline from peak | -9.59% | -2.24% | -7.35% |
Average DrawdownAverage peak-to-trough decline | -12.24% | -4.80% | -7.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.40% | 1.19% | +2.21% |
Volatility
CMOD.L vs. IBTM - Volatility Comparison
Invesco Bloomberg Commodity UCITS ETF (CMOD.L) has a higher volatility of 4.36% compared to iShares iBonds Dec 2032 Term Treasury ETF (IBTM) at 1.30%. This indicates that CMOD.L's price experiences larger fluctuations and is considered to be riskier than IBTM 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 | IBTM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.36% | 1.30% | +3.06% |
Volatility (6M)Calculated over the trailing 6-month period | 15.04% | 2.80% | +12.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.99% | 4.02% | +12.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.61% | 7.54% | +9.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.68% | 7.54% | +7.14% |
CMOD.L vs. IBTM - Expense Ratio Comparison
CMOD.L has a 0.19% expense ratio, which is higher than IBTM's 0.07% 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. IBTM - Dividend Comparison
CMOD.L has not paid dividends to shareholders, while IBTM's dividend yield for the trailing twelve months is around 3.95%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CMOD.L Invesco Bloomberg Commodity UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IBTM iShares iBonds Dec 2032 Term Treasury ETF | 3.95% | 3.87% | 3.96% | 3.39% | 1.38% |
Frequently Asked Questions
CMOD.L and IBTM have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTM is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTM is cheaper with a 0.07% expense ratio, compared with 0.19% for CMOD.L.
CMOD.L is categorized as Commodities, while IBTM is Intermediate Core Bond. CMOD.L tracks Bloomberg Commodity TR Index, while IBTM tracks ICE 2032 Maturity US Treasury Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for CMOD.L and 0.07% for IBTM.
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