IWQU.L vs. ICOM.L

Last updated Jun 5, 2026

IWQU.L (iShares MSCI World Quality Factor UCITS) and ICOM.L (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - IWQU.L is a Global Equities fund tracking the MSCI ACWI NR USD, while ICOM.L is a Commodities fund tracking the Bloomberg Commodity (Total Return Index). Both are passively managed. Over the past 5 years, IWQU.L returned 10.34%/yr vs 11.06%/yr for ICOM.L. At a 0.25 correlation, their price movements are largely independent. IWQU.L charges 0.30%/yr vs 0.19%/yr for ICOM.L.

Performance

IWQU.L vs. ICOM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI World Quality Factor UCITS (IWQU.L) 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, IWQU.L achieves a 8.47% return, which is significantly lower than ICOM.L's 24.73% return.

IWQU.L

• 1D: 0.85%
• 1M: 1.95%
• YTD: 8.47%
• 6M: 9.52%
• 1Y: 20.74%
• 3Y*: 18.41%
• 5Y*: 10.34%
• 10Y*: 12.42%

ICOM.L

• 1D: -1.26%
• 1M: -1.31%
• YTD: 24.73%
• 6M: 22.86%
• 1Y: 36.86%
• 3Y*: 15.67%
• 5Y*: 11.06%
• 10Y*: —

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

IWQU.L vs. ICOM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWQU.L iShares MSCI World Quality Factor UCITS	8.47%	15.28%	17.38%	25.66%	-19.26%	23.70%	14.95%	29.64%	-7.53%	9.20%
ICOM.L iShares Diversified Commodity Swap UCITS ETF	24.73%	16.45%	5.07%	-8.06%	14.83%	27.05%	-3.74%	6.75%	-10.19%	5.58%

Correlation

The correlation between IWQU.L and ICOM.L is -0.16, 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	-0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jul 27, 2017	0.25

The correlation between IWQU.L and ICOM.L shifts across timeframes, from -0.16 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

IWQU.L vs. ICOM.L - Sectors Allocation Comparison

Sectors	IWQU.L	ICOM.L
Technology	31.6%	5.6%
Financial Services	13.9%	17.8%
Industrials	10.6%	-
Healthcare	9.4%	-
Consumer Cyclical	8.9%	12.9%
Communication Services	8.6%	12.3%
Consumer Defensive	5.1%	9.7%
Energy	4.2%	-
Basic Materials	3.2%	35.8%
Utilities	2.5%	-
Real Estate	1.7%	5.8%

Return for Risk

IWQU.L vs. ICOM.L — Risk / Return Rank

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

IWQU.L

IWQU.L Risk / Return Rank: 56
IWQU.L Sharpe Ratio Rank: 54
IWQU.L Sortino Ratio Rank: 61
IWQU.L Omega Ratio Rank: 55
IWQU.L Calmar Ratio Rank: 50
IWQU.L Martin Ratio Rank: 58

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.

IWQU.L vs. ICOM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World Quality Factor UCITS (IWQU.L) 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.

	IWQU.L	ICOM.L	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.22	-0.39
Sortino ratio: Return per unit of downside risk	2.83	2.75	+0.07
Omega ratio: Gain probability vs. loss probability	1.33	1.41	-0.08
Calmar ratio: Return relative to maximum drawdown	2.45	5.22	-2.77
Martin ratio: Return relative to average drawdown	10.14	12.15	-2.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWQU.L vs. ICOM.L - Sharpe Ratio Comparison

The current IWQU.L Sharpe Ratio is 1.83, which is comparable to the ICOM.L Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of IWQU.L 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

	IWQU.L	ICOM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	2.22	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.67	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.55	+0.24

Drawdowns

IWQU.L vs. ICOM.L - Drawdown Comparison

The maximum IWQU.L drawdown since its inception was -33.05%, roughly equal to the maximum ICOM.L drawdown of -33.13%. Use the drawdown chart below to compare losses from any high point for IWQU.L and ICOM.L.

Drawdown Indicators

	IWQU.L	ICOM.L	Difference
Max Drawdown Largest peak-to-trough decline	-33.05%	-33.13%	+0.08%
Max Drawdown (1Y) Largest decline over 1 year	-8.53%	-7.18%	-1.35%
Max Drawdown (3Y) Largest decline over 3 years	-16.09%	-11.40%	-4.69%
Max Drawdown (5Y) Largest decline over 5 years	-27.70%	-26.74%	-0.96%
Max Drawdown (10Y) Largest decline over 10 years	-33.05%	—	—
Current Drawdown Current decline from peak	0.00%	-5.33%	+5.33%
Average Drawdown Average peak-to-trough decline	-4.69%	-12.87%	+8.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	3.09%	-1.02%

Volatility

IWQU.L vs. ICOM.L - Volatility Comparison

The current volatility for iShares MSCI World Quality Factor UCITS (IWQU.L) is 3.18%, while iShares Diversified Commodity Swap UCITS ETF (ICOM.L) has a volatility of 5.49%. This indicates that IWQU.L experiences smaller price fluctuations and is considered to be less risky than ICOM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWQU.L	ICOM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	5.49%	-2.31%
Volatility (6M) Calculated over the trailing 6-month period	8.91%	15.09%	-6.18%
Volatility (1Y) Calculated over the trailing 1-year period	11.45%	16.90%	-5.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.42%	16.51%	-1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.81%	15.23%	+0.58%

IWQU.L vs. ICOM.L - Expense Ratio Comparison

IWQU.L has a 0.30% expense ratio, which is higher than ICOM.L's 0.19% expense ratio.

Dividends

IWQU.L vs. ICOM.L - Dividend Comparison

Neither IWQU.L nor ICOM.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

IWQU.L and ICOM.L have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IWQU.L 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, IWQU.L or ICOM.L?

ICOM.L is cheaper with a 0.19% expense ratio, compared with 0.30% for IWQU.L.

What is the main difference between IWQU.L and ICOM.L?

IWQU.L is categorized as Global Equities, while ICOM.L is Commodities. IWQU.L tracks MSCI ACWI NR USD, while ICOM.L tracks Bloomberg Commodity (Total Return Index). Their fees differ too: 0.30% for IWQU.L and 0.19% for ICOM.L.