EN4C.DE vs. UEQU.DE
EN4C.DE (L&G Multi-Strategy Enhanced Commodities UCITS ETF) and UEQU.DE (UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc) are both Commodities funds - EN4C.DE tracks the Barclays Backwardation Tilt Multi-Strategy Capped while UEQU.DE tracks the UBS CMCI Ex Agriculture Ex Livestock Capped. Both are passively managed. Over the past 3 years, EN4C.DE returned 9.70%/yr vs 14.81%/yr for UEQU.DE. Their correlation of 0.84 suggests significant overlap in exposure. EN4C.DE charges 0.30%/yr vs 0.34%/yr for UEQU.DE.
Performance
EN4C.DE vs. UEQU.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with EN4C.DE having a 24.44% return and UEQU.DE slightly higher at 25.53%.
EN4C.DE
- 1D
- -1.57%
- 1M
- 0.45%
- YTD
- 24.44%
- 6M
- 23.08%
- 1Y
- 29.56%
- 3Y*
- 9.70%
- 5Y*
- —
- 10Y*
- —
UEQU.DE
- 1D
- -0.80%
- 1M
- 2.99%
- YTD
- 25.53%
- 6M
- 26.95%
- 1Y
- 40.51%
- 3Y*
- 14.81%
- 5Y*
- 14.40%
- 10Y*
- 10.80%
EN4C.DE vs. UEQU.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% |
UEQU.DE UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc | 25.53% | 6.36% | 13.03% | -8.33% | 20.34% | 8.30% |
Correlation
The correlation between EN4C.DE and UEQU.DE is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2021 | 0.84 |
The correlation between EN4C.DE and UEQU.DE has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.
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Return for Risk
EN4C.DE vs. UEQU.DE — Risk / Return Rank
EN4C.DE
UEQU.DE
EN4C.DE vs. UEQU.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 UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc (UEQU.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 | UEQU.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.19 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.46 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 6.29 | -2.85 |
| Martin ratioReturn relative to average drawdown | 8.36 | 15.25 | -6.89 |
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 | UEQU.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.69 | 2.60 | -0.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.85 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.66 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.72 | 0.64 | +0.08 |
Drawdowns
EN4C.DE vs. UEQU.DE - Drawdown Comparison
The maximum EN4C.DE drawdown since its inception was -25.41%, smaller than the maximum UEQU.DE drawdown of -30.56%. Use the drawdown chart below to compare losses from any high point for EN4C.DE and UEQU.DE.
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Drawdown Indicators
| EN4C.DE | UEQU.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.41% | -30.56% | +5.15% |
Max Drawdown (1Y)Largest decline over 1 year | -8.81% | -6.50% | -2.31% |
Max Drawdown (3Y)Largest decline over 3 years | -17.63% | -15.66% | -1.97% |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.44% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.56% | — |
Current DrawdownCurrent decline from peak | -4.02% | -1.21% | -2.81% |
Average DrawdownAverage peak-to-trough decline | -13.89% | -8.92% | -4.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.64% | 2.69% | +0.95% |
Volatility
EN4C.DE vs. UEQU.DE - Volatility Comparison
L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.DE) has a higher volatility of 5.98% compared to UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc (UEQU.DE) at 3.91%. This indicates that EN4C.DE's price experiences larger fluctuations and is considered to be riskier than UEQU.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 | UEQU.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.98% | 3.91% | +2.07% |
Volatility (6M)Calculated over the trailing 6-month period | 14.54% | 13.03% | +1.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.98% | 15.73% | +2.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.11% | 16.83% | +1.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.11% | 16.41% | +1.70% |
EN4C.DE vs. UEQU.DE - Expense Ratio Comparison
EN4C.DE has a 0.30% expense ratio, which is lower than UEQU.DE's 0.34% expense ratio.
Dividends
EN4C.DE vs. UEQU.DE - Dividend Comparison
Neither EN4C.DE nor UEQU.DE has paid dividends to shareholders.
Frequently Asked Questions
EN4C.DE and UEQU.DE have a correlation of 0.88, 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 0.34% for UEQU.DE.
EN4C.DE tracks Barclays Backwardation Tilt Multi-Strategy Capped, while UEQU.DE tracks UBS CMCI Ex Agriculture Ex Livestock Capped. They also come from different issuers: Legal & General and UBS. Their fees differ too: 0.30% for EN4C.DE and 0.34% for UEQU.DE.
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