IS3N.DE vs. XAAG.DE
IS3N.DE (iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)) and XAAG.DE (Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc) are both exchange-traded funds - IS3N.DE is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Investable Market (IMI), while XAAG.DE is a Commodities fund tracking the Bloomberg Commodity ex-Agriculture and Livestock. Both are passively managed. Over the past 5 years, IS3N.DE returned 8.46%/yr vs 11.93%/yr for XAAG.DE. At a 0.27 correlation, their price movements are largely independent. IS3N.DE charges 0.18%/yr vs 0.19%/yr for XAAG.DE.
Performance
IS3N.DE vs. XAAG.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IS3N.DE achieves a 27.07% return, which is significantly higher than XAAG.DE's 15.53% return.
IS3N.DE
- 1D
- 0.37%
- 1M
- 1.92%
- YTD
- 27.07%
- 6M
- 28.58%
- 1Y
- 44.90%
- 3Y*
- 20.88%
- 5Y*
- 8.46%
- 10Y*
- 10.37%
XAAG.DE
- 1D
- 0.87%
- 1M
- -9.01%
- YTD
- 15.53%
- 6M
- 18.58%
- 1Y
- 33.52%
- 3Y*
- 14.34%
- 5Y*
- 11.93%
- 10Y*
- —
IS3N.DE vs. XAAG.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IS3N.DE iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) | 27.07% | 17.14% | 13.88% | 7.20% | -13.85% | 7.09% | 7.07% | 20.99% | -11.06% | 9.84% |
XAAG.DE Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc | 15.53% | 12.13% | 14.84% | -14.76% | 23.37% | 39.77% | -19.46% | 12.97% | -5.11% | -8.73% |
Correlation
The correlation between IS3N.DE and XAAG.DE is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since May 23, 2017 | 0.27 |
Over the past year, the correlation between IS3N.DE and XAAG.DE has dropped to 0.04 - well below their long-term average of 0.27, suggesting their price drivers have been diverging.
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Return for Risk
IS3N.DE vs. XAAG.DE — Risk / Return Rank
IS3N.DE
XAAG.DE
IS3N.DE vs. XAAG.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (IS3N.DE) and Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc (XAAG.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.
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.
| IS3N.DE | XAAG.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.28 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 4.25 | 2.65 | +1.60 |
| Martin ratioReturn relative to average drawdown | 14.62 | 8.50 | +6.12 |
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Drawdowns
IS3N.DE vs. XAAG.DE - Drawdown Comparison
The maximum IS3N.DE drawdown since its inception was -35.06%, roughly equal to the maximum XAAG.DE drawdown of -33.83%. Use the drawdown chart below to compare losses from any high point for IS3N.DE and XAAG.DE.
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Drawdown Indicators
| IS3N.DE | XAAG.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.06% | -33.83% | -1.23% |
Max Drawdown (1Y)Largest decline over 1 year | -10.52% | -12.58% | +2.06% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -16.26% | -2.92% |
Max Drawdown (5Y)Largest decline over 5 years | -21.99% | -33.83% | +11.84% |
Max Drawdown (10Y)Largest decline over 10 years | -32.51% | — | — |
Current DrawdownCurrent decline from peak | -3.87% | -11.83% | +7.96% |
Average DrawdownAverage peak-to-trough decline | -9.24% | -14.94% | +5.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.06% | 3.93% | -0.87% |
Volatility
IS3N.DE vs. XAAG.DE - Volatility Comparison
iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (IS3N.DE) has a higher volatility of 8.42% compared to Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc (XAAG.DE) at 4.38%. This indicates that IS3N.DE's price experiences larger fluctuations and is considered to be riskier than XAAG.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IS3N.DE | XAAG.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.42% | 4.38% | +4.04% |
Volatility (6M)Calculated over the trailing 6-month period | 16.42% | 19.02% | -2.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.65% | 21.35% | -2.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.53% | 20.38% | -3.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.14% | 19.55% | -1.41% |
IS3N.DE vs. XAAG.DE - Expense Ratio Comparison
IS3N.DE has a 0.18% expense ratio, which is lower than XAAG.DE'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
IS3N.DE vs. XAAG.DE - Dividend Comparison
Neither IS3N.DE nor XAAG.DE has paid dividends to shareholders.
Frequently Asked Questions
IS3N.DE and XAAG.DE have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IS3N.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IS3N.DE is cheaper with a 0.18% expense ratio, compared with 0.19% for XAAG.DE.
IS3N.DE is categorized as Emerging Markets Equities, while XAAG.DE is Commodities. IS3N.DE tracks MSCI Emerging Markets Investable Market (IMI), while XAAG.DE tracks Bloomberg Commodity ex-Agriculture and Livestock. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.18% for IS3N.DE and 0.19% for XAAG.DE.
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