CMOP.L vs. PCOM.DE
CMOP.L (Invesco Bloomberg Commodity UCITS ETF Acc) and PCOM.DE (WisdomTree Broad Commodities UCITS ETF) are both Commodities funds tracking the Bloomberg Commodity, from Invesco and WisdomTree respectively. Both are passively managed. Over the past 3 years, CMOP.L returned 12.42%/yr vs 13.66%/yr for PCOM.DE. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.19% expense ratio.
Performance
CMOP.L vs. PCOM.DE - Performance Comparison
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Different Trading Currencies
CMOP.L is traded in GBp, while PCOM.DE is traded in EUR. To make them comparable, the PCOM.DE values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with CMOP.L having a 24.84% return and PCOM.DE slightly lower at 24.16%.
CMOP.L
- 1D
- -1.31%
- 1M
- -2.74%
- YTD
- 24.84%
- 6M
- 23.47%
- 1Y
- 38.91%
- 3Y*
- 12.42%
- 5Y*
- 12.08%
- 10Y*
- —
PCOM.DE
- 1D
- 0.62%
- 1M
- -1.69%
- YTD
- 24.16%
- 6M
- 24.85%
- 1Y
- 41.43%
- 3Y*
- 13.66%
- 5Y*
- —
- 10Y*
- —
CMOP.L vs. PCOM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CMOP.L Invesco Bloomberg Commodity UCITS ETF Acc | 24.84% | 8.23% | 6.01% | -12.72% | 28.44% | 0.21% |
PCOM.DE WisdomTree Broad Commodities UCITS ETF | 24.16% | 10.56% | 6.07% | -12.08% | 26.34% | 1.73% |
Correlation
The correlation between CMOP.L and PCOM.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 | 0.91 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021 | 0.90 |
The correlation between CMOP.L and PCOM.DE has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.
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Return for Risk
CMOP.L vs. PCOM.DE — Risk / Return Rank
CMOP.L
PCOM.DE
CMOP.L vs. PCOM.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Commodity UCITS ETF Acc (CMOP.L) and WisdomTree Broad Commodities UCITS ETF (PCOM.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.
| CMOP.L | PCOM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.38 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 5.07 | 4.95 | +0.13 |
| Martin ratioReturn relative to average drawdown | 11.63 | 11.90 | -0.27 |
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
| CMOP.L | PCOM.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.10 | 2.07 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.67 | -0.24 |
Drawdowns
CMOP.L vs. PCOM.DE - Drawdown Comparison
The maximum CMOP.L drawdown since its inception was -28.78%, roughly equal to the maximum PCOM.DE drawdown of -28.22%. Use the drawdown chart below to compare losses from any high point for CMOP.L and PCOM.DE.
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Drawdown Indicators
| CMOP.L | PCOM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.78% | -28.22% | -0.56% |
Max Drawdown (1Y)Largest decline over 1 year | -7.63% | -8.20% | +0.57% |
Max Drawdown (3Y)Largest decline over 3 years | -14.89% | -14.48% | -0.41% |
Max Drawdown (5Y)Largest decline over 5 years | -28.78% | — | — |
Current DrawdownCurrent decline from peak | -4.98% | -3.73% | -1.25% |
Average DrawdownAverage peak-to-trough decline | -12.18% | -15.56% | +3.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.34% | 3.41% | -0.07% |
Volatility
CMOP.L vs. PCOM.DE - Volatility Comparison
Invesco Bloomberg Commodity UCITS ETF Acc (CMOP.L) and WisdomTree Broad Commodities UCITS ETF (PCOM.DE) have volatilities of 6.19% and 6.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMOP.L | PCOM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.19% | 6.13% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 16.17% | 17.19% | -1.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.42% | 19.58% | -1.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.59% | 17.57% | -0.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.15% | 17.57% | -2.42% |
CMOP.L vs. PCOM.DE - Expense Ratio Comparison
Both CMOP.L and PCOM.DE 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
CMOP.L vs. PCOM.DE - Dividend Comparison
Neither CMOP.L nor PCOM.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.90, CMOP.L and PCOM.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.
Both ETFs have the same 0.19% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
CMOP.L and PCOM.DE have the same expense ratio: 0.19% per year.
Both ETFs track Bloomberg Commodity. They also come from different issuers: Invesco and WisdomTree.
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