CMOP.L vs. SPDM.L
CMOP.L (Invesco Bloomberg Commodity UCITS ETF Acc) and SPDM.L (iShares Physical Palladium ETC) are both Commodities funds - CMOP.L tracks the Bloomberg Commodity while SPDM.L tracks the London Palladium PM Fix. Both are passively managed. Over the past 5 years, CMOP.L returned 12.08%/yr vs -13.18%/yr for SPDM.L. At a 0.28 correlation, their price movements are largely independent. CMOP.L charges 0.19%/yr vs 0.20%/yr for SPDM.L.
Performance
CMOP.L vs. SPDM.L - Performance Comparison
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Returns By Period
In the year-to-date period, CMOP.L achieves a 24.84% return, which is significantly higher than SPDM.L's -15.50% return.
CMOP.L
- 1D
- -1.31%
- 1M
- -2.74%
- YTD
- 24.84%
- 6M
- 23.47%
- 1Y
- 38.91%
- 3Y*
- 12.42%
- 5Y*
- 12.08%
- 10Y*
- —
SPDM.L
- 1D
- -2.62%
- 1M
- -9.97%
- YTD
- -15.50%
- 6M
- -8.50%
- 1Y
- 35.48%
- 3Y*
- -4.70%
- 5Y*
- -13.18%
- 10Y*
- 9.87%
CMOP.L vs. SPDM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMOP.L Invesco Bloomberg Commodity UCITS ETF Acc | 24.84% | 8.23% | 6.01% | -12.72% | 28.44% | 28.71% | -7.11% | 3.31% | -5.01% | -5.69% |
SPDM.L iShares Physical Palladium ETC | -15.50% | 62.20% | -17.63% | -41.15% | 5.58% | -19.60% | 19.23% | 47.36% | 25.02% | 23.65% |
Correlation
The correlation between CMOP.L and SPDM.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2017 | 0.28 |
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Return for Risk
CMOP.L vs. SPDM.L — Risk / Return Rank
CMOP.L
SPDM.L
CMOP.L vs. SPDM.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 Physical Palladium ETC (SPDM.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.
| CMOP.L | SPDM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.36 | ||
| Sortino ratioReturn per unit of downside risk | +1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.16 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 5.07 | 0.91 | +4.16 |
| Martin ratioReturn relative to average drawdown | 11.63 | 1.98 | +9.65 |
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 | SPDM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.10 | 0.74 | +1.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | -0.31 | +1.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.26 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.14 | +0.29 |
Drawdowns
CMOP.L vs. SPDM.L - Drawdown Comparison
The maximum CMOP.L drawdown since its inception was -28.78%, smaller than the maximum SPDM.L drawdown of -70.87%. Use the drawdown chart below to compare losses from any high point for CMOP.L and SPDM.L.
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Drawdown Indicators
| CMOP.L | SPDM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.78% | -70.87% | +42.09% |
Max Drawdown (1Y)Largest decline over 1 year | -7.63% | -36.26% | +28.63% |
Max Drawdown (3Y)Largest decline over 3 years | -14.89% | -40.59% | +25.70% |
Max Drawdown (5Y)Largest decline over 5 years | -28.78% | -70.87% | +42.09% |
Max Drawdown (10Y)Largest decline over 10 years | — | -70.87% | — |
Current DrawdownCurrent decline from peak | -4.98% | -57.32% | +52.34% |
Average DrawdownAverage peak-to-trough decline | -12.18% | -25.10% | +12.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.34% | 16.70% | -13.36% |
Volatility
CMOP.L vs. SPDM.L - Volatility Comparison
The current volatility for Invesco Bloomberg Commodity UCITS ETF Acc (CMOP.L) is 6.19%, while iShares Physical Palladium ETC (SPDM.L) has a volatility of 10.52%. This indicates that CMOP.L experiences smaller price fluctuations and is considered to be less risky than SPDM.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 | SPDM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.19% | 10.52% | -4.33% |
Volatility (6M)Calculated over the trailing 6-month period | 16.17% | 37.20% | -21.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.42% | 44.75% | -26.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.59% | 41.86% | -25.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.15% | 37.58% | -22.43% |
CMOP.L vs. SPDM.L - Expense Ratio Comparison
CMOP.L has a 0.19% expense ratio, which is lower than SPDM.L's 0.20% expense ratio. Despite the difference, 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. SPDM.L - Dividend Comparison
Neither CMOP.L nor SPDM.L has paid dividends to shareholders.
Frequently Asked Questions
CMOP.L and SPDM.L have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 0.20% for SPDM.L.
CMOP.L tracks Bloomberg Commodity, while SPDM.L tracks London Palladium PM Fix. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for CMOP.L and 0.20% for SPDM.L.
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