EN4C.DE vs. XAAG.DE
EN4C.DE (L&G Multi-Strategy Enhanced Commodities UCITS ETF) and XAAG.DE (Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc) are both Commodities funds - EN4C.DE tracks the Barclays Backwardation Tilt Multi-Strategy Capped while XAAG.DE tracks the Bloomberg Commodity ex-Agriculture and Livestock. Both are passively managed. Over the past 3 years, EN4C.DE returned 9.70%/yr vs 17.71%/yr for XAAG.DE. Their correlation of 0.83 suggests significant overlap in exposure. EN4C.DE charges 0.30%/yr vs 0.19%/yr for XAAG.DE.
Performance
EN4C.DE vs. XAAG.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 XAAG.DE's 27.69% return.
EN4C.DE
- 1D
- -1.57%
- 1M
- 0.45%
- YTD
- 24.44%
- 6M
- 23.08%
- 1Y
- 29.56%
- 3Y*
- 9.70%
- 5Y*
- —
- 10Y*
- —
XAAG.DE
- 1D
- -0.56%
- 1M
- 2.26%
- YTD
- 27.69%
- 6M
- 27.75%
- 1Y
- 46.69%
- 3Y*
- 17.71%
- 5Y*
- 14.95%
- 10Y*
- —
EN4C.DE vs. XAAG.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% |
XAAG.DE Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc | 27.69% | 12.13% | 14.84% | -14.76% | 23.35% | 2.30% |
Correlation
The correlation between EN4C.DE and XAAG.DE is 0.82, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2021 | 0.83 |
The correlation between EN4C.DE and XAAG.DE has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.
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Return for Risk
EN4C.DE vs. XAAG.DE — Risk / Return Rank
EN4C.DE
XAAG.DE
EN4C.DE vs. XAAG.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 Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc (XAAG.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 | XAAG.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.39 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 4.08 | -0.64 |
| Martin ratioReturn relative to average drawdown | 8.36 | 9.65 | -1.29 |
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 | XAAG.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.69 | 2.17 | -0.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.73 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.72 | 0.49 | +0.23 |
Drawdowns
EN4C.DE vs. XAAG.DE - Drawdown Comparison
The maximum EN4C.DE drawdown since its inception was -25.41%, smaller than the maximum XAAG.DE drawdown of -33.85%. Use the drawdown chart below to compare losses from any high point for EN4C.DE and XAAG.DE.
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Drawdown Indicators
| EN4C.DE | XAAG.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.41% | -33.85% | +8.44% |
Max Drawdown (1Y)Largest decline over 1 year | -8.81% | -11.54% | +2.73% |
Max Drawdown (3Y)Largest decline over 3 years | -17.63% | -16.26% | -1.37% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.85% | — |
Current DrawdownCurrent decline from peak | -4.02% | -2.54% | -1.48% |
Average DrawdownAverage peak-to-trough decline | -13.89% | -13.88% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.64% | 4.89% | -1.25% |
Volatility
EN4C.DE vs. XAAG.DE - Volatility Comparison
L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.DE) has a higher volatility of 5.98% compared to Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc (XAAG.DE) at 4.71%. This indicates that EN4C.DE's price experiences larger fluctuations and is considered to be riskier than XAAG.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 | XAAG.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.98% | 4.71% | +1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 14.54% | 18.81% | -4.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.98% | 21.76% | -3.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.11% | 20.32% | -2.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.11% | 18.40% | -0.29% |
EN4C.DE vs. XAAG.DE - Expense Ratio Comparison
EN4C.DE has a 0.30% expense ratio, which is higher than XAAG.DE's 0.19% expense ratio.
Dividends
EN4C.DE vs. XAAG.DE - Dividend Comparison
Neither EN4C.DE nor XAAG.DE has paid dividends to shareholders.
Frequently Asked Questions
EN4C.DE and XAAG.DE have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XAAG.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XAAG.DE is cheaper with a 0.19% expense ratio, compared with 0.30% for EN4C.DE.
EN4C.DE tracks Barclays Backwardation Tilt Multi-Strategy Capped, while XAAG.DE tracks Bloomberg Commodity ex-Agriculture and Livestock. They also come from different issuers: Legal & General and Invesco. Their fees differ too: 0.30% for EN4C.DE and 0.19% for XAAG.DE.
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