CMOP.L vs. XBCU.L

Last updated Jun 5, 2026

CMOP.L (Invesco Bloomberg Commodity UCITS ETF Acc) and XBCU.L (Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C) are both Commodities funds - CMOP.L tracks the Bloomberg Commodity while XBCU.L tracks the Bloomberg ex-Agriculture and Livestock 15/30 Capped 3 Month Forward. Both are passively managed. Over the past 5 years, CMOP.L returned 12.08%/yr vs 16.80%/yr for XBCU.L. Their correlation of 0.83 suggests significant overlap in exposure. CMOP.L charges 0.19%/yr vs 0.29%/yr for XBCU.L.

Performance

CMOP.L vs. XBCU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco Bloomberg Commodity UCITS ETF Acc (CMOP.L) and Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C (XBCU.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CMOP.L is traded in GBp, while XBCU.L is traded in USD. To make them comparable, the XBCU.L 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 XBCU.L slightly lower at 23.65%.

CMOP.L

• 1D: -1.31%
• 1M: -2.74%
• YTD: 24.84%
• 6M: 23.47%
• 1Y: 38.91%
• 3Y*: 12.42%
• 5Y*: 12.08%
• 10Y*: —

XBCU.L

• 1D: -0.49%
• 1M: 1.47%
• YTD: 23.65%
• 6M: 25.36%
• 1Y: 46.95%
• 3Y*: 16.51%
• 5Y*: 16.80%
• 10Y*: 10.77%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CMOP.L vs. XBCU.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%
XBCU.L Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C	23.65%	17.11%	10.54%	-14.47%	35.34%	40.95%	-4.23%	3.45%	-6.04%	-2.75%

Correlation

The correlation between CMOP.L and XBCU.L is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Apr 11, 2017	0.83

The correlation between CMOP.L and XBCU.L has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

CMOP.L vs. XBCU.L - Sectors Allocation Comparison

Sectors	CMOP.L	XBCU.L
Basic Materials	35.8%	1.4%
Financial Services	17.8%	4.2%
Consumer Cyclical	12.9%	5.1%
Communication Services	12.3%	16.1%
Consumer Defensive	9.7%	9.9%
Real Estate	5.8%	3.4%
Technology	5.6%	41.0%
Energy	-	3.4%
Healthcare	-	6.1%
Industrials	-	9.4%
Utilities	-	1.1%

Return for Risk

CMOP.L vs. XBCU.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CMOP.L

CMOP.L Risk / Return Rank: 67
CMOP.L Sharpe Ratio Rank: 64
CMOP.L Sortino Ratio Rank: 55
CMOP.L Omega Ratio Rank: 65
CMOP.L Calmar Ratio Rank: 88
CMOP.L Martin Ratio Rank: 65

XBCU.L

XBCU.L Risk / Return Rank: 77
XBCU.L Sharpe Ratio Rank: 80
XBCU.L Sortino Ratio Rank: 67
XBCU.L Omega Ratio Rank: 78
XBCU.L Calmar Ratio Rank: 87
XBCU.L Martin Ratio Rank: 73

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CMOP.L vs. XBCU.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 Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C (XBCU.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	XBCU.L	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.53	-0.43
Sortino ratio: Return per unit of downside risk	2.58	3.06	-0.48
Omega ratio: Gain probability vs. loss probability	1.39	1.46	-0.07
Calmar ratio: Return relative to maximum drawdown	5.07	5.86	-0.79
Martin ratio: Return relative to average drawdown	11.63	14.41	-2.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMOP.L vs. XBCU.L - Sharpe Ratio Comparison

The current CMOP.L Sharpe Ratio is 2.10, which is comparable to the XBCU.L Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of CMOP.L and XBCU.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CMOP.L	XBCU.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	2.53	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.92	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.31	+0.12

Drawdowns

CMOP.L vs. XBCU.L - Drawdown Comparison

The maximum CMOP.L drawdown since its inception was -28.78%, smaller than the maximum XBCU.L drawdown of -52.27%. Use the drawdown chart below to compare losses from any high point for CMOP.L and XBCU.L.

Drawdown Indicators

	CMOP.L	XBCU.L	Difference
Max Drawdown Largest peak-to-trough decline	-28.78%	-52.27%	+23.49%
Max Drawdown (1Y) Largest decline over 1 year	-7.63%	-7.97%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-14.89%	-15.39%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-28.78%	-27.98%	-0.80%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.79%	—
Current Drawdown Current decline from peak	-4.98%	-1.94%	-3.04%
Average Drawdown Average peak-to-trough decline	-12.18%	-24.34%	+12.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	3.25%	+0.09%

Volatility

CMOP.L vs. XBCU.L - Volatility Comparison

Invesco Bloomberg Commodity UCITS ETF Acc (CMOP.L) has a higher volatility of 6.19% compared to Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C (XBCU.L) at 4.17%. This indicates that CMOP.L's price experiences larger fluctuations and is considered to be riskier than XBCU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMOP.L	XBCU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.19%	4.17%	+2.02%
Volatility (6M) Calculated over the trailing 6-month period	16.17%	15.25%	+0.92%
Volatility (1Y) Calculated over the trailing 1-year period	18.42%	18.47%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.59%	18.16%	-1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.15%	17.18%	-2.03%

CMOP.L vs. XBCU.L - Expense Ratio Comparison

CMOP.L has a 0.19% expense ratio, which is lower than XBCU.L's 0.29% expense ratio.

Dividends

CMOP.L vs. XBCU.L - Dividend Comparison

Neither CMOP.L nor XBCU.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CMOP.L and XBCU.L in my portfolio?

CMOP.L and XBCU.L have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CMOP.L or XBCU.L?

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.

Which ETF is cheaper, CMOP.L or XBCU.L?

CMOP.L is cheaper with a 0.19% expense ratio, compared with 0.29% for XBCU.L.

What is the main difference between CMOP.L and XBCU.L?

CMOP.L tracks Bloomberg Commodity, while XBCU.L tracks Bloomberg ex-Agriculture and Livestock 15/30 Capped 3 Month Forward. They also come from different issuers: Invesco and DWS. Their fees differ too: 0.19% for CMOP.L and 0.29% for XBCU.L.