ROLL.L vs. UD08.L

Last updated Jul 18, 2026

ROLL.L (iShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF USD (Acc)) and UD08.L (UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (hedged to GBP) A-acc) are both Commodities funds - ROLL.L tracks the Bloomberg Enhanced Roll Yield Total Return Index while UD08.L tracks the UBS CMCI Ex-Agriculture Ex-Livestock Capped (GBP Hedged). Both are passively managed. Over the past 5 years, ROLL.L returned 12.71%/yr vs 9.72%/yr for UD08.L. A 0.76 correlation means they provide meaningful diversification when combined. ROLL.L charges 0.28%/yr vs 0.34%/yr for UD08.L.

Performance

ROLL.L vs. UD08.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF USD (Acc) (ROLL.L) and UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (hedged to GBP) A-acc (UD08.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ROLL.L is traded in USD, while UD08.L is traded in GBp. To make them comparable, the UD08.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ROLL.L achieves a 24.33% return, which is significantly higher than UD08.L's 15.27% 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*: —

UD08.L

• 1D: 0.63%
• 1M: -4.69%
• 6M: 12.17%
• YTD: 15.27%
• 1Y: 27.55%
• 3Y*: 14.18%
• 5Y*: 9.72%
• 10Y*: —

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

ROLL.L vs. UD08.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 USD (Acc)	24.33%	16.94%	4.68%	-2.22%	16.67%	27.69%	0.83%	5.26%	-11.11%
UD08.L UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (hedged to GBP) A-acc	15.27%	27.83%	4.61%	-1.34%	0.32%	32.52%	-0.82%	12.27%	-16.79%

Correlation

The correlation between ROLL.L and UD08.L is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Oct 3, 2018	0.76

The correlation between ROLL.L and UD08.L has been stable across timeframes, ranging from 0.74 to 0.77 - a consistent structural relationship.

Return for Risk

ROLL.L vs. UD08.L — Risk / Return Rank

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

ROLL.L

ROLL.L Risk / Return Rank: 76
ROLL.L Sharpe Ratio Rank: 86
ROLL.L Sortino Ratio Rank: 81
ROLL.L Omega Ratio Rank: 83
ROLL.L Calmar Ratio Rank: 67
ROLL.L Martin Ratio Rank: 65

UD08.L

UD08.L Risk / Return Rank: 72
UD08.L Sharpe Ratio Rank: 78
UD08.L Sortino Ratio Rank: 70
UD08.L Omega Ratio Rank: 79
UD08.L Calmar Ratio Rank: 65
UD08.L Martin Ratio Rank: 66

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.

ROLL.L vs. UD08.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 UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (hedged to GBP) A-acc (UD08.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	UD08.L	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.57	+0.53
Sortino ratio: Return per unit of downside risk	2.74	2.06	+0.68
Omega ratio: Gain probability vs. loss probability	1.38	1.28	+0.09
Calmar ratio: Return relative to maximum drawdown	2.50	1.97	+0.53
Martin ratio: Return relative to average drawdown	8.58	6.91	+1.67

ROLL.L vs. UD08.L - Sharpe Ratio Comparison

The current ROLL.L Sharpe Ratio is 2.10, which is higher than the UD08.L Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of ROLL.L and UD08.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.

Drawdowns

ROLL.L vs. UD08.L - Drawdown Comparison

The maximum ROLL.L drawdown since its inception was -26.90%, smaller than the maximum UD08.L drawdown of -49.34%. Use the drawdown chart below to compare losses from any high point for ROLL.L and UD08.L.

Drawdown Indicators

	ROLL.L	UD08.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.90%	-49.34%	+22.44%
Max Drawdown (1Y) Largest decline over 1 year	-13.94%	-13.25%	-0.69%
Max Drawdown (3Y) Largest decline over 3 years	-13.94%	-13.25%	-0.69%
Max Drawdown (5Y) Largest decline over 5 years	-20.45%	-37.94%	+17.49%
Current Drawdown Current decline from peak	-7.10%	-9.06%	+1.96%
Average Drawdown Average peak-to-trough decline	-9.17%	-15.13%	+5.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	3.77%	+0.29%

Volatility

ROLL.L vs. UD08.L - Volatility Comparison

The current volatility for iShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF USD (Acc) (ROLL.L) is 4.18%, while UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (hedged to GBP) A-acc (UD08.L) has a volatility of 6.34%. This indicates that ROLL.L experiences smaller price fluctuations and is considered to be less risky than UD08.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ROLL.L	UD08.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	6.34%	-2.16%
Volatility (6M) Calculated over the trailing 6-month period	14.48%	13.52%	+0.96%
Volatility (1Y) Calculated over the trailing 1-year period	16.55%	16.61%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.16%	21.23%	-5.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.96%	21.17%	-6.21%

ROLL.L vs. UD08.L - Expense Ratio Comparison

ROLL.L has a 0.28% expense ratio, which is lower than UD08.L's 0.34% expense ratio.

Dividends

ROLL.L vs. UD08.L - Dividend Comparison

Neither ROLL.L nor UD08.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ROLL.L and UD08.L in my portfolio?

ROLL.L and UD08.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ROLL.L or UD08.L?

On fees, ROLL.L is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ROLL.L or UD08.L?

ROLL.L is cheaper with a 0.28% expense ratio, compared with 0.34% for UD08.L.

What is the main difference between ROLL.L and UD08.L?

ROLL.L tracks Bloomberg Enhanced Roll Yield Total Return Index, while UD08.L tracks UBS CMCI Ex-Agriculture Ex-Livestock Capped (GBP Hedged). They also come from different issuers: iShares and UBS. Their fees differ too: 0.28% for ROLL.L and 0.34% for UD08.L.