IEAA.L vs. CMOD.L
IEAA.L (iShares Core Euro Corporate Bond UCITS ETF (Acc)) and CMOD.L (Invesco Bloomberg Commodity UCITS ETF) are both exchange-traded funds - IEAA.L is a European Corporate Bonds fund tracking the Bloomberg Euro Corp TR EUR, while CMOD.L is a Commodities fund tracking the Bloomberg Commodity TR Index. Both are passively managed. Over the past 5 years, IEAA.L returned 0.09%/yr vs 11.91%/yr for CMOD.L. At a correlation of -0.00, they often move in opposite directions. IEAA.L charges 0.20%/yr vs 0.19%/yr for CMOD.L.
Performance
IEAA.L vs. CMOD.L - Performance Comparison
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Different Trading Currencies
IEAA.L is traded in EUR, while CMOD.L is traded in USD. To make them comparable, the CMOD.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, IEAA.L achieves a 0.56% return, which is significantly lower than CMOD.L's 26.02% return.
IEAA.L
- 1D
- 0.13%
- 1M
- 0.35%
- YTD
- 0.56%
- 6M
- 0.50%
- 1Y
- 2.22%
- 3Y*
- 4.59%
- 5Y*
- 0.09%
- 10Y*
- —
CMOD.L
- 1D
- -1.54%
- 1M
- -3.13%
- YTD
- 26.02%
- 6M
- 24.34%
- 1Y
- 35.07%
- 3Y*
- 12.29%
- 5Y*
- 11.91%
- 10Y*
- —
IEAA.L vs. CMOD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEAA.L iShares Core Euro Corporate Bond UCITS ETF (Acc) | 0.56% | 3.10% | 4.31% | 7.51% | -13.40% | -1.11% | 2.70% | 6.24% | -1.48% | 0.45% |
CMOD.L Invesco Bloomberg Commodity UCITS ETF | 26.03% | 2.37% | 11.00% | -10.33% | 21.59% | 36.87% | -11.79% | 9.05% | -6.00% | 1.96% |
Correlation
The correlation between IEAA.L and CMOD.L is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2017 | -0.00 |
Over the past year, the inverse relationship between IEAA.L and CMOD.L has strengthened: their correlation has moved from -0.00 to -0.32, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
IEAA.L vs. CMOD.L — Risk / Return Rank
IEAA.L
CMOD.L
IEAA.L vs. CMOD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core Euro Corporate Bond UCITS ETF (Acc) (IEAA.L) and Invesco Bloomberg Commodity UCITS ETF (CMOD.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.
| IEAA.L | CMOD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.29 | ||
| Sortino ratioReturn per unit of downside risk | -1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.35 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 4.10 | -3.38 |
| Martin ratioReturn relative to average drawdown | 2.55 | 9.11 | -6.56 |
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
| IEAA.L | CMOD.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 1.92 | -1.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | 0.69 | -0.67 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.18 | 0.38 | -0.20 |
Drawdowns
IEAA.L vs. CMOD.L - Drawdown Comparison
The maximum IEAA.L drawdown since its inception was -17.29%, smaller than the maximum CMOD.L drawdown of -31.91%. Use the drawdown chart below to compare losses from any high point for IEAA.L and CMOD.L.
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Drawdown Indicators
| IEAA.L | CMOD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.29% | -31.91% | +14.62% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -8.52% | +5.79% |
Max Drawdown (3Y)Largest decline over 3 years | -2.73% | -15.82% | +13.09% |
Max Drawdown (5Y)Largest decline over 5 years | -17.29% | -27.91% | +10.62% |
Current DrawdownCurrent decline from peak | -1.07% | -4.79% | +3.72% |
Average DrawdownAverage peak-to-trough decline | -4.56% | -14.76% | +10.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 3.84% | -3.07% |
Volatility
IEAA.L vs. CMOD.L - Volatility Comparison
The current volatility for iShares Core Euro Corporate Bond UCITS ETF (Acc) (IEAA.L) is 1.30%, while Invesco Bloomberg Commodity UCITS ETF (CMOD.L) has a volatility of 5.81%. This indicates that IEAA.L experiences smaller price fluctuations and is considered to be less risky than CMOD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEAA.L | CMOD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.30% | 5.81% | -4.51% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 15.86% | -13.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.11% | 18.23% | -15.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.47% | 17.17% | -12.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.68% | 15.44% | -10.76% |
IEAA.L vs. CMOD.L - Expense Ratio Comparison
IEAA.L has a 0.20% expense ratio, which is higher than CMOD.L's 0.19% 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
IEAA.L vs. CMOD.L - Dividend Comparison
Neither IEAA.L nor CMOD.L has paid dividends to shareholders.
Frequently Asked Questions
IEAA.L and CMOD.L have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMOD.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMOD.L is cheaper with a 0.19% expense ratio, compared with 0.20% for IEAA.L.
IEAA.L is categorized as European Corporate Bonds, while CMOD.L is Commodities. IEAA.L tracks Bloomberg Euro Corp TR EUR, while CMOD.L tracks Bloomberg Commodity TR Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.20% for IEAA.L and 0.19% for CMOD.L.
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