EN4C.DE vs. ETLQ.DE

Last updated Jun 5, 2026

EN4C.DE (L&G Multi-Strategy Enhanced Commodities UCITS ETF) and ETLQ.DE (L&G Global Equity UCITS ETF) are both exchange-traded funds - EN4C.DE is a Commodities fund tracking the Barclays Backwardation Tilt Multi-Strategy Capped, while ETLQ.DE is a Global Equities fund tracking the Solactive Core Developed Markets Large & Mid Cap. Both are passively managed. Over the past 3 years, EN4C.DE returned 9.70%/yr vs 17.73%/yr for ETLQ.DE. At a 0.16 correlation, their price movements are largely independent. EN4C.DE charges 0.30%/yr vs 0.10%/yr for ETLQ.DE.

Performance

EN4C.DE vs. ETLQ.DE - 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 L&G Global Equity UCITS ETF (ETLQ.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EN4C.DE achieves a 24.44% return, which is significantly higher than ETLQ.DE's 10.88% return.

EN4C.DE

• 1D: -1.57%
• 1M: 0.45%
• YTD: 24.44%
• 6M: 23.08%
• 1Y: 29.56%
• 3Y*: 9.70%
• 5Y*: —
• 10Y*: —

ETLQ.DE

• 1D: 0.00%
• 1M: 3.89%
• YTD: 10.88%
• 6M: 10.99%
• 1Y: 23.85%
• 3Y*: 17.73%
• 5Y*: 13.10%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EN4C.DE vs. ETLQ.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%
ETLQ.DE L&G Global Equity UCITS ETF	10.88%	8.14%	26.10%	20.83%	-13.64%	8.37%

Correlation

The correlation between EN4C.DE and ETLQ.DE is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Sep 24, 2021	0.16

The correlation between EN4C.DE and ETLQ.DE shifts across timeframes, from -0.08 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EN4C.DE vs. ETLQ.DE — 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: 52
EN4C.DE Sharpe Ratio Rank: 50
EN4C.DE Sortino Ratio Rank: 45
EN4C.DE Omega Ratio Rank: 48
EN4C.DE Calmar Ratio Rank: 70
EN4C.DE Martin Ratio Rank: 50

ETLQ.DE

ETLQ.DE Risk / Return Rank: 69
ETLQ.DE Sharpe Ratio Rank: 65
ETLQ.DE Sortino Ratio Rank: 65
ETLQ.DE Omega Ratio Rank: 66
ETLQ.DE Calmar Ratio Rank: 72
ETLQ.DE Martin Ratio Rank: 76

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. ETLQ.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 Global Equity UCITS ETF (ETLQ.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	ETLQ.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.13	-0.44
Sortino ratio: Return per unit of downside risk	2.21	2.98	-0.77
Omega ratio: Gain probability vs. loss probability	1.29	1.39	-0.10
Calmar ratio: Return relative to maximum drawdown	3.44	3.56	-0.12
Martin ratio: Return relative to average drawdown	8.36	14.23	-5.87
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. ETLQ.DE - Sharpe Ratio Comparison

The current EN4C.DE Sharpe Ratio is 1.69, which is comparable to the ETLQ.DE Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of EN4C.DE and ETLQ.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EN4C.DE	ETLQ.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	2.13	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.92	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.93	-0.21

Drawdowns

EN4C.DE vs. ETLQ.DE - Drawdown Comparison

The maximum EN4C.DE drawdown since its inception was -25.41%, smaller than the maximum ETLQ.DE drawdown of -33.38%. Use the drawdown chart below to compare losses from any high point for EN4C.DE and ETLQ.DE.

Drawdown Indicators

	EN4C.DE	ETLQ.DE	Difference
Max Drawdown Largest peak-to-trough decline	-25.41%	-33.38%	+7.97%
Max Drawdown (1Y) Largest decline over 1 year	-8.81%	-6.68%	-2.13%
Max Drawdown (3Y) Largest decline over 3 years	-17.63%	-21.58%	+3.95%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.58%	—
Current Drawdown Current decline from peak	-4.02%	-0.34%	-3.68%
Average Drawdown Average peak-to-trough decline	-13.89%	-4.33%	-9.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	1.68%	+1.96%

Volatility

EN4C.DE vs. ETLQ.DE - Volatility Comparison

L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.DE) has a higher volatility of 5.98% compared to L&G Global Equity UCITS ETF (ETLQ.DE) at 2.68%. This indicates that EN4C.DE's price experiences larger fluctuations and is considered to be riskier than ETLQ.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EN4C.DE	ETLQ.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.98%	2.68%	+3.30%
Volatility (6M) Calculated over the trailing 6-month period	14.54%	7.77%	+6.77%
Volatility (1Y) Calculated over the trailing 1-year period	17.98%	11.18%	+6.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.11%	14.06%	+4.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	15.74%	+2.37%

EN4C.DE vs. ETLQ.DE - Expense Ratio Comparison

EN4C.DE has a 0.30% expense ratio, which is higher than ETLQ.DE's 0.10% expense ratio.

Dividends

EN4C.DE vs. ETLQ.DE - Dividend Comparison

Neither EN4C.DE nor ETLQ.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EN4C.DE and ETLQ.DE in my portfolio?

EN4C.DE and ETLQ.DE have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EN4C.DE or ETLQ.DE?

On fees, ETLQ.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EN4C.DE or ETLQ.DE?

ETLQ.DE is cheaper with a 0.10% expense ratio, compared with 0.30% for EN4C.DE.

What is the main difference between EN4C.DE and ETLQ.DE?

EN4C.DE is categorized as Commodities, while ETLQ.DE is Global Equities. EN4C.DE tracks Barclays Backwardation Tilt Multi-Strategy Capped, while ETLQ.DE tracks Solactive Core Developed Markets Large & Mid Cap. Their fees differ too: 0.30% for EN4C.DE and 0.10% for ETLQ.DE.