ENCO.L vs. DEL2.L
ENCO.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc)) and DEL2.L (L&G DAX Daily 2x Long UCITS ETF EUR (Acc)) are both exchange-traded funds - ENCO.L is a Commodities fund tracking the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index, while DEL2.L is a Leveraged Equities fund tracking the LevDAX x2 Index Gross TR EUR. Both are passively managed. Over the past 3 years, ENCO.L returned 9.97%/yr vs 24.53%/yr for DEL2.L. At a 0.09 correlation, their price movements are largely independent. ENCO.L charges 0.30%/yr vs 0.40%/yr for DEL2.L.
Performance
ENCO.L vs. DEL2.L - Performance Comparison
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Different Trading Currencies
ENCO.L is traded in USD, while DEL2.L is traded in EUR. To make them comparable, the DEL2.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, ENCO.L achieves a 20.05% return, which is significantly higher than DEL2.L's -2.76% return.
ENCO.L
- 1D
- 0.22%
- 1M
- 1.46%
- 6M
- 15.07%
- YTD
- 20.05%
- 1Y
- 24.71%
- 3Y*
- 9.97%
- 5Y*
- —
- 10Y*
- —
DEL2.L
- 1D
- 0.00%
- 1M
- -0.78%
- 6M
- -8.13%
- YTD
- -2.76%
- 1Y
- -1.54%
- 3Y*
- 24.53%
- 5Y*
- 11.75%
- 10Y*
- 13.20%
ENCO.L vs. DEL2.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% |
DEL2.L L&G DAX Daily 2x Long UCITS ETF EUR (Acc) | -2.76% | 55.69% | 23.51% | 38.94% | -32.05% | -2.68% |
Correlation
The correlation between ENCO.L and DEL2.L is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021 | 0.09 |
The correlation between ENCO.L and DEL2.L shifts across timeframes, from -0.13 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ENCO.L vs. DEL2.L — Risk / Return Rank
ENCO.L
DEL2.L
ENCO.L vs. DEL2.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 DAX Daily 2x Long UCITS ETF EUR (Acc) (DEL2.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 | DEL2.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.66 | ||
| Sortino ratioReturn per unit of downside risk | +1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.02 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | -0.07 | +1.97 |
| Martin ratioReturn relative to average drawdown | 6.40 | -0.21 | +6.61 |
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Drawdowns
ENCO.L vs. DEL2.L - Drawdown Comparison
The maximum ENCO.L drawdown since its inception was -23.99%, smaller than the maximum DEL2.L drawdown of -68.93%. Use the drawdown chart below to compare losses from any high point for ENCO.L and DEL2.L.
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Drawdown Indicators
| ENCO.L | DEL2.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.99% | -68.93% | +44.94% |
Max Drawdown (1Y)Largest decline over 1 year | -12.95% | -27.05% | +14.10% |
Max Drawdown (3Y)Largest decline over 3 years | -12.95% | -29.73% | +16.78% |
Max Drawdown (5Y)Largest decline over 5 years | — | -56.47% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -68.93% | — |
Current DrawdownCurrent decline from peak | -7.40% | -8.94% | +1.54% |
Average DrawdownAverage peak-to-trough decline | -12.40% | -18.99% | +6.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.86% | 8.86% | -5.00% |
Volatility
ENCO.L vs. DEL2.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 DAX Daily 2x Long UCITS ETF EUR (Acc) (DEL2.L) has a volatility of 9.63%. This indicates that ENCO.L experiences smaller price fluctuations and is considered to be less risky than DEL2.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 | DEL2.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.29% | 9.63% | -5.34% |
Volatility (6M)Calculated over the trailing 6-month period | 13.00% | 28.89% | -15.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.35% | 33.93% | -18.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.23% | 36.96% | -19.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.23% | 37.64% | -20.41% |
ENCO.L vs. DEL2.L - Expense Ratio Comparison
ENCO.L has a 0.30% expense ratio, which is lower than DEL2.L's 0.40% expense ratio.
Dividends
ENCO.L vs. DEL2.L - Dividend Comparison
Neither ENCO.L nor DEL2.L has paid dividends to shareholders.
Frequently Asked Questions
ENCO.L and DEL2.L have a correlation of -0.13, 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 0.40% for DEL2.L.
ENCO.L is categorized as Commodities, while DEL2.L is Leveraged Equities. ENCO.L tracks Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index, while DEL2.L tracks LevDAX x2 Index Gross TR EUR. Their fees differ too: 0.30% for ENCO.L and 0.40% for DEL2.L.
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