CMOE.DE vs. EMEH.DE
CMOE.DE (Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc) and EMEH.DE (BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR) are both Commodities funds - CMOE.DE tracks the Bloomberg Commodity (EUR Hedged) while EMEH.DE tracks the BNP Paribas Energy & Metals Enhanced Roll (EUR Hedged). Both are passively managed. Over the past 3 years, CMOE.DE returned 13.22%/yr vs 16.63%/yr for EMEH.DE. Their correlation of 0.90 suggests significant overlap in exposure. CMOE.DE charges 0.24%/yr vs 0.39%/yr for EMEH.DE.
Performance
CMOE.DE vs. EMEH.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with CMOE.DE having a 21.57% return and EMEH.DE slightly lower at 21.33%.
CMOE.DE
- 1D
- -1.32%
- 1M
- -1.55%
- YTD
- 21.57%
- 6M
- 21.82%
- 1Y
- 33.83%
- 3Y*
- 13.22%
- 5Y*
- —
- 10Y*
- —
EMEH.DE
- 1D
- -0.55%
- 1M
- 0.49%
- YTD
- 21.33%
- 6M
- 22.74%
- 1Y
- 43.19%
- 3Y*
- 16.63%
- 5Y*
- 11.35%
- 10Y*
- —
CMOE.DE vs. EMEH.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CMOE.DE Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc | 21.57% | 14.96% | 2.92% | -9.62% | -0.48% |
EMEH.DE BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR | 21.33% | 25.40% | 6.63% | -12.26% | 0.72% |
Correlation
The correlation between CMOE.DE and EMEH.DE is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2022 | 0.90 |
The correlation between CMOE.DE and EMEH.DE has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.
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Return for Risk
CMOE.DE vs. EMEH.DE — Risk / Return Rank
CMOE.DE
EMEH.DE
CMOE.DE vs. EMEH.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc (CMOE.DE) and BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR (EMEH.DE). 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.
| CMOE.DE | EMEH.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.45 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 4.49 | 4.95 | -0.46 |
| Martin ratioReturn relative to average drawdown | 10.26 | 14.34 | -4.08 |
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
| CMOE.DE | EMEH.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.00 | 2.47 | -0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | -0.48 | +0.85 |
Drawdowns
CMOE.DE vs. EMEH.DE - Drawdown Comparison
The maximum CMOE.DE drawdown since its inception was -29.97%, smaller than the maximum EMEH.DE drawdown of -92.42%. Use the drawdown chart below to compare losses from any high point for CMOE.DE and EMEH.DE.
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Drawdown Indicators
| CMOE.DE | EMEH.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.97% | -92.42% | +62.45% |
Max Drawdown (1Y)Largest decline over 1 year | -7.70% | -8.89% | +1.19% |
Max Drawdown (3Y)Largest decline over 3 years | -11.83% | -12.28% | +0.45% |
Max Drawdown (5Y)Largest decline over 5 years | — | -32.73% | — |
Current DrawdownCurrent decline from peak | -5.48% | -80.34% | +74.86% |
Average DrawdownAverage peak-to-trough decline | -19.33% | -81.38% | +62.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.38% | 3.08% | +0.30% |
Volatility
CMOE.DE vs. EMEH.DE - Volatility Comparison
Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc (CMOE.DE) has a higher volatility of 5.18% compared to BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR (EMEH.DE) at 4.15%. This indicates that CMOE.DE's price experiences larger fluctuations and is considered to be riskier than EMEH.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMOE.DE | EMEH.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.18% | 4.15% | +1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 15.26% | 15.95% | -0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.28% | 17.83% | -0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.62% | 17.50% | -0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.62% | 34.16% | -17.54% |
CMOE.DE vs. EMEH.DE - Expense Ratio Comparison
CMOE.DE has a 0.24% expense ratio, which is lower than EMEH.DE's 0.39% expense ratio.
Dividends
CMOE.DE vs. EMEH.DE - Dividend Comparison
Neither CMOE.DE nor EMEH.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.90, CMOE.DE and EMEH.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, CMOE.DE is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMOE.DE is cheaper with a 0.24% expense ratio, compared with 0.39% for EMEH.DE.
CMOE.DE tracks Bloomberg Commodity (EUR Hedged), while EMEH.DE tracks BNP Paribas Energy & Metals Enhanced Roll (EUR Hedged). They also come from different issuers: Invesco and BNP Paribas. Their fees differ too: 0.24% for CMOE.DE and 0.39% for EMEH.DE.
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