BCOG.L vs. UKG5.L

Last updated Jun 26, 2026

BCOG.L (L&G All Commodities UCITS ETF) and UKG5.L (L&G UK Gilt 0-5 Year UCITS ETF) are both exchange-traded funds - BCOG.L is a Commodities fund tracking the Bloomberg Commodity, while UKG5.L is a European Government Bonds fund tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 5 years, BCOG.L returned 10.83%/yr vs 1.35%/yr for UKG5.L. At a correlation of -0.12, they often move in opposite directions. BCOG.L charges 0.15%/yr vs 0.06%/yr for UKG5.L.

Performance

BCOG.L vs. UKG5.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G All Commodities UCITS ETF (BCOG.L) and L&G UK Gilt 0-5 Year UCITS ETF (UKG5.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCOG.L achieves a 16.06% return, which is significantly higher than UKG5.L's 1.29% 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*: —

UKG5.L

• 1D: 0.04%
• 1M: 0.77%
• YTD: 1.29%
• 6M: 1.33%
• 1Y: 3.28%
• 3Y*: 4.73%
• 5Y*: 1.35%
• 10Y*: —

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

BCOG.L vs. UKG5.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BCOG.L L&G All Commodities UCITS ETF	16.06%	8.16%	6.13%	-12.32%	29.36%	29.04%	3.78%
UKG5.L L&G UK Gilt 0-5 Year UCITS ETF	1.29%	5.06%	2.37%	3.91%	-4.71%	-1.66%	0.23%

Correlation

The correlation between BCOG.L and UKG5.L is -0.40, 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	-0.40
Correlation (3Y) Calculated over the trailing 3-year period	-0.14
Correlation (5Y) Calculated over the trailing 5-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020	-0.12

Over the past year, the inverse relationship between BCOG.L and UKG5.L has strengthened: their correlation has moved from -0.12 to -0.40, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

BCOG.L vs. UKG5.L — 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: 52
BCOG.L Sharpe Ratio Rank: 53
BCOG.L Sortino Ratio Rank: 46
BCOG.L Omega Ratio Rank: 53
BCOG.L Calmar Ratio Rank: 53
BCOG.L Martin Ratio Rank: 55

UKG5.L

UKG5.L Risk / Return Rank: 54
UKG5.L Sharpe Ratio Rank: 58
UKG5.L Sortino Ratio Rank: 63
UKG5.L Omega Ratio Rank: 68
UKG5.L Calmar Ratio Rank: 38
UKG5.L Martin Ratio Rank: 41

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. UKG5.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 L&G UK Gilt 0-5 Year UCITS ETF (UKG5.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	UKG5.L	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.73	-0.14
Sortino ratio: Return per unit of downside risk	2.07	2.58	-0.51
Omega ratio: Gain probability vs. loss probability	1.29	1.36	-0.07
Calmar ratio: Return relative to maximum drawdown	2.30	1.74	+0.56
Martin ratio: Return relative to average drawdown	8.45	5.89	+2.56

BCOG.L vs. UKG5.L - Sharpe Ratio Comparison

The current BCOG.L Sharpe Ratio is 1.59, which is comparable to the UKG5.L Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of BCOG.L and UKG5.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BCOG.L vs. UKG5.L - Drawdown Comparison

The maximum BCOG.L drawdown since its inception was -40.03%, which is greater than UKG5.L's maximum drawdown of -9.62%. Use the drawdown chart below to compare losses from any high point for BCOG.L and UKG5.L.

Drawdown Indicators

	BCOG.L	UKG5.L	Difference
Max Drawdown Largest peak-to-trough decline	-40.03%	-9.62%	-30.41%
Max Drawdown (1Y) Largest decline over 1 year	-12.37%	-1.87%	-10.50%
Max Drawdown (3Y) Largest decline over 3 years	-26.54%	-1.87%	-24.67%
Max Drawdown (5Y) Largest decline over 5 years	-27.76%	-9.11%	-18.65%
Current Drawdown Current decline from peak	-11.93%	0.00%	-11.93%
Average Drawdown Average peak-to-trough decline	-19.02%	-2.45%	-16.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	0.56%	+2.81%

Volatility

BCOG.L vs. UKG5.L - Volatility Comparison

L&G All Commodities UCITS ETF (BCOG.L) has a higher volatility of 4.08% compared to L&G UK Gilt 0-5 Year UCITS ETF (UKG5.L) at 0.51%. This indicates that BCOG.L's price experiences larger fluctuations and is considered to be riskier than UKG5.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCOG.L	UKG5.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	0.51%	+3.57%
Volatility (6M) Calculated over the trailing 6-month period	16.06%	1.70%	+14.36%
Volatility (1Y) Calculated over the trailing 1-year period	17.85%	1.88%	+15.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.53%	2.51%	+19.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.86%	2.40%	+17.46%

BCOG.L vs. UKG5.L - Expense Ratio Comparison

BCOG.L has a 0.15% expense ratio, which is higher than UKG5.L's 0.06% 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. UKG5.L - Dividend Comparison

BCOG.L has not paid dividends to shareholders, while UKG5.L's dividend yield for the trailing twelve months is around 3.91%.

Position	TTM	2025	2024	2023	2022
BCOG.L L&G All Commodities UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%
UKG5.L L&G UK Gilt 0-5 Year UCITS ETF	3.91%	3.94%	3.66%	2.02%	0.04%

Frequently Asked Questions

Can I hold both BCOG.L and UKG5.L in my portfolio?

BCOG.L and UKG5.L have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BCOG.L or UKG5.L?

On fees, UKG5.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BCOG.L or UKG5.L?

UKG5.L is cheaper with a 0.06% expense ratio, compared with 0.15% for BCOG.L.

What is the main difference between BCOG.L and UKG5.L?

BCOG.L is categorized as Commodities, while UKG5.L is European Government Bonds. BCOG.L tracks Bloomberg Commodity, while UKG5.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. Their fees differ too: 0.15% for BCOG.L and 0.06% for UKG5.L.