UC07.L vs. CXAP.L

Last updated Jun 25, 2026

UC07.L (UBS ETF (IE) MSCI USA Value UCITS ETF (USD) A-dis) and CXAP.L (UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc) are both exchange-traded funds - UC07.L is a Large Cap Value Equities fund tracking the Russell 1000 Value TR USD, while CXAP.L is a Commodities fund tracking the UBS CMCI Ex Agriculture Ex Livestock Capped. Both are passively managed. Over the past 10 years, UC07.L returned 10.84%/yr vs 10.45%/yr for CXAP.L. At a 0.36 correlation, their price movements are largely independent. UC07.L charges 0.20%/yr vs 0.34%/yr for CXAP.L.

Performance

UC07.L vs. CXAP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (IE) MSCI USA Value UCITS ETF (USD) A-dis (UC07.L) and UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc (CXAP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UC07.L achieves a 11.97% return, which is significantly lower than CXAP.L's 17.78% return. Both investments have delivered pretty close results over the past 10 years, with UC07.L having a 10.84% annualized return and CXAP.L not far behind at 10.45%.

UC07.L

• 1D: 0.63%
• 1M: 2.19%
• YTD: 11.97%
• 6M: 12.48%
• 1Y: 23.28%
• 3Y*: 14.35%
• 5Y*: 10.58%
• 10Y*: 10.84%

CXAP.L

• 1D: -1.45%
• 1M: -6.09%
• YTD: 17.78%
• 6M: 18.07%
• 1Y: 34.02%
• 3Y*: 13.61%
• 5Y*: 12.70%
• 10Y*: 10.45%

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

UC07.L vs. CXAP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UC07.L UBS ETF (IE) MSCI USA Value UCITS ETF (USD) A-dis	11.97%	5.98%	15.41%	3.09%	4.71%	28.76%	-3.62%	20.51%	-3.14%	4.81%
CXAP.L UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc	17.78%	10.65%	8.67%	-10.60%	27.69%	36.79%	-4.93%	7.15%	-1.01%	-0.27%

Correlation

The correlation between UC07.L and CXAP.L is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since May 11, 2016	0.36

Over the past year, the correlation between UC07.L and CXAP.L has dropped to 0.04 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.

Return for Risk

UC07.L vs. CXAP.L — Risk / Return Rank

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

UC07.L

UC07.L Risk / Return Rank: 87
UC07.L Sharpe Ratio Rank: 89
UC07.L Sortino Ratio Rank: 89
UC07.L Omega Ratio Rank: 87
UC07.L Calmar Ratio Rank: 86
UC07.L Martin Ratio Rank: 86

CXAP.L

CXAP.L Risk / Return Rank: 70
CXAP.L Sharpe Ratio Rank: 64
CXAP.L Sortino Ratio Rank: 60
CXAP.L Omega Ratio Rank: 63
CXAP.L Calmar Ratio Rank: 83
CXAP.L Martin Ratio Rank: 79

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.

UC07.L vs. CXAP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (IE) MSCI USA Value UCITS ETF (USD) A-dis (UC07.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.

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.

	UC07.L	CXAP.L	Difference
Sharpe ratio: Return per unit of total volatility	2.62	1.84	+0.78
Sortino ratio: Return per unit of downside risk	3.55	2.48	+1.07
Omega ratio: Gain probability vs. loss probability	1.47	1.33	+0.14
Calmar ratio: Return relative to maximum drawdown	4.27	3.85	+0.41
Martin ratio: Return relative to average drawdown	15.88	13.36	+2.52

UC07.L vs. CXAP.L - Sharpe Ratio Comparison

The current UC07.L Sharpe Ratio is 2.62, which is higher than the CXAP.L Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of UC07.L and CXAP.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

UC07.L vs. CXAP.L - Drawdown Comparison

The maximum UC07.L drawdown since its inception was -38.99%, 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 UC07.L and CXAP.L.

Drawdown Indicators

	UC07.L	CXAP.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.99%	-31.30%	-7.69%
Max Drawdown (1Y) Largest decline over 1 year	-5.43%	-7.46%	+2.03%
Max Drawdown (3Y) Largest decline over 3 years	-16.76%	-15.43%	-1.33%
Max Drawdown (5Y) Largest decline over 5 years	-16.76%	-21.53%	+4.77%
Max Drawdown (10Y) Largest decline over 10 years	-28.73%	-31.30%	+2.57%
Current Drawdown Current decline from peak	0.00%	-7.46%	+7.46%
Average Drawdown Average peak-to-trough decline	-7.20%	-8.19%	+0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	2.16%	-0.70%

Volatility

UC07.L vs. CXAP.L - Volatility Comparison

The current volatility for UBS ETF (IE) MSCI USA Value UCITS ETF (USD) A-dis (UC07.L) is 2.18%, while UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc (CXAP.L) has a volatility of 3.83%. This indicates that UC07.L experiences smaller price fluctuations and is considered to be less risky than CXAP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UC07.L	CXAP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	3.83%	-1.65%
Volatility (6M) Calculated over the trailing 6-month period	6.25%	12.92%	-6.67%
Volatility (1Y) Calculated over the trailing 1-year period	8.85%	15.63%	-6.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.52%	16.27%	-3.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.70%	15.72%	-1.02%

UC07.L vs. CXAP.L - Expense Ratio Comparison

UC07.L has a 0.20% expense ratio, which is lower than CXAP.L's 0.34% expense ratio.

Dividends

UC07.L vs. CXAP.L - Dividend Comparison

UC07.L's dividend yield for the trailing twelve months is around 1.37%, while CXAP.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CXAP.L UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UC07.L UBS ETF (IE) MSCI USA Value UCITS ETF (USD) A-dis	1.37%	2.05%	1.79%	2.05%	1.81%	1.59%	2.41%	2.08%	2.49%	2.01%	2.18%	2.25%

Frequently Asked Questions

Can I hold both UC07.L and CXAP.L in my portfolio?

UC07.L and CXAP.L have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UC07.L or CXAP.L?

On fees, UC07.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UC07.L or CXAP.L?

UC07.L is cheaper with a 0.20% expense ratio, compared with 0.34% for CXAP.L.

What is the main difference between UC07.L and CXAP.L?

UC07.L is categorized as Large Cap Value Equities, while CXAP.L is Commodities. UC07.L tracks Russell 1000 Value TR USD, while CXAP.L tracks UBS CMCI Ex Agriculture Ex Livestock Capped. Their fees differ too: 0.20% for UC07.L and 0.34% for CXAP.L.