VHVG.L vs. CMOE.DE
VHVG.L (Vanguard FTSE Developed World UCITS ETF Acc) and CMOE.DE (Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc) are both exchange-traded funds - VHVG.L is a Global Equities fund tracking the MSCI ACWI NR USD, while CMOE.DE is a Commodities fund tracking the Bloomberg Commodity (EUR Hedged). Both are passively managed. Over the past 3 years, VHVG.L returned 18.37%/yr vs 13.39%/yr for CMOE.DE. At a 0.08 correlation, their price movements are largely independent. VHVG.L charges 0.12%/yr vs 0.24%/yr for CMOE.DE.
Performance
VHVG.L vs. CMOE.DE - Performance Comparison
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Different Trading Currencies
VHVG.L is traded in GBP, while CMOE.DE is traded in EUR. To make them comparable, the CMOE.DE values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, VHVG.L achieves a 11.81% return, which is significantly lower than CMOE.DE's 20.62% return.
VHVG.L
- 1D
- -0.07%
- 1M
- 5.52%
- YTD
- 11.81%
- 6M
- 12.27%
- 1Y
- 29.87%
- 3Y*
- 18.37%
- 5Y*
- 13.30%
- 10Y*
- —
CMOE.DE
- 1D
- -1.20%
- 1M
- -3.60%
- YTD
- 20.62%
- 6M
- 22.09%
- 1Y
- 38.39%
- 3Y*
- 13.39%
- 5Y*
- —
- 10Y*
- —
VHVG.L vs. CMOE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VHVG.L Vanguard FTSE Developed World UCITS ETF Acc | 11.81% | 13.85% | 19.99% | 17.54% | -0.24% |
CMOE.DE Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc | 20.62% | 20.94% | -1.56% | -11.42% | 5.70% |
Correlation
The correlation between VHVG.L and CMOE.DE is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2022 | 0.08 |
The correlation between VHVG.L and CMOE.DE shifts across timeframes, from -0.15 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VHVG.L vs. CMOE.DE — Risk / Return Rank
VHVG.L
CMOE.DE
VHVG.L vs. CMOE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed World UCITS ETF Acc (VHVG.L) and Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc (CMOE.DE). 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.
| VHVG.L | CMOE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.72 | ||
| Sortino ratioReturn per unit of downside risk | +1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.40 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 4.29 | 5.67 | -1.38 |
| Martin ratioReturn relative to average drawdown | 17.65 | 13.42 | +4.22 |
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
| VHVG.L | CMOE.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.90 | 2.17 | +0.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.03 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.89 | 0.42 | +0.47 |
Drawdowns
VHVG.L vs. CMOE.DE - Drawdown Comparison
The maximum VHVG.L drawdown since its inception was -25.41%, smaller than the maximum CMOE.DE drawdown of -30.97%. Use the drawdown chart below to compare losses from any high point for VHVG.L and CMOE.DE.
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Drawdown Indicators
| VHVG.L | CMOE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.41% | -30.97% | +5.56% |
Max Drawdown (1Y)Largest decline over 1 year | -6.94% | -6.74% | -0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -17.96% | -13.00% | -4.96% |
Max Drawdown (5Y)Largest decline over 5 years | -17.96% | — | — |
Current DrawdownCurrent decline from peak | -0.36% | -5.57% | +5.21% |
Average DrawdownAverage peak-to-trough decline | -3.28% | -18.95% | +15.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.69% | 2.85% | -1.16% |
Volatility
VHVG.L vs. CMOE.DE - Volatility Comparison
The current volatility for Vanguard FTSE Developed World UCITS ETF Acc (VHVG.L) is 2.72%, while Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc (CMOE.DE) has a volatility of 5.01%. This indicates that VHVG.L experiences smaller price fluctuations and is considered to be less risky than CMOE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VHVG.L | CMOE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 5.01% | -2.29% |
Volatility (6M)Calculated over the trailing 6-month period | 7.53% | 15.29% | -7.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.27% | 17.58% | -7.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.97% | 16.79% | -3.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.06% | 16.79% | -1.73% |
VHVG.L vs. CMOE.DE - Expense Ratio Comparison
VHVG.L has a 0.12% expense ratio, which is lower than CMOE.DE's 0.24% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VHVG.L vs. CMOE.DE - Dividend Comparison
Neither VHVG.L nor CMOE.DE has paid dividends to shareholders.
Frequently Asked Questions
VHVG.L and CMOE.DE have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VHVG.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VHVG.L is cheaper with a 0.12% expense ratio, compared with 0.24% for CMOE.DE.
VHVG.L is categorized as Global Equities, while CMOE.DE is Commodities. VHVG.L tracks MSCI ACWI NR USD, while CMOE.DE tracks Bloomberg Commodity (EUR Hedged). They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.12% for VHVG.L and 0.24% for CMOE.DE.
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