BCOG.L vs. SMEA.L
BCOG.L (L&G All Commodities UCITS ETF) and SMEA.L (iShares Core MSCI Europe UCITS ETF EUR (Acc)) are both exchange-traded funds - BCOG.L is a Commodities fund tracking the Bloomberg Commodity, while SMEA.L is a Europe Equities fund tracking the MSCI Europe NR EUR. Both are passively managed. Over the past 5 years, BCOG.L returned 10.83%/yr vs 10.33%/yr for SMEA.L. At a 0.14 correlation, their price movements are largely independent. BCOG.L charges 0.15%/yr vs 0.12%/yr for SMEA.L.
Performance
BCOG.L vs. SMEA.L - Performance Comparison
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Returns By Period
In the year-to-date period, BCOG.L achieves a 16.06% return, which is significantly higher than SMEA.L's 9.17% return.
BCOG.L
- 1D
- 0.51%
- 1M
- -8.33%
- YTD
- 16.06%
- 6M
- 14.81%
- 1Y
- 28.57%
- 3Y*
- 9.80%
- 5Y*
- 10.83%
- 10Y*
- —
SMEA.L
- 1D
- 0.68%
- 1M
- 2.03%
- YTD
- 9.17%
- 6M
- 9.58%
- 1Y
- 23.59%
- 3Y*
- 15.45%
- 5Y*
- 10.33%
- 10Y*
- 10.90%
BCOG.L vs. SMEA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BCOG.L L&G All Commodities UCITS ETF | 16.06% | 8.16% | 6.13% | -12.32% | 29.36% | 29.04% | -6.24% | 1.82% | -1.43% | -23.52% |
SMEA.L iShares Core MSCI Europe UCITS ETF EUR (Acc) | 9.17% | 25.88% | 3.68% | 13.36% | -3.48% | 16.94% | 2.44% | 19.59% | -9.45% | 3.59% |
Correlation
The correlation between BCOG.L and SMEA.L is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2017 | 0.14 |
The correlation between BCOG.L and SMEA.L shifts across timeframes, from -0.21 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BCOG.L vs. SMEA.L — Risk / Return Rank
BCOG.L
SMEA.L
BCOG.L vs. SMEA.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 Core MSCI Europe UCITS ETF EUR (Acc) (SMEA.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.
| BCOG.L | SMEA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.37 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.30 | 2.22 | +0.08 |
| Martin ratioReturn relative to average drawdown | 8.45 | 7.97 | +0.48 |
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Drawdowns
BCOG.L vs. SMEA.L - Drawdown Comparison
The maximum BCOG.L drawdown since its inception was -40.03%, which is greater than SMEA.L's maximum drawdown of -30.06%. Use the drawdown chart below to compare losses from any high point for BCOG.L and SMEA.L.
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Drawdown Indicators
| BCOG.L | SMEA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.03% | -30.06% | -9.97% |
Max Drawdown (1Y)Largest decline over 1 year | -12.37% | -10.56% | -1.81% |
Max Drawdown (3Y)Largest decline over 3 years | -26.54% | -14.06% | -12.48% |
Max Drawdown (5Y)Largest decline over 5 years | -27.76% | -15.76% | -12.00% |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.56% | — |
Current DrawdownCurrent decline from peak | -11.93% | -0.22% | -11.71% |
Average DrawdownAverage peak-to-trough decline | -19.02% | -6.64% | -12.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.37% | 2.95% | +0.42% |
Volatility
BCOG.L vs. SMEA.L - Volatility Comparison
L&G All Commodities UCITS ETF (BCOG.L) has a higher volatility of 4.08% compared to iShares Core MSCI Europe UCITS ETF EUR (Acc) (SMEA.L) at 2.93%. This indicates that BCOG.L's price experiences larger fluctuations and is considered to be riskier than SMEA.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 | SMEA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.08% | 2.93% | +1.15% |
Volatility (6M)Calculated over the trailing 6-month period | 16.06% | 10.23% | +5.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.85% | 12.09% | +5.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.53% | 18.16% | +3.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.86% | 17.01% | +2.85% |
BCOG.L vs. SMEA.L - Expense Ratio Comparison
BCOG.L has a 0.15% expense ratio, which is higher than SMEA.L's 0.12% 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. SMEA.L - Dividend Comparison
Neither BCOG.L nor SMEA.L has paid dividends to shareholders.
Frequently Asked Questions
BCOG.L and SMEA.L have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMEA.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMEA.L is cheaper with a 0.12% expense ratio, compared with 0.15% for BCOG.L.
BCOG.L is categorized as Commodities, while SMEA.L is Europe Equities. BCOG.L tracks Bloomberg Commodity, while SMEA.L tracks MSCI Europe NR EUR. They also come from different issuers: Legal & General and iShares. Their fees differ too: 0.15% for BCOG.L and 0.12% for SMEA.L.
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