VWCE.DE vs. CMOD.L

Last updated Jun 13, 2026

VWCE.DE (Vanguard FTSE All-World UCITS ETF) and CMOD.L (Invesco Bloomberg Commodity UCITS ETF) are both exchange-traded funds - VWCE.DE is a Global Equities fund tracking the FTSE All-World Index, while CMOD.L is a Commodities fund tracking the Bloomberg Commodity TR Index. Both are passively managed. Over the past 5 years, VWCE.DE returned 11.89%/yr vs 10.75%/yr for CMOD.L. At a 0.24 correlation, their price movements are largely independent. Both charge a 0.19% expense ratio.

Performance

VWCE.DE vs. CMOD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Vanguard FTSE All-World UCITS ETF (VWCE.DE) and Invesco Bloomberg Commodity UCITS ETF (CMOD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VWCE.DE is traded in EUR, while CMOD.L is traded in USD. To make them comparable, the CMOD.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, VWCE.DE achieves a 11.72% return, which is significantly lower than CMOD.L's 21.06% return.

VWCE.DE

• 1D: 1.82%
• 1M: 0.89%
• YTD: 11.72%
• 6M: 13.39%
• 1Y: 26.35%
• 3Y*: 17.02%
• 5Y*: 11.89%
• 10Y*: —

CMOD.L

• 1D: -0.98%
• 1M: -8.44%
• YTD: 21.06%
• 6M: 22.59%
• 1Y: 29.82%
• 3Y*: 10.73%
• 5Y*: 10.75%
• 10Y*: —

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

VWCE.DE vs. CMOD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VWCE.DE Vanguard FTSE All-World UCITS ETF	11.72%	9.16%	24.41%	18.18%	-13.47%	28.62%	5.36%	7.08%
CMOD.L Invesco Bloomberg Commodity UCITS ETF	21.06%	2.38%	10.99%	-10.33%	21.59%	36.87%	-11.79%	1.96%

Correlation

The correlation between VWCE.DE and CMOD.L is -0.08, 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	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jul 25, 2019	0.24

The correlation between VWCE.DE and CMOD.L shifts across timeframes, from -0.08 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VWCE.DE vs. CMOD.L — Risk / Return Rank

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

VWCE.DE

VWCE.DE Risk / Return Rank: 82
VWCE.DE Sharpe Ratio Rank: 80
VWCE.DE Sortino Ratio Rank: 81
VWCE.DE Omega Ratio Rank: 80
VWCE.DE Calmar Ratio Rank: 83
VWCE.DE Martin Ratio Rank: 87

CMOD.L

CMOD.L Risk / Return Rank: 59
CMOD.L Sharpe Ratio Rank: 59
CMOD.L Sortino Ratio Rank: 52
CMOD.L Omega Ratio Rank: 60
CMOD.L Calmar Ratio Rank: 69
CMOD.L Martin Ratio Rank: 56

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.

VWCE.DE vs. CMOD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World UCITS ETF (VWCE.DE) and Invesco Bloomberg Commodity UCITS ETF (CMOD.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.

	VWCE.DE	CMOD.L	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.62	+0.59
Sortino ratio: Return per unit of downside risk	3.10	2.13	+0.96
Omega ratio: Gain probability vs. loss probability	1.41	1.30	+0.11
Calmar ratio: Return relative to maximum drawdown	3.92	3.47	+0.45
Martin ratio: Return relative to average drawdown	16.07	7.46	+8.62

VWCE.DE vs. CMOD.L - Sharpe Ratio Comparison

The current VWCE.DE Sharpe Ratio is 2.21, which is higher than the CMOD.L Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of VWCE.DE and CMOD.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

VWCE.DE vs. CMOD.L - Drawdown Comparison

The maximum VWCE.DE drawdown since its inception was -33.43%, roughly equal to the maximum CMOD.L drawdown of -31.91%. Use the drawdown chart below to compare losses from any high point for VWCE.DE and CMOD.L.

Drawdown Indicators

	VWCE.DE	CMOD.L	Difference
Max Drawdown Largest peak-to-trough decline	-33.43%	-31.91%	-1.52%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-8.56%	+2.01%
Max Drawdown (3Y) Largest decline over 3 years	-21.07%	-15.79%	-5.28%
Max Drawdown (5Y) Largest decline over 5 years	-21.07%	-27.92%	+6.85%
Current Drawdown Current decline from peak	-1.47%	-8.56%	+7.09%
Average Drawdown Average peak-to-trough decline	-4.68%	-14.71%	+10.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	3.99%	-2.39%

Volatility

VWCE.DE vs. CMOD.L - Volatility Comparison

The current volatility for Vanguard FTSE All-World UCITS ETF (VWCE.DE) is 3.40%, while Invesco Bloomberg Commodity UCITS ETF (CMOD.L) has a volatility of 4.22%. This indicates that VWCE.DE experiences smaller price fluctuations and is considered to be less risky than CMOD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWCE.DE	CMOD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	4.22%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	8.51%	15.89%	-7.38%
Volatility (1Y) Calculated over the trailing 1-year period	11.63%	18.32%	-6.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.79%	17.20%	-3.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.16%	15.42%	+0.74%

VWCE.DE vs. CMOD.L - Expense Ratio Comparison

Both VWCE.DE and CMOD.L have an expense ratio of 0.19%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VWCE.DE vs. CMOD.L - Dividend Comparison

Neither VWCE.DE nor CMOD.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VWCE.DE and CMOD.L in my portfolio?

VWCE.DE and CMOD.L have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VWCE.DE or CMOD.L?

Both ETFs have the same 0.19% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VWCE.DE or CMOD.L?

VWCE.DE and CMOD.L have the same expense ratio: 0.19% per year.

What is the main difference between VWCE.DE and CMOD.L?

VWCE.DE is categorized as Global Equities, while CMOD.L is Commodities. VWCE.DE tracks FTSE All-World Index, while CMOD.L tracks Bloomberg Commodity TR Index. They also come from different issuers: Vanguard and Invesco.