ROLL.L vs. RMAU.L
ROLL.L (iShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF USD (Acc)) and RMAU.L (The Royal Mint Physical Gold ETC Securities) are both Commodities funds - ROLL.L tracks the Bloomberg Enhanced Roll Yield Total Return Index while RMAU.L tracks the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, ROLL.L returned 12.71%/yr vs 16.96%/yr for RMAU.L. At a 0.38 correlation, their price movements are largely independent. ROLL.L charges 0.28%/yr vs 0.22%/yr for RMAU.L.
Performance
ROLL.L vs. RMAU.L - Performance Comparison
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Returns By Period
In the year-to-date period, ROLL.L achieves a 24.33% return, which is significantly higher than RMAU.L's -6.94% return.
ROLL.L
- 1D
- 0.66%
- 1M
- 2.68%
- 6M
- 18.83%
- YTD
- 24.33%
- 1Y
- 34.97%
- 3Y*
- 14.49%
- 5Y*
- 12.71%
- 10Y*
- —
RMAU.L
- 1D
- 0.05%
- 1M
- -7.86%
- 6M
- -12.70%
- YTD
- -6.94%
- 1Y
- 20.37%
- 3Y*
- 26.19%
- 5Y*
- 16.96%
- 10Y*
- —
ROLL.L vs. RMAU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ROLL.L iShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF USD (Acc) | 24.33% | 16.94% | 4.68% | -2.22% | 16.67% | 27.69% | 7.80% |
RMAU.L The Royal Mint Physical Gold ETC Securities | -6.94% | 64.59% | 25.96% | 13.29% | -0.19% | -4.17% | 19.56% |
Correlation
The correlation between ROLL.L and RMAU.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2020 | 0.38 |
The correlation between ROLL.L and RMAU.L shifts across timeframes, from 0.24 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ROLL.L vs. RMAU.L — Risk / Return Rank
ROLL.L
RMAU.L
ROLL.L vs. RMAU.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 USD (Acc) (ROLL.L) and The Royal Mint Physical Gold ETC Securities (RMAU.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 | RMAU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.34 | ||
| Sortino ratioReturn per unit of downside risk | +1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.15 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 0.82 | +1.68 |
| Martin ratioReturn relative to average drawdown | 8.58 | 1.96 | +6.62 |
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Drawdowns
ROLL.L vs. RMAU.L - Drawdown Comparison
The maximum ROLL.L drawdown since its inception was -26.90%, which is greater than RMAU.L's maximum drawdown of -24.69%. Use the drawdown chart below to compare losses from any high point for ROLL.L and RMAU.L.
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Drawdown Indicators
| ROLL.L | RMAU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.90% | -24.69% | -2.21% |
Max Drawdown (1Y)Largest decline over 1 year | -13.94% | -24.69% | +10.75% |
Max Drawdown (3Y)Largest decline over 3 years | -13.94% | -24.69% | +10.75% |
Max Drawdown (5Y)Largest decline over 5 years | -20.45% | -24.69% | +4.24% |
Current DrawdownCurrent decline from peak | -7.10% | -24.58% | +17.48% |
Average DrawdownAverage peak-to-trough decline | -9.17% | -7.15% | -2.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.06% | 10.36% | -6.30% |
Volatility
ROLL.L vs. RMAU.L - Volatility Comparison
The current volatility for iShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF USD (Acc) (ROLL.L) is 4.18%, while The Royal Mint Physical Gold ETC Securities (RMAU.L) has a volatility of 7.02%. This indicates that ROLL.L experiences smaller price fluctuations and is considered to be less risky than RMAU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ROLL.L | RMAU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.18% | 7.02% | -2.84% |
Volatility (6M)Calculated over the trailing 6-month period | 14.48% | 23.09% | -8.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.55% | 26.44% | -9.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.16% | 17.86% | -1.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.96% | 18.01% | -3.05% |
ROLL.L vs. RMAU.L - Expense Ratio Comparison
ROLL.L has a 0.28% expense ratio, which is higher than RMAU.L's 0.22% expense ratio.
Dividends
ROLL.L vs. RMAU.L - Dividend Comparison
Neither ROLL.L nor RMAU.L has paid dividends to shareholders.
Frequently Asked Questions
ROLL.L and RMAU.L have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, RMAU.L is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
RMAU.L is cheaper with a 0.22% expense ratio, compared with 0.28% for ROLL.L.
ROLL.L tracks Bloomberg Enhanced Roll Yield Total Return Index, while RMAU.L tracks LBMA Gold PM Price. They also come from different issuers: iShares and HANetf. Their fees differ too: 0.28% for ROLL.L and 0.22% for RMAU.L.
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