EN4C.DE vs. IS3N.DE
EN4C.DE (L&G Multi-Strategy Enhanced Commodities UCITS ETF) and IS3N.DE (iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)) are both exchange-traded funds - EN4C.DE is a Commodities fund tracking the Barclays Backwardation Tilt Multi-Strategy Capped, while IS3N.DE is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Investable Market (IMI). Both are passively managed. Over the past 3 years, EN4C.DE returned 9.70%/yr vs 19.99%/yr for IS3N.DE. At a 0.18 correlation, their price movements are largely independent. EN4C.DE charges 0.30%/yr vs 0.18%/yr for IS3N.DE.
Performance
EN4C.DE vs. IS3N.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 lower than IS3N.DE's 25.82% return.
EN4C.DE
- 1D
- -1.57%
- 1M
- 0.45%
- YTD
- 24.44%
- 6M
- 23.08%
- 1Y
- 29.56%
- 3Y*
- 9.70%
- 5Y*
- —
- 10Y*
- —
IS3N.DE
- 1D
- -1.45%
- 1M
- 3.11%
- YTD
- 25.82%
- 6M
- 26.34%
- 1Y
- 45.77%
- 3Y*
- 19.99%
- 5Y*
- 8.61%
- 10Y*
- 10.00%
EN4C.DE vs. IS3N.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% |
IS3N.DE iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) | 25.82% | 17.14% | 13.87% | 7.20% | -14.09% | 0.67% |
Correlation
The correlation between EN4C.DE and IS3N.DE is -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2021 | 0.18 |
The correlation between EN4C.DE and IS3N.DE shifts across timeframes, from -0.05 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EN4C.DE vs. IS3N.DE — Risk / Return Rank
EN4C.DE
IS3N.DE
EN4C.DE vs. IS3N.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 iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (IS3N.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 | IS3N.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.49 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 4.42 | -0.98 |
| Martin ratioReturn relative to average drawdown | 8.36 | 16.00 | -7.64 |
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 | IS3N.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.69 | 2.69 | -1.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.53 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.55 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.72 | 0.44 | +0.28 |
Drawdowns
EN4C.DE vs. IS3N.DE - Drawdown Comparison
The maximum EN4C.DE drawdown since its inception was -25.41%, smaller than the maximum IS3N.DE drawdown of -35.06%. Use the drawdown chart below to compare losses from any high point for EN4C.DE and IS3N.DE.
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Drawdown Indicators
| EN4C.DE | IS3N.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.41% | -35.06% | +9.65% |
Max Drawdown (1Y)Largest decline over 1 year | -8.81% | -10.52% | +1.71% |
Max Drawdown (3Y)Largest decline over 3 years | -17.63% | -19.17% | +1.54% |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.01% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.51% | — |
Current DrawdownCurrent decline from peak | -4.02% | -2.49% | -1.53% |
Average DrawdownAverage peak-to-trough decline | -13.89% | -9.30% | -4.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.64% | 2.91% | +0.73% |
Volatility
EN4C.DE vs. IS3N.DE - Volatility Comparison
The current volatility for L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.DE) is 5.98%, while iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (IS3N.DE) has a volatility of 7.16%. This indicates that EN4C.DE experiences smaller price fluctuations and is considered to be less risky than IS3N.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 | IS3N.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.98% | 7.16% | -1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 14.54% | 14.69% | -0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.98% | 17.32% | +0.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.11% | 16.19% | +1.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.11% | 18.04% | +0.07% |
EN4C.DE vs. IS3N.DE - Expense Ratio Comparison
EN4C.DE has a 0.30% expense ratio, which is higher than IS3N.DE's 0.18% expense ratio.
Dividends
EN4C.DE vs. IS3N.DE - Dividend Comparison
Neither EN4C.DE nor IS3N.DE has paid dividends to shareholders.
Frequently Asked Questions
EN4C.DE and IS3N.DE have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IS3N.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IS3N.DE is cheaper with a 0.18% expense ratio, compared with 0.30% for EN4C.DE.
EN4C.DE is categorized as Commodities, while IS3N.DE is Emerging Markets Equities. EN4C.DE tracks Barclays Backwardation Tilt Multi-Strategy Capped, while IS3N.DE tracks MSCI Emerging Markets Investable Market (IMI). They also come from different issuers: Legal & General and iShares. Their fees differ too: 0.30% for EN4C.DE and 0.18% for IS3N.DE.
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