ETL2.DE vs. AMEL.DE
ETL2.DE (L&G Longer Dated All Commodities UCITS ETF) and AMEL.DE (Amundi MSCI Emerging Markets Latin America UCITS ETF EUR) are both exchange-traded funds - ETL2.DE is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward, while AMEL.DE is a Latin America Equities fund tracking the MSCI Emerging Markets Latin America. Both are passively managed. Over the past 10 years, ETL2.DE returned 8.17%/yr vs 7.43%/yr for AMEL.DE. At a 0.36 correlation, their price movements are largely independent. ETL2.DE charges 0.30%/yr vs 0.20%/yr for AMEL.DE.
Performance
ETL2.DE vs. AMEL.DE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ETL2.DE achieves a 18.23% return, which is significantly higher than AMEL.DE's 10.83% return. Over the past 10 years, ETL2.DE has outperformed AMEL.DE with an annualized return of 8.17%, while AMEL.DE has yielded a comparatively lower 7.43% annualized return.
ETL2.DE
- 1D
- -1.24%
- 1M
- 0.52%
- YTD
- 18.23%
- 6M
- 18.72%
- 1Y
- 27.69%
- 3Y*
- 10.87%
- 5Y*
- 13.12%
- 10Y*
- 8.17%
AMEL.DE
- 1D
- -0.86%
- 1M
- -7.35%
- YTD
- 10.83%
- 6M
- 10.61%
- 1Y
- 34.11%
- 3Y*
- 10.77%
- 5Y*
- 9.48%
- 10Y*
- 7.43%
ETL2.DE vs. AMEL.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ETL2.DE L&G Longer Dated All Commodities UCITS ETF | 18.23% | 4.89% | 11.54% | -9.44% | 24.86% | 46.17% | -7.55% | 10.85% | -4.21% | -9.85% |
AMEL.DE Amundi MSCI Emerging Markets Latin America UCITS ETF EUR | 10.83% | 38.06% | -22.22% | 28.09% | 16.34% | -3.21% | -21.29% | 20.69% | -3.27% | 8.15% |
Correlation
The correlation between ETL2.DE and AMEL.DE is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2011 | 0.36 |
Over the past year, the correlation between ETL2.DE and AMEL.DE has dropped to 0.04 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ETL2.DE vs. AMEL.DE — Risk / Return Rank
ETL2.DE
AMEL.DE
ETL2.DE vs. AMEL.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) and Amundi MSCI Emerging Markets Latin America UCITS ETF EUR (AMEL.DE). 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.
| ETL2.DE | AMEL.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.33 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.59 | 3.16 | +0.42 |
| Martin ratioReturn relative to average drawdown | 8.20 | 9.66 | -1.47 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ETL2.DE | AMEL.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.87 | 1.90 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | 0.45 | +0.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.29 | +0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.12 | +0.13 |
Drawdowns
ETL2.DE vs. AMEL.DE - Drawdown Comparison
The maximum ETL2.DE drawdown since its inception was -47.04%, smaller than the maximum AMEL.DE drawdown of -52.69%. Use the drawdown chart below to compare losses from any high point for ETL2.DE and AMEL.DE.
Loading charts...
Drawdown Indicators
| ETL2.DE | AMEL.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.04% | -52.69% | +5.65% |
Max Drawdown (1Y)Largest decline over 1 year | -7.90% | -10.86% | +2.96% |
Max Drawdown (3Y)Largest decline over 3 years | -15.06% | -25.38% | +10.32% |
Max Drawdown (5Y)Largest decline over 5 years | -23.27% | -25.38% | +2.11% |
Max Drawdown (10Y)Largest decline over 10 years | -26.50% | -51.31% | +24.81% |
Current DrawdownCurrent decline from peak | -3.57% | -10.86% | +7.29% |
Average DrawdownAverage peak-to-trough decline | -21.90% | -17.89% | -4.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.46% | 3.57% | -0.11% |
Volatility
ETL2.DE vs. AMEL.DE - Volatility Comparison
The current volatility for L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) is 4.60%, while Amundi MSCI Emerging Markets Latin America UCITS ETF EUR (AMEL.DE) has a volatility of 5.32%. This indicates that ETL2.DE experiences smaller price fluctuations and is considered to be less risky than AMEL.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ETL2.DE | AMEL.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 5.32% | -0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 12.74% | 15.30% | -2.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.15% | 18.10% | -2.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.44% | 20.90% | -5.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.69% | 25.27% | -11.58% |
ETL2.DE vs. AMEL.DE - Expense Ratio Comparison
ETL2.DE has a 0.30% expense ratio, which is higher than AMEL.DE's 0.20% expense ratio.
Dividends
ETL2.DE vs. AMEL.DE - Dividend Comparison
Neither ETL2.DE nor AMEL.DE has paid dividends to shareholders.
Frequently Asked Questions
ETL2.DE and AMEL.DE have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AMEL.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AMEL.DE is cheaper with a 0.20% expense ratio, compared with 0.30% for ETL2.DE.
ETL2.DE is categorized as Commodities, while AMEL.DE is Latin America Equities. ETL2.DE tracks Bloomberg Commodity 3 Month Forward, while AMEL.DE tracks MSCI Emerging Markets Latin America. They also come from different issuers: Legal & General and Amundi. Their fees differ too: 0.30% for ETL2.DE and 0.20% for AMEL.DE.
Find the right allocation for ETL2.DE and AMEL.DE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer