CXAP.L vs. WCOG.L
CXAP.L (UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc) and WCOG.L (WisdomTree Enhanced Commodity UCITS ETF USD) are both Commodities funds - CXAP.L tracks the UBS CMCI Ex Agriculture Ex Livestock Capped while WCOG.L tracks the Optimised Roll Commodity. Both are passively managed. Over the past 10 years, CXAP.L returned 12.09%/yr vs 9.11%/yr for WCOG.L. Their correlation of 0.84 suggests significant overlap in exposure. CXAP.L charges 0.34%/yr vs 0.35%/yr for WCOG.L.
Performance
CXAP.L vs. WCOG.L - Performance Comparison
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Returns By Period
In the year-to-date period, CXAP.L achieves a 26.29% return, which is significantly lower than WCOG.L's 32.75% return. Over the past 10 years, CXAP.L has outperformed WCOG.L with an annualized return of 12.09%, while WCOG.L has yielded a comparatively lower 9.11% annualized return.
CXAP.L
- 1D
- 0.14%
- 1M
- 3.94%
- YTD
- 26.29%
- 6M
- 27.63%
- 1Y
- 45.18%
- 3Y*
- 15.50%
- 5Y*
- 14.72%
- 10Y*
- 12.09%
WCOG.L
- 1D
- 0.97%
- 1M
- 0.72%
- YTD
- 32.75%
- 6M
- 32.96%
- 1Y
- 46.54%
- 3Y*
- 13.95%
- 5Y*
- 12.98%
- 10Y*
- 9.11%
CXAP.L vs. WCOG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CXAP.L UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc | 26.29% | 10.65% | 8.67% | -10.60% | 27.69% | 36.79% | -4.93% | 7.15% | -6.02% | 5.06% |
WCOG.L WisdomTree Enhanced Commodity UCITS ETF USD | 32.75% | 7.94% | 4.45% | -12.14% | 26.35% | 28.38% | -2.08% | 3.07% | -3.67% | -4.31% |
Correlation
The correlation between CXAP.L and WCOG.L is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since May 12, 2016 | 0.84 |
The correlation between CXAP.L and WCOG.L has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.
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Return for Risk
CXAP.L vs. WCOG.L — Risk / Return Rank
CXAP.L
WCOG.L
CXAP.L vs. WCOG.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 WisdomTree Enhanced Commodity UCITS ETF USD (WCOG.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.
| CXAP.L | WCOG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.47 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 7.82 | 6.80 | +1.03 |
| Martin ratioReturn relative to average drawdown | 20.31 | 16.97 | +3.34 |
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
| CXAP.L | WCOG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.89 | 2.59 | +0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.91 | 0.85 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.76 | 0.65 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.66 | +0.10 |
Drawdowns
CXAP.L vs. WCOG.L - Drawdown Comparison
The maximum CXAP.L drawdown since its inception was -31.30%, which is greater than WCOG.L's maximum drawdown of -27.05%. Use the drawdown chart below to compare losses from any high point for CXAP.L and WCOG.L.
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Drawdown Indicators
| CXAP.L | WCOG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.30% | -27.05% | -4.25% |
Max Drawdown (1Y)Largest decline over 1 year | -5.75% | -6.82% | +1.07% |
Max Drawdown (3Y)Largest decline over 3 years | -15.43% | -13.63% | -1.80% |
Max Drawdown (5Y)Largest decline over 5 years | -21.53% | -27.05% | +5.52% |
Max Drawdown (10Y)Largest decline over 10 years | -31.30% | -27.05% | -4.25% |
Current DrawdownCurrent decline from peak | -0.77% | -2.59% | +1.82% |
Average DrawdownAverage peak-to-trough decline | -8.24% | -10.98% | +2.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 2.74% | -0.52% |
Volatility
CXAP.L vs. WCOG.L - Volatility Comparison
The current volatility for UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc (CXAP.L) is 4.57%, while WisdomTree Enhanced Commodity UCITS ETF USD (WCOG.L) has a volatility of 6.16%. This indicates that CXAP.L experiences smaller price fluctuations and is considered to be less risky than WCOG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CXAP.L | WCOG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.57% | 6.16% | -1.59% |
Volatility (6M)Calculated over the trailing 6-month period | 12.73% | 15.64% | -2.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.57% | 17.89% | -2.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.18% | 15.32% | +0.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.05% | 14.02% | +2.03% |
CXAP.L vs. WCOG.L - Expense Ratio Comparison
CXAP.L has a 0.34% expense ratio, which is lower than WCOG.L's 0.35% expense ratio.
Dividends
CXAP.L vs. WCOG.L - Dividend Comparison
CXAP.L has not paid dividends to shareholders, while WCOG.L's dividend yield for the trailing twelve months is around 2.64%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CXAP.L UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
WCOG.L WisdomTree Enhanced Commodity UCITS ETF USD | 2.64% | 4.56% | 4.54% | 0.65% | 0.00% | 0.30% | 1.64% | 1.64% | 0.46% |
Frequently Asked Questions
With a correlation of 0.90, CXAP.L and WCOG.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, CXAP.L is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CXAP.L is cheaper with a 0.34% expense ratio, compared with 0.35% for WCOG.L.
CXAP.L tracks UBS CMCI Ex Agriculture Ex Livestock Capped, while WCOG.L tracks Optimised Roll Commodity. They also come from different issuers: UBS and WisdomTree. Their fees differ too: 0.34% for CXAP.L and 0.35% for WCOG.L.
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