CMOP.L vs. IBTL.L
CMOP.L (Invesco Bloomberg Commodity UCITS ETF Acc) and IBTL.L (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) are both exchange-traded funds - CMOP.L is a Commodities fund tracking the Bloomberg Commodity, while IBTL.L is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 5 years, CMOP.L returned 10.87%/yr vs -5.44%/yr for IBTL.L. At a 0.03 correlation, their price movements are largely independent. CMOP.L charges 0.19%/yr vs 0.07%/yr for IBTL.L.
Performance
CMOP.L vs. IBTL.L - Performance Comparison
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Returns By Period
In the year-to-date period, CMOP.L achieves a 19.51% return, which is significantly higher than IBTL.L's -0.34% return.
CMOP.L
- 1D
- -1.53%
- 1M
- -7.51%
- YTD
- 19.51%
- 6M
- 20.29%
- 1Y
- 29.45%
- 3Y*
- 11.03%
- 5Y*
- 10.87%
- 10Y*
- —
IBTL.L
- 1D
- -0.17%
- 1M
- 1.43%
- YTD
- -0.34%
- 6M
- 0.20%
- 1Y
- 5.42%
- 3Y*
- -3.32%
- 5Y*
- -5.44%
- 10Y*
- -1.26%
CMOP.L vs. IBTL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMOP.L Invesco Bloomberg Commodity UCITS ETF Acc | 19.51% | 8.23% | 6.01% | -12.72% | 28.44% | 28.71% | -7.11% | 1.37% | -3.26% | -24.46% |
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | -0.34% | -2.80% | -5.51% | -3.61% | -22.17% | -3.32% | 13.06% | 12.05% | 3.88% | -2.35% |
Correlation
The correlation between CMOP.L and IBTL.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 | -0.03 |
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 | 0.03 |
The correlation between CMOP.L and IBTL.L shifts across timeframes, from -0.10 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CMOP.L vs. IBTL.L — Risk / Return Rank
CMOP.L
IBTL.L
CMOP.L vs. IBTL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Commodity UCITS ETF Acc (CMOP.L) and iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.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.
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.
| CMOP.L | IBTL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.17 | ||
| Sortino ratioReturn per unit of downside risk | +1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.09 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | 0.58 | +2.88 |
| Martin ratioReturn relative to average drawdown | 8.86 | 1.23 | +7.64 |
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Drawdowns
CMOP.L vs. IBTL.L - Drawdown Comparison
The maximum CMOP.L drawdown since its inception was -44.21%, smaller than the maximum IBTL.L drawdown of -48.85%. Use the drawdown chart below to compare losses from any high point for CMOP.L and IBTL.L.
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Drawdown Indicators
| CMOP.L | IBTL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.21% | -48.85% | +4.64% |
Max Drawdown (1Y)Largest decline over 1 year | -9.03% | -8.26% | -0.77% |
Max Drawdown (3Y)Largest decline over 3 years | -26.87% | -17.10% | -9.77% |
Max Drawdown (5Y)Largest decline over 5 years | -28.78% | -39.34% | +10.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.85% | — |
Current DrawdownCurrent decline from peak | -9.03% | -45.09% | +36.06% |
Average DrawdownAverage peak-to-trough decline | -21.89% | -22.69% | +0.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.53% | 3.91% | -0.38% |
Volatility
CMOP.L vs. IBTL.L - Volatility Comparison
Invesco Bloomberg Commodity UCITS ETF Acc (CMOP.L) has a higher volatility of 4.89% compared to iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) at 2.35%. This indicates that CMOP.L's price experiences larger fluctuations and is considered to be riskier than IBTL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMOP.L | IBTL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.89% | 2.35% | +2.54% |
Volatility (6M)Calculated over the trailing 6-month period | 16.30% | 6.40% | +9.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.62% | 9.51% | +9.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.30% | 15.47% | +5.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.02% | 16.31% | +2.71% |
CMOP.L vs. IBTL.L - Expense Ratio Comparison
CMOP.L has a 0.19% expense ratio, which is higher than IBTL.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
CMOP.L vs. IBTL.L - Dividend Comparison
CMOP.L has not paid dividends to shareholders, while IBTL.L's dividend yield for the trailing twelve months is around 2.27%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMOP.L Invesco Bloomberg Commodity UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 2.27% | 4.31% | 4.58% | 3.79% | 2.96% | 1.72% | 1.86% | 2.54% | 2.75% | 2.68% | 2.45% | 2.09% |
Frequently Asked Questions
CMOP.L and IBTL.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.
On fees, IBTL.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTL.L is cheaper with a 0.07% expense ratio, compared with 0.19% for CMOP.L.
CMOP.L is categorized as Commodities, while IBTL.L is Government Bonds. CMOP.L tracks Bloomberg Commodity, while IBTL.L tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for CMOP.L and 0.07% for IBTL.L.
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