CXAP.L vs. UD07.L

Last updated Jun 4, 2026

CXAP.L (UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc) and UD07.L (UBS ETFs (IE) Bloomberg Commodity CMCI SF UCITS ETF (USD) A-acc) are both Commodities funds from UBS - CXAP.L tracks the UBS CMCI Ex Agriculture Ex Livestock Capped while UD07.L tracks the UBS BCOM Constant Maturity. Both are passively managed. Over the past 5 years, CXAP.L returned 14.72%/yr vs 13.48%/yr for UD07.L. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.34% expense ratio.

Performance

CXAP.L vs. UD07.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc (CXAP.L) and UBS ETFs (IE) Bloomberg Commodity CMCI SF UCITS ETF (USD) A-acc (UD07.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CXAP.L achieves a 26.29% return, which is significantly higher than UD07.L's 21.43% return.

CXAP.L

• 1D: 0.14%
• 1M: 3.94%
• YTD: 26.29%
• 6M: 27.63%
• 1Y: 45.18%
• 3Y*: 15.50%
• 5Y*: 14.72%
• 10Y*: 12.09%

UD07.L

• 1D: 0.85%
• 1M: 1.49%
• YTD: 21.43%
• 6M: 20.72%
• 1Y: 35.14%
• 3Y*: 12.39%
• 5Y*: 13.48%
• 10Y*: —

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

CXAP.L vs. UD07.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CXAP.L UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc	26.29%	10.65%	8.67%	-10.60%	27.69%	36.79%	-4.93%	7.15%	-2.79%
UD07.L UBS ETFs (IE) Bloomberg Commodity CMCI SF UCITS ETF (USD) A-acc	21.43%	9.88%	6.26%	-10.97%	32.08%	31.93%	-1.26%	2.82%	-2.04%

Correlation

The correlation between CXAP.L and UD07.L is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Mar 7, 2018	0.86

The correlation between CXAP.L and UD07.L has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

CXAP.L vs. UD07.L - Sectors Allocation Comparison

Sectors	CXAP.L	UD07.L
Technology	32.6%	16.1%
Industrials	14.6%	7.2%
Financial Services	12.6%	6.2%
Communication Services	10.6%	55.9%
Consumer Cyclical	10.6%	5.2%
Healthcare	6.4%	3.1%
Utilities	4.4%	2.2%
Consumer Defensive	3.9%	1.9%
Energy	2.9%	1.4%
Basic Materials	1.4%	0.7%
Real Estate	0.2%	0.1%

Return for Risk

CXAP.L vs. UD07.L — Risk / Return Rank

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

CXAP.L

CXAP.L Risk / Return Rank: 88
CXAP.L Sharpe Ratio Rank: 87
CXAP.L Sortino Ratio Rank: 83
CXAP.L Omega Ratio Rank: 85
CXAP.L Calmar Ratio Rank: 95
CXAP.L Martin Ratio Rank: 90

UD07.L

UD07.L Risk / Return Rank: 74
UD07.L Sharpe Ratio Rank: 73
UD07.L Sortino Ratio Rank: 65
UD07.L Omega Ratio Rank: 71
UD07.L Calmar Ratio Rank: 89
UD07.L Martin Ratio Rank: 74

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.

CXAP.L vs. UD07.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc (CXAP.L) and UBS ETFs (IE) Bloomberg Commodity CMCI SF UCITS ETF (USD) A-acc (UD07.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.

	CXAP.L	UD07.L	Difference
Sharpe ratio: Return per unit of total volatility	2.89	2.35	+0.54
Sortino ratio: Return per unit of downside risk	3.71	2.97	+0.75
Omega ratio: Gain probability vs. loss probability	1.52	1.42	+0.10
Calmar ratio: Return relative to maximum drawdown	7.82	5.37	+2.45
Martin ratio: Return relative to average drawdown	20.31	13.77	+6.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CXAP.L vs. UD07.L - Sharpe Ratio Comparison

The current CXAP.L Sharpe Ratio is 2.89, which is comparable to the UD07.L Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of CXAP.L and UD07.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

	CXAP.L	UD07.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	2.35	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.47	+0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.42	+0.34

Drawdowns

CXAP.L vs. UD07.L - Drawdown Comparison

The maximum CXAP.L drawdown since its inception was -31.30%, smaller than the maximum UD07.L drawdown of -39.71%. Use the drawdown chart below to compare losses from any high point for CXAP.L and UD07.L.

Drawdown Indicators

	CXAP.L	UD07.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.30%	-39.71%	+8.41%
Max Drawdown (1Y) Largest decline over 1 year	-5.75%	-6.51%	+0.76%
Max Drawdown (3Y) Largest decline over 3 years	-15.43%	-12.61%	-2.82%
Max Drawdown (5Y) Largest decline over 5 years	-21.53%	-39.71%	+18.18%
Max Drawdown (10Y) Largest decline over 10 years	-31.30%	—	—
Current Drawdown Current decline from peak	-0.77%	-11.33%	+10.56%
Average Drawdown Average peak-to-trough decline	-8.24%	-18.80%	+10.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	2.55%	-0.33%

Volatility

CXAP.L vs. UD07.L - Volatility Comparison

The current volatility for UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc (CXAP.L) is 4.57%, while UBS ETFs (IE) Bloomberg Commodity CMCI SF UCITS ETF (USD) A-acc (UD07.L) has a volatility of 5.26%. This indicates that CXAP.L experiences smaller price fluctuations and is considered to be less risky than UD07.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CXAP.L	UD07.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	5.26%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	12.73%	12.50%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	15.57%	14.87%	+0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	28.79%	-12.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.05%	23.77%	-7.72%

CXAP.L vs. UD07.L - Expense Ratio Comparison

Both CXAP.L and UD07.L have an expense ratio of 0.34%.

Dividends

CXAP.L vs. UD07.L - Dividend Comparison

Neither CXAP.L nor UD07.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CXAP.L and UD07.L in my portfolio?

With a correlation of 0.90, CXAP.L and UD07.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, CXAP.L or UD07.L?

Both ETFs have the same 0.34% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CXAP.L or UD07.L?

CXAP.L and UD07.L have the same expense ratio: 0.34% per year.

What is the main difference between CXAP.L and UD07.L?

CXAP.L tracks UBS CMCI Ex Agriculture Ex Livestock Capped, while UD07.L tracks UBS BCOM Constant Maturity.