EN4C.DE vs. EXAG.DE
EN4C.DE (L&G Multi-Strategy Enhanced Commodities UCITS ETF) and EXAG.DE (WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF (EUR Hedged) Acc) are both Commodities funds - EN4C.DE tracks the Barclays Backwardation Tilt Multi-Strategy Capped while EXAG.DE tracks the Morgan Stanley RADAR ex Agriculture & Livestock Commodity (EUR Hedged). Both are passively managed. Over the past 3 years, EN4C.DE returned 9.70%/yr vs 18.34%/yr for EXAG.DE. A 0.59 correlation means they provide meaningful diversification when combined. EN4C.DE charges 0.30%/yr vs 0.60%/yr for EXAG.DE.
Performance
EN4C.DE vs. EXAG.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with EN4C.DE having a 24.44% return and EXAG.DE slightly lower at 23.44%.
EN4C.DE
- 1D
- -1.57%
- 1M
- 0.45%
- YTD
- 24.44%
- 6M
- 23.08%
- 1Y
- 29.56%
- 3Y*
- 9.70%
- 5Y*
- —
- 10Y*
- —
EXAG.DE
- 1D
- -1.00%
- 1M
- -2.39%
- YTD
- 23.44%
- 6M
- 32.94%
- 1Y
- 58.02%
- 3Y*
- 18.34%
- 5Y*
- —
- 10Y*
- —
EN4C.DE vs. EXAG.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% |
EXAG.DE WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF (EUR Hedged) Acc | 23.44% | 32.86% | 1.21% | -10.04% | 12.14% | 3.64% |
Correlation
The correlation between EN4C.DE and EXAG.DE is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2021 | 0.59 |
The correlation between EN4C.DE and EXAG.DE has been stable across timeframes, ranging from 0.59 to 0.65 - a consistent structural relationship.
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Return for Risk
EN4C.DE vs. EXAG.DE — Risk / Return Rank
EN4C.DE
EXAG.DE
EN4C.DE vs. EXAG.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 WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF (EUR Hedged) Acc (EXAG.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 | EXAG.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.45 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 5.01 | -1.57 |
| Martin ratioReturn relative to average drawdown | 8.36 | 17.27 | -8.91 |
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 | EXAG.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.69 | 2.73 | -1.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.72 | 0.53 | +0.19 |
Drawdowns
EN4C.DE vs. EXAG.DE - Drawdown Comparison
The maximum EN4C.DE drawdown since its inception was -25.41%, smaller than the maximum EXAG.DE drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for EN4C.DE and EXAG.DE.
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Drawdown Indicators
| EN4C.DE | EXAG.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.41% | -35.04% | +9.63% |
Max Drawdown (1Y)Largest decline over 1 year | -8.81% | -11.94% | +3.13% |
Max Drawdown (3Y)Largest decline over 3 years | -17.63% | -15.69% | -1.94% |
Current DrawdownCurrent decline from peak | -4.02% | -6.47% | +2.45% |
Average DrawdownAverage peak-to-trough decline | -13.89% | -21.25% | +7.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.64% | 3.47% | +0.17% |
Volatility
EN4C.DE vs. EXAG.DE - Volatility Comparison
L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.DE) has a higher volatility of 5.98% compared to WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF (EUR Hedged) Acc (EXAG.DE) at 5.02%. This indicates that EN4C.DE's price experiences larger fluctuations and is considered to be riskier than EXAG.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 | EXAG.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.98% | 5.02% | +0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 14.54% | 19.08% | -4.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.98% | 21.98% | -4.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.11% | 20.80% | -2.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.11% | 20.80% | -2.69% |
EN4C.DE vs. EXAG.DE - Expense Ratio Comparison
EN4C.DE has a 0.30% expense ratio, which is lower than EXAG.DE's 0.60% expense ratio.
Dividends
EN4C.DE vs. EXAG.DE - Dividend Comparison
Neither EN4C.DE nor EXAG.DE has paid dividends to shareholders.
Frequently Asked Questions
EN4C.DE and EXAG.DE have a correlation of 0.65, 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 0.60% for EXAG.DE.
EN4C.DE tracks Barclays Backwardation Tilt Multi-Strategy Capped, while EXAG.DE tracks Morgan Stanley RADAR ex Agriculture & Livestock Commodity (EUR Hedged). They also come from different issuers: Legal & General and WisdomTree. Their fees differ too: 0.30% for EN4C.DE and 0.60% for EXAG.DE.
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