BCOG.L vs. ERNS.L
BCOG.L (L&G All Commodities UCITS ETF) and ERNS.L (iShares £ Ultrashort Bond UCITS ETF GBP (Dist)) are both exchange-traded funds - BCOG.L is a Commodities fund tracking the Bloomberg Commodity, while ERNS.L is a Ultrashort Bond fund actively managed by iShares. BCOG.L is passively managed, while ERNS.L is actively managed. Over the past 5 years, BCOG.L returned 12.02%/yr vs 3.63%/yr for ERNS.L. At a 0.01 correlation, their price movements are largely independent. BCOG.L charges 0.15%/yr vs 0.09%/yr for ERNS.L.
Performance
BCOG.L vs. ERNS.L - Performance Comparison
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Different Trading Currencies
BCOG.L is traded in GBp, while ERNS.L is traded in GBP. To make them comparable, the ERNS.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, BCOG.L achieves a 23.52% return, which is significantly higher than ERNS.L's 1.58% return.
BCOG.L
- 1D
- 0.10%
- 1M
- -1.59%
- YTD
- 23.52%
- 6M
- 22.25%
- 1Y
- 34.88%
- 3Y*
- 12.12%
- 5Y*
- 12.02%
- 10Y*
- —
ERNS.L
- 1D
- -0.02%
- 1M
- 0.40%
- YTD
- 1.58%
- 6M
- 2.02%
- 1Y
- 4.40%
- 3Y*
- 5.03%
- 5Y*
- 3.63%
- 10Y*
- 2.20%
BCOG.L vs. ERNS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BCOG.L L&G All Commodities UCITS ETF | 23.52% | 8.16% | 6.13% | -12.32% | 29.36% | 29.04% | -6.24% | 1.82% | -1.43% | -23.52% |
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist) | 1.58% | 4.84% | 5.55% | 4.76% | 1.53% | 0.14% | 0.77% | 1.28% | 0.58% | 0.26% |
Correlation
The correlation between BCOG.L and ERNS.L is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2017 | 0.01 |
The correlation between BCOG.L and ERNS.L shifts across timeframes, from -0.11 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BCOG.L vs. ERNS.L — Risk / Return Rank
BCOG.L
ERNS.L
BCOG.L vs. ERNS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G All Commodities UCITS ETF (BCOG.L) and iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.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.
| BCOG.L | ERNS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.57 | ||
| Sortino ratioReturn per unit of downside risk | -7.78 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 2.43 | -1.09 |
| Calmar ratioReturn relative to maximum drawdown | 4.05 | 20.17 | -16.12 |
| Martin ratioReturn relative to average drawdown | 9.26 | 113.36 | -104.10 |
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
| BCOG.L | ERNS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.87 | 5.44 | -3.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.56 | 4.40 | -3.84 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 2.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 2.24 | -2.01 |
Drawdowns
BCOG.L vs. ERNS.L - Drawdown Comparison
The maximum BCOG.L drawdown since its inception was -40.03%, which is greater than ERNS.L's maximum drawdown of -1.51%. Use the drawdown chart below to compare losses from any high point for BCOG.L and ERNS.L.
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Drawdown Indicators
| BCOG.L | ERNS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.03% | -1.51% | -38.52% |
Max Drawdown (1Y)Largest decline over 1 year | -8.57% | -0.22% | -8.35% |
Max Drawdown (3Y)Largest decline over 3 years | -26.54% | -0.22% | -26.32% |
Max Drawdown (5Y)Largest decline over 5 years | -27.76% | -0.36% | -27.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -1.51% | — |
Current DrawdownCurrent decline from peak | -6.27% | -0.02% | -6.25% |
Average DrawdownAverage peak-to-trough decline | -19.08% | -0.05% | -19.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.76% | 0.04% | +3.72% |
Volatility
BCOG.L vs. ERNS.L - Volatility Comparison
L&G All Commodities UCITS ETF (BCOG.L) has a higher volatility of 5.54% compared to iShares £ Ultrashort Bond UCITS ETF GBP (Dist) (ERNS.L) at 0.34%. This indicates that BCOG.L's price experiences larger fluctuations and is considered to be riskier than ERNS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BCOG.L | ERNS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.54% | 0.34% | +5.20% |
Volatility (6M)Calculated over the trailing 6-month period | 15.94% | 0.68% | +15.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.56% | 0.81% | +17.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.51% | 0.83% | +20.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.89% | 0.92% | +18.97% |
BCOG.L vs. ERNS.L - Expense Ratio Comparison
BCOG.L has a 0.15% expense ratio, which is higher than ERNS.L's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
BCOG.L vs. ERNS.L - Dividend Comparison
BCOG.L has not paid dividends to shareholders, while ERNS.L's dividend yield for the trailing twelve months is around 5.65%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BCOG.L L&G All Commodities UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ERNS.L iShares £ Ultrashort Bond UCITS ETF GBP (Dist) | 5.65% | 4.65% | 5.42% | 4.54% | 1.14% | 0.28% | 0.75% | 1.04% | 0.74% | 0.52% | 0.81% | 0.72% |
Frequently Asked Questions
BCOG.L and ERNS.L have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNS.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNS.L is cheaper with a 0.09% expense ratio, compared with 0.15% for BCOG.L.
BCOG.L is categorized as Commodities, while ERNS.L is Ultrashort Bond. They also come from different issuers: Legal & General and iShares. Their fees differ too: 0.15% for BCOG.L and 0.09% for ERNS.L.
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