CMOD.L vs. VWRL.L

Last updated Jun 5, 2026

CMOD.L (Invesco Bloomberg Commodity UCITS ETF) and VWRL.L (Vanguard FTSE All-World UCITS ETF Distributing) are both exchange-traded funds - CMOD.L is a Commodities fund tracking the Bloomberg Commodity TR Index, while VWRL.L is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past 5 years, CMOD.L returned 10.88%/yr vs 11.27%/yr for VWRL.L. At a 0.27 correlation, their price movements are largely independent. Both charge a 0.19% expense ratio.

Performance

CMOD.L vs. VWRL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Bloomberg Commodity UCITS ETF (CMOD.L) and Vanguard FTSE All-World UCITS ETF Distributing (VWRL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CMOD.L is traded in USD, while VWRL.L is traded in GBP. To make them comparable, the VWRL.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 24.60% return, which is significantly higher than VWRL.L's 11.60% return.

CMOD.L

• 1D: -1.40%
• 1M: -3.78%
• YTD: 24.60%
• 6M: 24.00%
• 1Y: 37.37%
• 3Y*: 15.36%
• 5Y*: 10.88%
• 10Y*: —

VWRL.L

• 1D: -0.01%
• 1M: 4.43%
• YTD: 11.60%
• 6M: 13.14%
• 1Y: 28.63%
• 3Y*: 21.01%
• 5Y*: 11.27%
• 10Y*: 12.65%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CMOD.L vs. VWRL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMOD.L Invesco Bloomberg Commodity UCITS ETF	24.60%	16.16%	4.13%	-7.56%	14.50%	27.35%	-3.87%	6.64%	-10.22%	0.08%
VWRL.L Vanguard FTSE All-World UCITS ETF Distributing	11.60%	22.59%	17.60%	21.71%	-18.23%	18.95%	15.57%	26.93%	-10.09%	22.98%

Correlation

The correlation between CMOD.L and VWRL.L is -0.10, 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	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jan 13, 2017	0.27

The correlation between CMOD.L and VWRL.L shifts across timeframes, from -0.10 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

CMOD.L vs. VWRL.L - Sectors Allocation Comparison

Sectors	CMOD.L	VWRL.L
Basic Materials	35.8%	3.8%
Financial Services	17.8%	16.1%
Consumer Cyclical	12.9%	9.4%
Communication Services	12.3%	8.8%
Consumer Defensive	9.7%	5.0%
Real Estate	5.8%	1.9%
Technology	5.6%	29.0%
Energy	-	4.2%
Healthcare	-	8.0%
Industrials	-	11.0%
Utilities	-	2.7%

Return for Risk

CMOD.L vs. VWRL.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CMOD.L

CMOD.L Risk / Return Rank: 70
CMOD.L Sharpe Ratio Rank: 68
CMOD.L Sortino Ratio Rank: 59
CMOD.L Omega Ratio Rank: 69
CMOD.L Calmar Ratio Rank: 88
CMOD.L Martin Ratio Rank: 66

VWRL.L

VWRL.L Risk / Return Rank: 86
VWRL.L Sharpe Ratio Rank: 87
VWRL.L Sortino Ratio Rank: 88
VWRL.L Omega Ratio Rank: 89
VWRL.L Calmar Ratio Rank: 81
VWRL.L Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CMOD.L vs. VWRL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Commodity UCITS ETF (CMOD.L) and Vanguard FTSE All-World UCITS ETF Distributing (VWRL.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	VWRL.L	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.43	-0.21
Sortino ratio: Return per unit of downside risk	2.75	3.55	-0.80
Omega ratio: Gain probability vs. loss probability	1.41	1.44	-0.03
Calmar ratio: Return relative to maximum drawdown	5.10	3.13	+1.97
Martin ratio: Return relative to average drawdown	11.82	13.67	-1.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMOD.L vs. VWRL.L - Sharpe Ratio Comparison

The current CMOD.L Sharpe Ratio is 2.21, which is comparable to the VWRL.L Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of CMOD.L and VWRL.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CMOD.L	VWRL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	2.43	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.75	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.81	-0.34

Drawdowns

CMOD.L vs. VWRL.L - Drawdown Comparison

The maximum CMOD.L drawdown since its inception was -33.16%, roughly equal to the maximum VWRL.L drawdown of -33.11%. Use the drawdown chart below to compare losses from any high point for CMOD.L and VWRL.L.

Drawdown Indicators

	CMOD.L	VWRL.L	Difference
Max Drawdown Largest peak-to-trough decline	-33.16%	-33.11%	-0.05%
Max Drawdown (1Y) Largest decline over 1 year	-7.30%	-9.11%	+1.81%
Max Drawdown (3Y) Largest decline over 3 years	-11.66%	-16.28%	+4.62%
Max Drawdown (5Y) Largest decline over 5 years	-26.86%	-26.74%	-0.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.11%	—
Current Drawdown Current decline from peak	-5.50%	-0.80%	-4.70%
Average Drawdown Average peak-to-trough decline	-12.29%	-4.52%	-7.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	2.09%	+1.06%

Volatility

CMOD.L vs. VWRL.L - Volatility Comparison

Invesco Bloomberg Commodity UCITS ETF (CMOD.L) has a higher volatility of 5.58% compared to Vanguard FTSE All-World UCITS ETF Distributing (VWRL.L) at 3.46%. This indicates that CMOD.L's price experiences larger fluctuations and is considered to be riskier than VWRL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMOD.L	VWRL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.58%	3.46%	+2.12%
Volatility (6M) Calculated over the trailing 6-month period	14.96%	9.10%	+5.86%
Volatility (1Y) Calculated over the trailing 1-year period	16.80%	11.75%	+5.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.57%	15.06%	+1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.69%	15.55%	-0.86%

CMOD.L vs. VWRL.L - Expense Ratio Comparison

Both CMOD.L and VWRL.L have an expense ratio of 0.19%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

CMOD.L vs. VWRL.L - Dividend Comparison

CMOD.L has not paid dividends to shareholders, while VWRL.L's dividend yield for the trailing twelve months is around 1.24%.

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%
VWRL.L Vanguard FTSE All-World UCITS ETF Distributing	1.24%	1.39%	1.49%	1.72%	2.03%	1.45%	1.58%	1.95%	2.22%	1.90%	1.85%	2.00%

Frequently Asked Questions

Can I hold both CMOD.L and VWRL.L in my portfolio?

CMOD.L and VWRL.L have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CMOD.L or VWRL.L?

Both ETFs have the same 0.19% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CMOD.L or VWRL.L?

CMOD.L and VWRL.L have the same expense ratio: 0.19% per year.

What is the main difference between CMOD.L and VWRL.L?

CMOD.L is categorized as Commodities, while VWRL.L is Global Equities. CMOD.L tracks Bloomberg Commodity TR Index, while VWRL.L tracks FTSE All-World Index. They also come from different issuers: Invesco and Vanguard.