EN4C.DE vs. EMEH.DE
EN4C.DE (L&G Multi-Strategy Enhanced Commodities UCITS ETF) and EMEH.DE (BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR) are both Commodities funds - EN4C.DE tracks the Barclays Backwardation Tilt Multi-Strategy Capped while EMEH.DE tracks the BNP Paribas Energy & Metals Enhanced Roll (EUR Hedged). Both are passively managed. Over the past 3 years, EN4C.DE returned 9.70%/yr vs 16.63%/yr for EMEH.DE. A 0.69 correlation means they provide meaningful diversification when combined. EN4C.DE charges 0.30%/yr vs 0.39%/yr for EMEH.DE.
Performance
EN4C.DE vs. EMEH.DE - Performance Comparison
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Returns By Period
In the year-to-date period, EN4C.DE achieves a 24.44% return, which is significantly higher than EMEH.DE's 21.33% return.
EN4C.DE
- 1D
- -1.57%
- 1M
- 0.45%
- YTD
- 24.44%
- 6M
- 23.08%
- 1Y
- 29.56%
- 3Y*
- 9.70%
- 5Y*
- —
- 10Y*
- —
EMEH.DE
- 1D
- -0.55%
- 1M
- 0.49%
- YTD
- 21.33%
- 6M
- 22.74%
- 1Y
- 43.19%
- 3Y*
- 16.63%
- 5Y*
- 11.35%
- 10Y*
- —
EN4C.DE vs. EMEH.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EN4C.DE L&G Multi-Strategy Enhanced Commodities UCITS ETF | 24.44% | -3.13% | 9.93% | -5.63% | 29.83% | 10.18% |
EMEH.DE BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR | 21.33% | 25.40% | 6.63% | -12.26% | 11.15% | 2.47% |
Correlation
The correlation between EN4C.DE and EMEH.DE is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2021 | 0.69 |
The correlation between EN4C.DE and EMEH.DE has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.
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Return for Risk
EN4C.DE vs. EMEH.DE — Risk / Return Rank
EN4C.DE
EMEH.DE
EN4C.DE vs. EMEH.DE - 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 BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR (EMEH.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.
| EN4C.DE | EMEH.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.45 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 4.95 | -1.51 |
| Martin ratioReturn relative to average drawdown | 8.36 | 14.34 | -5.97 |
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
| EN4C.DE | EMEH.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.69 | 2.47 | -0.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.72 | -0.48 | +1.20 |
Drawdowns
EN4C.DE vs. EMEH.DE - Drawdown Comparison
The maximum EN4C.DE drawdown since its inception was -25.41%, smaller than the maximum EMEH.DE drawdown of -92.42%. Use the drawdown chart below to compare losses from any high point for EN4C.DE and EMEH.DE.
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Drawdown Indicators
| EN4C.DE | EMEH.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.41% | -92.42% | +67.01% |
Max Drawdown (1Y)Largest decline over 1 year | -8.81% | -8.89% | +0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -17.63% | -12.28% | -5.35% |
Max Drawdown (5Y)Largest decline over 5 years | — | -32.73% | — |
Current DrawdownCurrent decline from peak | -4.02% | -80.34% | +76.32% |
Average DrawdownAverage peak-to-trough decline | -13.89% | -81.38% | +67.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.64% | 3.08% | +0.56% |
Volatility
EN4C.DE vs. EMEH.DE - Volatility Comparison
L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.DE) has a higher volatility of 5.98% compared to BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR (EMEH.DE) at 4.15%. This indicates that EN4C.DE's price experiences larger fluctuations and is considered to be riskier than EMEH.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EN4C.DE | EMEH.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.98% | 4.15% | +1.83% |
Volatility (6M)Calculated over the trailing 6-month period | 14.54% | 15.95% | -1.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.98% | 17.83% | +0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.11% | 17.50% | +0.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.11% | 34.16% | -16.05% |
EN4C.DE vs. EMEH.DE - Expense Ratio Comparison
EN4C.DE has a 0.30% expense ratio, which is lower than EMEH.DE's 0.39% expense ratio.
Dividends
EN4C.DE vs. EMEH.DE - Dividend Comparison
Neither EN4C.DE nor EMEH.DE has paid dividends to shareholders.
Frequently Asked Questions
EN4C.DE and EMEH.DE have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EN4C.DE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EN4C.DE is cheaper with a 0.30% expense ratio, compared with 0.39% for EMEH.DE.
EN4C.DE tracks Barclays Backwardation Tilt Multi-Strategy Capped, while EMEH.DE tracks BNP Paribas Energy & Metals Enhanced Roll (EUR Hedged). They also come from different issuers: Legal & General and BNP Paribas. Their fees differ too: 0.30% for EN4C.DE and 0.39% for EMEH.DE.
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