CMOD.L vs. ENCG.L
Compare and contrast key facts about Invesco Bloomberg Commodity UCITS ETF (CMOD.L) and L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCG.L).
CMOD.L and ENCG.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CMOD.L is a passively managed fund by Invesco that tracks the performance of the Bloomberg Commodity TR Index. It was launched on Aug 17, 2018. ENCG.L is a passively managed fund by Legal & General that tracks the performance of the Barclays Backwardation Tilt Multi-Strategy Capped. It was launched on Jul 5, 2021. Both CMOD.L and ENCG.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
CMOD.L vs. ENCG.L - Performance Comparison
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CMOD.L vs. ENCG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CMOD.L Invesco Bloomberg Commodity UCITS ETF | 22.87% | 16.16% | 4.13% | -7.56% | 14.50% | 6.30% |
ENCG.L L&G Multi-Strategy Enhanced Commodities UCITS ETF | 19.13% | 8.50% | 3.63% | -2.97% | 23.40% | 13.20% |
Different Trading Currencies
CMOD.L is traded in USD, while ENCG.L is traded in GBp. To make them comparable, the ENCG.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, CMOD.L achieves a 22.87% return, which is significantly higher than ENCG.L's 19.13% return.
CMOD.L
- 1D
- -1.22%
- 1M
- 8.91%
- YTD
- 22.87%
- 6M
- 30.50%
- 1Y
- 30.49%
- 3Y*
- 13.29%
- 5Y*
- 13.32%
- 10Y*
- —
ENCG.L
- 1D
- -2.17%
- 1M
- 7.11%
- YTD
- 19.13%
- 6M
- 20.16%
- 1Y
- 20.50%
- 3Y*
- 10.20%
- 5Y*
- —
- 10Y*
- —
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CMOD.L vs. ENCG.L - Expense Ratio Comparison
CMOD.L has a 0.19% expense ratio, which is lower than ENCG.L's 0.30% expense ratio.
Return for Risk
CMOD.L vs. ENCG.L — Risk / Return Rank
CMOD.L
ENCG.L
CMOD.L vs. ENCG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Commodity UCITS ETF (CMOD.L) and L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCG.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.
| CMOD.L | ENCG.L | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.87 | 1.26 | +0.61 |
Sortino ratioReturn per unit of downside risk | 2.46 | 1.70 | +0.76 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.24 | +0.11 |
Calmar ratioReturn relative to maximum drawdown | 4.18 | 2.27 | +1.91 |
Martin ratioReturn relative to average drawdown | 9.82 | 6.34 | +3.48 |
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
| CMOD.L | ENCG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.87 | 1.26 | +0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.82 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.74 | -0.27 |
Correlation
The correlation between CMOD.L and ENCG.L is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
CMOD.L vs. ENCG.L - Dividend Comparison
Neither CMOD.L nor ENCG.L has paid dividends to shareholders.
Drawdowns
CMOD.L vs. ENCG.L - Drawdown Comparison
The maximum CMOD.L drawdown since its inception was -33.16%, which is greater than ENCG.L's maximum drawdown of -23.60%. Use the drawdown chart below to compare losses from any high point for CMOD.L and ENCG.L.
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Drawdown Indicators
| CMOD.L | ENCG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.16% | -26.32% | -6.84% |
Max Drawdown (1Y)Largest decline over 1 year | -8.95% | -10.66% | +1.71% |
Max Drawdown (5Y)Largest decline over 5 years | -26.86% | — | — |
Current DrawdownCurrent decline from peak | -1.22% | -3.27% | +2.05% |
Average DrawdownAverage peak-to-trough decline | -12.47% | -13.47% | +1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.10% | 3.62% | -0.52% |
Volatility
CMOD.L vs. ENCG.L - Volatility Comparison
Invesco Bloomberg Commodity UCITS ETF (CMOD.L) has a higher volatility of 7.20% compared to L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCG.L) at 6.56%. This indicates that CMOD.L's price experiences larger fluctuations and is considered to be riskier than ENCG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMOD.L | ENCG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.20% | 6.56% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 13.04% | 11.30% | +1.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.22% | 16.14% | +0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.31% | 18.21% | -1.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.53% | 18.21% | -3.68% |