EN4C.DE vs. PDBC
EN4C.DE (L&G Multi-Strategy Enhanced Commodities UCITS ETF) and PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) are both Commodities funds. EN4C.DE is passively managed, while PDBC is actively managed. Over the past 3 years, EN4C.DE returned 10.67%/yr vs 11.39%/yr for PDBC. A 0.69 correlation means they provide meaningful diversification when combined. EN4C.DE charges 0.30%/yr vs 0.58%/yr for PDBC.
Performance
EN4C.DE vs. PDBC - Performance Comparison
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Different Trading Currencies
EN4C.DE is traded in EUR, while PDBC is traded in USD. To make them comparable, the PDBC values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, EN4C.DE achieves a 26.42% return, which is significantly lower than PDBC's 37.86% return.
EN4C.DE
- 1D
- 0.75%
- 1M
- -1.34%
- YTD
- 26.42%
- 6M
- 25.95%
- 1Y
- 31.46%
- 3Y*
- 10.67%
- 5Y*
- —
- 10Y*
- —
PDBC
- 1D
- 0.61%
- 1M
- -2.68%
- YTD
- 37.86%
- 6M
- 37.01%
- 1Y
- 42.57%
- 3Y*
- 11.39%
- 5Y*
- 13.44%
- 10Y*
- 8.56%
EN4C.DE vs. PDBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EN4C.DE L&G Multi-Strategy Enhanced Commodities UCITS ETF | 26.42% | -3.13% | 9.93% | -5.63% | 29.83% | 10.18% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 37.86% | -6.62% | 8.83% | -9.06% | 26.62% | 7.94% |
Correlation
The correlation between EN4C.DE and PDBC is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2021 | 0.69 |
The correlation between EN4C.DE and PDBC has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.
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Return for Risk
EN4C.DE vs. PDBC — Risk / Return Rank
EN4C.DE
PDBC
EN4C.DE vs. PDBC - 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 Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC). 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 | PDBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.36 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 5.12 | -1.56 |
| Martin ratioReturn relative to average drawdown | 8.65 | 10.19 | -1.54 |
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 | PDBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.75 | 2.07 | -0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.46 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 0.25 | +0.49 |
Drawdowns
EN4C.DE vs. PDBC - Drawdown Comparison
The maximum EN4C.DE drawdown since its inception was -25.41%, smaller than the maximum PDBC drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for EN4C.DE and PDBC.
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Drawdown Indicators
| EN4C.DE | PDBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.41% | -41.97% | +16.56% |
Max Drawdown (1Y)Largest decline over 1 year | -8.81% | -8.36% | -0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -17.63% | -17.86% | +0.23% |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.41% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.18% | — |
Current DrawdownCurrent decline from peak | -2.49% | -4.19% | +1.70% |
Average DrawdownAverage peak-to-trough decline | -13.90% | -19.87% | +5.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.63% | 4.19% | -0.56% |
Volatility
EN4C.DE vs. PDBC - Volatility Comparison
The current volatility for L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.DE) is 6.45%, while Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) has a volatility of 6.85%. This indicates that EN4C.DE experiences smaller price fluctuations and is considered to be less risky than PDBC 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 | PDBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.45% | 6.85% | -0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 14.45% | 16.86% | -2.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.93% | 20.65% | -2.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.10% | 19.98% | -1.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.10% | 18.55% | -0.45% |
EN4C.DE vs. PDBC - Expense Ratio Comparison
EN4C.DE has a 0.30% expense ratio, which is lower than PDBC's 0.58% expense ratio.
Dividends
EN4C.DE vs. PDBC - Dividend Comparison
EN4C.DE has not paid dividends to shareholders, while PDBC's dividend yield for the trailing twelve months is around 2.82%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
EN4C.DE L&G Multi-Strategy Enhanced Commodities UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 2.82% | 3.84% | 4.42% | 4.21% | 13.05% | 50.83% | 0.01% | 1.40% | 1.00% | 3.83% | 6.51% |
Frequently Asked Questions
EN4C.DE and PDBC have a correlation of 0.74, 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 0.58% for PDBC.
They also come from different issuers: Legal & General and Invesco. Their fees differ too: 0.30% for EN4C.DE and 0.58% for PDBC.
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