ICOM.L vs. BCOM.L
ICOM.L (iShares Diversified Commodity Swap UCITS ETF) and BCOM.L (L&G All Commodities UCITS ETF - USD Accumulating ETF) are both Commodities funds - ICOM.L tracks the Bloomberg Commodity (Total Return Index) while BCOM.L tracks the Bloomberg Commodity Index Total Return. Both are passively managed. Over the past 5 years, ICOM.L returned 10.19%/yr vs 10.51%/yr for BCOM.L. Their correlation of 0.88 suggests significant overlap in exposure. ICOM.L charges 0.19%/yr vs 0.15%/yr for BCOM.L.
Performance
ICOM.L vs. BCOM.L - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with ICOM.L having a 20.07% return and BCOM.L slightly higher at 20.90%.
ICOM.L
- 1D
- -0.10%
- 1M
- 1.48%
- 6M
- 15.33%
- YTD
- 20.07%
- 1Y
- 30.14%
- 3Y*
- 12.52%
- 5Y*
- 10.19%
- 10Y*
- —
BCOM.L
- 1D
- 0.64%
- 1M
- 2.17%
- 6M
- 16.01%
- YTD
- 20.90%
- 1Y
- 30.69%
- 3Y*
- 12.81%
- 5Y*
- 10.51%
- 10Y*
- —
ICOM.L vs. BCOM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICOM.L iShares Diversified Commodity Swap UCITS ETF | 20.07% | 16.57% | 4.40% | -7.51% | 14.83% | 27.05% | -3.74% | 6.82% | -10.21% | 5.80% |
BCOM.L L&G All Commodities UCITS ETF - USD Accumulating ETF | 20.90% | 16.19% | 4.43% | -7.25% | 15.63% | 27.35% | -2.99% | 5.14% | -9.87% | 6.05% |
Correlation
The correlation between ICOM.L and BCOM.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2017 | 0.88 |
The correlation between ICOM.L and BCOM.L shifts across timeframes, from 0.88 (all time) to 0.99 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ICOM.L vs. BCOM.L — Risk / Return Rank
ICOM.L
BCOM.L
ICOM.L vs. BCOM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Diversified Commodity Swap UCITS ETF (ICOM.L) and L&G All Commodities UCITS ETF - USD Accumulating ETF (BCOM.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ICOM.L | BCOM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.32 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 2.10 | -0.02 |
| Martin ratioReturn relative to average drawdown | 6.71 | 6.65 | +0.05 |
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Drawdowns
ICOM.L vs. BCOM.L - Drawdown Comparison
The maximum ICOM.L drawdown since its inception was -33.13%, roughly equal to the maximum BCOM.L drawdown of -31.65%. Use the drawdown chart below to compare losses from any high point for ICOM.L and BCOM.L.
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Drawdown Indicators
| ICOM.L | BCOM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.13% | -31.65% | -1.48% |
Max Drawdown (1Y)Largest decline over 1 year | -14.39% | -14.33% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -14.39% | -14.33% | -0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -26.74% | -26.27% | -0.47% |
Current DrawdownCurrent decline from peak | -8.81% | -8.29% | -0.52% |
Average DrawdownAverage peak-to-trough decline | -12.41% | -11.63% | -0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.48% | 4.53% | -0.05% |
Volatility
ICOM.L vs. BCOM.L - Volatility Comparison
iShares Diversified Commodity Swap UCITS ETF (ICOM.L) and L&G All Commodities UCITS ETF - USD Accumulating ETF (BCOM.L) have volatilities of 4.69% and 4.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICOM.L | BCOM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.69% | 4.53% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 15.21% | 14.82% | +0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.14% | 16.93% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.54% | 16.81% | -0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.97% | 15.35% | -0.38% |
ICOM.L vs. BCOM.L - Expense Ratio Comparison
ICOM.L has a 0.19% expense ratio, which is higher than BCOM.L's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ICOM.L vs. BCOM.L - Dividend Comparison
Neither ICOM.L nor BCOM.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, ICOM.L and BCOM.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.
On fees, BCOM.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BCOM.L is cheaper with a 0.15% expense ratio, compared with 0.19% for ICOM.L.
ICOM.L tracks Bloomberg Commodity (Total Return Index), while BCOM.L tracks Bloomberg Commodity Index Total Return. They also come from different issuers: iShares and L&G. Their fees differ too: 0.19% for ICOM.L and 0.15% for BCOM.L.
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