ENCG.L vs. SGLN.L
ENCG.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF) and SGLN.L (iShares Physical Gold ETC) are both exchange-traded funds - ENCG.L is a Commodities fund tracking the Barclays Backwardation Tilt Multi-Strategy Capped, while SGLN.L is a Precious Metals fund tracking the LBMA Gold Price. Both are passively managed. Over the past 3 years, ENCG.L returned 10.78%/yr vs 27.91%/yr for SGLN.L. At a 0.21 correlation, their price movements are largely independent.
Performance
ENCG.L vs. SGLN.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 SGLN.L's 3.17% return.
ENCG.L
- 1D
- 0.77%
- 1M
- 0.86%
- YTD
- 26.21%
- 6M
- 24.44%
- 1Y
- 35.56%
- 3Y*
- 10.78%
- 5Y*
- —
- 10Y*
- —
SGLN.L
- 1D
- -1.14%
- 1M
- -2.89%
- YTD
- 3.17%
- 6M
- 4.34%
- 1Y
- 33.24%
- 3Y*
- 27.91%
- 5Y*
- 19.95%
- 10Y*
- 14.29%
ENCG.L vs. SGLN.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% |
SGLN.L iShares Physical Gold ETC | 3.17% | 53.66% | 28.20% | 7.24% | 11.84% | 2.70% |
Correlation
The correlation between ENCG.L and SGLN.L is 0.05, 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 | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Jul 21, 2021 | 0.21 |
The correlation between ENCG.L and SGLN.L shifts across timeframes, from 0.05 (1 year) to 0.22 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ENCG.L vs. SGLN.L — Risk / Return Rank
ENCG.L
SGLN.L
ENCG.L vs. SGLN.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 Physical Gold ETC (SGLN.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 | SGLN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.28 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 4.22 | 1.88 | +2.34 |
| Martin ratioReturn relative to average drawdown | 11.46 | 5.03 | +6.44 |
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 | SGLN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.01 | 1.43 | +0.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.22 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.90 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.81 | 0.55 | +0.26 |
Drawdowns
ENCG.L vs. SGLN.L - Drawdown Comparison
The maximum ENCG.L drawdown since its inception was -26.32%, smaller than the maximum SGLN.L drawdown of -41.71%. Use the drawdown chart below to compare losses from any high point for ENCG.L and SGLN.L.
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Drawdown Indicators
| ENCG.L | SGLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.32% | -41.71% | +15.39% |
Max Drawdown (1Y)Largest decline over 1 year | -8.38% | -17.57% | +9.19% |
Max Drawdown (3Y)Largest decline over 3 years | -17.11% | -17.57% | +0.46% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.57% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.91% | — |
Current DrawdownCurrent decline from peak | -2.90% | -16.59% | +13.69% |
Average DrawdownAverage peak-to-trough decline | -13.09% | -14.76% | +1.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 6.60% | -3.51% |
Volatility
ENCG.L vs. SGLN.L - Volatility Comparison
L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCG.L) has a higher volatility of 6.35% compared to iShares Physical Gold ETC (SGLN.L) at 5.08%. This indicates that ENCG.L's price experiences larger fluctuations and is considered to be riskier than SGLN.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 | SGLN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.35% | 5.08% | +1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 14.27% | 20.07% | -5.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.61% | 23.19% | -5.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.11% | 16.29% | +1.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.11% | 15.78% | +2.33% |
Dividends
ENCG.L vs. SGLN.L - Dividend Comparison
Neither ENCG.L nor SGLN.L has paid dividends to shareholders.
Frequently Asked Questions
ENCG.L and SGLN.L have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ENCG.L is categorized as Commodities, while SGLN.L is Precious Metals. ENCG.L tracks Barclays Backwardation Tilt Multi-Strategy Capped, while SGLN.L tracks LBMA Gold Price. They also come from different issuers: Legal & General and iShares.
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