SPDM.L vs. ICOM.L

Last updated Jun 4, 2026

SPDM.L (iShares Physical Palladium ETC) and ICOM.L (iShares Diversified Commodity Swap UCITS ETF) are both Commodities funds from iShares - SPDM.L tracks the London Palladium PM Fix while ICOM.L tracks the Bloomberg Commodity (Total Return Index). Both are passively managed. Over the past 5 years, SPDM.L returned -12.62%/yr vs 12.53%/yr for ICOM.L. At a 0.27 correlation, their price movements are largely independent. SPDM.L charges 0.20%/yr vs 0.19%/yr for ICOM.L.

Performance

SPDM.L vs. ICOM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Physical Palladium ETC (SPDM.L) and iShares Diversified Commodity Swap UCITS ETF (ICOM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, SPDM.L achieves a -13.23% return, which is significantly lower than ICOM.L's 26.79% 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%

ICOM.L

• 1D: 0.66%
• 1M: -0.60%
• YTD: 26.79%
• 6M: 25.00%
• 1Y: 40.41%
• 3Y*: 13.55%
• 5Y*: 12.53%
• 10Y*: —

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

SPDM.L vs. ICOM.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%	18.59%
ICOM.L iShares Diversified Commodity Swap UCITS ETF	26.79%	8.16%	6.90%	-12.66%	28.48%	28.25%	-6.57%	2.69%	-4.87%	2.50%

Correlation

The correlation between SPDM.L and ICOM.L is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jul 27, 2017	0.27

Return for Risk

SPDM.L vs. ICOM.L — Risk / Return Rank

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

SPDM.L

SPDM.L Risk / Return Rank: 24
SPDM.L Sharpe Ratio Rank: 24
SPDM.L Sortino Ratio Rank: 25
SPDM.L Omega Ratio Rank: 26
SPDM.L Calmar Ratio Rank: 24
SPDM.L Martin Ratio Rank: 20

ICOM.L

ICOM.L Risk / Return Rank: 73
ICOM.L Sharpe Ratio Rank: 72
ICOM.L Sortino Ratio Rank: 62
ICOM.L Omega Ratio Rank: 73
ICOM.L Calmar Ratio Rank: 90
ICOM.L Martin Ratio Rank: 70

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.

SPDM.L vs. ICOM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Physical Palladium ETC (SPDM.L) and iShares Diversified Commodity Swap UCITS ETF (ICOM.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	ICOM.L	Difference
Sharpe ratio: Return per unit of total volatility	0.88	2.20	-1.33
Sortino ratio: Return per unit of downside risk	1.36	2.71	-1.35
Omega ratio: Gain probability vs. loss probability	1.18	1.41	-0.23
Calmar ratio: Return relative to maximum drawdown	1.10	5.40	-4.30
Martin ratio: Return relative to average drawdown	2.37	12.57	-10.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPDM.L vs. ICOM.L - Sharpe Ratio Comparison

The current SPDM.L Sharpe Ratio is 0.88, which is lower than the ICOM.L Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of SPDM.L and ICOM.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.

Sharpe Ratios by Period

	SPDM.L	ICOM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	2.20	-1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.30	0.75	-1.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.53	-0.38

Drawdowns

SPDM.L vs. ICOM.L - Drawdown Comparison

The maximum SPDM.L drawdown since its inception was -70.87%, which is greater than ICOM.L's maximum drawdown of -28.82%. Use the drawdown chart below to compare losses from any high point for SPDM.L and ICOM.L.

Drawdown Indicators

	SPDM.L	ICOM.L	Difference
Max Drawdown Largest peak-to-trough decline	-70.87%	-28.82%	-42.05%
Max Drawdown (1Y) Largest decline over 1 year	-35.67%	-7.45%	-28.22%
Max Drawdown (3Y) Largest decline over 3 years	-40.59%	-14.48%	-26.11%
Max Drawdown (5Y) Largest decline over 5 years	-70.87%	-28.82%	-42.05%
Max Drawdown (10Y) Largest decline over 10 years	-70.87%	—	—
Current Drawdown Current decline from peak	-56.18%	-3.56%	-52.62%
Average Drawdown Average peak-to-trough decline	-25.10%	-12.30%	-12.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.54%	3.21%	+13.33%

Volatility

SPDM.L vs. ICOM.L - Volatility Comparison

iShares Physical Palladium ETC (SPDM.L) has a higher volatility of 10.84% compared to iShares Diversified Commodity Swap UCITS ETF (ICOM.L) at 5.54%. This indicates that SPDM.L's price experiences larger fluctuations and is considered to be riskier than ICOM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDM.L	ICOM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.84%	5.54%	+5.30%
Volatility (6M) Calculated over the trailing 6-month period	37.16%	15.92%	+21.24%
Volatility (1Y) Calculated over the trailing 1-year period	44.70%	18.25%	+26.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.85%	16.73%	+25.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.57%	15.71%	+21.86%

SPDM.L vs. ICOM.L - Expense Ratio Comparison

SPDM.L has a 0.20% expense ratio, which is higher than ICOM.L's 0.19% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPDM.L vs. ICOM.L - Dividend Comparison

Neither SPDM.L nor ICOM.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPDM.L and ICOM.L in my portfolio?

SPDM.L and ICOM.L have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPDM.L or ICOM.L?

On fees, ICOM.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPDM.L or ICOM.L?

ICOM.L is cheaper with a 0.19% expense ratio, compared with 0.20% for SPDM.L.

What is the main difference between SPDM.L and ICOM.L?

SPDM.L tracks London Palladium PM Fix, while ICOM.L tracks Bloomberg Commodity (Total Return Index). Their fees differ too: 0.20% for SPDM.L and 0.19% for ICOM.L.