ENCG.L vs. AIAG.L

Last updated Jun 4, 2026

ENCG.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF) and AIAG.L (L&G Artificial Intelligence UCITS ETF) are both exchange-traded funds - ENCG.L is a Commodities fund tracking the Barclays Backwardation Tilt Multi-Strategy Capped, while AIAG.L is a Technology Equities fund tracking the MSCI World/Information Tech NR USD. Both are passively managed. Over the past 3 years, ENCG.L returned 10.78%/yr vs 34.82%/yr for AIAG.L. At a 0.02 correlation, their price movements are largely independent. ENCG.L charges 0.30%/yr vs 0.49%/yr for AIAG.L.

Performance

ENCG.L vs. AIAG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCG.L) and L&G Artificial Intelligence UCITS ETF (AIAG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ENCG.L achieves a 26.21% return, which is significantly lower than AIAG.L's 42.58% return.

ENCG.L

• 1D: 0.77%
• 1M: 0.86%
• YTD: 26.21%
• 6M: 24.44%
• 1Y: 35.56%
• 3Y*: 10.78%
• 5Y*: —
• 10Y*: —

AIAG.L

• 1D: -1.57%
• 1M: 26.58%
• YTD: 42.58%
• 6M: 40.54%
• 1Y: 80.86%
• 3Y*: 34.82%
• 5Y*: 19.36%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ENCG.L vs. AIAG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ENCG.L L&G Multi-Strategy Enhanced Commodities UCITS ETF	26.21%	0.89%	5.39%	-7.83%	38.17%	13.94%
AIAG.L L&G Artificial Intelligence UCITS ETF	42.58%	21.44%	20.57%	50.58%	-33.18%	5.67%

Correlation

The correlation between ENCG.L and AIAG.L is -0.10, 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	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jul 21, 2021	0.02

The correlation between ENCG.L and AIAG.L shifts across timeframes, from -0.10 (1 year) to 0.05 (3 years), reflecting how their relationship changes across market environments.

ENCG.L vs. AIAG.L - Sectors Allocation Comparison

Sectors	ENCG.L	AIAG.L
Basic Materials	-	-
Communication Services	-	10.3%
Consumer Cyclical	-	9.2%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	1.3%
Healthcare	-	5.7%
Industrials	-	1.1%
Technology	-	71.5%
Utilities	-	-
Real Estate	-3.5%	0.9%

Return for Risk

ENCG.L vs. AIAG.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ENCG.L

ENCG.L Risk / Return Rank: 63
ENCG.L Sharpe Ratio Rank: 60
ENCG.L Sortino Ratio Rank: 53
ENCG.L Omega Ratio Rank: 59
ENCG.L Calmar Ratio Rank: 81
ENCG.L Martin Ratio Rank: 64

AIAG.L

AIAG.L Risk / Return Rank: 82
AIAG.L Sharpe Ratio Rank: 91
AIAG.L Sortino Ratio Rank: 84
AIAG.L Omega Ratio Rank: 82
AIAG.L Calmar Ratio Rank: 86
AIAG.L Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ENCG.L vs. AIAG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCG.L) and L&G Artificial Intelligence UCITS ETF (AIAG.L). 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.

	ENCG.L	AIAG.L	Difference
Sharpe ratio: Return per unit of total volatility	2.01	3.21	-1.20
Sortino ratio: Return per unit of downside risk	2.54	3.83	-1.29
Omega ratio: Gain probability vs. loss probability	1.36	1.50	-0.14
Calmar ratio: Return relative to maximum drawdown	4.22	4.79	-0.56
Martin ratio: Return relative to average drawdown	11.46	12.82	-1.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ENCG.L vs. AIAG.L - Sharpe Ratio Comparison

The current ENCG.L Sharpe Ratio is 2.01, which is lower than the AIAG.L Sharpe Ratio of 3.21. The chart below compares the historical Sharpe Ratios of ENCG.L and AIAG.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ENCG.L	AIAG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	3.21	-1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.78	+0.03

Drawdowns

ENCG.L vs. AIAG.L - Drawdown Comparison

The maximum ENCG.L drawdown since its inception was -26.32%, smaller than the maximum AIAG.L drawdown of -41.56%. Use the drawdown chart below to compare losses from any high point for ENCG.L and AIAG.L.

Drawdown Indicators

	ENCG.L	AIAG.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.32%	-41.56%	+15.24%
Max Drawdown (1Y) Largest decline over 1 year	-8.38%	-16.80%	+8.42%
Max Drawdown (3Y) Largest decline over 3 years	-17.11%	-30.73%	+13.62%
Max Drawdown (5Y) Largest decline over 5 years	—	-41.56%	—
Current Drawdown Current decline from peak	-2.90%	-1.57%	-1.33%
Average Drawdown Average peak-to-trough decline	-13.09%	-12.40%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	6.29%	-3.20%

Volatility

ENCG.L vs. AIAG.L - Volatility Comparison

The current volatility for L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCG.L) is 6.35%, while L&G Artificial Intelligence UCITS ETF (AIAG.L) has a volatility of 9.99%. This indicates that ENCG.L experiences smaller price fluctuations and is considered to be less risky than AIAG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENCG.L	AIAG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.35%	9.99%	-3.64%
Volatility (6M) Calculated over the trailing 6-month period	14.27%	18.97%	-4.70%
Volatility (1Y) Calculated over the trailing 1-year period	17.61%	25.10%	-7.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.11%	26.58%	-8.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	27.57%	-9.46%

ENCG.L vs. AIAG.L - Expense Ratio Comparison

ENCG.L has a 0.30% expense ratio, which is lower than AIAG.L's 0.49% expense ratio.

Dividends

ENCG.L vs. AIAG.L - Dividend Comparison

Neither ENCG.L nor AIAG.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ENCG.L and AIAG.L in my portfolio?

ENCG.L and AIAG.L have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ENCG.L or AIAG.L?

On fees, ENCG.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ENCG.L or AIAG.L?

ENCG.L is cheaper with a 0.30% expense ratio, compared with 0.49% for AIAG.L.

What is the main difference between ENCG.L and AIAG.L?

ENCG.L is categorized as Commodities, while AIAG.L is Technology Equities. ENCG.L tracks Barclays Backwardation Tilt Multi-Strategy Capped, while AIAG.L tracks MSCI World/Information Tech NR USD. Their fees differ too: 0.30% for ENCG.L and 0.49% for AIAG.L.