EN4C.DE vs. ETLS.DE
EN4C.DE (L&G Multi-Strategy Enhanced Commodities UCITS ETF) and ETLS.DE (L&G US Equity UCITS ETF) are both exchange-traded funds - EN4C.DE is a Commodities fund tracking the Barclays Backwardation Tilt Multi-Strategy Capped, while ETLS.DE is a Large Cap Blend Equities fund tracking the Solactive Core United States Large & Mid Cap. Both are passively managed. Over the past 3 years, EN4C.DE returned 9.70%/yr vs 19.26%/yr for ETLS.DE. At a 0.17 correlation, their price movements are largely independent. EN4C.DE charges 0.30%/yr vs 0.05%/yr for ETLS.DE.
Performance
EN4C.DE vs. ETLS.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 ETLS.DE's 11.28% return.
EN4C.DE
- 1D
- -1.57%
- 1M
- 0.45%
- YTD
- 24.44%
- 6M
- 23.08%
- 1Y
- 29.56%
- 3Y*
- 9.70%
- 5Y*
- —
- 10Y*
- —
ETLS.DE
- 1D
- -0.11%
- 1M
- 4.61%
- YTD
- 11.28%
- 6M
- 10.60%
- 1Y
- 25.37%
- 3Y*
- 19.26%
- 5Y*
- 14.64%
- 10Y*
- —
EN4C.DE vs. ETLS.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% |
ETLS.DE L&G US Equity UCITS ETF | 11.28% | 5.06% | 32.53% | 24.21% | -16.00% | 10.94% |
Correlation
The correlation between EN4C.DE and ETLS.DE is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2021 | 0.17 |
The correlation between EN4C.DE and ETLS.DE shifts across timeframes, from -0.01 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EN4C.DE vs. ETLS.DE — Risk / Return Rank
EN4C.DE
ETLS.DE
EN4C.DE vs. ETLS.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 US Equity UCITS ETF (ETLS.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 | ETLS.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.41 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 3.37 | +0.07 |
| Martin ratioReturn relative to average drawdown | 8.36 | 12.00 | -3.63 |
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 | ETLS.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.69 | 2.21 | -0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.94 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.72 | 0.98 | -0.26 |
Drawdowns
EN4C.DE vs. ETLS.DE - Drawdown Comparison
The maximum EN4C.DE drawdown since its inception was -25.41%, smaller than the maximum ETLS.DE drawdown of -33.98%. Use the drawdown chart below to compare losses from any high point for EN4C.DE and ETLS.DE.
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Drawdown Indicators
| EN4C.DE | ETLS.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.41% | -33.98% | +8.57% |
Max Drawdown (1Y)Largest decline over 1 year | -8.81% | -7.57% | -1.24% |
Max Drawdown (3Y)Largest decline over 3 years | -17.63% | -23.68% | +6.05% |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.68% | — |
Current DrawdownCurrent decline from peak | -4.02% | -0.45% | -3.57% |
Average DrawdownAverage peak-to-trough decline | -13.89% | -4.63% | -9.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.64% | 2.13% | +1.51% |
Volatility
EN4C.DE vs. ETLS.DE - Volatility Comparison
L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.DE) has a higher volatility of 5.98% compared to L&G US Equity UCITS ETF (ETLS.DE) at 2.76%. This indicates that EN4C.DE's price experiences larger fluctuations and is considered to be riskier than ETLS.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 | ETLS.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.98% | 2.76% | +3.22% |
Volatility (6M)Calculated over the trailing 6-month period | 14.54% | 7.67% | +6.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.98% | 11.54% | +6.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.11% | 15.45% | +2.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.11% | 17.17% | +0.94% |
EN4C.DE vs. ETLS.DE - Expense Ratio Comparison
EN4C.DE has a 0.30% expense ratio, which is higher than ETLS.DE's 0.05% expense ratio.
Dividends
EN4C.DE vs. ETLS.DE - Dividend Comparison
Neither EN4C.DE nor ETLS.DE has paid dividends to shareholders.
Frequently Asked Questions
EN4C.DE and ETLS.DE have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ETLS.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETLS.DE is cheaper with a 0.05% expense ratio, compared with 0.30% for EN4C.DE.
EN4C.DE is categorized as Commodities, while ETLS.DE is Large Cap Blend Equities. EN4C.DE tracks Barclays Backwardation Tilt Multi-Strategy Capped, while ETLS.DE tracks Solactive Core United States Large & Mid Cap. Their fees differ too: 0.30% for EN4C.DE and 0.05% for ETLS.DE.
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