ICOM.L vs. SPPW.DE
ICOM.L (iShares Diversified Commodity Swap UCITS ETF) and SPPW.DE (SPDR MSCI World UCITS ETF) are both exchange-traded funds - ICOM.L is a Commodities fund tracking the Bloomberg Commodity (Total Return Index), while SPPW.DE is a Global Equities fund tracking the MSCI World. Both are passively managed. Over the past 5 years, ICOM.L returned 11.06%/yr vs 11.95%/yr for SPPW.DE. At a 0.26 correlation, their price movements are largely independent. ICOM.L charges 0.19%/yr vs 0.12%/yr for SPPW.DE.
Performance
ICOM.L vs. SPPW.DE - Performance Comparison
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Different Trading Currencies
ICOM.L is traded in USD, while SPPW.DE is traded in EUR. To make them comparable, the SPPW.DE values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, ICOM.L achieves a 24.73% return, which is significantly higher than SPPW.DE's 9.44% return.
ICOM.L
- 1D
- -1.26%
- 1M
- -3.64%
- YTD
- 24.73%
- 6M
- 24.19%
- 1Y
- 37.66%
- 3Y*
- 15.67%
- 5Y*
- 11.06%
- 10Y*
- —
SPPW.DE
- 1D
- -0.59%
- 1M
- 3.99%
- YTD
- 9.44%
- 6M
- 10.90%
- 1Y
- 25.87%
- 3Y*
- 20.98%
- 5Y*
- 11.95%
- 10Y*
- —
ICOM.L vs. SPPW.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ICOM.L iShares Diversified Commodity Swap UCITS ETF | 24.73% | 16.45% | 5.07% | -8.06% | 14.83% | 27.05% | -3.74% | 1.99% |
SPPW.DE SPDR MSCI World UCITS ETF | 9.44% | 21.96% | 18.88% | 24.05% | -18.06% | 22.20% | 15.56% | 15.54% |
Correlation
The correlation between ICOM.L and SPPW.DE is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Mar 4, 2019 | 0.26 |
The correlation between ICOM.L and SPPW.DE shifts across timeframes, from -0.10 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ICOM.L vs. SPPW.DE — Risk / Return Rank
ICOM.L
SPPW.DE
ICOM.L vs. SPPW.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Diversified Commodity Swap UCITS ETF (ICOM.L) and SPDR MSCI World UCITS ETF (SPPW.DE). 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.
| ICOM.L | SPPW.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.40 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 5.22 | 3.12 | +2.10 |
| Martin ratioReturn relative to average drawdown | 12.15 | 13.51 | -1.36 |
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
| ICOM.L | SPPW.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.22 | 2.25 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | 0.77 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.83 | -0.27 |
Drawdowns
ICOM.L vs. SPPW.DE - Drawdown Comparison
The maximum ICOM.L drawdown since its inception was -33.13%, roughly equal to the maximum SPPW.DE drawdown of -34.17%. Use the drawdown chart below to compare losses from any high point for ICOM.L and SPPW.DE.
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Drawdown Indicators
| ICOM.L | SPPW.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.13% | -34.17% | +1.04% |
Max Drawdown (1Y)Largest decline over 1 year | -7.18% | -8.43% | +1.25% |
Max Drawdown (3Y)Largest decline over 3 years | -11.40% | -17.88% | +6.48% |
Max Drawdown (5Y)Largest decline over 5 years | -26.74% | -25.63% | -1.11% |
Current DrawdownCurrent decline from peak | -5.33% | -0.59% | -4.74% |
Average DrawdownAverage peak-to-trough decline | -12.87% | -5.05% | -7.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 1.95% | +1.14% |
Volatility
ICOM.L vs. SPPW.DE - Volatility Comparison
iShares Diversified Commodity Swap UCITS ETF (ICOM.L) has a higher volatility of 5.49% compared to SPDR MSCI World UCITS ETF (SPPW.DE) at 3.23%. This indicates that ICOM.L's price experiences larger fluctuations and is considered to be riskier than SPPW.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICOM.L | SPPW.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.49% | 3.23% | +2.26% |
Volatility (6M)Calculated over the trailing 6-month period | 15.09% | 8.64% | +6.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.90% | 11.68% | +5.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.51% | 15.44% | +1.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.23% | 17.14% | -1.91% |
ICOM.L vs. SPPW.DE - Expense Ratio Comparison
ICOM.L has a 0.19% expense ratio, which is higher than SPPW.DE's 0.12% 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. SPPW.DE - Dividend Comparison
Neither ICOM.L nor SPPW.DE has paid dividends to shareholders.
Frequently Asked Questions
ICOM.L and SPPW.DE have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPPW.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPPW.DE is cheaper with a 0.12% expense ratio, compared with 0.19% for ICOM.L.
ICOM.L is categorized as Commodities, while SPPW.DE is Global Equities. ICOM.L tracks Bloomberg Commodity (Total Return Index), while SPPW.DE tracks MSCI World. They also come from different issuers: iShares and State Street. Their fees differ too: 0.19% for ICOM.L and 0.12% for SPPW.DE.
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