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EN4C.DE vs. DBC
Performance
Return for Risk
Dividends
Drawdowns
Volatility

EN4C.DE vs. DBC

Last updated Apr 2, 2026

Compare and contrast key facts about L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.DE) and Invesco DB Commodity Index Tracking Fund (DBC).

EN4C.DE and DBC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EN4C.DE 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. DBC is a passively managed fund by Invesco that tracks the performance of the DBIQ Optimum Yield Diversified Commodity Index Excess Return. It was launched on Feb 3, 2006. Both EN4C.DE and DBC 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

EN4C.DE vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.DE) and Invesco DB Commodity Index Tracking Fund (DBC). The values are adjusted to include any dividend payments, if applicable.

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EN4C.DE vs. DBC - Yearly Performance Comparison

2026 (YTD)20252024202320222021
EN4C.DE
L&G Multi-Strategy Enhanced Commodities UCITS ETF		19.83%-3.13%9.93%-5.63%29.83%10.18%
DBC
Invesco DB Commodity Index Tracking Fund		30.24%-4.72%8.93%-9.01%26.73%8.21%
Different Trading Currencies

EN4C.DE is traded in EUR, while DBC is traded in USD. To make them comparable, the DBC values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, EN4C.DE achieves a 19.83% return, which is significantly lower than DBC's 30.24% return.

EN4C.DE

1D
-2.68%
1M
8.24%
YTD
19.83%
6M
21.70%
1Y
12.35%
3Y*
7.78%
5Y*
—
10Y*
—

DBC

1D
-1.04%
1M
12.29%
YTD
30.24%
6M
33.69%
1Y
22.88%
3Y*
8.96%
5Y*
14.72%
10Y*
9.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

L&G Multi-Strategy Enhanced Commodities UCITS ETF

Invesco DB Commodity Index Tracking Fund

Often compared with EN4C.DE:
EN4C.DE vs. REGB.LEN4C.DE vs. PDBCEN4C.DE vs. GLDEN4C.DE vs. COMM.LEN4C.DE vs. WTEH.DEEN4C.DE vs. M9SA.DEEN4C.DE vs. UIQ1.DE
Often compared with DBC:
DBC vs. PDBCDBC vs. GSGDBC vs. DBADBC vs. BCIDBC vs. DJPDBC vs. BCDDBC vs. USCI

EN4C.DE vs. DBC - Expense Ratio Comparison

EN4C.DE has a 0.30% expense ratio, which is lower than DBC's 0.85% expense ratio.

DBC
Invesco DB Commodity Index Tracking Fund
EN4C.DE
L&G Multi-Strategy Enhanced Commodities UCITS ETF

Return for Risk

EN4C.DE vs. DBC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EN4C.DE
EN4C.DE Risk / Return Rank: 3535
Overall Rank
EN4C.DE Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
EN4C.DE Sortino Ratio Rank: 3232
Sortino Ratio Rank
EN4C.DE Omega Ratio Rank: 3131
Omega Ratio Rank
EN4C.DE Calmar Ratio Rank: 4949
Calmar Ratio Rank
EN4C.DE Martin Ratio Rank: 3131
Martin Ratio Rank
DBC
DBC Risk / Return Rank: 8181
Overall Rank
DBC Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
DBC Sortino Ratio Rank: 8484
Sortino Ratio Rank
DBC Omega Ratio Rank: 7878
Omega Ratio Rank
DBC Calmar Ratio Rank: 8888
Calmar Ratio Rank
DBC Martin Ratio Rank: 7070
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EN4C.DE vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.DE) and Invesco DB Commodity Index Tracking Fund (DBC). 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.

EN4C.DEDBCDifference

Sharpe ratio

Return per unit of total volatility

0.70

1.10

-0.39

Sortino ratio

Return per unit of downside risk

1.02

1.56

-0.54

Omega ratio

Gain probability vs. loss probability

1.14

1.21

-0.07

Calmar ratio

Return relative to maximum drawdown

1.42

1.76

-0.34

Martin ratio

Return relative to average drawdown

3.03

3.06

-0.03

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EN4C.DE vs. DBC - Sharpe Ratio Comparison

The current EN4C.DE Sharpe Ratio is 0.70, which is lower than the DBC Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of EN4C.DE and DBC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

EN4C.DEDBCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.70

1.10

-0.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.75

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.54

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.71

0.13

+0.58

Correlation

The correlation between EN4C.DE and DBC is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

EN4C.DE vs. DBC - Dividend Comparison

EN4C.DE has not paid dividends to shareholders, while DBC's dividend yield for the trailing twelve months is around 2.59%.

TTM20252024202320222021202020192018
EN4C.DE
L&G Multi-Strategy Enhanced Commodities UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
DBC
Invesco DB Commodity Index Tracking Fund		2.59%3.33%5.22%4.94%0.59%0.00%0.00%1.59%1.30%

Drawdowns

EN4C.DE vs. DBC - Drawdown Comparison

The maximum EN4C.DE drawdown since its inception was -25.41%, smaller than the maximum DBC drawdown of -65.73%. Use the drawdown chart below to compare losses from any high point for EN4C.DE and DBC.

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Drawdown Indicators

EN4C.DEDBCDifference

Max Drawdown

Largest peak-to-trough decline

-25.41%

-76.36%

+50.95%

Max Drawdown (1Y)

Largest decline over 1 year

-13.16%

-10.99%

-2.17%

Max Drawdown (5Y)

Largest decline over 5 years

—

-27.34%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-41.71%

—

Current Drawdown

Current decline from peak

-3.49%

-25.80%

+22.31%

Average Drawdown

Average peak-to-trough decline

-14.32%

-46.42%

+32.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.21%

4.27%

-0.06%

Volatility

EN4C.DE vs. DBC - Volatility Comparison

The current volatility for L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.DE) is 7.99%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 9.52%. This indicates that EN4C.DE experiences smaller price fluctuations and is considered to be less risky than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EN4C.DEDBCDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.99%

9.52%

-1.53%

Volatility (6M)

Calculated over the trailing 6-month period

12.20%

14.71%

-2.51%

Volatility (1Y)

Calculated over the trailing 1-year period

17.49%

20.96%

-3.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.88%

19.68%

-1.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.88%

18.41%

-0.53%