INRA.AS vs. ICOM.L

Last updated Jun 5, 2026

INRA.AS (iShares Global Clean Energy Transition UCITS ETF USD Accumulating) and ICOM.L (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - INRA.AS is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Transition, while ICOM.L is a Commodities fund tracking the Bloomberg Commodity (Total Return Index). Both are passively managed. Over the past 3 years, INRA.AS returned 8.13%/yr vs 15.67%/yr for ICOM.L. At a 0.21 correlation, their price movements are largely independent. INRA.AS charges 0.65%/yr vs 0.19%/yr for ICOM.L.

Performance

INRA.AS vs. ICOM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Clean Energy Transition UCITS ETF USD Accumulating (INRA.AS) and iShares Diversified Commodity Swap UCITS ETF (ICOM.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INRA.AS achieves a 38.49% return, which is significantly higher than ICOM.L's 24.73% return.

INRA.AS

• 1D: -1.95%
• 1M: 7.70%
• YTD: 38.49%
• 6M: 36.79%
• 1Y: 80.34%
• 3Y*: 8.13%
• 5Y*: —
• 10Y*: —

ICOM.L

• 1D: -1.26%
• 1M: -3.64%
• YTD: 24.73%
• 6M: 24.19%
• 1Y: 37.66%
• 3Y*: 15.67%
• 5Y*: 11.06%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

INRA.AS vs. ICOM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
INRA.AS iShares Global Clean Energy Transition UCITS ETF USD Accumulating	38.49%	45.54%	-25.57%	-20.66%	-0.42%
ICOM.L iShares Diversified Commodity Swap UCITS ETF	24.73%	16.45%	5.07%	-8.06%	-6.16%

Correlation

The correlation between INRA.AS and ICOM.L is 0.01, 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	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (All Time) Calculated using the full available price history since Mar 3, 2022	0.21

Over the past year, the correlation between INRA.AS and ICOM.L has dropped to 0.01 - well below their long-term average of 0.21, suggesting their price drivers have been diverging.

Return for Risk

INRA.AS vs. ICOM.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

INRA.AS

INRA.AS Risk / Return Rank: 89
INRA.AS Sharpe Ratio Rank: 91
INRA.AS Sortino Ratio Rank: 89
INRA.AS Omega Ratio Rank: 82
INRA.AS Calmar Ratio Rank: 94
INRA.AS Martin Ratio Rank: 91

ICOM.L

ICOM.L Risk / Return Rank: 71
ICOM.L Sharpe Ratio Rank: 69
ICOM.L Sortino Ratio Rank: 59
ICOM.L Omega Ratio Rank: 70
ICOM.L Calmar Ratio Rank: 89
ICOM.L Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

INRA.AS vs. ICOM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy Transition UCITS ETF USD Accumulating (INRA.AS) and iShares Diversified Commodity Swap UCITS ETF (ICOM.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.

	INRA.AS	ICOM.L	Difference
Sharpe ratio: Return per unit of total volatility	3.13	2.22	+0.91
Sortino ratio: Return per unit of downside risk	4.06	2.75	+1.31
Omega ratio: Gain probability vs. loss probability	1.48	1.41	+0.07
Calmar ratio: Return relative to maximum drawdown	6.97	5.22	+1.75
Martin ratio: Return relative to average drawdown	21.66	12.15	+9.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INRA.AS vs. ICOM.L - Sharpe Ratio Comparison

The current INRA.AS Sharpe Ratio is 3.13, which is higher than the ICOM.L Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of INRA.AS and ICOM.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	INRA.AS	ICOM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.13	2.22	+0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.55	-0.40

Drawdowns

INRA.AS vs. ICOM.L - Drawdown Comparison

The maximum INRA.AS drawdown since its inception was -54.31%, which is greater than ICOM.L's maximum drawdown of -33.13%. Use the drawdown chart below to compare losses from any high point for INRA.AS and ICOM.L.

Drawdown Indicators

	INRA.AS	ICOM.L	Difference
Max Drawdown Largest peak-to-trough decline	-54.31%	-33.13%	-21.18%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-7.18%	-4.16%
Max Drawdown (3Y) Largest decline over 3 years	-43.81%	-11.40%	-32.41%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.74%	—
Current Drawdown Current decline from peak	-2.87%	-5.33%	+2.46%
Average Drawdown Average peak-to-trough decline	-29.12%	-12.87%	-16.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	3.09%	+0.58%

Volatility

INRA.AS vs. ICOM.L - Volatility Comparison

iShares Global Clean Energy Transition UCITS ETF USD Accumulating (INRA.AS) has a higher volatility of 9.96% compared to iShares Diversified Commodity Swap UCITS ETF (ICOM.L) at 5.49%. This indicates that INRA.AS's price experiences larger fluctuations and is considered to be riskier than ICOM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INRA.AS	ICOM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.96%	5.49%	+4.47%
Volatility (6M) Calculated over the trailing 6-month period	19.11%	15.09%	+4.02%
Volatility (1Y) Calculated over the trailing 1-year period	25.31%	16.90%	+8.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.82%	16.51%	+10.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.82%	15.23%	+11.59%

INRA.AS vs. ICOM.L - Expense Ratio Comparison

INRA.AS has a 0.65% expense ratio, which is higher than ICOM.L's 0.19% expense ratio.

Dividends

INRA.AS vs. ICOM.L - Dividend Comparison

Neither INRA.AS nor ICOM.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both INRA.AS and ICOM.L in my portfolio?

INRA.AS and ICOM.L have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, INRA.AS or ICOM.L?

On fees, ICOM.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INRA.AS or ICOM.L?

ICOM.L is cheaper with a 0.19% expense ratio, compared with 0.65% for INRA.AS.

What is the main difference between INRA.AS and ICOM.L?

INRA.AS is categorized as Alternative Energy Equities, while ICOM.L is Commodities. INRA.AS tracks S&P Global Clean Energy Transition, while ICOM.L tracks Bloomberg Commodity (Total Return Index). Their fees differ too: 0.65% for INRA.AS and 0.19% for ICOM.L.