XLKS.L vs. CMOP.L

Last updated Jun 5, 2026

XLKS.L (Invesco Technology S&P US Select Sector UCITS ETF Acc) and CMOP.L (Invesco Bloomberg Commodity UCITS ETF Acc) are both exchange-traded funds - XLKS.L is a Technology Equities fund tracking the S&P® Select Sector Capped 20% Technology Index, while CMOP.L is a Commodities fund tracking the Bloomberg Commodity. Both are passively managed. Over the past 5 years, XLKS.L returned 25.25%/yr vs 10.90%/yr for CMOP.L. At a 0.14 correlation, their price movements are largely independent. XLKS.L charges 0.14%/yr vs 0.19%/yr for CMOP.L.

Performance

XLKS.L vs. CMOP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Technology S&P US Select Sector UCITS ETF Acc (XLKS.L) and Invesco Bloomberg Commodity UCITS ETF Acc (CMOP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with XLKS.L having a 23.53% return and CMOP.L slightly higher at 24.53%.

XLKS.L

• 1D: -2.32%
• 1M: 13.24%
• YTD: 23.53%
• 6M: 23.08%
• 1Y: 52.93%
• 3Y*: 36.69%
• 5Y*: 25.25%
• 10Y*: 26.28%

CMOP.L

• 1D: -1.26%
• 1M: -3.57%
• YTD: 24.53%
• 6M: 24.38%
• 1Y: 37.59%
• 3Y*: 15.32%
• 5Y*: 10.90%
• 10Y*: —

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

XLKS.L vs. CMOP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLKS.L Invesco Technology S&P US Select Sector UCITS ETF Acc	23.53%	24.23%	41.72%	60.64%	-29.12%	34.73%	42.78%	48.83%	-2.51%	22.38%
CMOP.L Invesco Bloomberg Commodity UCITS ETF Acc	24.53%	16.40%	4.25%	-8.12%	14.71%	27.55%	-4.27%	7.46%	-10.38%	2.57%

Correlation

The correlation between XLKS.L and CMOP.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	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Apr 11, 2017	0.14

The correlation between XLKS.L and CMOP.L shifts across timeframes, from -0.08 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

XLKS.L vs. CMOP.L - Sectors Allocation Comparison

Sectors	XLKS.L	CMOP.L
Technology	91.2%	5.6%
Financial Services	7.3%	17.8%
Industrials	1.5%	-
Basic Materials	-	35.8%
Communication Services	-	12.3%
Consumer Cyclical	-	12.9%
Consumer Defensive	-	9.7%
Energy	-	-
Healthcare	-	-
Real Estate	-	5.8%
Utilities	-	-

Return for Risk

XLKS.L vs. CMOP.L — Risk / Return Rank

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

XLKS.L

XLKS.L Risk / Return Rank: 70
XLKS.L Sharpe Ratio Rank: 81
XLKS.L Sortino Ratio Rank: 77
XLKS.L Omega Ratio Rank: 72
XLKS.L Calmar Ratio Rank: 63
XLKS.L Martin Ratio Rank: 55

CMOP.L

CMOP.L Risk / Return Rank: 67
CMOP.L Sharpe Ratio Rank: 64
CMOP.L Sortino Ratio Rank: 55
CMOP.L Omega Ratio Rank: 65
CMOP.L Calmar Ratio Rank: 88
CMOP.L Martin Ratio Rank: 65

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.

XLKS.L vs. CMOP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Technology S&P US Select Sector UCITS ETF Acc (XLKS.L) and Invesco Bloomberg Commodity UCITS ETF Acc (CMOP.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.

	XLKS.L	CMOP.L	Difference
Sharpe ratio: Return per unit of total volatility	2.61	2.13	+0.48
Sortino ratio: Return per unit of downside risk	3.43	2.63	+0.80
Omega ratio: Gain probability vs. loss probability	1.42	1.38	+0.04
Calmar ratio: Return relative to maximum drawdown	3.10	5.01	-1.91
Martin ratio: Return relative to average drawdown	9.28	11.56	-2.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLKS.L vs. CMOP.L - Sharpe Ratio Comparison

The current XLKS.L Sharpe Ratio is 2.61, which is comparable to the CMOP.L Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of XLKS.L and CMOP.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.

Sharpe Ratios by Period

	XLKS.L	CMOP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	2.13	+0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.64	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.48	+0.56

Drawdowns

XLKS.L vs. CMOP.L - Drawdown Comparison

The maximum XLKS.L drawdown since its inception was -34.26%, roughly equal to the maximum CMOP.L drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for XLKS.L and CMOP.L.

Drawdown Indicators

	XLKS.L	CMOP.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.26%	-33.25%	-1.01%
Max Drawdown (1Y) Largest decline over 1 year	-16.99%	-7.47%	-9.52%
Max Drawdown (3Y) Largest decline over 3 years	-26.97%	-11.58%	-15.39%
Max Drawdown (5Y) Largest decline over 5 years	-34.26%	-26.47%	-7.79%
Max Drawdown (10Y) Largest decline over 10 years	-34.26%	—	—
Current Drawdown Current decline from peak	-3.15%	-5.50%	+2.35%
Average Drawdown Average peak-to-trough decline	-5.09%	-12.29%	+7.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.69%	3.24%	+2.45%

Volatility

XLKS.L vs. CMOP.L - Volatility Comparison

Invesco Technology S&P US Select Sector UCITS ETF Acc (XLKS.L) has a higher volatility of 7.45% compared to Invesco Bloomberg Commodity UCITS ETF Acc (CMOP.L) at 6.32%. This indicates that XLKS.L's price experiences larger fluctuations and is considered to be riskier than CMOP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLKS.L	CMOP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.45%	6.32%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	15.54%	15.80%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	20.19%	17.56%	+2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.80%	17.06%	+6.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.04%	15.27%	+6.77%

XLKS.L vs. CMOP.L - Expense Ratio Comparison

XLKS.L has a 0.14% expense ratio, which is lower than CMOP.L's 0.19% 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

XLKS.L vs. CMOP.L - Dividend Comparison

Neither XLKS.L nor CMOP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XLKS.L and CMOP.L in my portfolio?

XLKS.L and CMOP.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, XLKS.L or CMOP.L?

On fees, XLKS.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XLKS.L or CMOP.L?

XLKS.L is cheaper with a 0.14% expense ratio, compared with 0.19% for CMOP.L.

What is the main difference between XLKS.L and CMOP.L?

XLKS.L is categorized as Technology Equities, while CMOP.L is Commodities. XLKS.L tracks S&P® Select Sector Capped 20% Technology Index, while CMOP.L tracks Bloomberg Commodity. Their fees differ too: 0.14% for XLKS.L and 0.19% for CMOP.L.