ENCG.L vs. WXAG.L
ENCG.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF) and WXAG.L (WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF USD Acc) are both Commodities funds - ENCG.L tracks the Barclays Backwardation Tilt Multi-Strategy Capped while WXAG.L tracks the Morgan Stanley RADAR ex Agriculture & Livestock Commodity. Both are passively managed. Over the past 3 years, ENCG.L returned 9.70%/yr vs 17.72%/yr for WXAG.L. A 0.60 correlation means they provide meaningful diversification when combined. ENCG.L charges 0.30%/yr vs 0.60%/yr for WXAG.L.
Performance
ENCG.L vs. WXAG.L - Performance Comparison
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Different Trading Currencies
ENCG.L is traded in GBp, while WXAG.L is traded in USD. To make them comparable, the WXAG.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 24.41% return, which is significantly lower than WXAG.L's 28.79% return.
ENCG.L
- 1D
- -1.42%
- 1M
- -2.14%
- YTD
- 24.41%
- 6M
- 22.50%
- 1Y
- 33.86%
- 3Y*
- 9.70%
- 5Y*
- —
- 10Y*
- —
WXAG.L
- 1D
- -1.03%
- 1M
- -2.15%
- YTD
- 28.79%
- 6M
- 34.19%
- 1Y
- 64.61%
- 3Y*
- 17.72%
- 5Y*
- —
- 10Y*
- —
ENCG.L vs. WXAG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ENCG.L L&G Multi-Strategy Enhanced Commodities UCITS ETF | 24.41% | 0.89% | 5.39% | -7.83% | 38.17% | 0.09% |
WXAG.L WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF USD Acc | 28.79% | 23.09% | 4.71% | -12.62% | 30.48% | -3.14% |
Correlation
The correlation between ENCG.L and WXAG.L is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2021 | 0.60 |
The correlation between ENCG.L and WXAG.L shifts across timeframes, from 0.60 (all time) to 0.73 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ENCG.L vs. WXAG.L — Risk / Return Rank
ENCG.L
WXAG.L
ENCG.L vs. WXAG.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 WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF USD Acc (WXAG.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 | WXAG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.49 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 4.02 | 5.64 | -1.62 |
| Martin ratioReturn relative to average drawdown | 10.88 | 19.68 | -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 | WXAG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.91 | 2.87 | -0.97 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.79 | 0.75 | +0.04 |
Drawdowns
ENCG.L vs. WXAG.L - Drawdown Comparison
The maximum ENCG.L drawdown since its inception was -26.32%, which is greater than WXAG.L's maximum drawdown of -23.95%. Use the drawdown chart below to compare losses from any high point for ENCG.L and WXAG.L.
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Drawdown Indicators
| ENCG.L | WXAG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.32% | -23.95% | -2.37% |
Max Drawdown (1Y)Largest decline over 1 year | -8.38% | -11.39% | +3.01% |
Max Drawdown (3Y)Largest decline over 3 years | -17.11% | -15.24% | -1.87% |
Current DrawdownCurrent decline from peak | -4.28% | -5.60% | +1.32% |
Average DrawdownAverage peak-to-trough decline | -13.09% | -13.47% | +0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.11% | 3.27% | -0.16% |
Volatility
ENCG.L vs. WXAG.L - Volatility Comparison
L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCG.L) has a higher volatility of 6.29% compared to WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF USD Acc (WXAG.L) at 4.88%. This indicates that ENCG.L's price experiences larger fluctuations and is considered to be riskier than WXAG.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 | WXAG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.29% | 4.88% | +1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 14.33% | 19.26% | -4.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.67% | 22.37% | -4.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.12% | 21.71% | -3.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.12% | 21.71% | -3.59% |
ENCG.L vs. WXAG.L - Expense Ratio Comparison
ENCG.L has a 0.30% expense ratio, which is lower than WXAG.L's 0.60% expense ratio.
Dividends
ENCG.L vs. WXAG.L - Dividend Comparison
Neither ENCG.L nor WXAG.L has paid dividends to shareholders.
Frequently Asked Questions
ENCG.L and WXAG.L have a correlation of 0.73, 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 0.60% for WXAG.L.
ENCG.L tracks Barclays Backwardation Tilt Multi-Strategy Capped, while WXAG.L tracks Morgan Stanley RADAR ex Agriculture & Livestock Commodity. They also come from different issuers: Legal & General and WisdomTree. Their fees differ too: 0.30% for ENCG.L and 0.60% for WXAG.L.
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