QUAL vs. CMOD.L
QUAL (iShares MSCI USA Quality Factor ETF) and CMOD.L (Invesco Bloomberg Commodity UCITS ETF) are both exchange-traded funds - QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index, while CMOD.L is a Commodities fund tracking the Bloomberg Commodity TR Index. Both are passively managed. Over the past 5 years, QUAL returned 11.97%/yr vs 9.74%/yr for CMOD.L. At a 0.13 correlation, their price movements are largely independent. QUAL charges 0.15%/yr vs 0.19%/yr for CMOD.L.
Performance
QUAL vs. CMOD.L - Performance Comparison
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Returns By Period
In the year-to-date period, QUAL achieves a 9.44% return, which is significantly lower than CMOD.L's 19.22% return.
QUAL
- 1D
- 0.47%
- 1M
- 2.14%
- YTD
- 9.44%
- 6M
- 9.29%
- 1Y
- 22.87%
- 3Y*
- 19.30%
- 5Y*
- 11.97%
- 10Y*
- 14.46%
CMOD.L
- 1D
- -1.06%
- 1M
- -8.02%
- YTD
- 19.22%
- 6M
- 20.80%
- 1Y
- 27.62%
- 3Y*
- 13.33%
- 5Y*
- 9.74%
- 10Y*
- —
QUAL vs. CMOD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QUAL iShares MSCI USA Quality Factor ETF | 9.44% | 12.65% | 22.29% | 30.88% | -20.50% | 26.94% | 17.04% | 33.89% | -5.70% | 20.42% |
CMOD.L Invesco Bloomberg Commodity UCITS ETF | 19.22% | 16.16% | 4.12% | -7.56% | 14.50% | 27.35% | -3.87% | 6.64% | -10.22% | 2.08% |
Correlation
The correlation between QUAL and CMOD.L is -0.06, 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 | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jan 9, 2017 | 0.13 |
The correlation between QUAL and CMOD.L shifts across timeframes, from -0.06 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QUAL vs. CMOD.L — Risk / Return Rank
QUAL
CMOD.L
QUAL vs. CMOD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor ETF (QUAL) 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.
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.
| QUAL | CMOD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.32 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 3.07 | -0.75 |
| Martin ratioReturn relative to average drawdown | 10.60 | 8.68 | +1.92 |
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Drawdowns
QUAL vs. CMOD.L - Drawdown Comparison
The maximum QUAL drawdown since its inception was -34.06%, roughly equal to the maximum CMOD.L drawdown of -33.16%. Use the drawdown chart below to compare losses from any high point for QUAL and CMOD.L.
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Drawdown Indicators
| QUAL | CMOD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.06% | -33.16% | -0.90% |
Max Drawdown (1Y)Largest decline over 1 year | -9.03% | -9.59% | +0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -18.00% | -11.65% | -6.35% |
Max Drawdown (5Y)Largest decline over 5 years | -28.23% | -26.86% | -1.37% |
Max Drawdown (10Y)Largest decline over 10 years | -34.06% | — | — |
Current DrawdownCurrent decline from peak | -0.19% | -9.59% | +9.40% |
Average DrawdownAverage peak-to-trough decline | -4.10% | -12.24% | +8.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.99% | 3.40% | -1.41% |
Volatility
QUAL vs. CMOD.L - Volatility Comparison
The current volatility for iShares MSCI USA Quality Factor ETF (QUAL) is 3.63%, while Invesco Bloomberg Commodity UCITS ETF (CMOD.L) has a volatility of 4.36%. This indicates that QUAL 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
| QUAL | CMOD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.63% | 4.36% | -0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 9.43% | 15.04% | -5.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.10% | 16.99% | -4.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.36% | 16.61% | +0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.11% | 14.68% | +3.43% |
QUAL vs. CMOD.L - Expense Ratio Comparison
QUAL has a 0.15% expense ratio, which is lower than CMOD.L'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
QUAL vs. CMOD.L - Dividend Comparison
QUAL's dividend yield for the trailing twelve months is around 0.87%, while CMOD.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMOD.L Invesco Bloomberg Commodity UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QUAL iShares MSCI USA Quality Factor ETF | 0.87% | 0.94% | 1.02% | 1.23% | 1.59% | 1.20% | 1.39% | 1.60% | 2.00% | 1.76% | 1.96% | 1.63% |
Frequently Asked Questions
QUAL and CMOD.L have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, QUAL is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
QUAL is cheaper with a 0.15% expense ratio, compared with 0.19% for CMOD.L.
QUAL is categorized as Large Cap Blend Equities, while CMOD.L is Commodities. QUAL tracks MSCI USA Sector Neutral Quality Index, while CMOD.L tracks Bloomberg Commodity TR Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for QUAL and 0.19% for CMOD.L.
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