UD08.L vs. BCOM.L

Last updated Jul 16, 2026

UD08.L (UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (hedged to GBP) A-acc) and BCOM.L (L&G All Commodities UCITS ETF - USD Accumulating ETF) are both Commodities funds - UD08.L tracks the UBS CMCI Ex-Agriculture Ex-Livestock Capped (GBP Hedged) while BCOM.L tracks the Bloomberg Commodity Index Total Return. Both are passively managed. Over the past 5 years, UD08.L returned 10.55%/yr vs 10.75%/yr for BCOM.L. A 0.58 correlation means they provide meaningful diversification when combined. UD08.L charges 0.34%/yr vs 0.15%/yr for BCOM.L.

Performance

UD08.L vs. BCOM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (hedged to GBP) A-acc (UD08.L) and L&G All Commodities UCITS ETF - USD Accumulating ETF (BCOM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, UD08.L achieves a 16.20% return, which is significantly lower than BCOM.L's 19.63% return.

UD08.L

• 1D: 1.00%
• 1M: -5.10%
• 6M: 10.06%
• YTD: 16.20%
• 1Y: 28.26%
• 3Y*: 13.45%
• 5Y*: 10.55%
• 10Y*: —

BCOM.L

• 1D: 0.00%
• 1M: 0.63%
• 6M: 14.57%
• YTD: 19.63%
• 1Y: 28.48%
• 3Y*: 11.29%
• 5Y*: 10.75%
• 10Y*: —

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

UD08.L vs. BCOM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
UD08.L UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (hedged to GBP) A-acc	16.20%	18.86%	6.39%	-6.29%	12.33%	33.73%	-3.77%	7.94%	-10.80%
BCOM.L L&G All Commodities UCITS ETF - USD Accumulating ETF	19.63%	7.91%	6.26%	-11.88%	29.38%	28.55%	-5.84%	1.14%	-5.46%

Correlation

The correlation between UD08.L and BCOM.L is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Mar 1, 2018	0.58

The correlation between UD08.L and BCOM.L shifts across timeframes, from 0.58 (all time) to 0.72 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

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

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

UD08.L

UD08.L Risk / Return Rank: 67
UD08.L Sharpe Ratio Rank: 73
UD08.L Sortino Ratio Rank: 65
UD08.L Omega Ratio Rank: 75
UD08.L Calmar Ratio Rank: 61
UD08.L Martin Ratio Rank: 61

BCOM.L

BCOM.L Risk / Return Rank: 59
BCOM.L Sharpe Ratio Rank: 68
BCOM.L Sortino Ratio Rank: 61
BCOM.L Omega Ratio Rank: 66
BCOM.L Calmar Ratio Rank: 51
BCOM.L Martin Ratio Rank: 49

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.

UD08.L vs. BCOM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (hedged to GBP) A-acc (UD08.L) and L&G All Commodities UCITS ETF - USD Accumulating ETF (BCOM.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.

	UD08.L	BCOM.L	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.59	+0.28
Sortino ratio: Return per unit of downside risk	2.43	2.10	+0.34
Omega ratio: Gain probability vs. loss probability	1.35	1.28	+0.07
Calmar ratio: Return relative to maximum drawdown	2.45	2.18	+0.27
Martin ratio: Return relative to average drawdown	8.77	6.67	+2.10

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

The current UD08.L Sharpe Ratio is 1.87, which is comparable to the BCOM.L Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of UD08.L and BCOM.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

UD08.L vs. BCOM.L - Drawdown Comparison

The maximum UD08.L drawdown since its inception was -40.62%, which is greater than BCOM.L's maximum drawdown of -27.79%. Use the drawdown chart below to compare losses from any high point for UD08.L and BCOM.L.

Drawdown Indicators

	UD08.L	BCOM.L	Difference
Max Drawdown Largest peak-to-trough decline	-40.62%	-27.79%	-12.83%
Max Drawdown (1Y) Largest decline over 1 year	-11.15%	-12.97%	+1.82%
Max Drawdown (3Y) Largest decline over 3 years	-13.21%	-14.40%	+1.19%
Max Drawdown (5Y) Largest decline over 5 years	-24.66%	-27.75%	+3.09%
Current Drawdown Current decline from peak	-8.13%	-9.06%	+0.93%
Average Drawdown Average peak-to-trough decline	-12.21%	-11.31%	-0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	4.24%	-1.12%

Volatility

UD08.L vs. BCOM.L - Volatility Comparison

UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (hedged to GBP) A-acc (UD08.L) has a higher volatility of 5.49% compared to L&G All Commodities UCITS ETF - USD Accumulating ETF (BCOM.L) at 4.14%. This indicates that UD08.L's price experiences larger fluctuations and is considered to be riskier than BCOM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UD08.L	BCOM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	4.14%	+1.35%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	15.60%	-3.49%
Volatility (1Y) Calculated over the trailing 1-year period	14.63%	17.79%	-3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.23%	17.00%	+0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.12%	16.02%	+1.10%

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

UD08.L has a 0.34% expense ratio, which is higher than BCOM.L's 0.15% expense ratio.

Dividends

UD08.L vs. BCOM.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

UD08.L and BCOM.L have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, BCOM.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

BCOM.L is cheaper with a 0.15% expense ratio, compared with 0.34% for UD08.L.

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

UD08.L tracks UBS CMCI Ex-Agriculture Ex-Livestock Capped (GBP Hedged), while BCOM.L tracks Bloomberg Commodity Index Total Return. They also come from different issuers: UBS and L&G. Their fees differ too: 0.34% for UD08.L and 0.15% for BCOM.L.