IBTL.L vs. CMFP.L
IBTL.L (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) and CMFP.L (L&G Longer Dated All Commodities UCITS ETF) are both exchange-traded funds - IBTL.L is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while CMFP.L is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward. Both are passively managed. Over the past 10 years, IBTL.L returned -0.81%/yr vs 9.54%/yr for CMFP.L. At a 0.07 correlation, their price movements are largely independent. IBTL.L charges 0.07%/yr vs 0.30%/yr for CMFP.L.
Performance
IBTL.L vs. CMFP.L - Performance Comparison
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Returns By Period
In the year-to-date period, IBTL.L achieves a -1.02% return, which is significantly lower than CMFP.L's 20.51% return. Over the past 10 years, IBTL.L has underperformed CMFP.L with an annualized return of -0.81%, while CMFP.L has yielded a comparatively higher 9.54% annualized return.
IBTL.L
- 1D
- -0.23%
- 1M
- 1.40%
- YTD
- -1.02%
- 6M
- -2.44%
- 1Y
- 5.37%
- 3Y*
- -4.19%
- 5Y*
- -5.14%
- 10Y*
- -0.81%
CMFP.L
- 1D
- 0.44%
- 1M
- 1.45%
- YTD
- 20.51%
- 6M
- 19.70%
- 1Y
- 32.99%
- 3Y*
- 11.73%
- 5Y*
- 13.54%
- 10Y*
- 9.54%
IBTL.L vs. CMFP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | -1.02% | -2.80% | -5.50% | -3.62% | -22.17% | -3.32% | 13.07% | 12.05% | 3.06% | -0.04% |
CMFP.L L&G Longer Dated All Commodities UCITS ETF | 20.51% | 8.49% | 6.86% | -11.43% | 32.79% | 34.61% | -0.92% | 3.99% | -3.16% | -6.17% |
Correlation
The correlation between IBTL.L and CMFP.L is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2015 | 0.07 |
The correlation between IBTL.L and CMFP.L shifts across timeframes, from -0.08 (1 year) to 0.08 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
IBTL.L vs. CMFP.L — Risk / Return Rank
IBTL.L
CMFP.L
IBTL.L vs. CMFP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.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.
| IBTL.L | CMFP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.68 | ||
| Sortino ratioReturn per unit of downside risk | -1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.40 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | 4.96 | -4.31 |
| Martin ratioReturn relative to average drawdown | 1.41 | 12.17 | -10.76 |
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
| IBTL.L | CMFP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.56 | 2.24 | -1.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.33 | 0.91 | -1.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.05 | 0.68 | -0.73 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.03 | 0.27 | -0.30 |
Drawdowns
IBTL.L vs. CMFP.L - Drawdown Comparison
The maximum IBTL.L drawdown since its inception was -48.85%, roughly equal to the maximum CMFP.L drawdown of -50.47%. Use the drawdown chart below to compare losses from any high point for IBTL.L and CMFP.L.
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Drawdown Indicators
| IBTL.L | CMFP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.85% | -50.47% | +1.62% |
Max Drawdown (1Y)Largest decline over 1 year | -8.25% | -6.63% | -1.62% |
Max Drawdown (3Y)Largest decline over 3 years | -17.70% | -12.97% | -4.73% |
Max Drawdown (5Y)Largest decline over 5 years | -39.35% | -23.51% | -15.84% |
Max Drawdown (10Y)Largest decline over 10 years | -48.85% | -23.95% | -24.90% |
Current DrawdownCurrent decline from peak | -45.46% | -2.55% | -42.91% |
Average DrawdownAverage peak-to-trough decline | -23.74% | -24.51% | +0.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.80% | 2.70% | +1.10% |
Volatility
IBTL.L vs. CMFP.L - Volatility Comparison
The current volatility for iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) is 2.42%, while L&G Longer Dated All Commodities UCITS ETF (CMFP.L) has a volatility of 4.92%. This indicates that IBTL.L experiences smaller price fluctuations and is considered to be less risky 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
| IBTL.L | CMFP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.42% | 4.92% | -2.50% |
Volatility (6M)Calculated over the trailing 6-month period | 6.55% | 12.12% | -5.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.53% | 14.68% | -5.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.48% | 14.85% | +0.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.54% | 13.92% | +2.62% |
IBTL.L vs. CMFP.L - Expense Ratio Comparison
IBTL.L has a 0.07% expense ratio, which is lower than CMFP.L's 0.30% expense ratio.
Dividends
IBTL.L vs. CMFP.L - Dividend Comparison
IBTL.L's dividend yield for the trailing twelve months is around 4.36%, 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% |
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 4.36% | 4.32% | 4.59% | 3.78% | 2.96% | 1.72% | 1.86% | 2.54% | 2.75% | 2.66% | 2.44% | 2.07% |
Frequently Asked Questions
IBTL.L and CMFP.L have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTL.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTL.L is cheaper with a 0.07% expense ratio, compared with 0.30% for CMFP.L.
IBTL.L is categorized as Government Bonds, while CMFP.L is Commodities. IBTL.L tracks ICE U.S. Treasury 20+ Year Bond Index, while CMFP.L tracks Bloomberg Commodity 3 Month Forward. They also come from different issuers: iShares and Legal & General. Their fees differ too: 0.07% for IBTL.L and 0.30% for CMFP.L.
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