CXAP.L vs. ENCO.L
CXAP.L (UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc) and ENCO.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc)) are both Commodities funds - CXAP.L tracks the UBS CMCI Ex Agriculture Ex Livestock Capped while ENCO.L tracks the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. Both are passively managed. Over the past 3 years, CXAP.L returned 13.48%/yr vs 8.61%/yr for ENCO.L. A 0.76 correlation means they provide meaningful diversification when combined. CXAP.L charges 0.34%/yr vs 0.30%/yr for ENCO.L.
Performance
CXAP.L vs. ENCO.L - Performance Comparison
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Different Trading Currencies
CXAP.L is traded in GBp, while ENCO.L is traded in USD. To make them comparable, the ENCO.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CXAP.L achieves a 17.54% return, which is significantly lower than ENCO.L's 20.76% return.
CXAP.L
- 1D
- 1.48%
- 1M
- -1.94%
- 6M
- 13.07%
- YTD
- 17.54%
- 1Y
- 29.42%
- 3Y*
- 13.48%
- 5Y*
- 12.21%
- 10Y*
- 9.86%
ENCO.L
- 1D
- 0.78%
- 1M
- 1.06%
- 6M
- 16.18%
- YTD
- 20.76%
- 1Y
- 24.31%
- 3Y*
- 8.61%
- 5Y*
- —
- 10Y*
- —
CXAP.L vs. ENCO.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CXAP.L UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc | 17.54% | 10.65% | 8.67% | -10.60% | 27.69% | 9.68% |
ENCO.L L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) | 20.76% | 0.65% | 5.40% | -7.33% | 38.03% | 11.41% |
Correlation
The correlation between CXAP.L and ENCO.L 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 | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021 | 0.76 |
The correlation between CXAP.L and ENCO.L has been stable across timeframes, ranging from 0.76 to 0.84 - a consistent structural relationship.
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Return for Risk
CXAP.L vs. ENCO.L — Risk / Return Rank
CXAP.L
ENCO.L
CXAP.L vs. ENCO.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc (CXAP.L) and L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.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.
| CXAP.L | ENCO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.26 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 2.00 | +0.81 |
| Martin ratioReturn relative to average drawdown | 9.67 | 6.23 | +3.43 |
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Drawdowns
CXAP.L vs. ENCO.L - Drawdown Comparison
The maximum CXAP.L drawdown since its inception was -31.30%, which is greater than ENCO.L's maximum drawdown of -26.95%. Use the drawdown chart below to compare losses from any high point for CXAP.L and ENCO.L.
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Drawdown Indicators
| CXAP.L | ENCO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.30% | -26.95% | -4.35% |
Max Drawdown (1Y)Largest decline over 1 year | -10.47% | -12.10% | +1.63% |
Max Drawdown (3Y)Largest decline over 3 years | -15.43% | -17.49% | +2.06% |
Max Drawdown (5Y)Largest decline over 5 years | -21.53% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -31.30% | — | — |
Current DrawdownCurrent decline from peak | -7.64% | -6.98% | -0.66% |
Average DrawdownAverage peak-to-trough decline | -8.20% | -13.19% | +4.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.05% | 3.89% | -0.84% |
Volatility
CXAP.L vs. ENCO.L - Volatility Comparison
UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc (CXAP.L) and L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.L) have volatilities of 3.93% and 3.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CXAP.L | ENCO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.93% | 3.90% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 12.72% | 13.96% | -1.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.36% | 16.56% | -1.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.30% | 17.81% | -1.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.72% | 17.81% | -2.09% |
CXAP.L vs. ENCO.L - Expense Ratio Comparison
CXAP.L has a 0.34% expense ratio, which is higher than ENCO.L's 0.30% expense ratio.
Dividends
CXAP.L vs. ENCO.L - Dividend Comparison
Neither CXAP.L nor ENCO.L has paid dividends to shareholders.
Frequently Asked Questions
CXAP.L and ENCO.L 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, ENCO.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ENCO.L is cheaper with a 0.30% expense ratio, compared with 0.34% for CXAP.L.
CXAP.L tracks UBS CMCI Ex Agriculture Ex Livestock Capped, while ENCO.L tracks Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. They also come from different issuers: UBS and L&G. Their fees differ too: 0.34% for CXAP.L and 0.30% for ENCO.L.
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