ENCO.L vs. DL2P.L

Last updated Jul 17, 2026

ENCO.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc)) and DL2P.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 DL2P.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 9.91%/yr vs 23.89%/yr for DL2P.L. At a 0.08 correlation, their price movements are largely independent. ENCO.L charges 0.30%/yr vs 0.40%/yr for DL2P.L.

Performance

ENCO.L vs. DL2P.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.L) and L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DL2P.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ENCO.L is traded in USD, while DL2P.L is traded in GBp. To make them comparable, the DL2P.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 19.85% return, which is significantly higher than DL2P.L's -4.30% return.

ENCO.L

• 1D: 0.06%
• 1M: 1.98%
• 6M: 16.06%
• YTD: 19.85%
• 1Y: 24.58%
• 3Y*: 9.91%
• 5Y*: —
• 10Y*: —

DL2P.L

• 1D: -1.64%
• 1M: -2.54%
• 6M: -9.59%
• YTD: -4.30%
• 1Y: -3.48%
• 3Y*: 23.89%
• 5Y*: 11.43%
• 10Y*: 13.06%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ENCO.L vs. DL2P.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ENCO.L L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc)	19.85%	8.38%	3.59%	-2.45%	23.37%	9.08%
DL2P.L L&G DAX Daily 2x Long UCITS ETF EUR (Acc)	-4.30%	55.16%	23.69%	38.80%	-31.75%	-2.68%

Correlation

The correlation between ENCO.L and DL2P.L is -0.16, 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	-0.16
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	0.08

The correlation between ENCO.L and DL2P.L shifts across timeframes, from -0.16 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ENCO.L vs. DL2P.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ENCO.L

ENCO.L Risk / Return Rank: 52
ENCO.L Sharpe Ratio Rank: 59
ENCO.L Sortino Ratio Rank: 54
ENCO.L Omega Ratio Rank: 54
ENCO.L Calmar Ratio Rank: 45
ENCO.L Martin Ratio Rank: 48

DL2P.L

DL2P.L Risk / Return Rank: 8
DL2P.L Sharpe Ratio Rank: 8
DL2P.L Sortino Ratio Rank: 9
DL2P.L Omega Ratio Rank: 9
DL2P.L Calmar Ratio Rank: 8
DL2P.L Martin Ratio Rank: 7

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ENCO.L vs. DL2P.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) (DL2P.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	DL2P.L	Difference
Sharpe ratio: Return per unit of total volatility	1.59	-0.11	+1.70
Sortino ratio: Return per unit of downside risk	2.14	0.08	+2.07
Omega ratio: Gain probability vs. loss probability	1.28	1.01	+0.27
Calmar ratio: Return relative to maximum drawdown	1.89	-0.14	+2.03
Martin ratio: Return relative to average drawdown	6.35	-0.39	+6.74

ENCO.L vs. DL2P.L - Sharpe Ratio Comparison

The current ENCO.L Sharpe Ratio is 1.59, which is higher than the DL2P.L Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of ENCO.L and DL2P.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ENCO.L vs. DL2P.L - Drawdown Comparison

The maximum ENCO.L drawdown since its inception was -23.99%, smaller than the maximum DL2P.L drawdown of -69.19%. Use the drawdown chart below to compare losses from any high point for ENCO.L and DL2P.L.

Drawdown Indicators

	ENCO.L	DL2P.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.99%	-69.19%	+45.20%
Max Drawdown (1Y) Largest decline over 1 year	-12.95%	-25.01%	+12.06%
Max Drawdown (3Y) Largest decline over 3 years	-12.95%	-29.30%	+16.35%
Max Drawdown (5Y) Largest decline over 5 years	—	-56.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-69.19%	—
Current Drawdown Current decline from peak	-7.55%	-10.39%	+2.84%
Average Drawdown Average peak-to-trough decline	-12.40%	-19.23%	+6.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	8.84%	-4.98%

Volatility

ENCO.L vs. DL2P.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) (DL2P.L) has a volatility of 9.79%. This indicates that ENCO.L experiences smaller price fluctuations and is considered to be less risky than DL2P.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENCO.L	DL2P.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	9.79%	-5.50%
Volatility (6M) Calculated over the trailing 6-month period	13.00%	27.82%	-14.82%
Volatility (1Y) Calculated over the trailing 1-year period	15.35%	32.59%	-17.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.23%	36.68%	-19.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.23%	37.54%	-20.31%

ENCO.L vs. DL2P.L - Expense Ratio Comparison

ENCO.L has a 0.30% expense ratio, which is lower than DL2P.L's 0.40% expense ratio.

Dividends

ENCO.L vs. DL2P.L - Dividend Comparison

Neither ENCO.L nor DL2P.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ENCO.L and DL2P.L in my portfolio?

ENCO.L and DL2P.L have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ENCO.L or DL2P.L?

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.

Which ETF is cheaper, ENCO.L or DL2P.L?

ENCO.L is cheaper with a 0.30% expense ratio, compared with 0.40% for DL2P.L.

What is the main difference between ENCO.L and DL2P.L?

ENCO.L is categorized as Commodities, while DL2P.L is Leveraged Equities. ENCO.L tracks Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index, while DL2P.L tracks LevDAX x2 Index Gross TR EUR. Their fees differ too: 0.30% for ENCO.L and 0.40% for DL2P.L.