CMOP.L vs. ROLL.L
CMOP.L (Invesco Bloomberg Commodity UCITS ETF Acc) and ROLL.L (iShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF) are both Commodities funds - CMOP.L tracks the Bloomberg Commodity while ROLL.L tracks the iShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF. Both are passively managed. Over the past 5 years, CMOP.L returned 10.50%/yr vs 12.89%/yr for ROLL.L. Their correlation of 0.85 suggests significant overlap in exposure. CMOP.L charges 0.19%/yr vs 0.28%/yr for ROLL.L.
Performance
CMOP.L vs. ROLL.L - Performance Comparison
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Different Trading Currencies
CMOP.L is traded in GBp, while ROLL.L is traded in USD. To make them comparable, the ROLL.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CMOP.L achieves a 19.68% return, which is significantly lower than ROLL.L's 22.67% return.
CMOP.L
- 1D
- -0.83%
- 1M
- 1.08%
- 6M
- 14.97%
- YTD
- 19.68%
- 1Y
- 28.94%
- 3Y*
- 11.23%
- 5Y*
- 10.50%
- 10Y*
- —
ROLL.L
- 1D
- 0.00%
- 1M
- 0.35%
- 6M
- 15.72%
- YTD
- 22.67%
- 1Y
- 32.79%
- 3Y*
- 13.10%
- 5Y*
- 12.89%
- 10Y*
- —
CMOP.L vs. ROLL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
CMOP.L Invesco Bloomberg Commodity UCITS ETF Acc | 19.68% | 8.23% | 6.01% | -12.72% | 28.44% | 28.71% | -7.11% | 1.37% | -7.49% |
ROLL.L iShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF | 22.67% | 8.61% | 6.51% | -7.11% | 30.54% | 28.89% | -2.13% | 1.26% | -9.77% |
Correlation
The correlation between CMOP.L and ROLL.L is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2018 | 0.85 |
The correlation between CMOP.L and ROLL.L has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.
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Return for Risk
CMOP.L vs. ROLL.L — Risk / Return Rank
CMOP.L
ROLL.L
CMOP.L vs. ROLL.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 Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF (ROLL.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 | ROLL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.34 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 2.73 | -0.54 |
| Martin ratioReturn relative to average drawdown | 6.79 | 8.93 | -2.14 |
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Drawdowns
CMOP.L vs. ROLL.L - Drawdown Comparison
The maximum CMOP.L drawdown since its inception was -44.21%, which is greater than ROLL.L's maximum drawdown of -23.20%. Use the drawdown chart below to compare losses from any high point for CMOP.L and ROLL.L.
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Drawdown Indicators
| CMOP.L | ROLL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.21% | -23.20% | -21.01% |
Max Drawdown (1Y)Largest decline over 1 year | -13.20% | -12.10% | -1.10% |
Max Drawdown (3Y)Largest decline over 3 years | -26.87% | -13.37% | -13.50% |
Max Drawdown (5Y)Largest decline over 5 years | -28.78% | -20.56% | -8.22% |
Current DrawdownCurrent decline from peak | -8.90% | -8.08% | -0.82% |
Average DrawdownAverage peak-to-trough decline | -21.79% | -9.49% | -12.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.25% | 3.70% | +0.55% |
Volatility
CMOP.L vs. ROLL.L - Volatility Comparison
Invesco Bloomberg Commodity UCITS ETF Acc (CMOP.L) has a higher volatility of 4.67% compared to iShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF (ROLL.L) at 4.16%. This indicates that CMOP.L's price experiences larger fluctuations and is considered to be riskier than ROLL.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 | ROLL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.67% | 4.16% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 16.44% | 15.01% | +1.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 17.18% | +1.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.31% | 16.41% | +4.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.99% | 15.42% | +3.57% |
CMOP.L vs. ROLL.L - Expense Ratio Comparison
CMOP.L has a 0.19% expense ratio, which is lower than ROLL.L's 0.28% expense ratio.
Dividends
CMOP.L vs. ROLL.L - Dividend Comparison
Neither CMOP.L nor ROLL.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, CMOP.L and ROLL.L 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, CMOP.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMOP.L is cheaper with a 0.19% expense ratio, compared with 0.28% for ROLL.L.
CMOP.L tracks Bloomberg Commodity, while ROLL.L tracks iShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for CMOP.L and 0.28% for ROLL.L.
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