AMEL.DE vs. ETL2.DE
AMEL.DE (Amundi MSCI Emerging Markets Latin America UCITS ETF EUR) and ETL2.DE (L&G Longer Dated All Commodities UCITS ETF) are both exchange-traded funds - AMEL.DE is a Latin America Equities fund tracking the MSCI Emerging Markets Latin America, while ETL2.DE is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward. Both are passively managed. Over the past 10 years, AMEL.DE returned 7.43%/yr vs 8.17%/yr for ETL2.DE. At a 0.36 correlation, their price movements are largely independent. AMEL.DE charges 0.20%/yr vs 0.30%/yr for ETL2.DE.
Performance
AMEL.DE vs. ETL2.DE - Performance Comparison
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Returns By Period
In the year-to-date period, AMEL.DE achieves a 10.83% return, which is significantly lower than ETL2.DE's 18.23% return. Over the past 10 years, AMEL.DE has underperformed ETL2.DE with an annualized return of 7.43%, while ETL2.DE has yielded a comparatively higher 8.17% annualized return.
AMEL.DE
- 1D
- -0.86%
- 1M
- -7.22%
- YTD
- 10.83%
- 6M
- 8.65%
- 1Y
- 34.54%
- 3Y*
- 10.77%
- 5Y*
- 9.48%
- 10Y*
- 7.43%
ETL2.DE
- 1D
- -1.24%
- 1M
- -1.51%
- YTD
- 18.23%
- 6M
- 19.58%
- 1Y
- 28.45%
- 3Y*
- 10.87%
- 5Y*
- 13.12%
- 10Y*
- 8.17%
AMEL.DE vs. ETL2.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AMEL.DE Amundi MSCI Emerging Markets Latin America UCITS ETF EUR | 10.83% | 38.06% | -22.22% | 28.09% | 16.34% | -3.21% | -21.29% | 20.69% | -3.27% | 8.15% |
ETL2.DE L&G Longer Dated All Commodities UCITS ETF | 18.23% | 4.89% | 11.54% | -9.44% | 24.86% | 46.17% | -7.55% | 10.85% | -4.21% | -9.85% |
Correlation
The correlation between AMEL.DE and ETL2.DE is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2011 | 0.36 |
Over the past year, the correlation between AMEL.DE and ETL2.DE has dropped to 0.04 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.
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Return for Risk
AMEL.DE vs. ETL2.DE — Risk / Return Rank
AMEL.DE
ETL2.DE
AMEL.DE vs. ETL2.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Amundi MSCI Emerging Markets Latin America UCITS ETF EUR (AMEL.DE) and L&G Longer Dated All Commodities UCITS ETF (ETL2.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.
| AMEL.DE | ETL2.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.33 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.16 | 3.59 | -0.42 |
| Martin ratioReturn relative to average drawdown | 9.66 | 8.20 | +1.47 |
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
| AMEL.DE | ETL2.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.90 | 1.87 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.84 | -0.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | 0.59 | -0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.25 | -0.13 |
Drawdowns
AMEL.DE vs. ETL2.DE - Drawdown Comparison
The maximum AMEL.DE drawdown since its inception was -52.69%, which is greater than ETL2.DE's maximum drawdown of -47.04%. Use the drawdown chart below to compare losses from any high point for AMEL.DE and ETL2.DE.
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Drawdown Indicators
| AMEL.DE | ETL2.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.69% | -47.04% | -5.65% |
Max Drawdown (1Y)Largest decline over 1 year | -10.86% | -7.90% | -2.96% |
Max Drawdown (3Y)Largest decline over 3 years | -25.38% | -15.06% | -10.32% |
Max Drawdown (5Y)Largest decline over 5 years | -25.38% | -23.27% | -2.11% |
Max Drawdown (10Y)Largest decline over 10 years | -51.31% | -26.50% | -24.81% |
Current DrawdownCurrent decline from peak | -10.86% | -3.57% | -7.29% |
Average DrawdownAverage peak-to-trough decline | -17.89% | -21.90% | +4.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.57% | 3.46% | +0.11% |
Volatility
AMEL.DE vs. ETL2.DE - Volatility Comparison
Amundi MSCI Emerging Markets Latin America UCITS ETF EUR (AMEL.DE) has a higher volatility of 5.32% compared to L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) at 4.60%. This indicates that AMEL.DE's price experiences larger fluctuations and is considered to be riskier than ETL2.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AMEL.DE | ETL2.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.32% | 4.60% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 15.30% | 12.74% | +2.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.10% | 15.15% | +2.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.90% | 15.44% | +5.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.27% | 13.69% | +11.58% |
AMEL.DE vs. ETL2.DE - Expense Ratio Comparison
AMEL.DE has a 0.20% expense ratio, which is lower than ETL2.DE's 0.30% expense ratio.
Dividends
AMEL.DE vs. ETL2.DE - Dividend Comparison
Neither AMEL.DE nor ETL2.DE has paid dividends to shareholders.
Frequently Asked Questions
AMEL.DE and ETL2.DE have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AMEL.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AMEL.DE is cheaper with a 0.20% expense ratio, compared with 0.30% for ETL2.DE.
AMEL.DE is categorized as Latin America Equities, while ETL2.DE is Commodities. AMEL.DE tracks MSCI Emerging Markets Latin America, while ETL2.DE tracks Bloomberg Commodity 3 Month Forward. They also come from different issuers: Amundi and Legal & General. Their fees differ too: 0.20% for AMEL.DE and 0.30% for ETL2.DE.
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