DPAY.L vs. BCOG.L
DPAY.L (L&G Digital Payments UCITS ETF USD (Acc)) and BCOG.L (L&G All Commodities UCITS ETF) are both exchange-traded funds - DPAY.L is a Technology Equities fund tracking the Solactive Digital Payments Index NTR, while BCOG.L is a Commodities fund tracking the Bloomberg Commodity. Both are passively managed. Over the past 5 years, DPAY.L returned -5.68%/yr vs 10.50%/yr for BCOG.L. At a 0.07 correlation, their price movements are largely independent. DPAY.L charges 0.49%/yr vs 0.15%/yr for BCOG.L.
Performance
DPAY.L vs. BCOG.L - Performance Comparison
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Different Trading Currencies
DPAY.L is traded in USD, while BCOG.L is traded in GBp. To make them comparable, the BCOG.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, DPAY.L achieves a 2.53% return, which is significantly lower than BCOG.L's 20.63% return.
DPAY.L
- 1D
- 2.94%
- 1M
- 10.78%
- 6M
- 4.05%
- YTD
- 2.53%
- 1Y
- -5.75%
- 3Y*
- 3.47%
- 5Y*
- -5.68%
- 10Y*
- —
BCOG.L
- 1D
- 0.31%
- 1M
- 2.00%
- 6M
- 15.71%
- YTD
- 20.63%
- 1Y
- 30.43%
- 3Y*
- 12.59%
- 5Y*
- 10.50%
- 10Y*
- —
DPAY.L vs. BCOG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DPAY.L L&G Digital Payments UCITS ETF USD (Acc) | 2.53% | -7.05% | 14.10% | 20.99% | -31.30% | -15.88% |
BCOG.L L&G All Commodities UCITS ETF | 20.63% | 16.33% | 4.36% | -7.69% | 15.53% | 8.86% |
Correlation
The correlation between DPAY.L and BCOG.L is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since May 26, 2021 | 0.07 |
The correlation between DPAY.L and BCOG.L shifts across timeframes, from -0.16 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DPAY.L vs. BCOG.L — Risk / Return Rank
DPAY.L
BCOG.L
DPAY.L vs. BCOG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Digital Payments UCITS ETF USD (Acc) (DPAY.L) and L&G All Commodities UCITS ETF (BCOG.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.
| DPAY.L | BCOG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.94 | ||
| Sortino ratioReturn per unit of downside risk | -2.40 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.30 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 2.10 | -2.31 |
| Martin ratioReturn relative to average drawdown | -0.38 | 6.65 | -7.03 |
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Drawdowns
DPAY.L vs. BCOG.L - Drawdown Comparison
The maximum DPAY.L drawdown since its inception was -50.59%, which is greater than BCOG.L's maximum drawdown of -42.15%. Use the drawdown chart below to compare losses from any high point for DPAY.L and BCOG.L.
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Drawdown Indicators
| DPAY.L | BCOG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.59% | -42.15% | -8.44% |
Max Drawdown (1Y)Largest decline over 1 year | -27.54% | -14.41% | -13.13% |
Max Drawdown (3Y)Largest decline over 3 years | -27.54% | -23.60% | -3.94% |
Max Drawdown (5Y)Largest decline over 5 years | -50.27% | -25.85% | -24.42% |
Current DrawdownCurrent decline from peak | -28.35% | -8.62% | -19.73% |
Average DrawdownAverage peak-to-trough decline | -31.89% | -17.77% | -14.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.23% | 4.56% | +10.67% |
Volatility
DPAY.L vs. BCOG.L - Volatility Comparison
L&G Digital Payments UCITS ETF USD (Acc) (DPAY.L) has a higher volatility of 8.80% compared to L&G All Commodities UCITS ETF (BCOG.L) at 4.90%. This indicates that DPAY.L's price experiences larger fluctuations and is considered to be riskier than BCOG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DPAY.L | BCOG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.80% | 4.90% | +3.90% |
Volatility (6M)Calculated over the trailing 6-month period | 19.54% | 15.87% | +3.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.66% | 17.80% | +5.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.18% | 21.84% | +4.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.88% | 20.15% | +5.73% |
DPAY.L vs. BCOG.L - Expense Ratio Comparison
DPAY.L has a 0.49% expense ratio, which is higher than BCOG.L's 0.15% expense ratio.
Dividends
DPAY.L vs. BCOG.L - Dividend Comparison
Neither DPAY.L nor BCOG.L has paid dividends to shareholders.
Frequently Asked Questions
DPAY.L and BCOG.L have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BCOG.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BCOG.L is cheaper with a 0.15% expense ratio, compared with 0.49% for DPAY.L.
DPAY.L is categorized as Technology Equities, while BCOG.L is Commodities. DPAY.L tracks Solactive Digital Payments Index NTR, while BCOG.L tracks Bloomberg Commodity. Their fees differ too: 0.49% for DPAY.L and 0.15% for BCOG.L.
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