ENCO.L vs. XFRM.L
ENCO.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc)) and XFRM.L (WisdomTree Broad Commodities Ex-Agriculture and Livestock) are both Commodities funds - ENCO.L tracks the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index while XFRM.L tracks the Bloomberg Commodity ex-Agriculture and Livestock. Both are passively managed. Over the past 3 years, ENCO.L returned 9.76%/yr vs 18.67%/yr for XFRM.L. Their correlation of 0.84 suggests significant overlap in exposure. ENCO.L charges 0.30%/yr vs 0.49%/yr for XFRM.L.
Performance
ENCO.L vs. XFRM.L - Performance Comparison
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Returns By Period
In the year-to-date period, ENCO.L achieves a 20.59% return, which is significantly lower than XFRM.L's 26.54% return.
ENCO.L
- 1D
- 0.61%
- 1M
- 2.32%
- 6M
- 16.85%
- YTD
- 20.59%
- 1Y
- 24.66%
- 3Y*
- 9.76%
- 5Y*
- —
- 10Y*
- —
XFRM.L
- 1D
- 0.71%
- 1M
- 1.11%
- 6M
- 20.43%
- YTD
- 26.54%
- 1Y
- 40.21%
- 3Y*
- 18.67%
- 5Y*
- 12.66%
- 10Y*
- 7.90%
ENCO.L vs. XFRM.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% |
XFRM.L WisdomTree Broad Commodities Ex-Agriculture and Livestock | 26.54% | 23.07% | 6.74% | -9.42% | 15.17% | 3.23% |
Correlation
The correlation between ENCO.L and XFRM.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 XFRM.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. XFRM.L — Risk / Return Rank
ENCO.L
XFRM.L
ENCO.L vs. XFRM.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 WisdomTree Broad Commodities Ex-Agriculture and Livestock (XFRM.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 | XFRM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.31 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | 2.19 | -0.30 |
| Martin ratioReturn relative to average drawdown | 6.33 | 6.94 | -0.61 |
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Drawdowns
ENCO.L vs. XFRM.L - Drawdown Comparison
The maximum ENCO.L drawdown since its inception was -23.99%, smaller than the maximum XFRM.L drawdown of -61.51%. Use the drawdown chart below to compare losses from any high point for ENCO.L and XFRM.L.
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Drawdown Indicators
| ENCO.L | XFRM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.99% | -61.51% | +37.52% |
Max Drawdown (1Y)Largest decline over 1 year | -12.95% | -18.37% | +5.42% |
Max Drawdown (3Y)Largest decline over 3 years | -12.95% | -18.37% | +5.42% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.87% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.85% | — |
Current DrawdownCurrent decline from peak | -6.99% | -11.75% | +4.76% |
Average DrawdownAverage peak-to-trough decline | -12.39% | -32.50% | +20.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.89% | 5.82% | -1.93% |
Volatility
ENCO.L vs. XFRM.L - Volatility Comparison
The current volatility for L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.L) is 3.93%, while WisdomTree Broad Commodities Ex-Agriculture and Livestock (XFRM.L) has a volatility of 6.97%. This indicates that ENCO.L experiences smaller price fluctuations and is considered to be less risky than XFRM.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 | XFRM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.93% | 6.97% | -3.04% |
Volatility (6M)Calculated over the trailing 6-month period | 13.01% | 20.94% | -7.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.36% | 23.32% | -7.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.23% | 21.13% | -3.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.23% | 18.60% | -1.37% |
ENCO.L vs. XFRM.L - Expense Ratio Comparison
ENCO.L has a 0.30% expense ratio, which is lower than XFRM.L's 0.49% expense ratio.
Dividends
ENCO.L vs. XFRM.L - Dividend Comparison
Neither ENCO.L nor XFRM.L has paid dividends to shareholders.
Frequently Asked Questions
ENCO.L and XFRM.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, 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 0.49% for XFRM.L.
ENCO.L tracks Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index, while XFRM.L tracks Bloomberg Commodity ex-Agriculture and Livestock. They also come from different issuers: L&G and WisdomTree. Their fees differ too: 0.30% for ENCO.L and 0.49% for XFRM.L.
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