BCOG.L vs. XFRM.L
BCOG.L (L&G All Commodities UCITS ETF) and XFRM.L (WisdomTree Broad Commodities Ex-Agriculture and Livestock) are both Commodities funds - BCOG.L tracks the Bloomberg Commodity while XFRM.L tracks the Bloomberg Commodity ex-Agriculture and Livestock. Both are passively managed. Over the past 5 years, BCOG.L returned 12.73%/yr vs 16.36%/yr for XFRM.L. Their correlation of 0.81 suggests significant overlap in exposure. BCOG.L charges 0.15%/yr vs 0.49%/yr for XFRM.L.
Performance
BCOG.L vs. XFRM.L - Performance Comparison
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Different Trading Currencies
BCOG.L is traded in GBp, while XFRM.L is traded in USD. To make them comparable, the XFRM.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 26.69% return, which is significantly lower than XFRM.L's 38.74% return.
BCOG.L
- 1D
- 0.70%
- 1M
- -0.33%
- YTD
- 26.69%
- 6M
- 24.71%
- 1Y
- 39.39%
- 3Y*
- 13.46%
- 5Y*
- 12.73%
- 10Y*
- —
XFRM.L
- 1D
- 1.36%
- 1M
- -0.07%
- YTD
- 38.74%
- 6M
- 38.95%
- 1Y
- 60.66%
- 3Y*
- 20.62%
- 5Y*
- 16.36%
- 10Y*
- 9.98%
BCOG.L vs. XFRM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BCOG.L L&G All Commodities UCITS ETF | 26.69% | 8.16% | 6.13% | -12.32% | 29.36% | 29.04% | -6.24% | 1.82% | -4.64% | 1.28% |
XFRM.L WisdomTree Broad Commodities Ex-Agriculture and Livestock | 38.74% | 14.37% | 8.56% | -13.95% | 28.86% | 28.08% | -11.79% | 5.91% | -7.24% | 11.68% |
Correlation
The correlation between BCOG.L and XFRM.L is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2017 | 0.81 |
The correlation between BCOG.L and XFRM.L shifts across timeframes, from 0.81 (all time) to 0.93 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BCOG.L vs. XFRM.L — Risk / Return Rank
BCOG.L
XFRM.L
BCOG.L vs. XFRM.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 WisdomTree Broad Commodities Ex-Agriculture and Livestock (XFRM.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 | XFRM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.45 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 4.57 | 6.50 | -1.93 |
| Martin ratioReturn relative to average drawdown | 10.61 | 15.21 | -4.59 |
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 | XFRM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.13 | 2.54 | -0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.75 | 0.79 | -0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.53 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.25 | +0.26 |
Drawdowns
BCOG.L vs. XFRM.L - Drawdown Comparison
The maximum BCOG.L drawdown since its inception was -28.15%, smaller than the maximum XFRM.L drawdown of -45.81%. Use the drawdown chart below to compare losses from any high point for BCOG.L and XFRM.L.
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Drawdown Indicators
| BCOG.L | XFRM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.15% | -45.81% | +17.66% |
Max Drawdown (1Y)Largest decline over 1 year | -8.57% | -9.28% | +0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -14.48% | -15.22% | +0.74% |
Max Drawdown (5Y)Largest decline over 5 years | -27.76% | -33.95% | +6.19% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.95% | — |
Current DrawdownCurrent decline from peak | -3.86% | -3.51% | -0.35% |
Average DrawdownAverage peak-to-trough decline | -11.67% | -22.79% | +11.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.70% | 3.98% | -0.28% |
Volatility
BCOG.L vs. XFRM.L - Volatility Comparison
The current volatility for L&G All Commodities UCITS ETF (BCOG.L) is 6.04%, while WisdomTree Broad Commodities Ex-Agriculture and Livestock (XFRM.L) has a volatility of 7.07%. This indicates that BCOG.L experiences smaller price fluctuations and is considered to be less risky than XFRM.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 | XFRM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.04% | 7.07% | -1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 15.82% | 21.13% | -5.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.45% | 23.79% | -5.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.88% | 20.65% | -3.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.70% | 18.79% | -3.09% |
BCOG.L vs. XFRM.L - Expense Ratio Comparison
BCOG.L has a 0.15% expense ratio, which is lower than XFRM.L's 0.49% expense ratio.
Dividends
BCOG.L vs. XFRM.L - Dividend Comparison
Neither BCOG.L nor XFRM.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.93, BCOG.L and XFRM.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, BCOG.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BCOG.L is cheaper with a 0.15% expense ratio, compared with 0.49% for XFRM.L.
BCOG.L tracks Bloomberg Commodity, while XFRM.L tracks Bloomberg Commodity ex-Agriculture and Livestock. They also come from different issuers: Legal & General and WisdomTree. Their fees differ too: 0.15% for BCOG.L and 0.49% for XFRM.L.
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