CMOP.L vs. SWDA.L
CMOP.L (Invesco Bloomberg Commodity UCITS ETF Acc) and SWDA.L (iShares Core MSCI World UCITS ETF USD (Acc)) are both exchange-traded funds - CMOP.L is a Commodities fund tracking the Bloomberg Commodity, while SWDA.L is a Global Equities fund tracking the MSCI World Index. Both are passively managed. Over the past 5 years, CMOP.L returned 10.48%/yr vs 12.35%/yr for SWDA.L. At a 0.21 correlation, their price movements are largely independent. CMOP.L charges 0.19%/yr vs 0.20%/yr for SWDA.L.
Performance
CMOP.L vs. SWDA.L - Performance Comparison
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Returns By Period
In the year-to-date period, CMOP.L achieves a 15.91% return, which is significantly higher than SWDA.L's 9.76% return.
CMOP.L
- 1D
- 0.63%
- 1M
- -8.33%
- YTD
- 15.91%
- 6M
- 14.87%
- 1Y
- 28.71%
- 3Y*
- 9.69%
- 5Y*
- 10.48%
- 10Y*
- —
SWDA.L
- 1D
- -0.61%
- 1M
- 0.45%
- YTD
- 9.76%
- 6M
- 9.97%
- 1Y
- 25.89%
- 3Y*
- 18.16%
- 5Y*
- 12.35%
- 10Y*
- 13.65%
CMOP.L vs. SWDA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMOP.L Invesco Bloomberg Commodity UCITS ETF Acc | 15.91% | 8.23% | 6.01% | -12.72% | 28.44% | 28.71% | -7.11% | 1.37% | -3.26% | -24.46% |
SWDA.L iShares Core MSCI World UCITS ETF USD (Acc) | 9.76% | 12.64% | 21.11% | 17.59% | -8.33% | 23.64% | 12.25% | 23.03% | -3.78% | 10.28% |
Correlation
The correlation between CMOP.L and SWDA.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 | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jan 9, 2017 | 0.21 |
The correlation between CMOP.L and SWDA.L shifts across timeframes, from -0.10 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CMOP.L vs. SWDA.L — Risk / Return Rank
CMOP.L
SWDA.L
CMOP.L vs. SWDA.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 Core MSCI World UCITS ETF USD (Acc) (SWDA.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 | SWDA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.46 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 3.94 | -1.62 |
| Martin ratioReturn relative to average drawdown | 8.57 | 15.44 | -6.87 |
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Drawdowns
CMOP.L vs. SWDA.L - Drawdown Comparison
The maximum CMOP.L drawdown since its inception was -44.21%, which is greater than SWDA.L's maximum drawdown of -41.70%. Use the drawdown chart below to compare losses from any high point for CMOP.L and SWDA.L.
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Drawdown Indicators
| CMOP.L | SWDA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.21% | -41.70% | -2.51% |
Max Drawdown (1Y)Largest decline over 1 year | -12.32% | -6.55% | -5.77% |
Max Drawdown (3Y)Largest decline over 3 years | -26.87% | -18.50% | -8.37% |
Max Drawdown (5Y)Largest decline over 5 years | -28.78% | -18.50% | -10.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.58% | — |
Current DrawdownCurrent decline from peak | -11.77% | -1.22% | -10.55% |
Average DrawdownAverage peak-to-trough decline | -21.85% | -9.47% | -12.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.34% | 1.67% | +1.67% |
Volatility
CMOP.L vs. SWDA.L - Volatility Comparison
Invesco Bloomberg Commodity UCITS ETF Acc (CMOP.L) has a higher volatility of 4.11% compared to iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L) at 3.19%. This indicates that CMOP.L's price experiences larger fluctuations and is considered to be riskier than SWDA.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 | SWDA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.11% | 3.19% | +0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 16.39% | 7.73% | +8.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.09% | 10.50% | +7.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.30% | 13.36% | +7.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.00% | 14.53% | +4.47% |
CMOP.L vs. SWDA.L - Expense Ratio Comparison
CMOP.L has a 0.19% expense ratio, which is lower than SWDA.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. SWDA.L - Dividend Comparison
Neither CMOP.L nor SWDA.L has paid dividends to shareholders.
Frequently Asked Questions
CMOP.L and SWDA.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, 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 SWDA.L.
CMOP.L is categorized as Commodities, while SWDA.L is Global Equities. CMOP.L tracks Bloomberg Commodity, while SWDA.L tracks MSCI World Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for CMOP.L and 0.20% for SWDA.L.
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