ETL2.DE vs. GSDE.DE
ETL2.DE (L&G Longer Dated All Commodities UCITS ETF) and GSDE.DE (BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR) are both Commodities funds - ETL2.DE tracks the Bloomberg Commodity 3 Month Forward while GSDE.DE tracks the BNP Paribas Energy & Metals Enhanced Roll. Both are passively managed. Over the past 10 years, ETL2.DE returned 7.32%/yr vs -2.87%/yr for GSDE.DE. Their correlation of 0.88 suggests significant overlap in exposure. ETL2.DE charges 0.30%/yr vs 0.39%/yr for GSDE.DE.
Performance
ETL2.DE vs. GSDE.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 lower than GSDE.DE's 13.06% return. Over the past 10 years, ETL2.DE has outperformed GSDE.DE with an annualized return of 7.32%, while GSDE.DE has yielded a comparatively lower -2.87% 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%
GSDE.DE
- 1D
- 0.53%
- 1M
- -8.51%
- YTD
- 13.06%
- 6M
- 16.01%
- 1Y
- 32.11%
- 3Y*
- 13.45%
- 5Y*
- 12.28%
- 10Y*
- -2.87%
ETL2.DE vs. GSDE.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% |
GSDE.DE BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR | 13.06% | 13.79% | 14.91% | -12.92% | 21.31% | 39.05% | -11.19% | 13.24% | -67.88% | -5.21% |
Correlation
The correlation between ETL2.DE and GSDE.DE is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2016 | 0.88 |
The correlation between ETL2.DE and GSDE.DE has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.
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Return for Risk
ETL2.DE vs. GSDE.DE — Risk / Return Rank
ETL2.DE
GSDE.DE
ETL2.DE vs. GSDE.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 BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR (GSDE.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 | GSDE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.31 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 2.77 | -0.29 |
| Martin ratioReturn relative to average drawdown | 8.80 | 10.47 | -1.66 |
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Drawdowns
ETL2.DE vs. GSDE.DE - Drawdown Comparison
The maximum ETL2.DE drawdown since its inception was -47.05%, smaller than the maximum GSDE.DE drawdown of -91.25%. Use the drawdown chart below to compare losses from any high point for ETL2.DE and GSDE.DE.
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Drawdown Indicators
| ETL2.DE | GSDE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.05% | -91.25% | +44.20% |
Max Drawdown (1Y)Largest decline over 1 year | -9.25% | -11.53% | +2.28% |
Max Drawdown (3Y)Largest decline over 3 years | -15.06% | -15.26% | +0.20% |
Max Drawdown (5Y)Largest decline over 5 years | -23.24% | -29.70% | +6.46% |
Max Drawdown (10Y)Largest decline over 10 years | -26.52% | -91.25% | +64.73% |
Current DrawdownCurrent decline from peak | -8.85% | -78.08% | +69.23% |
Average DrawdownAverage peak-to-trough decline | -22.24% | -72.32% | +50.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.61% | 3.06% | -0.45% |
Volatility
ETL2.DE vs. GSDE.DE - Volatility Comparison
The current volatility for L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) is 3.35%, while BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR (GSDE.DE) has a volatility of 4.04%. This indicates that ETL2.DE experiences smaller price fluctuations and is considered to be less risky than GSDE.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 | GSDE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.35% | 4.04% | -0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 12.90% | 16.55% | -3.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.79% | 18.55% | -3.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.45% | 17.94% | -2.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.68% | 117.87% | -104.19% |
ETL2.DE vs. GSDE.DE - Expense Ratio Comparison
ETL2.DE has a 0.30% expense ratio, which is lower than GSDE.DE's 0.39% expense ratio.
Dividends
ETL2.DE vs. GSDE.DE - Dividend Comparison
Neither ETL2.DE nor GSDE.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.90, ETL2.DE and GSDE.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.
On fees, ETL2.DE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETL2.DE is cheaper with a 0.30% expense ratio, compared with 0.39% for GSDE.DE.
ETL2.DE tracks Bloomberg Commodity 3 Month Forward, while GSDE.DE tracks BNP Paribas Energy & Metals Enhanced Roll. They also come from different issuers: Legal & General and BNP Paribas. Their fees differ too: 0.30% for ETL2.DE and 0.39% for GSDE.DE.
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