CMOD.L vs. QUAL
CMOD.L (Invesco Bloomberg Commodity UCITS ETF) and QUAL (iShares MSCI USA Quality Factor ETF) are both exchange-traded funds - CMOD.L is a Commodities fund tracking the Bloomberg Commodity TR Index, while QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 5 years, CMOD.L returned 9.74%/yr vs 11.97%/yr for QUAL. At a 0.13 correlation, their price movements are largely independent. CMOD.L charges 0.19%/yr vs 0.15%/yr for QUAL.
Performance
CMOD.L vs. QUAL - 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 QUAL's 9.44% 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*
- —
QUAL
- 1D
- 0.47%
- 1M
- 2.14%
- YTD
- 9.44%
- 6M
- 9.29%
- 1Y
- 22.87%
- 3Y*
- 19.30%
- 5Y*
- 11.97%
- 10Y*
- 14.46%
CMOD.L vs. QUAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMOD.L Invesco Bloomberg Commodity UCITS ETF | 19.22% | 16.16% | 4.12% | -7.56% | 14.50% | 27.35% | -3.87% | 6.64% | -10.22% | 2.08% |
QUAL iShares MSCI USA Quality Factor ETF | 9.44% | 12.65% | 22.29% | 30.88% | -20.50% | 26.94% | 17.04% | 33.89% | -5.70% | 20.42% |
Correlation
The correlation between CMOD.L and QUAL is -0.06, 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 | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jan 9, 2017 | 0.13 |
The correlation between CMOD.L and QUAL shifts across timeframes, from -0.06 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CMOD.L vs. QUAL — Risk / Return Rank
CMOD.L
QUAL
CMOD.L vs. QUAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Commodity UCITS ETF (CMOD.L) and iShares MSCI USA Quality Factor ETF (QUAL). 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 | QUAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.31 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.07 | 2.32 | +0.75 |
| Martin ratioReturn relative to average drawdown | 8.68 | 10.60 | -1.92 |
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Drawdowns
CMOD.L vs. QUAL - Drawdown Comparison
The maximum CMOD.L drawdown since its inception was -33.16%, roughly equal to the maximum QUAL drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for CMOD.L and QUAL.
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Drawdown Indicators
| CMOD.L | QUAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.16% | -34.06% | +0.90% |
Max Drawdown (1Y)Largest decline over 1 year | -9.59% | -9.03% | -0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -11.65% | -18.00% | +6.35% |
Max Drawdown (5Y)Largest decline over 5 years | -26.86% | -28.23% | +1.37% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.06% | — |
Current DrawdownCurrent decline from peak | -9.59% | -0.19% | -9.40% |
Average DrawdownAverage peak-to-trough decline | -12.24% | -4.10% | -8.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.40% | 1.99% | +1.41% |
Volatility
CMOD.L vs. QUAL - Volatility Comparison
Invesco Bloomberg Commodity UCITS ETF (CMOD.L) has a higher volatility of 4.36% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 3.63%. This indicates that CMOD.L's price experiences larger fluctuations and is considered to be riskier than QUAL 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 | QUAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.36% | 3.63% | +0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 15.04% | 9.43% | +5.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.99% | 12.10% | +4.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.61% | 17.36% | -0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.68% | 18.11% | -3.43% |
CMOD.L vs. QUAL - Expense Ratio Comparison
CMOD.L has a 0.19% expense ratio, which is higher than QUAL's 0.15% 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. QUAL - Dividend Comparison
CMOD.L has not paid dividends to shareholders, while QUAL's dividend yield for the trailing twelve months is around 0.87%.
| 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% |
QUAL iShares MSCI USA Quality Factor ETF | 0.87% | 0.94% | 1.02% | 1.23% | 1.59% | 1.20% | 1.39% | 1.60% | 2.00% | 1.76% | 1.96% | 1.63% |
Frequently Asked Questions
CMOD.L and QUAL have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, QUAL is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
QUAL is cheaper with a 0.15% expense ratio, compared with 0.19% for CMOD.L.
CMOD.L is categorized as Commodities, while QUAL is Large Cap Blend Equities. CMOD.L tracks Bloomberg Commodity TR Index, while QUAL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for CMOD.L and 0.15% for QUAL.
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