ENCO.L vs. SPXS.L
ENCO.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc)) and SPXS.L (Invesco S&P 500 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 SPXS.L is a Global Equities fund tracking the Invesco S&P 500 UCITS ETF. Both are passively managed. Over the past 3 years, ENCO.L returned 9.97%/yr vs -74.11%/yr for SPXS.L. At a 0.15 correlation, their price movements are largely independent. ENCO.L charges 0.30%/yr vs 0.05%/yr for SPXS.L.
Performance
ENCO.L vs. SPXS.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 SPXS.L's 10.20% return.
ENCO.L
- 1D
- 0.22%
- 1M
- 1.46%
- 6M
- 15.07%
- YTD
- 20.05%
- 1Y
- 24.71%
- 3Y*
- 9.97%
- 5Y*
- —
- 10Y*
- —
SPXS.L
- 1D
- -0.12%
- 1M
- -0.05%
- 6M
- 9.96%
- YTD
- 10.20%
- 1Y
- -98.78%
- 3Y*
- -74.11%
- 5Y*
- -54.94%
- 10Y*
- -27.39%
ENCO.L vs. SPXS.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% |
SPXS.L Invesco S&P 500 UCITS ETF | 10.20% | -98.82% | 25.56% | 27.00% | -18.53% | 9.00% |
Correlation
The correlation between ENCO.L and SPXS.L is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021 | 0.15 |
The correlation between ENCO.L and SPXS.L shifts across timeframes, from -0.10 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ENCO.L vs. SPXS.L — Risk / Return Rank
ENCO.L
SPXS.L
ENCO.L vs. SPXS.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 Invesco S&P 500 UCITS ETF (SPXS.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 | SPXS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.60 | ||
| Sortino ratioReturn per unit of downside risk | +2.93 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.52 | +0.76 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | -1.00 | +2.90 |
| Martin ratioReturn relative to average drawdown | 6.40 | -1.23 | +7.63 |
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Drawdowns
ENCO.L vs. SPXS.L - Drawdown Comparison
The maximum ENCO.L drawdown since its inception was -23.99%, smaller than the maximum SPXS.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for ENCO.L and SPXS.L.
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Drawdown Indicators
| ENCO.L | SPXS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.99% | -99.07% | +75.08% |
Max Drawdown (1Y)Largest decline over 1 year | -12.95% | -99.07% | +86.12% |
Max Drawdown (3Y)Largest decline over 3 years | -12.95% | -99.07% | +86.12% |
Max Drawdown (5Y)Largest decline over 5 years | — | -99.07% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.07% | — |
Current DrawdownCurrent decline from peak | -7.40% | -98.90% | +91.50% |
Average DrawdownAverage peak-to-trough decline | -12.40% | -7.67% | -4.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.86% | 80.57% | -76.71% |
Volatility
ENCO.L vs. SPXS.L - Volatility Comparison
L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.L) has a higher volatility of 4.29% compared to Invesco S&P 500 UCITS ETF (SPXS.L) at 2.73%. This indicates that ENCO.L's price experiences larger fluctuations and is considered to be riskier than SPXS.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 | SPXS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.29% | 2.73% | +1.56% |
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% | 99.43% | -84.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.23% | 47.13% | -29.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.23% | 35.27% | -18.04% |
ENCO.L vs. SPXS.L - Expense Ratio Comparison
ENCO.L has a 0.30% expense ratio, which is higher than SPXS.L's 0.05% expense ratio.
Dividends
ENCO.L vs. SPXS.L - Dividend Comparison
Neither ENCO.L nor SPXS.L has paid dividends to shareholders.
Frequently Asked Questions
ENCO.L and SPXS.L have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPXS.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXS.L is cheaper with a 0.05% expense ratio, compared with 0.30% for ENCO.L.
ENCO.L is categorized as Commodities, while SPXS.L is Global Equities. ENCO.L tracks Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index, while SPXS.L tracks Invesco S&P 500 UCITS ETF. They also come from different issuers: L&G and Invesco. Their fees differ too: 0.30% for ENCO.L and 0.05% for SPXS.L.
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