CMOE.DE vs. GSDE.DE
CMOE.DE (Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc) and GSDE.DE (BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR) are both Commodities funds - CMOE.DE tracks the Bloomberg Commodity (EUR Hedged) while GSDE.DE tracks the BNP Paribas Energy & Metals Enhanced Roll. Both are passively managed. Over the past 3 years, CMOE.DE returned 10.25%/yr vs 14.23%/yr for GSDE.DE. A 0.79 correlation means they provide meaningful diversification when combined. CMOE.DE charges 0.24%/yr vs 0.39%/yr for GSDE.DE.
Performance
CMOE.DE vs. GSDE.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 16.75% return and GSDE.DE slightly lower at 16.02%.
CMOE.DE
- 1D
- 0.00%
- 1M
- 1.86%
- 6M
- 15.21%
- YTD
- 16.75%
- 1Y
- 26.77%
- 3Y*
- 10.25%
- 5Y*
- —
- 10Y*
- —
GSDE.DE
- 1D
- 0.20%
- 1M
- -0.46%
- 6M
- 11.66%
- YTD
- 16.02%
- 1Y
- 34.64%
- 3Y*
- 14.23%
- 5Y*
- 12.42%
- 10Y*
- -2.65%
CMOE.DE vs. GSDE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CMOE.DE Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc | 16.75% | 14.96% | 2.92% | -9.62% | -0.54% |
GSDE.DE BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR | 16.02% | 13.79% | 14.91% | -12.92% | 10.16% |
Correlation
The correlation between CMOE.DE and GSDE.DE is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022 | 0.79 |
The correlation between CMOE.DE and GSDE.DE has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.
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Return for Risk
CMOE.DE vs. GSDE.DE — Risk / Return Rank
CMOE.DE
GSDE.DE
CMOE.DE vs. GSDE.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 (GSDE.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.
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.
| CMOE.DE | GSDE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.33 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | 2.90 | -1.06 |
| Martin ratioReturn relative to average drawdown | 5.77 | 8.68 | -2.92 |
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Drawdowns
CMOE.DE vs. GSDE.DE - Drawdown Comparison
The maximum CMOE.DE drawdown since its inception was -29.97%, smaller than the maximum GSDE.DE drawdown of -91.25%. Use the drawdown chart below to compare losses from any high point for CMOE.DE and GSDE.DE.
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Drawdown Indicators
| CMOE.DE | GSDE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.97% | -91.25% | +61.28% |
Max Drawdown (1Y)Largest decline over 1 year | -14.63% | -11.90% | -2.73% |
Max Drawdown (3Y)Largest decline over 3 years | -14.63% | -15.26% | +0.63% |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -91.25% | — |
Current DrawdownCurrent decline from peak | -9.24% | -77.51% | +68.27% |
Average DrawdownAverage peak-to-trough decline | -19.12% | -72.35% | +53.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.65% | 3.98% | +0.67% |
Volatility
CMOE.DE vs. GSDE.DE - Volatility Comparison
Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc (CMOE.DE) has a higher volatility of 4.71% compared to BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR (GSDE.DE) at 3.90%. This indicates that CMOE.DE's price experiences larger fluctuations and is considered to be riskier than GSDE.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 | GSDE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.71% | 3.90% | +0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 15.66% | 15.65% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.97% | 18.62% | -0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.76% | 17.91% | -1.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.76% | 117.87% | -101.11% |
CMOE.DE vs. GSDE.DE - Expense Ratio Comparison
CMOE.DE has a 0.24% expense ratio, which is lower than GSDE.DE's 0.39% expense ratio.
Dividends
CMOE.DE vs. GSDE.DE - Dividend Comparison
Neither CMOE.DE nor GSDE.DE has paid dividends to shareholders.
Frequently Asked Questions
CMOE.DE and GSDE.DE have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 GSDE.DE.
CMOE.DE tracks Bloomberg Commodity (EUR Hedged), while GSDE.DE tracks BNP Paribas Energy & Metals Enhanced Roll. They also come from different issuers: Invesco and BNP Paribas. Their fees differ too: 0.24% for CMOE.DE and 0.39% for GSDE.DE.
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