ENCG.L vs. COMM.L
Compare and contrast key facts about L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCG.L) and iShares Diversified Commodity Swap UCITS ETF (COMM.L).
ENCG.L and COMM.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ENCG.L is a passively managed fund by Legal & General that tracks the performance of the Barclays Backwardation Tilt Multi-Strategy Capped. It was launched on Jul 5, 2021. COMM.L is a passively managed fund by iShares that tracks the performance of the Bloomberg Commodity. It was launched on Jul 18, 2017. Both ENCG.L and COMM.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
ENCG.L vs. COMM.L - Performance Comparison
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ENCG.L vs. COMM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ENCG.L L&G Multi-Strategy Enhanced Commodities UCITS ETF | 23.96% | 0.89% | 5.39% | -7.83% | 38.17% | 13.94% |
COMM.L iShares Diversified Commodity Swap UCITS ETF | 23.98% | 8.53% | 6.19% | -12.55% | 28.34% | 7.26% |
Returns By Period
The year-to-date returns for both investments are quite close, with ENCG.L having a 23.96% return and COMM.L slightly higher at 23.98%.
ENCG.L
- 1D
- -0.48%
- 1M
- 13.93%
- YTD
- 23.96%
- 6M
- 24.96%
- 1Y
- 20.73%
- 3Y*
- 8.47%
- 5Y*
- —
- 10Y*
- —
COMM.L
- 1D
- -2.25%
- 1M
- 9.40%
- YTD
- 23.98%
- 6M
- 32.13%
- 1Y
- 26.96%
- 3Y*
- 10.72%
- 5Y*
- 14.35%
- 10Y*
- —
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ENCG.L vs. COMM.L - Expense Ratio Comparison
ENCG.L has a 0.30% expense ratio, which is higher than COMM.L's 0.19% expense ratio.
Return for Risk
ENCG.L vs. COMM.L — Risk / Return Rank
ENCG.L
COMM.L
ENCG.L vs. COMM.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 iShares Diversified Commodity Swap UCITS ETF (COMM.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 | COMM.L | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.27 | 1.61 | -0.33 |
Sortino ratioReturn per unit of downside risk | 1.74 | 2.13 | -0.39 |
Omega ratioGain probability vs. loss probability | 1.24 | 1.30 | -0.06 |
Calmar ratioReturn relative to maximum drawdown | 1.92 | 3.64 | -1.72 |
Martin ratioReturn relative to average drawdown | 3.92 | 8.16 | -4.24 |
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
| ENCG.L | COMM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.27 | 1.61 | -0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.89 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.83 | 0.53 | +0.30 |
Correlation
The correlation between ENCG.L and COMM.L is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
ENCG.L vs. COMM.L - Dividend Comparison
Neither ENCG.L nor COMM.L has paid dividends to shareholders.
Drawdowns
ENCG.L vs. COMM.L - Drawdown Comparison
The maximum ENCG.L drawdown since its inception was -26.32%, smaller than the maximum COMM.L drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for ENCG.L and COMM.L.
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Drawdown Indicators
| ENCG.L | COMM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.32% | -28.49% | +2.17% |
Max Drawdown (1Y)Largest decline over 1 year | -10.85% | -9.40% | -1.45% |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.49% | — |
Current DrawdownCurrent decline from peak | -0.48% | -2.25% | +1.77% |
Average DrawdownAverage peak-to-trough decline | -13.48% | -12.34% | -1.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.21% | 3.34% | +1.87% |
Volatility
ENCG.L vs. COMM.L - Volatility Comparison
The current volatility for L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCG.L) is 6.97%, while iShares Diversified Commodity Swap UCITS ETF (COMM.L) has a volatility of 8.68%. This indicates that ENCG.L experiences smaller price fluctuations and is considered to be less risky than COMM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ENCG.L | COMM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.97% | 8.68% | -1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 11.40% | 13.67% | -2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.24% | 16.71% | -0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.84% | 16.04% | +1.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.84% | 15.11% | +2.73% |