CMOD.L vs. IBTM.L
CMOD.L (Invesco Bloomberg Commodity UCITS ETF) and IBTM.L (iShares USD Treasury Bond 7-10yr UCITS ETF (Dist)) are both exchange-traded funds - CMOD.L is a Commodities fund tracking the Bloomberg Commodity TR Index, while IBTM.L is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 5 years, CMOD.L returned 10.42%/yr vs -1.15%/yr for IBTM.L. At a correlation of -0.11, they often move in opposite directions. CMOD.L charges 0.19%/yr vs 0.07%/yr for IBTM.L.
Performance
CMOD.L vs. IBTM.L - Performance Comparison
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Different Trading Currencies
CMOD.L is traded in USD, while IBTM.L is traded in GBP. To make them comparable, the IBTM.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, CMOD.L achieves a 22.33% return, which is significantly higher than IBTM.L's -1.33% 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*
- —
IBTM.L
- 1D
- 0.23%
- 1M
- -1.12%
- YTD
- -1.33%
- 6M
- -0.69%
- 1Y
- 3.94%
- 3Y*
- 2.61%
- 5Y*
- -1.15%
- 10Y*
- 0.71%
CMOD.L vs. IBTM.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% | 2.08% |
IBTM.L iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) | -1.33% | 8.50% | -0.23% | 2.90% | -14.92% | -2.66% | 9.27% | 9.73% | 0.47% | 2.36% |
Correlation
The correlation between CMOD.L and IBTM.L is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Jan 9, 2017 | -0.11 |
The correlation between CMOD.L and IBTM.L shifts across timeframes, from -0.19 (1 year) to -0.04 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CMOD.L vs. IBTM.L — Risk / Return Rank
CMOD.L
IBTM.L
CMOD.L vs. IBTM.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 USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.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 | IBTM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +1.43 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.12 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 4.60 | 0.94 | +3.66 |
| Martin ratioReturn relative to average drawdown | 10.43 | 2.78 | +7.65 |
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 | IBTM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 0.69 | +1.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | -0.14 | +0.76 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.02 | +0.45 |
Drawdowns
CMOD.L vs. IBTM.L - Drawdown Comparison
The maximum CMOD.L drawdown since its inception was -33.16%, smaller than the maximum IBTM.L drawdown of -53.26%. Use the drawdown chart below to compare losses from any high point for CMOD.L and IBTM.L.
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Drawdown Indicators
| CMOD.L | IBTM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.16% | -53.26% | +20.10% |
Max Drawdown (1Y)Largest decline over 1 year | -7.28% | -4.18% | -3.10% |
Max Drawdown (3Y)Largest decline over 3 years | -11.65% | -7.61% | -4.04% |
Max Drawdown (5Y)Largest decline over 5 years | -26.86% | -21.13% | -5.73% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.64% | — |
Current DrawdownCurrent decline from peak | -7.23% | -21.09% | +13.86% |
Average DrawdownAverage peak-to-trough decline | -12.25% | -29.36% | +17.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 1.41% | +1.80% |
Volatility
CMOD.L vs. IBTM.L - Volatility Comparison
Invesco Bloomberg Commodity UCITS ETF (CMOD.L) has a higher volatility of 5.26% compared to iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L) at 1.91%. This indicates that CMOD.L's price experiences larger fluctuations and is considered to be riskier than IBTM.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 | IBTM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.26% | 1.91% | +3.35% |
Volatility (6M)Calculated over the trailing 6-month period | 15.05% | 4.14% | +10.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.91% | 5.71% | +11.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.60% | 8.51% | +8.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.68% | 7.83% | +6.85% |
CMOD.L vs. IBTM.L - Expense Ratio Comparison
CMOD.L has a 0.19% expense ratio, which is higher than IBTM.L'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.L - Dividend Comparison
CMOD.L has not paid dividends to shareholders, while IBTM.L's dividend yield for the trailing twelve months is around 4.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
IBTM.L iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) | 4.36% | 4.19% | 3.94% | 3.16% | 1.96% | 1.14% | 1.69% | 2.53% | 2.34% | 2.02% | 1.79% | 1.97% |
Frequently Asked Questions
CMOD.L and IBTM.L have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTM.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTM.L is cheaper with a 0.07% expense ratio, compared with 0.19% for CMOD.L.
CMOD.L is categorized as Commodities, while IBTM.L is Government Bonds. CMOD.L tracks Bloomberg Commodity TR Index, while IBTM.L tracks ICE U.S. Treasury 7-10 Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for CMOD.L and 0.07% for IBTM.L.
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