CMOP.L vs. VFEM.L
CMOP.L (Invesco Bloomberg Commodity UCITS ETF Acc) and VFEM.L (Vanguard FTSE Emerging Markets UCITS ETF Distributing) are both exchange-traded funds - CMOP.L is a Commodities fund tracking the Bloomberg Commodity, while VFEM.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 5 years, CMOP.L returned 10.87%/yr vs 5.97%/yr for VFEM.L. At a 0.23 correlation, their price movements are largely independent. CMOP.L charges 0.19%/yr vs 0.22%/yr for VFEM.L.
Performance
CMOP.L vs. VFEM.L - Performance Comparison
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Different Trading Currencies
CMOP.L is traded in GBp, while VFEM.L is traded in GBP. To make them comparable, the VFEM.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 19.51% return, which is significantly higher than VFEM.L's 10.41% 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*
- —
VFEM.L
- 1D
- 1.96%
- 1M
- -0.58%
- YTD
- 10.41%
- 6M
- 11.41%
- 1Y
- 27.25%
- 3Y*
- 14.24%
- 5Y*
- 5.97%
- 10Y*
- 9.54%
CMOP.L vs. VFEM.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% |
VFEM.L Vanguard FTSE Emerging Markets UCITS ETF Distributing | 10.41% | 16.90% | 14.50% | 1.36% | -7.39% | 0.09% | 11.19% | 15.14% | -7.60% | 17.59% |
Correlation
The correlation between CMOP.L and VFEM.L is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jan 9, 2017 | 0.23 |
The correlation between CMOP.L and VFEM.L shifts across timeframes, from -0.08 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CMOP.L vs. VFEM.L — Risk / Return Rank
CMOP.L
VFEM.L
CMOP.L vs. VFEM.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 Vanguard FTSE Emerging Markets UCITS ETF Distributing (VFEM.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 | VFEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.33 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | 2.88 | +0.58 |
| Martin ratioReturn relative to average drawdown | 8.86 | 9.32 | -0.46 |
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Drawdowns
CMOP.L vs. VFEM.L - Drawdown Comparison
The maximum CMOP.L drawdown since its inception was -44.21%, which is greater than VFEM.L's maximum drawdown of -32.13%. Use the drawdown chart below to compare losses from any high point for CMOP.L and VFEM.L.
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Drawdown Indicators
| CMOP.L | VFEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.21% | -32.13% | -12.08% |
Max Drawdown (1Y)Largest decline over 1 year | -9.03% | -8.92% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -26.87% | -14.68% | -12.19% |
Max Drawdown (5Y)Largest decline over 5 years | -28.78% | -19.58% | -9.20% |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.90% | — |
Current DrawdownCurrent decline from peak | -9.03% | -2.67% | -6.36% |
Average DrawdownAverage peak-to-trough decline | -21.89% | -8.58% | -13.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.53% | 2.76% | +0.77% |
Volatility
CMOP.L vs. VFEM.L - Volatility Comparison
Invesco Bloomberg Commodity UCITS ETF Acc (CMOP.L) and Vanguard FTSE Emerging Markets UCITS ETF Distributing (VFEM.L) have volatilities of 4.89% and 5.13%, 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 | VFEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.89% | 5.13% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 16.30% | 11.41% | +4.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.62% | 14.09% | +4.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.30% | 15.51% | +5.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.02% | 17.49% | +1.53% |
CMOP.L vs. VFEM.L - Expense Ratio Comparison
CMOP.L has a 0.19% expense ratio, which is lower than VFEM.L's 0.22% 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. VFEM.L - Dividend Comparison
CMOP.L has not paid dividends to shareholders, while VFEM.L's dividend yield for the trailing twelve months is around 2.06%.
| 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% |
VFEM.L Vanguard FTSE Emerging Markets UCITS ETF Distributing | 2.06% | 2.36% | 2.31% | 2.63% | 3.28% | 2.26% | 1.94% | 2.43% | 2.73% | 2.22% | 2.22% | 2.82% |
Frequently Asked Questions
CMOP.L and VFEM.L have a correlation of -0.08, 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 0.22% for VFEM.L.
CMOP.L is categorized as Commodities, while VFEM.L is Emerging Markets Equities. CMOP.L tracks Bloomberg Commodity, while VFEM.L tracks MSCI EM NR USD. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.19% for CMOP.L and 0.22% for VFEM.L.
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