ENCG.L vs. ITPS.L
ENCG.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF) and ITPS.L (iShares $ TIPS UCITS ETF USD (Acc)) are both exchange-traded funds - ENCG.L is a Commodities fund tracking the Barclays Backwardation Tilt Multi-Strategy Capped, while ITPS.L is a Inflation-Protected Bonds fund tracking the Bloomberg Gbl Infl Linked US TIPS TR USD. Both are passively managed. Over the past 3 years, ENCG.L returned 10.78%/yr vs 1.29%/yr for ITPS.L. At a 0.22 correlation, their price movements are largely independent. ENCG.L charges 0.30%/yr vs 0.12%/yr for ITPS.L.
Performance
ENCG.L vs. ITPS.L - Performance Comparison
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Different Trading Currencies
ENCG.L is traded in GBp, while ITPS.L is traded in GBP. To make them comparable, the ITPS.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, ENCG.L achieves a 26.21% return, which is significantly higher than ITPS.L's 1.33% return.
ENCG.L
- 1D
- 0.77%
- 1M
- 0.86%
- YTD
- 26.21%
- 6M
- 24.44%
- 1Y
- 35.56%
- 3Y*
- 10.78%
- 5Y*
- —
- 10Y*
- —
ITPS.L
- 1D
- -0.03%
- 1M
- 1.21%
- YTD
- 1.33%
- 6M
- 0.48%
- 1Y
- 5.49%
- 3Y*
- 1.29%
- 5Y*
- 2.02%
- 10Y*
- 3.39%
ENCG.L vs. ITPS.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% |
ITPS.L iShares $ TIPS UCITS ETF USD (Acc) | 1.33% | -0.29% | 3.57% | -2.08% | -2.35% | 3.88% |
Correlation
The correlation between ENCG.L and ITPS.L is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jul 21, 2021 | 0.22 |
The correlation between ENCG.L and ITPS.L shifts across timeframes, from 0.22 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ENCG.L vs. ITPS.L — Risk / Return Rank
ENCG.L
ITPS.L
ENCG.L vs. ITPS.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 $ TIPS UCITS ETF USD (Acc) (ITPS.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 | ITPS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.15 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 4.22 | 1.04 | +3.18 |
| Martin ratioReturn relative to average drawdown | 11.46 | 2.66 | +8.81 |
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 | ITPS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.01 | 0.87 | +1.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.23 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.33 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.81 | 0.28 | +0.53 |
Drawdowns
ENCG.L vs. ITPS.L - Drawdown Comparison
The maximum ENCG.L drawdown since its inception was -26.32%, smaller than the maximum ITPS.L drawdown of -37.27%. Use the drawdown chart below to compare losses from any high point for ENCG.L and ITPS.L.
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Drawdown Indicators
| ENCG.L | ITPS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.32% | -37.27% | +10.95% |
Max Drawdown (1Y)Largest decline over 1 year | -8.38% | -5.26% | -3.12% |
Max Drawdown (3Y)Largest decline over 3 years | -17.11% | -7.85% | -9.26% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.72% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.72% | — |
Current DrawdownCurrent decline from peak | -2.90% | -8.01% | +5.11% |
Average DrawdownAverage peak-to-trough decline | -13.09% | -10.69% | -2.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 2.06% | +1.03% |
Volatility
ENCG.L vs. ITPS.L - Volatility Comparison
L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCG.L) has a higher volatility of 6.35% compared to iShares $ TIPS UCITS ETF USD (Acc) (ITPS.L) at 1.75%. This indicates that ENCG.L's price experiences larger fluctuations and is considered to be riskier than ITPS.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 | ITPS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.35% | 1.75% | +4.60% |
Volatility (6M)Calculated over the trailing 6-month period | 14.27% | 4.64% | +9.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.61% | 6.31% | +11.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.11% | 8.76% | +9.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.11% | 10.34% | +7.77% |
ENCG.L vs. ITPS.L - Expense Ratio Comparison
ENCG.L has a 0.30% expense ratio, which is higher than ITPS.L's 0.12% expense ratio.
Dividends
ENCG.L vs. ITPS.L - Dividend Comparison
Neither ENCG.L nor ITPS.L has paid dividends to shareholders.
Frequently Asked Questions
ENCG.L and ITPS.L have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ITPS.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ITPS.L is cheaper with a 0.12% expense ratio, compared with 0.30% for ENCG.L.
ENCG.L is categorized as Commodities, while ITPS.L is Inflation-Protected Bonds. ENCG.L tracks Barclays Backwardation Tilt Multi-Strategy Capped, while ITPS.L tracks Bloomberg Gbl Infl Linked US TIPS TR USD. They also come from different issuers: Legal & General and iShares. Their fees differ too: 0.30% for ENCG.L and 0.12% for ITPS.L.
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