ETL2.DE vs. EXUS.DE
ETL2.DE (L&G Longer Dated All Commodities UCITS ETF) and EXUS.DE (Xtrackers MSCI World ex USA UCITS ETF 1C USD) are both exchange-traded funds - ETL2.DE is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward, while EXUS.DE is a Global Equities fund tracking the MSCI World ex USA index. Both are passively managed. Over the past year, ETL2.DE returned 27.69% vs 20.06% for EXUS.DE. At a 0.07 correlation, their price movements are largely independent. ETL2.DE charges 0.30%/yr vs 0.15%/yr for EXUS.DE.
Performance
ETL2.DE vs. EXUS.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 EXUS.DE's 9.64% 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%
EXUS.DE
- 1D
- 0.19%
- 1M
- 1.53%
- YTD
- 9.64%
- 6M
- 11.66%
- 1Y
- 20.06%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETL2.DE vs. EXUS.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETL2.DE L&G Longer Dated All Commodities UCITS ETF | 18.23% | 4.89% | 8.54% |
EXUS.DE Xtrackers MSCI World ex USA UCITS ETF 1C USD | 9.64% | 17.80% | 5.15% |
Correlation
The correlation between ETL2.DE and EXUS.DE is -0.11, 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 | -0.11 |
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024 | 0.07 |
The correlation between ETL2.DE and EXUS.DE shifts across timeframes, from -0.11 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ETL2.DE vs. EXUS.DE — Risk / Return Rank
ETL2.DE
EXUS.DE
ETL2.DE vs. EXUS.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 Xtrackers MSCI World ex USA UCITS ETF 1C USD (EXUS.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 | EXUS.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.31 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.59 | 2.30 | +1.28 |
| Martin ratioReturn relative to average drawdown | 8.20 | 9.01 | -0.81 |
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 | EXUS.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.87 | 1.62 | +0.25 |
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 | 1.10 | -0.85 |
Drawdowns
ETL2.DE vs. EXUS.DE - Drawdown Comparison
The maximum ETL2.DE drawdown since its inception was -47.04%, which is greater than EXUS.DE's maximum drawdown of -16.21%. Use the drawdown chart below to compare losses from any high point for ETL2.DE and EXUS.DE.
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Drawdown Indicators
| ETL2.DE | EXUS.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.04% | -16.21% | -30.83% |
Max Drawdown (1Y)Largest decline over 1 year | -7.90% | -8.68% | +0.78% |
Max Drawdown (3Y)Largest decline over 3 years | -15.06% | — | — |
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% | -0.76% | -2.81% |
Average DrawdownAverage peak-to-trough decline | -21.90% | -1.78% | -20.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.46% | 2.23% | +1.23% |
Volatility
ETL2.DE vs. EXUS.DE - Volatility Comparison
L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) has a higher volatility of 4.60% compared to Xtrackers MSCI World ex USA UCITS ETF 1C USD (EXUS.DE) at 3.28%. This indicates that ETL2.DE's price experiences larger fluctuations and is considered to be riskier than EXUS.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 | EXUS.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 3.28% | +1.32% |
Volatility (6M)Calculated over the trailing 6-month period | 12.74% | 10.06% | +2.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.15% | 12.37% | +2.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.44% | 13.39% | +2.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.69% | 13.39% | +0.30% |
ETL2.DE vs. EXUS.DE - Expense Ratio Comparison
ETL2.DE has a 0.30% expense ratio, which is higher than EXUS.DE's 0.15% expense ratio.
Dividends
ETL2.DE vs. EXUS.DE - Dividend Comparison
Neither ETL2.DE nor EXUS.DE has paid dividends to shareholders.
Frequently Asked Questions
ETL2.DE and EXUS.DE have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EXUS.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EXUS.DE is cheaper with a 0.15% expense ratio, compared with 0.30% for ETL2.DE.
ETL2.DE is categorized as Commodities, while EXUS.DE is Global Equities. ETL2.DE tracks Bloomberg Commodity 3 Month Forward, while EXUS.DE tracks MSCI World ex USA index. They also come from different issuers: Legal & General and Xtrackers. Their fees differ too: 0.30% for ETL2.DE and 0.15% for EXUS.DE.
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