ETL2.DE vs. EUNK.DE
ETL2.DE (L&G Longer Dated All Commodities UCITS ETF) and EUNK.DE (iShares Core MSCI Europe UCITS ETF EUR (Acc)) are both exchange-traded funds - ETL2.DE is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward, while EUNK.DE is a Europe Equities fund tracking the MSCI Europe. Both are passively managed. Over the past 10 years, ETL2.DE returned 7.32%/yr vs 10.53%/yr for EUNK.DE. At a 0.25 correlation, their price movements are largely independent. ETL2.DE charges 0.30%/yr vs 0.12%/yr for EUNK.DE.
Performance
ETL2.DE vs. EUNK.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ETL2.DE achieves a 11.73% return, which is significantly higher than EUNK.DE's 10.30% return. Over the past 10 years, ETL2.DE has underperformed EUNK.DE with an annualized return of 7.32%, while EUNK.DE has yielded a comparatively higher 10.53% annualized return.
ETL2.DE
- 1D
- 0.43%
- 1M
- -6.25%
- YTD
- 11.73%
- 6M
- 13.66%
- 1Y
- 23.04%
- 3Y*
- 8.87%
- 5Y*
- 11.81%
- 10Y*
- 7.32%
EUNK.DE
- 1D
- 0.78%
- 1M
- 2.37%
- YTD
- 10.30%
- 6M
- 11.02%
- 1Y
- 22.44%
- 3Y*
- 15.27%
- 5Y*
- 10.26%
- 10Y*
- 10.53%
ETL2.DE vs. EUNK.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 | 11.73% | 4.89% | 11.58% | -9.47% | 24.86% | 46.21% | -7.56% | 10.89% | -4.22% | -9.85% |
EUNK.DE iShares Core MSCI Europe UCITS ETF EUR (Acc) | 10.30% | 20.34% | 8.22% | 15.78% | -9.07% | 24.95% | -3.14% | 27.85% | -10.93% | 10.51% |
Correlation
The correlation between ETL2.DE and EUNK.DE is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2010 | 0.25 |
The correlation between ETL2.DE and EUNK.DE shifts across timeframes, from -0.13 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ETL2.DE vs. EUNK.DE — Risk / Return Rank
ETL2.DE
EUNK.DE
ETL2.DE vs. EUNK.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 iShares Core MSCI Europe UCITS ETF EUR (Acc) (EUNK.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.
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.
| ETL2.DE | EUNK.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.33 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 2.35 | +0.14 |
| Martin ratioReturn relative to average drawdown | 8.80 | 8.95 | -0.15 |
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Drawdowns
ETL2.DE vs. EUNK.DE - Drawdown Comparison
The maximum ETL2.DE drawdown since its inception was -47.05%, which is greater than EUNK.DE's maximum drawdown of -35.44%. Use the drawdown chart below to compare losses from any high point for ETL2.DE and EUNK.DE.
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Drawdown Indicators
| ETL2.DE | EUNK.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.05% | -35.44% | -11.61% |
Max Drawdown (1Y)Largest decline over 1 year | -9.25% | -9.52% | +0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -15.06% | -16.58% | +1.52% |
Max Drawdown (5Y)Largest decline over 5 years | -23.24% | -19.45% | -3.79% |
Max Drawdown (10Y)Largest decline over 10 years | -26.52% | -35.44% | +8.92% |
Current DrawdownCurrent decline from peak | -8.85% | 0.00% | -8.85% |
Average DrawdownAverage peak-to-trough decline | -22.24% | -5.29% | -16.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.61% | 2.50% | +0.11% |
Volatility
ETL2.DE vs. EUNK.DE - Volatility Comparison
L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) has a higher volatility of 3.35% compared to iShares Core MSCI Europe UCITS ETF EUR (Acc) (EUNK.DE) at 2.79%. This indicates that ETL2.DE's price experiences larger fluctuations and is considered to be riskier than EUNK.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 | EUNK.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.35% | 2.79% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 12.90% | 10.73% | +2.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.79% | 12.91% | +1.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.45% | 14.20% | +1.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.68% | 15.22% | -1.54% |
ETL2.DE vs. EUNK.DE - Expense Ratio Comparison
ETL2.DE has a 0.30% expense ratio, which is higher than EUNK.DE's 0.12% expense ratio.
Dividends
ETL2.DE vs. EUNK.DE - Dividend Comparison
Neither ETL2.DE nor EUNK.DE has paid dividends to shareholders.
Frequently Asked Questions
ETL2.DE and EUNK.DE have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EUNK.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EUNK.DE is cheaper with a 0.12% expense ratio, compared with 0.30% for ETL2.DE.
ETL2.DE is categorized as Commodities, while EUNK.DE is Europe Equities. ETL2.DE tracks Bloomberg Commodity 3 Month Forward, while EUNK.DE tracks MSCI Europe. They also come from different issuers: Legal & General and iShares. Their fees differ too: 0.30% for ETL2.DE and 0.12% for EUNK.DE.
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