CXAP.L vs. WRDA.L

Last updated Jun 4, 2026

CXAP.L (UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc) and WRDA.L (UBS Core MSCI World UCITS ETF USD Acc) are both exchange-traded funds - CXAP.L is a Commodities fund tracking the UBS CMCI Ex Agriculture Ex Livestock Capped, while WRDA.L is a Global Equities fund tracking the MSCI World Index. Both are passively managed. Over the past year, CXAP.L returned 45.18% vs 27.48% for WRDA.L. At a 0.10 correlation, their price movements are largely independent. CXAP.L charges 0.34%/yr vs 0.06%/yr for WRDA.L.

Performance

CXAP.L vs. WRDA.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 Core MSCI World UCITS ETF USD Acc (WRDA.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 WRDA.L's 10.09% 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%

WRDA.L

• 1D: -0.19%
• 1M: 5.30%
• YTD: 10.09%
• 6M: 10.62%
• 1Y: 27.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024
CXAP.L UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc	26.29%	10.65%	8.42%
WRDA.L UBS Core MSCI World UCITS ETF USD Acc	10.09%	12.77%	20.02%

Correlation

The correlation between CXAP.L and WRDA.L is -0.04, 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	-0.04
Correlation (All Time) Calculated using the full available price history since Feb 2, 2024	0.10

The correlation between CXAP.L and WRDA.L shifts across timeframes, from -0.04 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CXAP.L vs. WRDA.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

WRDA.L

WRDA.L Risk / Return Rank: 83
WRDA.L Sharpe Ratio Rank: 83
WRDA.L Sortino Ratio Rank: 83
WRDA.L Omega Ratio Rank: 84
WRDA.L Calmar Ratio Rank: 80
WRDA.L Martin Ratio Rank: 83

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. WRDA.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 Core MSCI World UCITS ETF USD Acc (WRDA.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	WRDA.L	Difference
Sharpe ratio: Return per unit of total volatility	2.89	2.73	+0.16
Sortino ratio: Return per unit of downside risk	3.71	3.73	-0.02
Omega ratio: Gain probability vs. loss probability	1.52	1.52	0.00
Calmar ratio: Return relative to maximum drawdown	7.82	4.19	+3.63
Martin ratio: Return relative to average drawdown	20.31	16.71	+3.60
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. WRDA.L - Sharpe Ratio Comparison

The current CXAP.L Sharpe Ratio is 2.89, which is comparable to the WRDA.L Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of CXAP.L and WRDA.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	WRDA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	2.73	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	—	—
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	1.51	-0.75

Drawdowns

CXAP.L vs. WRDA.L - Drawdown Comparison

The maximum CXAP.L drawdown since its inception was -31.30%, which is greater than WRDA.L's maximum drawdown of -18.38%. Use the drawdown chart below to compare losses from any high point for CXAP.L and WRDA.L.

Drawdown Indicators

	CXAP.L	WRDA.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.30%	-18.38%	-12.92%
Max Drawdown (1Y) Largest decline over 1 year	-5.75%	-6.53%	+0.78%
Max Drawdown (3Y) Largest decline over 3 years	-15.43%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.53%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.30%	—	—
Current Drawdown Current decline from peak	-0.77%	-0.19%	-0.58%
Average Drawdown Average peak-to-trough decline	-8.24%	-2.28%	-5.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	1.64%	+0.58%

Volatility

CXAP.L vs. WRDA.L - Volatility Comparison

UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc (CXAP.L) has a higher volatility of 4.57% compared to UBS Core MSCI World UCITS ETF USD Acc (WRDA.L) at 2.48%. This indicates that CXAP.L's price experiences larger fluctuations and is considered to be riskier than WRDA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CXAP.L	WRDA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	2.48%	+2.09%
Volatility (6M) Calculated over the trailing 6-month period	12.73%	7.16%	+5.57%
Volatility (1Y) Calculated over the trailing 1-year period	15.57%	10.07%	+5.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	12.35%	+3.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.05%	12.35%	+3.70%

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

CXAP.L has a 0.34% expense ratio, which is higher than WRDA.L's 0.06% expense ratio.

Dividends

CXAP.L vs. WRDA.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

CXAP.L and WRDA.L have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CXAP.L or WRDA.L?

On fees, WRDA.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

WRDA.L is cheaper with a 0.06% expense ratio, compared with 0.34% for CXAP.L.

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

CXAP.L is categorized as Commodities, while WRDA.L is Global Equities. CXAP.L tracks UBS CMCI Ex Agriculture Ex Livestock Capped, while WRDA.L tracks MSCI World Index. Their fees differ too: 0.34% for CXAP.L and 0.06% for WRDA.L.