ENCO.L vs. MWOZ.L
ENCO.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc)) and MWOZ.L (Amundi Prime Global UCITS ETF Dist) are both exchange-traded funds - ENCO.L is a Commodities fund tracking the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index, while MWOZ.L is a Global Equities fund tracking the Solactive GBS Developed Markets Large & Mid Cap Index. Both are passively managed. Over the past year, ENCO.L returned 24.71% vs 22.34% for MWOZ.L. At a correlation of -0.03, they often move in opposite directions. ENCO.L charges 0.30%/yr vs 0.05%/yr for MWOZ.L.
Performance
ENCO.L vs. MWOZ.L - Performance Comparison
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Different Trading Currencies
ENCO.L is traded in USD, while MWOZ.L is traded in GBP. To make them comparable, the MWOZ.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 MWOZ.L's 10.18% return.
ENCO.L
- 1D
- 0.22%
- 1M
- 1.46%
- 6M
- 15.07%
- YTD
- 20.05%
- 1Y
- 24.71%
- 3Y*
- 9.97%
- 5Y*
- —
- 10Y*
- —
MWOZ.L
- 1D
- 0.00%
- 1M
- 0.21%
- 6M
- 9.01%
- YTD
- 10.18%
- 1Y
- 22.34%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ENCO.L vs. MWOZ.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ENCO.L L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) | 20.05% | 2.11% |
MWOZ.L Amundi Prime Global UCITS ETF Dist | 10.18% | 17.37% |
Correlation
The correlation between ENCO.L and MWOZ.L is -0.08, 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 | -0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2025 | -0.03 |
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Return for Risk
ENCO.L vs. MWOZ.L — Risk / Return Rank
ENCO.L
MWOZ.L
ENCO.L vs. MWOZ.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 Amundi Prime Global UCITS ETF Dist (MWOZ.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 | MWOZ.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.33 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 2.55 | -0.64 |
| Martin ratioReturn relative to average drawdown | 6.40 | 10.83 | -4.42 |
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Drawdowns
ENCO.L vs. MWOZ.L - Drawdown Comparison
The maximum ENCO.L drawdown since its inception was -23.99%, which is greater than MWOZ.L's maximum drawdown of -17.73%. Use the drawdown chart below to compare losses from any high point for ENCO.L and MWOZ.L.
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Drawdown Indicators
| ENCO.L | MWOZ.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.99% | -17.73% | -6.26% |
Max Drawdown (1Y)Largest decline over 1 year | -12.95% | -8.81% | -4.14% |
Max Drawdown (3Y)Largest decline over 3 years | -12.95% | — | — |
Current DrawdownCurrent decline from peak | -7.40% | -0.23% | -7.17% |
Average DrawdownAverage peak-to-trough decline | -12.40% | -2.00% | -10.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.86% | 2.07% | +1.79% |
Volatility
ENCO.L vs. MWOZ.L - Volatility Comparison
L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.L) has a higher volatility of 4.29% compared to Amundi Prime Global UCITS ETF Dist (MWOZ.L) at 3.05%. This indicates that ENCO.L's price experiences larger fluctuations and is considered to be riskier than MWOZ.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 | MWOZ.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.29% | 3.05% | +1.24% |
Volatility (6M)Calculated over the trailing 6-month period | 13.00% | 9.24% | +3.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.35% | 11.99% | +3.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.23% | 15.10% | +2.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.23% | 15.10% | +2.13% |
ENCO.L vs. MWOZ.L - Expense Ratio Comparison
ENCO.L has a 0.30% expense ratio, which is higher than MWOZ.L's 0.05% expense ratio.
Dividends
ENCO.L vs. MWOZ.L - Dividend Comparison
ENCO.L has not paid dividends to shareholders, while MWOZ.L's dividend yield for the trailing twelve months is around 1.19%.
| Position | TTM | 2025 |
|---|---|---|
ENCO.L L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) | 0.00% | 0.00% |
MWOZ.L Amundi Prime Global UCITS ETF Dist | 1.19% | 1.60% |
Frequently Asked Questions
ENCO.L and MWOZ.L have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MWOZ.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MWOZ.L is cheaper with a 0.05% expense ratio, compared with 0.30% for ENCO.L.
ENCO.L is categorized as Commodities, while MWOZ.L is Global Equities. ENCO.L tracks Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index, while MWOZ.L tracks Solactive GBS Developed Markets Large & Mid Cap Index. They also come from different issuers: L&G and Amundi. Their fees differ too: 0.30% for ENCO.L and 0.05% for MWOZ.L.
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