COMM.L vs. ICOM.L

Last updated Jun 4, 2026

COMM.L (iShares Diversified Commodity Swap UCITS ETF) and ICOM.L (iShares Diversified Commodity Swap UCITS ETF) are both Commodities funds from iShares - COMM.L tracks the Bloomberg Commodity while ICOM.L tracks the Bloomberg Commodity (Total Return Index). Both are passively managed. Over the past 5 years, COMM.L returned 12.56%/yr vs 12.53%/yr for ICOM.L. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.19% expense ratio.

Performance

COMM.L vs. ICOM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Diversified Commodity Swap UCITS ETF (COMM.L) and iShares Diversified Commodity Swap UCITS ETF (ICOM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

COMM.L is traded in GBp, while ICOM.L is traded in USD. To make them comparable, the ICOM.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with COMM.L having a 26.50% return and ICOM.L slightly higher at 26.79%.

COMM.L

• 1D: 0.70%
• 1M: -0.33%
• YTD: 26.50%
• 6M: 24.77%
• 1Y: 40.42%
• 3Y*: 13.56%
• 5Y*: 12.56%
• 10Y*: —

ICOM.L

• 1D: 0.66%
• 1M: -0.60%
• YTD: 26.79%
• 6M: 25.00%
• 1Y: 40.41%
• 3Y*: 13.55%
• 5Y*: 12.53%
• 10Y*: —

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

COMM.L vs. ICOM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
COMM.L iShares Diversified Commodity Swap UCITS ETF	26.50%	8.53%	6.19%	-12.55%	28.34%	29.04%	-7.09%	2.79%	-4.51%	0.62%
ICOM.L iShares Diversified Commodity Swap UCITS ETF	26.79%	8.16%	6.90%	-12.66%	28.48%	28.25%	-6.57%	2.69%	-4.87%	1.36%

Correlation

The correlation between COMM.L and ICOM.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 29, 2017	0.88

The correlation between COMM.L and ICOM.L has been stable across timeframes, ranging from 0.88 to 0.96 - a consistent structural relationship.

COMM.L vs. ICOM.L - Sectors Allocation Comparison

Sectors	COMM.L	ICOM.L
Basic Materials	35.8%	35.8%
Financial Services	17.8%	17.8%
Consumer Cyclical	12.9%	12.9%
Communication Services	12.3%	12.3%
Consumer Defensive	9.7%	9.7%
Real Estate	5.8%	5.8%
Technology	5.6%	5.6%
Energy	-	-
Healthcare	-	-
Industrials	-	-
Utilities	-	-

Return for Risk

COMM.L vs. ICOM.L — Risk / Return Rank

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

COMM.L

COMM.L Risk / Return Rank: 68
COMM.L Sharpe Ratio Rank: 65
COMM.L Sortino Ratio Rank: 55
COMM.L Omega Ratio Rank: 65
COMM.L Calmar Ratio Rank: 89
COMM.L Martin Ratio Rank: 67

ICOM.L

ICOM.L Risk / Return Rank: 73
ICOM.L Sharpe Ratio Rank: 72
ICOM.L Sortino Ratio Rank: 62
ICOM.L Omega Ratio Rank: 73
ICOM.L Calmar Ratio Rank: 90
ICOM.L Martin Ratio Rank: 70

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.

COMM.L vs. ICOM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Diversified Commodity Swap UCITS ETF (COMM.L) and iShares Diversified Commodity Swap UCITS ETF (ICOM.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.

	COMM.L	ICOM.L	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.20	-0.03
Sortino ratio: Return per unit of downside risk	2.64	2.71	-0.07
Omega ratio: Gain probability vs. loss probability	1.40	1.41	-0.01
Calmar ratio: Return relative to maximum drawdown	5.37	5.40	-0.03
Martin ratio: Return relative to average drawdown	12.27	12.57	-0.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

COMM.L vs. ICOM.L - Sharpe Ratio Comparison

The current COMM.L Sharpe Ratio is 2.17, which is comparable to the ICOM.L Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of COMM.L and ICOM.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

	COMM.L	ICOM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	2.20	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.75	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.53	-0.01

Drawdowns

COMM.L vs. ICOM.L - Drawdown Comparison

The maximum COMM.L drawdown since its inception was -28.49%, roughly equal to the maximum ICOM.L drawdown of -28.82%. Use the drawdown chart below to compare losses from any high point for COMM.L and ICOM.L.

Drawdown Indicators

	COMM.L	ICOM.L	Difference
Max Drawdown Largest peak-to-trough decline	-28.49%	-28.82%	+0.33%
Max Drawdown (1Y) Largest decline over 1 year	-7.49%	-7.45%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-14.73%	-14.48%	-0.25%
Max Drawdown (5Y) Largest decline over 5 years	-28.49%	-28.82%	+0.33%
Current Drawdown Current decline from peak	-3.76%	-3.56%	-0.20%
Average Drawdown Average peak-to-trough decline	-12.16%	-12.30%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	3.21%	+0.07%

Volatility

COMM.L vs. ICOM.L - Volatility Comparison

iShares Diversified Commodity Swap UCITS ETF (COMM.L) has a higher volatility of 6.13% compared to iShares Diversified Commodity Swap UCITS ETF (ICOM.L) at 5.54%. This indicates that COMM.L's price experiences larger fluctuations and is considered to be riskier than ICOM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COMM.L	ICOM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.13%	5.54%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	16.37%	15.92%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	18.53%	18.25%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.50%	16.73%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.37%	15.71%	-0.34%

COMM.L vs. ICOM.L - Expense Ratio Comparison

Both COMM.L and ICOM.L have an expense ratio of 0.19%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

COMM.L vs. ICOM.L - Dividend Comparison

Neither COMM.L nor ICOM.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both COMM.L and ICOM.L in my portfolio?

With a correlation of 0.96, COMM.L and ICOM.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.

Which ETF is better, COMM.L or ICOM.L?

Both ETFs have the same 0.19% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, COMM.L or ICOM.L?

COMM.L and ICOM.L have the same expense ratio: 0.19% per year.

What is the main difference between COMM.L and ICOM.L?

COMM.L tracks Bloomberg Commodity, while ICOM.L tracks Bloomberg Commodity (Total Return Index).