AUCO.L vs. ENCO.L
AUCO.L (L&G Gold Mining UCITS ETF) and ENCO.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc)) are both exchange-traded funds - AUCO.L is a Gold fund tracking the STOXX Global Gold Miners Index, while ENCO.L is a Commodities fund tracking the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. Both are passively managed. Over the past 3 years, AUCO.L returned 38.85%/yr vs 9.76%/yr for ENCO.L. At a 0.26 correlation, their price movements are largely independent. AUCO.L charges 0.55%/yr vs 0.30%/yr for ENCO.L.
Performance
AUCO.L vs. ENCO.L - Performance Comparison
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Returns By Period
In the year-to-date period, AUCO.L achieves a -17.51% return, which is significantly lower than ENCO.L's 20.59% return.
AUCO.L
- 1D
- -1.23%
- 1M
- -20.57%
- 6M
- -25.53%
- YTD
- -17.51%
- 1Y
- 44.33%
- 3Y*
- 38.85%
- 5Y*
- 21.25%
- 10Y*
- 11.70%
ENCO.L
- 1D
- 0.61%
- 1M
- 2.32%
- 6M
- 16.85%
- YTD
- 20.59%
- 1Y
- 24.66%
- 3Y*
- 9.76%
- 5Y*
- —
- 10Y*
- —
AUCO.L vs. ENCO.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
AUCO.L L&G Gold Mining UCITS ETF | -17.51% | 181.83% | 17.96% | 15.02% | -14.30% | 0.40% |
ENCO.L L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) | 20.59% | 8.38% | 3.59% | -2.45% | 23.37% | 9.08% |
Correlation
The correlation between AUCO.L and ENCO.L 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 | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021 | 0.26 |
Over the past year, the correlation between AUCO.L and ENCO.L has dropped to 0.04 - well below their long-term average of 0.26, suggesting their price drivers have been diverging.
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Return for Risk
AUCO.L vs. ENCO.L — Risk / Return Rank
AUCO.L
ENCO.L
AUCO.L vs. ENCO.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Gold Mining UCITS ETF (AUCO.L) and L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.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.
| AUCO.L | ENCO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.28 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 1.90 | -0.75 |
| Martin ratioReturn relative to average drawdown | 2.68 | 6.33 | -3.64 |
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Drawdowns
AUCO.L vs. ENCO.L - Drawdown Comparison
The maximum AUCO.L drawdown since its inception was -78.30%, which is greater than ENCO.L's maximum drawdown of -23.99%. Use the drawdown chart below to compare losses from any high point for AUCO.L and ENCO.L.
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Drawdown Indicators
| AUCO.L | ENCO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.30% | -23.99% | -54.31% |
Max Drawdown (1Y)Largest decline over 1 year | -38.48% | -12.95% | -25.53% |
Max Drawdown (3Y)Largest decline over 3 years | -38.48% | -12.95% | -25.53% |
Max Drawdown (5Y)Largest decline over 5 years | -48.62% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -54.47% | — | — |
Current DrawdownCurrent decline from peak | -38.48% | -6.99% | -31.49% |
Average DrawdownAverage peak-to-trough decline | -40.73% | -12.39% | -28.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.47% | 3.89% | +12.58% |
Volatility
AUCO.L vs. ENCO.L - Volatility Comparison
L&G Gold Mining UCITS ETF (AUCO.L) has a higher volatility of 13.97% compared to L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.L) at 3.93%. This indicates that AUCO.L's price experiences larger fluctuations and is considered to be riskier than ENCO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AUCO.L | ENCO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.97% | 3.93% | +10.04% |
Volatility (6M)Calculated over the trailing 6-month period | 39.44% | 13.01% | +26.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.93% | 15.36% | +33.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.98% | 17.23% | +21.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.75% | 17.23% | +18.52% |
AUCO.L vs. ENCO.L - Expense Ratio Comparison
AUCO.L has a 0.55% expense ratio, which is higher than ENCO.L's 0.30% expense ratio.
Dividends
AUCO.L vs. ENCO.L - Dividend Comparison
Neither AUCO.L nor ENCO.L has paid dividends to shareholders.
Frequently Asked Questions
AUCO.L and ENCO.L 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, ENCO.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ENCO.L is cheaper with a 0.30% expense ratio, compared with 0.55% for AUCO.L.
AUCO.L is categorized as Gold, while ENCO.L is Commodities. AUCO.L tracks STOXX Global Gold Miners Index, while ENCO.L tracks Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. Their fees differ too: 0.55% for AUCO.L and 0.30% for ENCO.L.
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