XAAG.DE vs. CMOE.DE
XAAG.DE (Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc) and CMOE.DE (Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc) are both Commodities funds from Invesco - XAAG.DE tracks the Bloomberg Commodity ex-Agriculture and Livestock while CMOE.DE tracks the Bloomberg Commodity (EUR Hedged). Both are passively managed. Over the past 3 years, XAAG.DE returned 17.71%/yr vs 13.22%/yr for CMOE.DE. Their correlation of 0.83 suggests significant overlap in exposure. XAAG.DE charges 0.19%/yr vs 0.24%/yr for CMOE.DE.
Performance
XAAG.DE vs. CMOE.DE - Performance Comparison
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Returns By Period
In the year-to-date period, XAAG.DE achieves a 27.69% return, which is significantly higher than CMOE.DE's 21.57% return.
XAAG.DE
- 1D
- -0.56%
- 1M
- 2.26%
- YTD
- 27.69%
- 6M
- 27.75%
- 1Y
- 46.69%
- 3Y*
- 17.71%
- 5Y*
- 14.95%
- 10Y*
- —
CMOE.DE
- 1D
- -1.32%
- 1M
- -1.55%
- YTD
- 21.57%
- 6M
- 21.82%
- 1Y
- 33.83%
- 3Y*
- 13.22%
- 5Y*
- —
- 10Y*
- —
XAAG.DE vs. CMOE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XAAG.DE Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc | 27.69% | 12.13% | 14.84% | -14.76% | 9.23% |
CMOE.DE Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc | 21.57% | 14.96% | 2.92% | -9.62% | -0.48% |
Correlation
The correlation between XAAG.DE and CMOE.DE is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2022 | 0.83 |
The correlation between XAAG.DE and CMOE.DE has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.
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Return for Risk
XAAG.DE vs. CMOE.DE — Risk / Return Rank
XAAG.DE
CMOE.DE
XAAG.DE vs. CMOE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc (XAAG.DE) 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.
| XAAG.DE | CMOE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.37 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.08 | 4.49 | -0.41 |
| Martin ratioReturn relative to average drawdown | 9.65 | 10.26 | -0.61 |
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
| XAAG.DE | CMOE.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.17 | 2.00 | +0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.37 | +0.12 |
Drawdowns
XAAG.DE vs. CMOE.DE - Drawdown Comparison
The maximum XAAG.DE drawdown since its inception was -33.85%, which is greater than CMOE.DE's maximum drawdown of -29.97%. Use the drawdown chart below to compare losses from any high point for XAAG.DE and CMOE.DE.
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Drawdown Indicators
| XAAG.DE | CMOE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.85% | -29.97% | -3.88% |
Max Drawdown (1Y)Largest decline over 1 year | -11.54% | -7.70% | -3.84% |
Max Drawdown (3Y)Largest decline over 3 years | -16.26% | -11.83% | -4.43% |
Max Drawdown (5Y)Largest decline over 5 years | -33.85% | — | — |
Current DrawdownCurrent decline from peak | -2.54% | -5.48% | +2.94% |
Average DrawdownAverage peak-to-trough decline | -13.88% | -19.33% | +5.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.89% | 3.38% | +1.51% |
Volatility
XAAG.DE vs. CMOE.DE - Volatility Comparison
The current volatility for Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc (XAAG.DE) is 4.71%, while Invesco Bloomberg Commodity UCITS ETF (EUR Hedged) Acc (CMOE.DE) has a volatility of 5.18%. This indicates that XAAG.DE 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
| XAAG.DE | CMOE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.71% | 5.18% | -0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 18.81% | 15.26% | +3.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.76% | 17.28% | +4.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.32% | 16.62% | +3.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.40% | 16.62% | +1.78% |
XAAG.DE vs. CMOE.DE - Expense Ratio Comparison
XAAG.DE has a 0.19% 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
XAAG.DE vs. CMOE.DE - Dividend Comparison
Neither XAAG.DE nor CMOE.DE has paid dividends to shareholders.
Frequently Asked Questions
XAAG.DE and CMOE.DE have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XAAG.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XAAG.DE is cheaper with a 0.19% expense ratio, compared with 0.24% for CMOE.DE.
XAAG.DE tracks Bloomberg Commodity ex-Agriculture and Livestock, while CMOE.DE tracks Bloomberg Commodity (EUR Hedged). Their fees differ too: 0.19% for XAAG.DE and 0.24% for CMOE.DE.
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