ENCG.L vs. XCMC.DE
ENCG.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF) and XCMC.DE (Xtrackers Bloomberg Commodity Swap UCITS ETF 1C) are both Commodities funds - ENCG.L tracks the Barclays Backwardation Tilt Multi-Strategy Capped while XCMC.DE tracks the Bloomberg Commodity 3 Month Forward. Both are passively managed. Over the past 3 years, ENCG.L returned 10.78%/yr vs 12.26%/yr for XCMC.DE. Their correlation of 0.84 suggests significant overlap in exposure. ENCG.L charges 0.30%/yr vs 0.19%/yr for XCMC.DE.
Performance
ENCG.L vs. XCMC.DE - Performance Comparison
Loading charts...
Different Trading Currencies
ENCG.L is traded in GBp, while XCMC.DE is traded in EUR. To make them comparable, the XCMC.DE 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 XCMC.DE's 28.93% return.
ENCG.L
- 1D
- 0.77%
- 1M
- 0.86%
- YTD
- 26.21%
- 6M
- 24.44%
- 1Y
- 35.56%
- 3Y*
- 10.78%
- 5Y*
- —
- 10Y*
- —
XCMC.DE
- 1D
- 0.34%
- 1M
- -0.11%
- YTD
- 28.93%
- 6M
- 20.14%
- 1Y
- 33.86%
- 3Y*
- 12.26%
- 5Y*
- —
- 10Y*
- —
ENCG.L vs. XCMC.DE - 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% | -0.24% |
XCMC.DE Xtrackers Bloomberg Commodity Swap UCITS ETF 1C | 28.93% | 2.40% | 7.04% | -11.15% | 31.68% | -13.01% |
Correlation
The correlation between ENCG.L and XCMC.DE is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021 | 0.84 |
The correlation between ENCG.L and XCMC.DE has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ENCG.L vs. XCMC.DE — Risk / Return Rank
ENCG.L
XCMC.DE
ENCG.L vs. XCMC.DE - 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 Xtrackers Bloomberg Commodity Swap UCITS ETF 1C (XCMC.DE). 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 | XCMC.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.38 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.22 | 4.54 | -0.31 |
| Martin ratioReturn relative to average drawdown | 11.46 | 11.96 | -0.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ENCG.L | XCMC.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.01 | 1.95 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.81 | 0.48 | +0.33 |
Drawdowns
ENCG.L vs. XCMC.DE - Drawdown Comparison
The maximum ENCG.L drawdown since its inception was -26.32%, which is greater than XCMC.DE's maximum drawdown of -23.26%. Use the drawdown chart below to compare losses from any high point for ENCG.L and XCMC.DE.
Loading charts...
Drawdown Indicators
| ENCG.L | XCMC.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.32% | -23.26% | -3.06% |
Max Drawdown (1Y)Largest decline over 1 year | -8.38% | -7.43% | -0.95% |
Max Drawdown (3Y)Largest decline over 3 years | -17.11% | -12.86% | -4.25% |
Current DrawdownCurrent decline from peak | -2.90% | -2.43% | -0.47% |
Average DrawdownAverage peak-to-trough decline | -13.09% | -12.45% | -0.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 2.83% | +0.26% |
Volatility
ENCG.L vs. XCMC.DE - Volatility Comparison
L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCG.L) has a higher volatility of 6.35% compared to Xtrackers Bloomberg Commodity Swap UCITS ETF 1C (XCMC.DE) at 5.18%. This indicates that ENCG.L's price experiences larger fluctuations and is considered to be riskier than XCMC.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ENCG.L | XCMC.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.35% | 5.18% | +1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 14.27% | 15.13% | -0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.61% | 17.30% | +0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.11% | 17.22% | +0.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.11% | 17.22% | +0.89% |
ENCG.L vs. XCMC.DE - Expense Ratio Comparison
ENCG.L has a 0.30% expense ratio, which is higher than XCMC.DE's 0.19% expense ratio.
Dividends
ENCG.L vs. XCMC.DE - Dividend Comparison
Neither ENCG.L nor XCMC.DE has paid dividends to shareholders.
Frequently Asked Questions
ENCG.L and XCMC.DE have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XCMC.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XCMC.DE is cheaper with a 0.19% expense ratio, compared with 0.30% for ENCG.L.
ENCG.L tracks Barclays Backwardation Tilt Multi-Strategy Capped, while XCMC.DE tracks Bloomberg Commodity 3 Month Forward. They also come from different issuers: Legal & General and Xtrackers. Their fees differ too: 0.30% for ENCG.L and 0.19% for XCMC.DE.
Find the right allocation for ENCG.L and XCMC.DE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer