BCOM.L vs. FLES.L

Last updated Jul 18, 2026

BCOM.L (L&G All Commodities UCITS ETF - USD Accumulating ETF) and FLES.L (Franklin Euro Short Maturity UCITS ETF EUR (Dist)) are both exchange-traded funds - BCOM.L is a Commodities fund tracking the Bloomberg Commodity Index Total Return, while FLES.L is a Ultra Short-Term Bonds fund tracking the ICE BofA 0-1 Year Euro Broad Market Index. Both are passively managed. Over the past 5 years, BCOM.L returned 10.55%/yr vs 1.56%/yr for FLES.L. At a 0.15 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.

Performance

BCOM.L vs. FLES.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in L&G All Commodities UCITS ETF - USD Accumulating ETF (BCOM.L) and Franklin Euro Short Maturity UCITS ETF EUR (Dist) (FLES.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BCOM.L is traded in USD, while FLES.L is traded in EUR. To make them comparable, the FLES.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, BCOM.L achieves a 21.11% return, which is significantly higher than FLES.L's -1.79% return.

BCOM.L

• 1D: 0.72%
• 1M: 2.57%
• 6M: 17.34%
• YTD: 21.11%
• 1Y: 30.23%
• 3Y*: 12.55%
• 5Y*: 10.55%
• 10Y*: —

FLES.L

• 1D: -0.00%
• 1M: -0.52%
• 6M: -0.58%
• YTD: -1.79%
• 1Y: 0.36%
• 3Y*: 3.80%
• 5Y*: 1.56%
• 10Y*: —

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

BCOM.L vs. FLES.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BCOM.L L&G All Commodities UCITS ETF - USD Accumulating ETF	21.11%	16.19%	4.43%	-7.25%	15.63%	27.35%	-2.99%	5.14%	-8.95%
FLES.L Franklin Euro Short Maturity UCITS ETF EUR (Dist)	-1.79%	16.13%	-2.23%	6.56%	-5.88%	-6.70%	8.72%	-1.43%	-1.37%

Correlation

The correlation between BCOM.L and FLES.L is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018	0.15

The correlation between BCOM.L and FLES.L shifts across timeframes, from 0.00 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BCOM.L vs. FLES.L — Risk / Return Rank

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

BCOM.L

BCOM.L Risk / Return Rank: 64
BCOM.L Sharpe Ratio Rank: 74
BCOM.L Sortino Ratio Rank: 67
BCOM.L Omega Ratio Rank: 72
BCOM.L Calmar Ratio Rank: 56
BCOM.L Martin Ratio Rank: 52

FLES.L

FLES.L Risk / Return Rank: 88
FLES.L Sharpe Ratio Rank: 83
FLES.L Sortino Ratio Rank: 83
FLES.L Omega Ratio Rank: 91
FLES.L Calmar Ratio Rank: 94
FLES.L Martin Ratio Rank: 89

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.

BCOM.L vs. FLES.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G All Commodities UCITS ETF - USD Accumulating ETF (BCOM.L) and Franklin Euro Short Maturity UCITS ETF EUR (Dist) (FLES.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.

	BCOM.L	FLES.L	Difference
Sharpe ratio: Return per unit of total volatility	1.78	0.06	+1.72
Sortino ratio: Return per unit of downside risk	2.32	0.13	+2.20
Omega ratio: Gain probability vs. loss probability	1.32	1.02	+0.30
Calmar ratio: Return relative to maximum drawdown	2.10	0.07	+2.03
Martin ratio: Return relative to average drawdown	6.60	0.15	+6.45

BCOM.L vs. FLES.L - Sharpe Ratio Comparison

The current BCOM.L Sharpe Ratio is 1.78, which is higher than the FLES.L Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of BCOM.L and FLES.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

BCOM.L vs. FLES.L - Drawdown Comparison

The maximum BCOM.L drawdown since its inception was -31.65%, which is greater than FLES.L's maximum drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for BCOM.L and FLES.L.

Drawdown Indicators

	BCOM.L	FLES.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.65%	-22.21%	-9.44%
Max Drawdown (1Y) Largest decline over 1 year	-14.33%	-5.08%	-9.25%
Max Drawdown (3Y) Largest decline over 3 years	-14.33%	-7.56%	-6.77%
Max Drawdown (5Y) Largest decline over 5 years	-26.27%	-19.33%	-6.94%
Current Drawdown Current decline from peak	-8.13%	-4.27%	-3.86%
Average Drawdown Average peak-to-trough decline	-11.63%	-6.60%	-5.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.52%	2.42%	+2.10%

Volatility

BCOM.L vs. FLES.L - Volatility Comparison

L&G All Commodities UCITS ETF - USD Accumulating ETF (BCOM.L) has a higher volatility of 4.12% compared to Franklin Euro Short Maturity UCITS ETF EUR (Dist) (FLES.L) at 1.24%. This indicates that BCOM.L's price experiences larger fluctuations and is considered to be riskier than FLES.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCOM.L	FLES.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	1.24%	+2.88%
Volatility (6M) Calculated over the trailing 6-month period	14.82%	4.55%	+10.27%
Volatility (1Y) Calculated over the trailing 1-year period	16.93%	6.19%	+10.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.80%	7.64%	+9.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.34%	7.25%	+8.09%

BCOM.L vs. FLES.L - Expense Ratio Comparison

Both BCOM.L and FLES.L have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

BCOM.L vs. FLES.L - Dividend Comparison

BCOM.L has not paid dividends to shareholders, while FLES.L's dividend yield for the trailing twelve months is around 1.92%.

Position	TTM	2025	2024	2023	2022
BCOM.L L&G All Commodities UCITS ETF - USD Accumulating ETF	0.00%	0.00%	0.00%	0.00%	0.00%
FLES.L Franklin Euro Short Maturity UCITS ETF EUR (Dist)	1.92%	2.62%	2.55%	1.20%	0.26%

Frequently Asked Questions

Can I hold both BCOM.L and FLES.L in my portfolio?

BCOM.L and FLES.L have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BCOM.L or FLES.L?

Both ETFs have the same 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BCOM.L or FLES.L?

BCOM.L and FLES.L have the same expense ratio: 0.15% per year.

What is the main difference between BCOM.L and FLES.L?

BCOM.L is categorized as Commodities, while FLES.L is Ultra Short-Term Bonds. BCOM.L tracks Bloomberg Commodity Index Total Return, while FLES.L tracks ICE BofA 0-1 Year Euro Broad Market Index. They also come from different issuers: L&G and Franklin.