ROLL.L vs. CMOD.L
ROLL.L (iShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF) and CMOD.L (Invesco Bloomberg Commodity UCITS ETF) are both Commodities funds - ROLL.L tracks the iShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF while CMOD.L tracks the Bloomberg Commodity TR Index. Both are passively managed. Over the past 5 years, ROLL.L returned 12.62%/yr vs 10.03%/yr for CMOD.L. Their correlation of 0.93 suggests significant overlap in exposure. ROLL.L charges 0.28%/yr vs 0.19%/yr for CMOD.L.
Performance
ROLL.L vs. CMOD.L - Performance Comparison
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Returns By Period
In the year-to-date period, ROLL.L achieves a 23.85% return, which is significantly higher than CMOD.L's 20.12% return.
ROLL.L
- 1D
- 0.55%
- 1M
- 1.79%
- 6M
- 17.06%
- YTD
- 23.85%
- 1Y
- 34.95%
- 3Y*
- 14.61%
- 5Y*
- 12.62%
- 10Y*
- —
CMOD.L
- 1D
- -0.16%
- 1M
- 1.48%
- 6M
- 15.29%
- YTD
- 20.12%
- 1Y
- 29.88%
- 3Y*
- 12.27%
- 5Y*
- 10.03%
- 10Y*
- —
ROLL.L vs. CMOD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ROLL.L iShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF | 23.85% | 16.94% | 4.68% | -2.22% | 16.67% | 27.69% | 0.83% | 5.26% | -11.11% |
CMOD.L Invesco Bloomberg Commodity UCITS ETF | 20.12% | 16.16% | 4.12% | -7.56% | 14.50% | 27.35% | -3.87% | 6.64% | -10.58% |
Correlation
The correlation between ROLL.L and CMOD.L is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2018 | 0.93 |
The correlation between ROLL.L and CMOD.L has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
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Return for Risk
ROLL.L vs. CMOD.L — Risk / Return Rank
ROLL.L
CMOD.L
ROLL.L vs. CMOD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF (ROLL.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.
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.
| ROLL.L | CMOD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.32 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 2.06 | +0.44 |
| Martin ratioReturn relative to average drawdown | 8.63 | 6.61 | +2.02 |
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Drawdowns
ROLL.L vs. CMOD.L - Drawdown Comparison
The maximum ROLL.L drawdown since its inception was -26.90%, smaller than the maximum CMOD.L drawdown of -33.16%. Use the drawdown chart below to compare losses from any high point for ROLL.L and CMOD.L.
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Drawdown Indicators
| ROLL.L | CMOD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.90% | -33.16% | +6.26% |
Max Drawdown (1Y)Largest decline over 1 year | -13.94% | -14.44% | +0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -13.94% | -14.44% | +0.50% |
Max Drawdown (5Y)Largest decline over 5 years | -20.45% | -26.86% | +6.41% |
Current DrawdownCurrent decline from peak | -7.46% | -8.91% | +1.45% |
Average DrawdownAverage peak-to-trough decline | -9.17% | -12.24% | +3.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.04% | 4.51% | -0.47% |
Volatility
ROLL.L vs. CMOD.L - Volatility Comparison
iShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF (ROLL.L) and Invesco Bloomberg Commodity UCITS ETF (CMOD.L) have volatilities of 4.60% and 4.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ROLL.L | CMOD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 4.66% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 14.48% | 15.08% | -0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.55% | 17.03% | -0.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.16% | 16.57% | -0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.96% | 14.69% | +0.27% |
ROLL.L vs. CMOD.L - Expense Ratio Comparison
ROLL.L has a 0.28% expense ratio, which is higher than CMOD.L's 0.19% expense ratio.
Dividends
ROLL.L vs. CMOD.L - Dividend Comparison
Neither ROLL.L nor CMOD.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.93, ROLL.L and CMOD.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 0.28% for ROLL.L.
ROLL.L tracks iShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF, while CMOD.L tracks Bloomberg Commodity TR Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.28% for ROLL.L and 0.19% for CMOD.L.
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