ENCG.L vs. ETRA.L
ENCG.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF) and ETRA.L (L&G New Energy Commodities UCITS ETF USD Acc) are both Commodities funds - ENCG.L tracks the Barclays Backwardation Tilt Multi-Strategy Capped while ETRA.L tracks the Solactive Energy Transition Commodity Total Return Index. Both are passively managed. Over the past year, ENCG.L returned 35.56% vs 42.06% for ETRA.L. A 0.52 correlation means they provide meaningful diversification when combined. ENCG.L charges 0.30%/yr vs 0.65%/yr for ETRA.L.
Performance
ENCG.L vs. ETRA.L - Performance Comparison
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Returns By Period
In the year-to-date period, ENCG.L achieves a 26.21% return, which is significantly higher than ETRA.L's 15.00% return.
ENCG.L
- 1D
- 0.77%
- 1M
- 0.86%
- YTD
- 26.21%
- 6M
- 24.44%
- 1Y
- 35.56%
- 3Y*
- 10.78%
- 5Y*
- —
- 10Y*
- —
ETRA.L
- 1D
- -0.76%
- 1M
- 3.37%
- YTD
- 15.00%
- 6M
- 22.60%
- 1Y
- 42.06%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ENCG.L vs. ETRA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ENCG.L L&G Multi-Strategy Enhanced Commodities UCITS ETF | 26.21% | 0.89% | -3.10% |
ETRA.L L&G New Energy Commodities UCITS ETF USD Acc | 15.00% | 19.38% | -2.27% |
Correlation
The correlation between ENCG.L and ETRA.L is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2024 | 0.52 |
The correlation between ENCG.L and ETRA.L has been stable across timeframes, ranging from 0.48 to 0.52 - a consistent structural relationship.
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Return for Risk
ENCG.L vs. ETRA.L — Risk / Return Rank
ENCG.L
ETRA.L
ENCG.L vs. ETRA.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 New Energy Commodities UCITS ETF USD Acc (ETRA.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 | ETRA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.58 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 4.22 | 4.81 | -0.59 |
| Martin ratioReturn relative to average drawdown | 11.46 | 16.90 | -5.44 |
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 | ETRA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.01 | 3.07 | -1.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.81 | 1.15 | -0.34 |
Drawdowns
ENCG.L vs. ETRA.L - Drawdown Comparison
The maximum ENCG.L drawdown since its inception was -26.32%, which is greater than ETRA.L's maximum drawdown of -15.11%. Use the drawdown chart below to compare losses from any high point for ENCG.L and ETRA.L.
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Drawdown Indicators
| ENCG.L | ETRA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.32% | -15.11% | -11.21% |
Max Drawdown (1Y)Largest decline over 1 year | -8.38% | -8.70% | +0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -17.11% | — | — |
Current DrawdownCurrent decline from peak | -2.90% | -2.15% | -0.75% |
Average DrawdownAverage peak-to-trough decline | -13.09% | -6.30% | -6.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 2.48% | +0.61% |
Volatility
ENCG.L vs. ETRA.L - Volatility Comparison
L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCG.L) has a higher volatility of 6.35% compared to L&G New Energy Commodities UCITS ETF USD Acc (ETRA.L) at 3.10%. This indicates that ENCG.L's price experiences larger fluctuations and is considered to be riskier than ETRA.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 | ETRA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.35% | 3.10% | +3.25% |
Volatility (6M)Calculated over the trailing 6-month period | 14.27% | 11.44% | +2.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.61% | 13.65% | +3.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.11% | 12.90% | +5.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.11% | 12.90% | +5.21% |
ENCG.L vs. ETRA.L - Expense Ratio Comparison
ENCG.L has a 0.30% expense ratio, which is lower than ETRA.L's 0.65% expense ratio.
Dividends
ENCG.L vs. ETRA.L - Dividend Comparison
Neither ENCG.L nor ETRA.L has paid dividends to shareholders.
Frequently Asked Questions
ENCG.L and ETRA.L have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
ENCG.L is cheaper with a 0.30% expense ratio, compared with 0.65% for ETRA.L.
ENCG.L tracks Barclays Backwardation Tilt Multi-Strategy Capped, while ETRA.L tracks Solactive Energy Transition Commodity Total Return Index. They also come from different issuers: Legal & General and L&G. Their fees differ too: 0.30% for ENCG.L and 0.65% for ETRA.L.
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