BCOG.L vs. FWRG

Last updated Apr 1, 2026

Compare and contrast key facts about L&G All Commodities UCITS ETF (BCOG.L) and First Watch Restaurant Group, Inc. (FWRG).

BCOG.L is a passively managed fund by Legal & General that tracks the performance of the Bloomberg Commodity. It was launched on Jul 6, 2017.

Performance

BCOG.L vs. FWRG - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G All Commodities UCITS ETF (BCOG.L) and First Watch Restaurant Group, Inc. (FWRG). The values are adjusted to include any dividend payments, if applicable.

BCOG.L vs. FWRG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BCOG.L L&G All Commodities UCITS ETF	27.04%	8.16%	6.13%	-12.32%	29.36%	-1.10%
FWRG First Watch Restaurant Group, Inc.	-29.18%	-24.74%	-5.80%	41.13%	-9.67%	-24.21%

Different Trading Currencies

BCOG.L is traded in GBp, while FWRG is traded in USD. To make them comparable, the FWRG 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 27.04% return, which is significantly higher than FWRG's -31.62% return.

BCOG.L

• 1D: 0.56%
• 1M: 14.55%
• YTD: 27.04%
• 6M: 34.77%
• 1Y: 29.94%
• 3Y*: 11.55%
• 5Y*: 15.07%
• 10Y*: —

FWRG

• 1D: 0.00%
• 1M: -17.19%
• YTD: -31.62%
• 6M: -34.19%
• 1Y: -40.62%
• 3Y*: -16.23%
• 5Y*: —
• 10Y*: —

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

Return for Risk

BCOG.L vs. FWRG — Risk / Return Rank

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

BCOG.L

BCOG.L Risk / Return Rank: 82
BCOG.L Sharpe Ratio Rank: 87
BCOG.L Sortino Ratio Rank: 88
BCOG.L Omega Ratio Rank: 86
BCOG.L Calmar Ratio Rank: 91
BCOG.L Martin Ratio Rank: 60

FWRG

FWRG Risk / Return Rank: 13
FWRG Sharpe Ratio Rank: 14
FWRG Sortino Ratio Rank: 16
FWRG Omega Ratio Rank: 16
FWRG Calmar Ratio Rank: 15
FWRG Martin Ratio Rank: 3

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.

BCOG.L vs. FWRG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G All Commodities UCITS ETF (BCOG.L) and First Watch Restaurant Group, Inc. (FWRG). 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	FWRG	Difference
Sharpe ratio Return per unit of total volatility	1.80	-0.71	+2.52
Sortino ratio Return per unit of downside risk	2.41	-0.85	+3.26
Omega ratio Gain probability vs. loss probability	1.34	0.89	+0.45
Calmar ratio Return relative to maximum drawdown	3.11	-0.84	+3.95
Martin ratio Return relative to average drawdown	5.97	-1.98	+7.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BCOG.L vs. FWRG - Sharpe Ratio Comparison

The current BCOG.L Sharpe Ratio is 1.80, which is higher than the FWRG Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of BCOG.L and FWRG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BCOG.L	FWRG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	-0.71	+2.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	-0.33	+0.86

Correlation

The correlation between BCOG.L and FWRG is -0.06. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

BCOG.L vs. FWRG - Dividend Comparison

Neither BCOG.L nor FWRG has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

BCOG.L vs. FWRG - Drawdown Comparison

The maximum BCOG.L drawdown since its inception was -28.15%, smaller than the maximum FWRG drawdown of -62.53%. Use the drawdown chart below to compare losses from any high point for BCOG.L and FWRG.

Drawdown Indicators

	BCOG.L	FWRG	Difference
Max Drawdown Largest peak-to-trough decline	-28.15%	-60.38%	+32.23%
Max Drawdown (1Y) Largest decline over 1 year	-9.54%	-49.68%	+40.14%
Max Drawdown (5Y) Largest decline over 5 years	-27.76%	—	—
Current Drawdown Current decline from peak	0.00%	-58.93%	+58.93%
Average Drawdown Average peak-to-trough decline	-11.84%	-27.93%	+16.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.98%	20.36%	-15.38%

Volatility

BCOG.L vs. FWRG - Volatility Comparison

The current volatility for L&G All Commodities UCITS ETF (BCOG.L) is 7.66%, while First Watch Restaurant Group, Inc. (FWRG) has a volatility of 15.69%. This indicates that BCOG.L experiences smaller price fluctuations and is considered to be less risky than FWRG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCOG.L	FWRG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.66%	15.69%	-8.03%
Volatility (6M) Calculated over the trailing 6-month period	12.98%	41.68%	-28.70%
Volatility (1Y) Calculated over the trailing 1-year period	16.56%	57.19%	-40.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.42%	46.89%	-30.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.45%	46.89%	-31.44%