CMOD.L vs. IBTS.L
CMOD.L (Invesco Bloomberg Commodity UCITS ETF) and IBTS.L (iShares $ Treasury Bond 1-3yr UCITS ETF) are both exchange-traded funds - CMOD.L is a Commodities fund tracking the Bloomberg Commodity TR Index, while IBTS.L is a Government Bonds fund tracking the ICE U.S. Treasury 1-3 Year Bond Index. Both are passively managed. Over the past 5 years, CMOD.L returned 10.42%/yr vs 1.82%/yr for IBTS.L. At a correlation of -0.08, they often move in opposite directions. CMOD.L charges 0.19%/yr vs 0.07%/yr for IBTS.L.
Performance
CMOD.L vs. IBTS.L - Performance Comparison
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Different Trading Currencies
CMOD.L is traded in USD, while IBTS.L is traded in GBP. To make them comparable, the IBTS.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 IBTS.L's 0.27% 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*
- —
IBTS.L
- 1D
- 0.32%
- 1M
- -0.22%
- YTD
- 0.27%
- 6M
- 0.74%
- 1Y
- 3.40%
- 3Y*
- 4.18%
- 5Y*
- 1.82%
- 10Y*
- 1.79%
CMOD.L vs. IBTS.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% |
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF | 0.27% | 5.49% | 4.02% | 3.79% | -3.89% | -0.28% | 2.72% | 4.39% | 1.15% | 0.55% |
Correlation
The correlation between CMOD.L and IBTS.L is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Jan 9, 2017 | -0.08 |
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Return for Risk
CMOD.L vs. IBTS.L — Risk / Return Rank
CMOD.L
IBTS.L
CMOD.L vs. IBTS.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 $ Treasury Bond 1-3yr UCITS ETF (IBTS.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 | IBTS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.16 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.14 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 4.60 | 3.17 | +1.43 |
| Martin ratioReturn relative to average drawdown | 10.43 | 9.07 | +1.36 |
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 | IBTS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 0.82 | +1.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | 0.36 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.08 | +0.39 |
Drawdowns
CMOD.L vs. IBTS.L - Drawdown Comparison
The maximum CMOD.L drawdown since its inception was -33.16%, which is greater than IBTS.L's maximum drawdown of -16.87%. Use the drawdown chart below to compare losses from any high point for CMOD.L and IBTS.L.
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Drawdown Indicators
| CMOD.L | IBTS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.16% | -16.87% | -16.29% |
Max Drawdown (1Y)Largest decline over 1 year | -7.28% | -1.07% | -6.21% |
Max Drawdown (3Y)Largest decline over 3 years | -11.65% | -1.45% | -10.20% |
Max Drawdown (5Y)Largest decline over 5 years | -26.86% | -6.87% | -19.99% |
Max Drawdown (10Y)Largest decline over 10 years | — | -7.24% | — |
Current DrawdownCurrent decline from peak | -7.23% | -0.52% | -6.71% |
Average DrawdownAverage peak-to-trough decline | -12.25% | -10.08% | -2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 0.37% | +2.84% |
Volatility
CMOD.L vs. IBTS.L - Volatility Comparison
Invesco Bloomberg Commodity UCITS ETF (CMOD.L) has a higher volatility of 5.26% compared to iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.L) at 1.37%. This indicates that CMOD.L's price experiences larger fluctuations and is considered to be riskier than IBTS.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 | IBTS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.26% | 1.37% | +3.89% |
Volatility (6M)Calculated over the trailing 6-month period | 15.05% | 3.33% | +11.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.91% | 4.12% | +12.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.60% | 5.04% | +11.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.68% | 5.08% | +9.60% |
CMOD.L vs. IBTS.L - Expense Ratio Comparison
CMOD.L has a 0.19% expense ratio, which is higher than IBTS.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. IBTS.L - Dividend Comparison
CMOD.L has not paid dividends to shareholders, while IBTS.L's dividend yield for the trailing twelve months is around 3.97%.
| 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% |
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF | 3.97% | 4.22% | 4.12% | 3.08% | 0.75% | 0.61% | 1.84% | 2.39% | 1.49% | 1.01% | 0.67% | 0.49% |
Frequently Asked Questions
CMOD.L and IBTS.L have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTS.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTS.L is cheaper with a 0.07% expense ratio, compared with 0.19% for CMOD.L.
CMOD.L is categorized as Commodities, while IBTS.L is Government Bonds. CMOD.L tracks Bloomberg Commodity TR Index, while IBTS.L tracks ICE U.S. Treasury 1-3 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 IBTS.L.
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