ENCG.L vs. ROLG.L
ENCG.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF) and ROLG.L (iShares Bloomberg Roll Select Commodity Swap UCITS ETF USD) are both Commodities funds - ENCG.L tracks the Barclays Backwardation Tilt Multi-Strategy Capped while ROLG.L tracks the Bloomberg Roll Select Commodity. Both are passively managed. Over the past 3 years, ENCG.L returned 10.78%/yr vs 15.28%/yr for ROLG.L. Their correlation of 0.88 suggests significant overlap in exposure. ENCG.L charges 0.30%/yr vs 0.28%/yr for ROLG.L.
Performance
ENCG.L vs. ROLG.L - Performance Comparison
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Different Trading Currencies
ENCG.L is traded in GBp, while ROLG.L is traded in GBP. To make them comparable, the ROLG.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 lower than ROLG.L's 29.88% return.
ENCG.L
- 1D
- 0.77%
- 1M
- 0.86%
- YTD
- 26.21%
- 6M
- 24.44%
- 1Y
- 35.56%
- 3Y*
- 10.78%
- 5Y*
- —
- 10Y*
- —
ROLG.L
- 1D
- 0.70%
- 1M
- 1.14%
- YTD
- 29.88%
- 6M
- 29.34%
- 1Y
- 45.86%
- 3Y*
- 15.28%
- 5Y*
- 14.93%
- 10Y*
- —
ENCG.L vs. ROLG.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% |
ROLG.L iShares Bloomberg Roll Select Commodity Swap UCITS ETF USD | 29.88% | 8.64% | 6.25% | -7.36% | 30.51% | 7.33% |
Correlation
The correlation between ENCG.L and ROLG.L is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Jul 21, 2021 | 0.88 |
The correlation between ENCG.L and ROLG.L has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.
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Return for Risk
ENCG.L vs. ROLG.L — Risk / Return Rank
ENCG.L
ROLG.L
ENCG.L vs. ROLG.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 Bloomberg Roll Select Commodity Swap UCITS ETF USD (ROLG.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 | ROLG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.49 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 4.22 | 6.70 | -2.47 |
| Martin ratioReturn relative to average drawdown | 11.46 | 19.05 | -7.59 |
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 | ROLG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.01 | 2.75 | -0.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.84 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.81 | 0.60 | +0.21 |
Drawdowns
ENCG.L vs. ROLG.L - Drawdown Comparison
The maximum ENCG.L drawdown since its inception was -26.32%, which is greater than ROLG.L's maximum drawdown of -22.66%. Use the drawdown chart below to compare losses from any high point for ENCG.L and ROLG.L.
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Drawdown Indicators
| ENCG.L | ROLG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.32% | -22.66% | -3.66% |
Max Drawdown (1Y)Largest decline over 1 year | -8.38% | -6.81% | -1.57% |
Max Drawdown (3Y)Largest decline over 3 years | -17.11% | -13.27% | -3.84% |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.85% | — |
Current DrawdownCurrent decline from peak | -2.90% | -2.97% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -13.09% | -8.98% | -4.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 2.40% | +0.69% |
Volatility
ENCG.L vs. ROLG.L - Volatility Comparison
L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCG.L) has a higher volatility of 6.35% compared to iShares Bloomberg Roll Select Commodity Swap UCITS ETF USD (ROLG.L) at 5.84%. This indicates that ENCG.L's price experiences larger fluctuations and is considered to be riskier than ROLG.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 | ROLG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.35% | 5.84% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 14.27% | 13.86% | +0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.61% | 16.60% | +1.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.11% | 17.68% | +0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.11% | 16.98% | +1.13% |
ENCG.L vs. ROLG.L - Expense Ratio Comparison
ENCG.L has a 0.30% expense ratio, which is higher than ROLG.L's 0.28% expense ratio.
Dividends
ENCG.L vs. ROLG.L - Dividend Comparison
Neither ENCG.L nor ROLG.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.94, ENCG.L and ROLG.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, ROLG.L is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ROLG.L is cheaper with a 0.28% expense ratio, compared with 0.30% for ENCG.L.
ENCG.L tracks Barclays Backwardation Tilt Multi-Strategy Capped, while ROLG.L tracks Bloomberg Roll Select Commodity. They also come from different issuers: Legal & General and iShares. Their fees differ too: 0.30% for ENCG.L and 0.28% for ROLG.L.
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