IBTL.L vs. CMOP.L
IBTL.L (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) and CMOP.L (Invesco Bloomberg Commodity UCITS ETF Acc) are both exchange-traded funds - IBTL.L is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while CMOP.L is a Commodities fund tracking the Bloomberg Commodity. Both are passively managed. Over the past 5 years, IBTL.L returned -5.14%/yr vs 12.38%/yr for CMOP.L. At a 0.04 correlation, their price movements are largely independent. IBTL.L charges 0.07%/yr vs 0.19%/yr for CMOP.L.
Performance
IBTL.L vs. CMOP.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 CMOP.L's 26.50% 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%
CMOP.L
- 1D
- 0.76%
- 1M
- -0.24%
- YTD
- 26.50%
- 6M
- 24.83%
- 1Y
- 40.15%
- 3Y*
- 13.35%
- 5Y*
- 12.38%
- 10Y*
- —
IBTL.L vs. CMOP.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% | -1.60% |
CMOP.L Invesco Bloomberg Commodity UCITS ETF Acc | 26.50% | 8.23% | 6.01% | -12.72% | 28.44% | 28.71% | -7.11% | 3.31% | -5.01% | -5.69% |
Correlation
The correlation between IBTL.L and CMOP.L is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2017 | 0.04 |
The correlation between IBTL.L and CMOP.L shifts across timeframes, from -0.11 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBTL.L vs. CMOP.L — Risk / Return Rank
IBTL.L
CMOP.L
IBTL.L vs. CMOP.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 Invesco Bloomberg Commodity UCITS ETF Acc (CMOP.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 | CMOP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.61 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.40 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | 5.24 | -4.59 |
| Martin ratioReturn relative to average drawdown | 1.41 | 12.05 | -10.65 |
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 | CMOP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.56 | 2.18 | -1.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.33 | 0.75 | -1.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.05 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.03 | 0.44 | -0.47 |
Drawdowns
IBTL.L vs. CMOP.L - Drawdown Comparison
The maximum IBTL.L drawdown since its inception was -48.85%, which is greater than CMOP.L's maximum drawdown of -28.78%. Use the drawdown chart below to compare losses from any high point for IBTL.L and CMOP.L.
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Drawdown Indicators
| IBTL.L | CMOP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.85% | -28.78% | -20.07% |
Max Drawdown (1Y)Largest decline over 1 year | -8.25% | -7.63% | -0.62% |
Max Drawdown (3Y)Largest decline over 3 years | -17.70% | -14.89% | -2.81% |
Max Drawdown (5Y)Largest decline over 5 years | -39.35% | -28.78% | -10.57% |
Max Drawdown (10Y)Largest decline over 10 years | -48.85% | — | — |
Current DrawdownCurrent decline from peak | -45.46% | -3.71% | -41.75% |
Average DrawdownAverage peak-to-trough decline | -23.74% | -12.18% | -11.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.80% | 3.32% | +0.48% |
Volatility
IBTL.L vs. CMOP.L - Volatility Comparison
The current volatility for iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) is 2.42%, while Invesco Bloomberg Commodity UCITS ETF Acc (CMOP.L) has a volatility of 6.20%. This indicates that IBTL.L experiences smaller price fluctuations and is considered to be less risky than CMOP.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 | CMOP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.42% | 6.20% | -3.78% |
Volatility (6M)Calculated over the trailing 6-month period | 6.55% | 16.11% | -9.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.53% | 18.36% | -8.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.48% | 16.58% | -1.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.54% | 15.14% | +1.40% |
IBTL.L vs. CMOP.L - Expense Ratio Comparison
IBTL.L has a 0.07% expense ratio, which is lower than CMOP.L's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IBTL.L vs. CMOP.L - Dividend Comparison
IBTL.L's dividend yield for the trailing twelve months is around 4.36%, while CMOP.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMOP.L Invesco Bloomberg Commodity UCITS ETF Acc | 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 CMOP.L have a correlation of -0.11, 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 0.19% for CMOP.L.
IBTL.L is categorized as Government Bonds, while CMOP.L is Commodities. IBTL.L tracks ICE U.S. Treasury 20+ Year Bond Index, while CMOP.L tracks Bloomberg Commodity. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for IBTL.L and 0.19% for CMOP.L.
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