ETL2.DE vs. EN4C.DE
ETL2.DE (L&G Longer Dated All Commodities UCITS ETF) and EN4C.DE (L&G Multi-Strategy Enhanced Commodities UCITS ETF) are both Commodities funds from Legal & General - ETL2.DE tracks the Bloomberg Commodity 3 Month Forward while EN4C.DE tracks the Barclays Backwardation Tilt Multi-Strategy Capped. Both are passively managed. Over the past 3 years, ETL2.DE returned 10.87%/yr vs 9.70%/yr for EN4C.DE. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.30% expense ratio.
Performance
ETL2.DE vs. EN4C.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ETL2.DE achieves a 18.23% return, which is significantly lower than EN4C.DE's 24.44% 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%
EN4C.DE
- 1D
- -1.57%
- 1M
- 0.45%
- YTD
- 24.44%
- 6M
- 23.08%
- 1Y
- 29.56%
- 3Y*
- 9.70%
- 5Y*
- —
- 10Y*
- —
ETL2.DE vs. EN4C.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ETL2.DE L&G Longer Dated All Commodities UCITS ETF | 18.23% | 4.89% | 11.54% | -9.44% | 24.86% | 8.91% |
EN4C.DE L&G Multi-Strategy Enhanced Commodities UCITS ETF | 24.44% | -3.13% | 9.93% | -5.63% | 29.83% | 10.18% |
Correlation
The correlation between ETL2.DE and EN4C.DE is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2021 | 0.93 |
The correlation between ETL2.DE and EN4C.DE has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
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Return for Risk
ETL2.DE vs. EN4C.DE — Risk / Return Rank
ETL2.DE
EN4C.DE
ETL2.DE vs. EN4C.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 L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.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 | EN4C.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.29 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.59 | 3.44 | +0.14 |
| Martin ratioReturn relative to average drawdown | 8.20 | 8.36 | -0.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETL2.DE | EN4C.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.87 | 1.69 | +0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.72 | -0.47 |
Drawdowns
ETL2.DE vs. EN4C.DE - Drawdown Comparison
The maximum ETL2.DE drawdown since its inception was -47.04%, which is greater than EN4C.DE's maximum drawdown of -25.41%. Use the drawdown chart below to compare losses from any high point for ETL2.DE and EN4C.DE.
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Drawdown Indicators
| ETL2.DE | EN4C.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.04% | -25.41% | -21.63% |
Max Drawdown (1Y)Largest decline over 1 year | -7.90% | -8.81% | +0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -15.06% | -17.63% | +2.57% |
Max Drawdown (5Y)Largest decline over 5 years | -23.27% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -26.50% | — | — |
Current DrawdownCurrent decline from peak | -3.57% | -4.02% | +0.45% |
Average DrawdownAverage peak-to-trough decline | -21.90% | -13.89% | -8.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.46% | 3.64% | -0.18% |
Volatility
ETL2.DE vs. EN4C.DE - Volatility Comparison
The current volatility for L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) is 4.60%, while L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.DE) has a volatility of 5.98%. This indicates that ETL2.DE experiences smaller price fluctuations and is considered to be less risky than EN4C.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETL2.DE | EN4C.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 5.98% | -1.38% |
Volatility (6M)Calculated over the trailing 6-month period | 12.74% | 14.54% | -1.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.15% | 17.98% | -2.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.44% | 18.11% | -2.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.69% | 18.11% | -4.42% |
ETL2.DE vs. EN4C.DE - Expense Ratio Comparison
Both ETL2.DE and EN4C.DE have an expense ratio of 0.30%.
Dividends
ETL2.DE vs. EN4C.DE - Dividend Comparison
Neither ETL2.DE nor EN4C.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, ETL2.DE and EN4C.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
ETL2.DE and EN4C.DE have the same expense ratio: 0.30% per year.
ETL2.DE tracks Bloomberg Commodity 3 Month Forward, while EN4C.DE tracks Barclays Backwardation Tilt Multi-Strategy Capped.
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