GLTL.L vs. CMFP.L
GLTL.L (SPDR Bloomberg 15+ Year Gilt UCITS ETF) and CMFP.L (L&G Longer Dated All Commodities UCITS ETF) are both exchange-traded funds - GLTL.L is a European Government Bonds fund tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP, while CMFP.L is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward. Both are passively managed. Over the past 10 years, GLTL.L returned -3.59%/yr vs 9.22%/yr for CMFP.L. At a correlation of -0.07, they often move in opposite directions. GLTL.L charges 0.15%/yr vs 0.30%/yr for CMFP.L.
Performance
GLTL.L vs. CMFP.L - Performance Comparison
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Different Trading Currencies
GLTL.L is traded in GBP, while CMFP.L is traded in GBp. To make them comparable, the CMFP.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, GLTL.L achieves a -3.57% return, which is significantly lower than CMFP.L's 19.16% return. Over the past 10 years, GLTL.L has underperformed CMFP.L with an annualized return of -3.59%, while CMFP.L has yielded a comparatively higher 9.22% annualized return.
GLTL.L
- 1D
- 0.41%
- 1M
- 2.69%
- YTD
- -3.57%
- 6M
- -4.08%
- 1Y
- 0.19%
- 3Y*
- -0.97%
- 5Y*
- -10.85%
- 10Y*
- -3.59%
CMFP.L
- 1D
- -1.12%
- 1M
- -1.18%
- YTD
- 19.16%
- 6M
- 18.60%
- 1Y
- 32.00%
- 3Y*
- 10.92%
- 5Y*
- 13.29%
- 10Y*
- 9.22%
GLTL.L vs. CMFP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLTL.L SPDR Bloomberg 15+ Year Gilt UCITS ETF | -3.57% | 3.16% | -10.46% | 1.26% | -40.67% | -6.57% | 13.60% | 11.56% | 0.21% | 3.33% |
CMFP.L L&G Longer Dated All Commodities UCITS ETF | 19.16% | 8.49% | 6.86% | -11.43% | 32.79% | 34.61% | -0.92% | 3.99% | -3.16% | -6.17% |
Correlation
The correlation between GLTL.L and CMFP.L is -0.33, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since May 28, 2012 | -0.07 |
Over the past year, the inverse relationship between GLTL.L and CMFP.L has strengthened: their correlation has moved from -0.07 to -0.33, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
GLTL.L vs. CMFP.L — Risk / Return Rank
GLTL.L
CMFP.L
GLTL.L vs. CMFP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 15+ Year Gilt UCITS ETF (GLTL.L) and L&G Longer Dated All Commodities UCITS ETF (CMFP.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.
| GLTL.L | CMFP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.15 | ||
| Sortino ratioReturn per unit of downside risk | -2.65 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.39 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | 0.02 | 4.81 | -4.79 |
| Martin ratioReturn relative to average drawdown | 0.04 | 11.77 | -11.72 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GLTL.L | CMFP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.02 | 2.16 | -2.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.55 | 0.89 | -1.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.21 | 0.66 | -0.87 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.03 | 0.27 | -0.30 |
Drawdowns
GLTL.L vs. CMFP.L - Drawdown Comparison
The maximum GLTL.L drawdown since its inception was -55.18%, which is greater than CMFP.L's maximum drawdown of -50.47%. Use the drawdown chart below to compare losses from any high point for GLTL.L and CMFP.L.
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Drawdown Indicators
| GLTL.L | CMFP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.18% | -50.47% | -4.71% |
Max Drawdown (1Y)Largest decline over 1 year | -10.86% | -6.63% | -4.23% |
Max Drawdown (3Y)Largest decline over 3 years | -16.53% | -12.97% | -3.56% |
Max Drawdown (5Y)Largest decline over 5 years | -52.99% | -23.51% | -29.48% |
Max Drawdown (10Y)Largest decline over 10 years | -55.18% | -23.95% | -31.23% |
Current DrawdownCurrent decline from peak | -52.05% | -3.64% | -48.41% |
Average DrawdownAverage peak-to-trough decline | -19.76% | -24.51% | +4.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.27% | 2.71% | +1.56% |
Volatility
GLTL.L vs. CMFP.L - Volatility Comparison
SPDR Bloomberg 15+ Year Gilt UCITS ETF (GLTL.L) has a higher volatility of 5.33% compared to L&G Longer Dated All Commodities UCITS ETF (CMFP.L) at 4.82%. This indicates that GLTL.L's price experiences larger fluctuations and is considered to be riskier than CMFP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLTL.L | CMFP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.33% | 4.82% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 9.67% | 12.18% | -2.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.50% | 14.73% | -2.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.75% | 14.86% | +4.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.01% | 13.92% | +3.09% |
GLTL.L vs. CMFP.L - Expense Ratio Comparison
GLTL.L has a 0.15% expense ratio, which is lower than CMFP.L's 0.30% expense ratio.
Dividends
GLTL.L vs. CMFP.L - Dividend Comparison
GLTL.L's dividend yield for the trailing twelve months is around 5.12%, while CMFP.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMFP.L L&G Longer Dated All Commodities UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GLTL.L SPDR Bloomberg 15+ Year Gilt UCITS ETF | 5.12% | 4.77% | 4.39% | 2.97% | 1.63% | 0.87% | 1.01% | 1.43% | 1.55% | 1.86% | 1.99% | 2.51% |
Frequently Asked Questions
GLTL.L and CMFP.L have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GLTL.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLTL.L is cheaper with a 0.15% expense ratio, compared with 0.30% for CMFP.L.
GLTL.L is categorized as European Government Bonds, while CMFP.L is Commodities. GLTL.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while CMFP.L tracks Bloomberg Commodity 3 Month Forward. They also come from different issuers: State Street and Legal & General. Their fees differ too: 0.15% for GLTL.L and 0.30% for CMFP.L.
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