SPDM.L vs. CXAP.L
SPDM.L (iShares Physical Palladium ETC) and CXAP.L (UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc) are both Commodities funds - SPDM.L tracks the London Palladium PM Fix while CXAP.L tracks the UBS CMCI Ex Agriculture Ex Livestock Capped. Both are passively managed. Over the past 10 years, SPDM.L returned 10.16%/yr vs 12.09%/yr for CXAP.L. At a 0.32 correlation, their price movements are largely independent. SPDM.L charges 0.20%/yr vs 0.34%/yr for CXAP.L.
Performance
SPDM.L vs. CXAP.L - Performance Comparison
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Returns By Period
In the year-to-date period, SPDM.L achieves a -13.23% return, which is significantly lower than CXAP.L's 26.29% return. Over the past 10 years, SPDM.L has underperformed CXAP.L with an annualized return of 10.16%, while CXAP.L has yielded a comparatively higher 12.09% annualized return.
SPDM.L
- 1D
- 0.55%
- 1M
- -9.27%
- YTD
- -13.23%
- 6M
- -7.76%
- 1Y
- 36.78%
- 3Y*
- -3.85%
- 5Y*
- -12.62%
- 10Y*
- 10.16%
CXAP.L
- 1D
- 0.14%
- 1M
- 3.94%
- YTD
- 26.29%
- 6M
- 27.63%
- 1Y
- 45.18%
- 3Y*
- 15.50%
- 5Y*
- 14.72%
- 10Y*
- 12.09%
SPDM.L vs. CXAP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDM.L iShares Physical Palladium ETC | -13.23% | 62.20% | -17.63% | -41.15% | 5.58% | -19.60% | 19.23% | 47.36% | 25.02% | 42.70% |
CXAP.L UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc | 26.29% | 10.65% | 8.67% | -10.60% | 27.69% | 36.79% | -4.93% | 7.15% | -6.02% | 5.06% |
Correlation
The correlation between SPDM.L and CXAP.L is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since May 12, 2016 | 0.32 |
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Return for Risk
SPDM.L vs. CXAP.L — Risk / Return Rank
SPDM.L
CXAP.L
SPDM.L vs. CXAP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Physical Palladium ETC (SPDM.L) and UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc (CXAP.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.
| SPDM.L | CXAP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.01 | ||
| Sortino ratioReturn per unit of downside risk | -2.35 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.52 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.10 | 7.82 | -6.72 |
| Martin ratioReturn relative to average drawdown | 2.37 | 20.31 | -17.94 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPDM.L | CXAP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 2.89 | -2.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.30 | 0.91 | -1.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | 0.76 | -0.49 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.76 | -0.62 |
Drawdowns
SPDM.L vs. CXAP.L - Drawdown Comparison
The maximum SPDM.L drawdown since its inception was -70.87%, which is greater than CXAP.L's maximum drawdown of -31.30%. Use the drawdown chart below to compare losses from any high point for SPDM.L and CXAP.L.
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Drawdown Indicators
| SPDM.L | CXAP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.87% | -31.30% | -39.57% |
Max Drawdown (1Y)Largest decline over 1 year | -35.67% | -5.75% | -29.92% |
Max Drawdown (3Y)Largest decline over 3 years | -40.59% | -15.43% | -25.16% |
Max Drawdown (5Y)Largest decline over 5 years | -70.87% | -21.53% | -49.34% |
Max Drawdown (10Y)Largest decline over 10 years | -70.87% | -31.30% | -39.57% |
Current DrawdownCurrent decline from peak | -56.18% | -0.77% | -55.41% |
Average DrawdownAverage peak-to-trough decline | -25.10% | -8.24% | -16.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.54% | 2.22% | +14.32% |
Volatility
SPDM.L vs. CXAP.L - Volatility Comparison
iShares Physical Palladium ETC (SPDM.L) has a higher volatility of 10.84% compared to UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc (CXAP.L) at 4.57%. This indicates that SPDM.L's price experiences larger fluctuations and is considered to be riskier than CXAP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDM.L | CXAP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.84% | 4.57% | +6.27% |
Volatility (6M)Calculated over the trailing 6-month period | 37.16% | 12.73% | +24.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.70% | 15.57% | +29.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.85% | 16.18% | +25.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.57% | 16.05% | +21.52% |
SPDM.L vs. CXAP.L - Expense Ratio Comparison
SPDM.L has a 0.20% expense ratio, which is lower than CXAP.L's 0.34% expense ratio.
Dividends
SPDM.L vs. CXAP.L - Dividend Comparison
Neither SPDM.L nor CXAP.L has paid dividends to shareholders.
Frequently Asked Questions
SPDM.L and CXAP.L have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPDM.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPDM.L is cheaper with a 0.20% expense ratio, compared with 0.34% for CXAP.L.
SPDM.L tracks London Palladium PM Fix, while CXAP.L tracks UBS CMCI Ex Agriculture Ex Livestock Capped. They also come from different issuers: iShares and UBS. Their fees differ too: 0.20% for SPDM.L and 0.34% for CXAP.L.
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