ENCO.L vs. COMM.L
ENCO.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc)) and COMM.L (iShares Diversified Commodity Swap UCITS ETF) are both Commodities funds - ENCO.L tracks the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index while COMM.L tracks the Bloomberg Commodity. Both are passively managed. Over the past 3 years, ENCO.L returned 9.76%/yr vs 12.70%/yr for COMM.L. Their correlation of 0.84 suggests significant overlap in exposure. ENCO.L charges 0.30%/yr vs 0.19%/yr for COMM.L.
Performance
ENCO.L vs. COMM.L - Performance Comparison
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Different Trading Currencies
ENCO.L is traded in USD, while COMM.L is traded in GBp. To make them comparable, the COMM.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with ENCO.L having a 20.59% return and COMM.L slightly higher at 20.90%.
ENCO.L
- 1D
- 0.61%
- 1M
- 2.32%
- 6M
- 16.85%
- YTD
- 20.59%
- 1Y
- 24.66%
- 3Y*
- 9.76%
- 5Y*
- —
- 10Y*
- —
COMM.L
- 1D
- 0.68%
- 1M
- 3.39%
- 6M
- 17.47%
- YTD
- 20.90%
- 1Y
- 30.46%
- 3Y*
- 12.70%
- 5Y*
- 10.40%
- 10Y*
- —
ENCO.L vs. COMM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ENCO.L L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) | 20.59% | 8.38% | 3.59% | -2.45% | 23.37% | 9.08% |
COMM.L iShares Diversified Commodity Swap UCITS ETF | 20.90% | 16.72% | 4.42% | -7.94% | 14.62% | 4.11% |
Correlation
The correlation between ENCO.L and COMM.L is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021 | 0.84 |
The correlation between ENCO.L and COMM.L has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.
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Return for Risk
ENCO.L vs. COMM.L — Risk / Return Rank
ENCO.L
COMM.L
ENCO.L vs. COMM.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 iShares Diversified Commodity Swap UCITS ETF (COMM.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 | COMM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.30 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | 2.10 | -0.20 |
| Martin ratioReturn relative to average drawdown | 6.33 | 6.57 | -0.24 |
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Drawdowns
ENCO.L vs. COMM.L - Drawdown Comparison
The maximum ENCO.L drawdown since its inception was -23.99%, smaller than the maximum COMM.L drawdown of -43.14%. Use the drawdown chart below to compare losses from any high point for ENCO.L and COMM.L.
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Drawdown Indicators
| ENCO.L | COMM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.99% | -43.14% | +19.15% |
Max Drawdown (1Y)Largest decline over 1 year | -12.95% | -14.47% | +1.52% |
Max Drawdown (3Y)Largest decline over 3 years | -12.95% | -23.45% | +10.50% |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.35% | — |
Current DrawdownCurrent decline from peak | -6.99% | -8.25% | +1.26% |
Average DrawdownAverage peak-to-trough decline | -12.39% | -18.67% | +6.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.89% | 4.62% | -0.73% |
Volatility
ENCO.L vs. COMM.L - Volatility Comparison
The current volatility for L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.L) is 3.93%, while iShares Diversified Commodity Swap UCITS ETF (COMM.L) has a volatility of 4.77%. This indicates that ENCO.L experiences smaller price fluctuations and is considered to be less risky than COMM.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 | COMM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.93% | 4.77% | -0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 13.01% | 16.27% | -3.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.36% | 18.14% | -2.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.23% | 21.57% | -4.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.23% | 19.79% | -2.56% |
ENCO.L vs. COMM.L - Expense Ratio Comparison
ENCO.L has a 0.30% expense ratio, which is higher than COMM.L's 0.19% expense ratio.
Dividends
ENCO.L vs. COMM.L - Dividend Comparison
Neither ENCO.L nor COMM.L has paid dividends to shareholders.
Frequently Asked Questions
ENCO.L and COMM.L have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, COMM.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
COMM.L is cheaper with a 0.19% expense ratio, compared with 0.30% for ENCO.L.
ENCO.L tracks Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index, while COMM.L tracks Bloomberg Commodity. They also come from different issuers: L&G and iShares. Their fees differ too: 0.30% for ENCO.L and 0.19% for COMM.L.
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