ETL2.DE vs. ENDH.DE
ETL2.DE (L&G Longer Dated All Commodities UCITS ETF) and ENDH.DE (L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EUR Hedged) Acc) are both exchange-traded funds - ETL2.DE is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward, while ENDH.DE is a Emerging Markets Bonds fund tracking the J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity (EUR Hedged). Both are passively managed. Over the past 3 years, ETL2.DE returned 10.87%/yr vs 6.26%/yr for ENDH.DE. At a correlation of -0.06, they often move in opposite directions. ETL2.DE charges 0.30%/yr vs 0.28%/yr for ENDH.DE.
Performance
ETL2.DE vs. ENDH.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 higher than ENDH.DE's -0.08% 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%
ENDH.DE
- 1D
- 0.37%
- 1M
- -1.29%
- YTD
- -0.08%
- 6M
- 0.40%
- 1Y
- 3.93%
- 3Y*
- 6.26%
- 5Y*
- —
- 10Y*
- —
ETL2.DE vs. ENDH.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ETL2.DE L&G Longer Dated All Commodities UCITS ETF | 18.23% | 4.89% | 11.54% | -9.44% | -8.69% |
ENDH.DE L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EUR Hedged) Acc | -0.08% | 7.89% | 6.59% | 5.41% | -2.17% |
Correlation
The correlation between ETL2.DE and ENDH.DE is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since May 12, 2022 | -0.06 |
Over the past year, the inverse relationship between ETL2.DE and ENDH.DE has strengthened: their correlation has moved from -0.06 to -0.30, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
ETL2.DE vs. ENDH.DE — Risk / Return Rank
ETL2.DE
ENDH.DE
ETL2.DE vs. ENDH.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 ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EUR Hedged) Acc (ENDH.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 | ENDH.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.95 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.20 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.59 | 1.73 | +1.85 |
| Martin ratioReturn relative to average drawdown | 8.20 | 6.28 | +1.91 |
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 | ENDH.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.87 | 0.92 | +0.95 |
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 | 0.86 | -0.61 |
Drawdowns
ETL2.DE vs. ENDH.DE - Drawdown Comparison
The maximum ETL2.DE drawdown since its inception was -47.04%, which is greater than ENDH.DE's maximum drawdown of -6.78%. Use the drawdown chart below to compare losses from any high point for ETL2.DE and ENDH.DE.
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Drawdown Indicators
| ETL2.DE | ENDH.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.04% | -6.78% | -40.26% |
Max Drawdown (1Y)Largest decline over 1 year | -7.90% | -2.21% | -5.69% |
Max Drawdown (3Y)Largest decline over 3 years | -15.06% | -2.71% | -12.35% |
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% | -1.33% | -2.24% |
Average DrawdownAverage peak-to-trough decline | -21.90% | -1.11% | -20.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.46% | 0.61% | +2.85% |
Volatility
ETL2.DE vs. ENDH.DE - Volatility Comparison
L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) has a higher volatility of 4.60% compared to L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF (EUR Hedged) Acc (ENDH.DE) at 2.69%. This indicates that ETL2.DE's price experiences larger fluctuations and is considered to be riskier than ENDH.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 | ENDH.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 2.69% | +1.91% |
Volatility (6M)Calculated over the trailing 6-month period | 12.74% | 3.74% | +9.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.15% | 4.17% | +10.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.44% | 4.89% | +10.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.69% | 4.89% | +8.80% |
ETL2.DE vs. ENDH.DE - Expense Ratio Comparison
ETL2.DE has a 0.30% expense ratio, which is higher than ENDH.DE's 0.28% expense ratio.
Dividends
ETL2.DE vs. ENDH.DE - Dividend Comparison
Neither ETL2.DE nor ENDH.DE has paid dividends to shareholders.
Frequently Asked Questions
ETL2.DE and ENDH.DE have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ENDH.DE is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ENDH.DE is cheaper with a 0.28% expense ratio, compared with 0.30% for ETL2.DE.
ETL2.DE is categorized as Commodities, while ENDH.DE is Emerging Markets Bonds. ETL2.DE tracks Bloomberg Commodity 3 Month Forward, while ENDH.DE tracks J.P. Morgan ESG EMBI Global Diversified Short-Term Custom Maturity (EUR Hedged). Their fees differ too: 0.30% for ETL2.DE and 0.28% for ENDH.DE.
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