ENCO.L vs. AUCO.L
ENCO.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc)) and AUCO.L (L&G Gold Mining UCITS ETF) are both exchange-traded funds - ENCO.L is a Commodities fund tracking the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index, while AUCO.L is a Gold fund tracking the STOXX Global Gold Miners Index. Both are passively managed. Over the past 3 years, ENCO.L returned 9.97%/yr vs 41.28%/yr for AUCO.L. At a 0.26 correlation, their price movements are largely independent. ENCO.L charges 0.30%/yr vs 0.55%/yr for AUCO.L.
Performance
ENCO.L vs. AUCO.L - Performance Comparison
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Returns By Period
In the year-to-date period, ENCO.L achieves a 20.05% return, which is significantly higher than AUCO.L's -14.70% return.
ENCO.L
- 1D
- 0.22%
- 1M
- 1.46%
- 6M
- 15.07%
- YTD
- 20.05%
- 1Y
- 24.71%
- 3Y*
- 9.97%
- 5Y*
- —
- 10Y*
- —
AUCO.L
- 1D
- -2.98%
- 1M
- -14.48%
- 6M
- -23.42%
- YTD
- -14.70%
- 1Y
- 48.05%
- 3Y*
- 41.28%
- 5Y*
- 22.07%
- 10Y*
- 11.99%
ENCO.L vs. AUCO.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ENCO.L L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) | 20.05% | 8.38% | 3.59% | -2.45% | 23.37% | 9.08% |
AUCO.L L&G Gold Mining UCITS ETF | -14.70% | 181.83% | 17.96% | 15.02% | -14.30% | 0.40% |
Correlation
The correlation between ENCO.L and AUCO.L is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021 | 0.26 |
Over the past year, the correlation between ENCO.L and AUCO.L has dropped to 0.04 - well below their long-term average of 0.26, suggesting their price drivers have been diverging.
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Return for Risk
ENCO.L vs. AUCO.L — Risk / Return Rank
ENCO.L
AUCO.L
ENCO.L vs. AUCO.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.L) and L&G Gold Mining UCITS ETF (AUCO.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ENCO.L | AUCO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.18 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 1.27 | +0.63 |
| Martin ratioReturn relative to average drawdown | 6.40 | 2.97 | +3.43 |
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Drawdowns
ENCO.L vs. AUCO.L - Drawdown Comparison
The maximum ENCO.L drawdown since its inception was -23.99%, smaller than the maximum AUCO.L drawdown of -78.30%. Use the drawdown chart below to compare losses from any high point for ENCO.L and AUCO.L.
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Drawdown Indicators
| ENCO.L | AUCO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.99% | -78.30% | +54.31% |
Max Drawdown (1Y)Largest decline over 1 year | -12.95% | -37.60% | +24.65% |
Max Drawdown (3Y)Largest decline over 3 years | -12.95% | -37.60% | +24.65% |
Max Drawdown (5Y)Largest decline over 5 years | — | -48.62% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -54.47% | — |
Current DrawdownCurrent decline from peak | -7.40% | -36.38% | +28.98% |
Average DrawdownAverage peak-to-trough decline | -12.40% | -40.73% | +28.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.86% | 16.11% | -12.25% |
Volatility
ENCO.L vs. AUCO.L - Volatility Comparison
The current volatility for L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.L) is 4.29%, while L&G Gold Mining UCITS ETF (AUCO.L) has a volatility of 16.05%. This indicates that ENCO.L experiences smaller price fluctuations and is considered to be less risky than AUCO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ENCO.L | AUCO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.29% | 16.05% | -11.76% |
Volatility (6M)Calculated over the trailing 6-month period | 13.00% | 39.39% | -26.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.35% | 48.92% | -33.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.23% | 38.99% | -21.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.23% | 35.75% | -18.52% |
ENCO.L vs. AUCO.L - Expense Ratio Comparison
ENCO.L has a 0.30% expense ratio, which is lower than AUCO.L's 0.55% expense ratio.
Dividends
ENCO.L vs. AUCO.L - Dividend Comparison
Neither ENCO.L nor AUCO.L has paid dividends to shareholders.
Frequently Asked Questions
ENCO.L and AUCO.L have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ENCO.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ENCO.L is cheaper with a 0.30% expense ratio, compared with 0.55% for AUCO.L.
ENCO.L is categorized as Commodities, while AUCO.L is Gold. ENCO.L tracks Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index, while AUCO.L tracks STOXX Global Gold Miners Index. Their fees differ too: 0.30% for ENCO.L and 0.55% for AUCO.L.
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