EN4C.DE vs. ETLN.DE
EN4C.DE (L&G Multi-Strategy Enhanced Commodities UCITS ETF) and ETLN.DE (L&G Europe ex UK Equity UCITS ETF) are both exchange-traded funds - EN4C.DE is a Commodities fund tracking the Barclays Backwardation Tilt Multi-Strategy Capped, while ETLN.DE is a Europe Equities fund tracking the Solactive Core Developed Markets Europe ex UK Large & Mid Cap. Both are passively managed. Over the past 3 years, EN4C.DE returned 9.70%/yr vs 13.52%/yr for ETLN.DE. At a correlation of -0.02, they often move in opposite directions. EN4C.DE charges 0.30%/yr vs 0.10%/yr for ETLN.DE.
Performance
EN4C.DE vs. ETLN.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 ETLN.DE's 7.75% return.
EN4C.DE
- 1D
- -1.57%
- 1M
- 0.45%
- YTD
- 24.44%
- 6M
- 23.08%
- 1Y
- 29.56%
- 3Y*
- 9.70%
- 5Y*
- —
- 10Y*
- —
ETLN.DE
- 1D
- 0.40%
- 1M
- 1.13%
- YTD
- 7.75%
- 6M
- 9.98%
- 1Y
- 16.15%
- 3Y*
- 13.52%
- 5Y*
- 9.33%
- 10Y*
- —
EN4C.DE vs. ETLN.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% |
ETLN.DE L&G Europe ex UK Equity UCITS ETF | 7.75% | 20.59% | 6.45% | 18.04% | -12.23% | 4.22% |
Correlation
The correlation between EN4C.DE and ETLN.DE is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2021 | -0.02 |
Over the past year, the inverse relationship between EN4C.DE and ETLN.DE has strengthened: their correlation has moved from -0.02 to -0.26, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
EN4C.DE vs. ETLN.DE — Risk / Return Rank
EN4C.DE
ETLN.DE
EN4C.DE vs. ETLN.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 L&G Europe ex UK Equity UCITS ETF (ETLN.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 | ETLN.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.22 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 1.62 | +1.83 |
| Martin ratioReturn relative to average drawdown | 8.36 | 5.98 | +2.38 |
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 | ETLN.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.69 | 1.18 | +0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.61 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.72 | 0.69 | +0.03 |
Drawdowns
EN4C.DE vs. ETLN.DE - Drawdown Comparison
The maximum EN4C.DE drawdown since its inception was -25.41%, smaller than the maximum ETLN.DE drawdown of -34.76%. Use the drawdown chart below to compare losses from any high point for EN4C.DE and ETLN.DE.
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Drawdown Indicators
| EN4C.DE | ETLN.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.41% | -34.76% | +9.35% |
Max Drawdown (1Y)Largest decline over 1 year | -8.81% | -10.09% | +1.28% |
Max Drawdown (3Y)Largest decline over 3 years | -17.63% | -16.98% | -0.65% |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.47% | — |
Current DrawdownCurrent decline from peak | -4.02% | -1.56% | -2.46% |
Average DrawdownAverage peak-to-trough decline | -13.89% | -4.95% | -8.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.64% | 2.73% | +0.91% |
Volatility
EN4C.DE vs. ETLN.DE - Volatility Comparison
L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.DE) has a higher volatility of 5.98% compared to L&G Europe ex UK Equity UCITS ETF (ETLN.DE) at 4.39%. This indicates that EN4C.DE's price experiences larger fluctuations and is considered to be riskier than ETLN.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 | ETLN.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.98% | 4.39% | +1.59% |
Volatility (6M)Calculated over the trailing 6-month period | 14.54% | 11.28% | +3.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.98% | 13.84% | +4.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.11% | 15.14% | +2.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.11% | 16.77% | +1.34% |
EN4C.DE vs. ETLN.DE - Expense Ratio Comparison
EN4C.DE has a 0.30% expense ratio, which is higher than ETLN.DE's 0.10% expense ratio.
Dividends
EN4C.DE vs. ETLN.DE - Dividend Comparison
Neither EN4C.DE nor ETLN.DE has paid dividends to shareholders.
Frequently Asked Questions
EN4C.DE and ETLN.DE have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ETLN.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETLN.DE is cheaper with a 0.10% expense ratio, compared with 0.30% for EN4C.DE.
EN4C.DE is categorized as Commodities, while ETLN.DE is Europe Equities. EN4C.DE tracks Barclays Backwardation Tilt Multi-Strategy Capped, while ETLN.DE tracks Solactive Core Developed Markets Europe ex UK Large & Mid Cap. Their fees differ too: 0.30% for EN4C.DE and 0.10% for ETLN.DE.
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