COMM.L vs. EN4C.DE
COMM.L (iShares Diversified Commodity Swap UCITS ETF) and EN4C.DE (L&G Multi-Strategy Enhanced Commodities UCITS ETF) are both Commodities funds - COMM.L tracks the Bloomberg Commodity while EN4C.DE tracks the Barclays Backwardation Tilt Multi-Strategy Capped. Both are passively managed. Over the past 3 years, COMM.L returned 13.56%/yr vs 10.87%/yr for EN4C.DE. Their correlation of 0.86 suggests significant overlap in exposure. COMM.L charges 0.19%/yr vs 0.30%/yr for EN4C.DE.
Performance
COMM.L vs. EN4C.DE - Performance Comparison
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Different Trading Currencies
COMM.L is traded in GBp, while EN4C.DE is traded in EUR. To make them comparable, the EN4C.DE values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with COMM.L having a 26.50% return and EN4C.DE slightly lower at 25.31%.
COMM.L
- 1D
- 0.70%
- 1M
- -0.33%
- YTD
- 26.50%
- 6M
- 24.77%
- 1Y
- 40.42%
- 3Y*
- 13.56%
- 5Y*
- 12.56%
- 10Y*
- —
EN4C.DE
- 1D
- 0.76%
- 1M
- -1.28%
- YTD
- 25.31%
- 6M
- 24.58%
- 1Y
- 35.13%
- 3Y*
- 10.87%
- 5Y*
- —
- 10Y*
- —
COMM.L vs. EN4C.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
COMM.L iShares Diversified Commodity Swap UCITS ETF | 26.50% | 8.53% | 6.19% | -12.55% | 28.34% | 3.13% |
EN4C.DE L&G Multi-Strategy Enhanced Commodities UCITS ETF | 25.31% | 1.91% | 5.14% | -7.51% | 36.94% | 8.02% |
Correlation
The correlation between COMM.L and EN4C.DE is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2021 | 0.86 |
The correlation between COMM.L and EN4C.DE has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.
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Return for Risk
COMM.L vs. EN4C.DE — Risk / Return Rank
COMM.L
EN4C.DE
COMM.L vs. EN4C.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Diversified Commodity Swap UCITS ETF (COMM.L) and L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.DE). 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.
| COMM.L | EN4C.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.35 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 5.37 | 4.23 | +1.14 |
| Martin ratioReturn relative to average drawdown | 12.27 | 11.40 | +0.87 |
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
| COMM.L | EN4C.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.17 | 1.96 | +0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.76 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.77 | -0.25 |
Drawdowns
COMM.L vs. EN4C.DE - Drawdown Comparison
The maximum COMM.L drawdown since its inception was -28.49%, which is greater than EN4C.DE's maximum drawdown of -26.42%. Use the drawdown chart below to compare losses from any high point for COMM.L and EN4C.DE.
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Drawdown Indicators
| COMM.L | EN4C.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.49% | -26.42% | -2.07% |
Max Drawdown (1Y)Largest decline over 1 year | -7.49% | -8.27% | +0.78% |
Max Drawdown (3Y)Largest decline over 3 years | -14.73% | -17.13% | +2.40% |
Max Drawdown (5Y)Largest decline over 5 years | -28.49% | — | — |
Current DrawdownCurrent decline from peak | -3.76% | -2.67% | -1.09% |
Average DrawdownAverage peak-to-trough decline | -12.16% | -13.53% | +1.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.28% | 3.07% | +0.21% |
Volatility
COMM.L vs. EN4C.DE - Volatility Comparison
The current volatility for iShares Diversified Commodity Swap UCITS ETF (COMM.L) is 6.13%, while L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.DE) has a volatility of 6.46%. This indicates that COMM.L experiences smaller price fluctuations and is considered to be less risky than EN4C.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| COMM.L | EN4C.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.13% | 6.46% | -0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 16.37% | 14.49% | +1.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.53% | 17.87% | +0.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.50% | 17.80% | -1.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.37% | 17.80% | -2.43% |
COMM.L vs. EN4C.DE - Expense Ratio Comparison
COMM.L has a 0.19% expense ratio, which is lower than EN4C.DE's 0.30% expense ratio.
Dividends
COMM.L vs. EN4C.DE - Dividend Comparison
Neither COMM.L nor EN4C.DE has paid dividends to shareholders.
Frequently Asked Questions
COMM.L and EN4C.DE have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, COMM.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
COMM.L is cheaper with a 0.19% expense ratio, compared with 0.30% for EN4C.DE.
COMM.L tracks Bloomberg Commodity, while EN4C.DE tracks Barclays Backwardation Tilt Multi-Strategy Capped. They also come from different issuers: iShares and Legal & General. Their fees differ too: 0.19% for COMM.L and 0.30% for EN4C.DE.
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