ETL2.DE vs. UIQ1.DE

Last updated Jun 5, 2026

ETL2.DE (L&G Longer Dated All Commodities UCITS ETF) and UIQ1.DE (UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (EUR Hedged) Acc) are both Commodities funds - ETL2.DE tracks the Bloomberg Commodity 3 Month Forward while UIQ1.DE tracks the UBS CMCI Ex Agriculture Ex Livestock Capped (EUR Hedged). Both are passively managed. Over the past 5 years, ETL2.DE returned 13.12%/yr vs 10.90%/yr for UIQ1.DE. A 0.69 correlation means they provide meaningful diversification when combined. ETL2.DE charges 0.30%/yr vs 0.34%/yr for UIQ1.DE.

Performance

ETL2.DE vs. UIQ1.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) and UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (EUR Hedged) Acc (UIQ1.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETL2.DE achieves a 18.23% return, which is significantly lower than UIQ1.DE's 22.64% 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%

UIQ1.DE

• 1D: -1.00%
• 1M: 1.33%
• YTD: 22.64%
• 6M: 25.07%
• 1Y: 38.99%
• 3Y*: 15.74%
• 5Y*: 10.90%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ETL2.DE vs. UIQ1.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	18.23%	4.89%	11.54%	-9.44%	24.86%	46.17%	-7.55%	10.85%	-4.21%	1.51%
UIQ1.DE UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (EUR Hedged) Acc	22.64%	17.35%	4.90%	-7.27%	9.59%	33.73%	-4.28%	8.46%	-13.91%	17.02%

Correlation

The correlation between ETL2.DE and UIQ1.DE is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jul 12, 2017	0.69

The correlation between ETL2.DE and UIQ1.DE shifts across timeframes, from 0.69 (all time) to 0.79 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ETL2.DE vs. UIQ1.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ETL2.DE

ETL2.DE Risk / Return Rank: 57
ETL2.DE Sharpe Ratio Rank: 56
ETL2.DE Sortino Ratio Rank: 51
ETL2.DE Omega Ratio Rank: 54
ETL2.DE Calmar Ratio Rank: 72
ETL2.DE Martin Ratio Rank: 49

UIQ1.DE

UIQ1.DE Risk / Return Rank: 83
UIQ1.DE Sharpe Ratio Rank: 82
UIQ1.DE Sortino Ratio Rank: 77
UIQ1.DE Omega Ratio Rank: 80
UIQ1.DE Calmar Ratio Rank: 92
UIQ1.DE Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ETL2.DE vs. UIQ1.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 UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (EUR Hedged) Acc (UIQ1.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	UIQ1.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.64	-0.77
Sortino ratio: Return per unit of downside risk	2.47	3.40	-0.93
Omega ratio: Gain probability vs. loss probability	1.33	1.47	-0.14
Calmar ratio: Return relative to maximum drawdown	3.59	5.99	-2.40
Martin ratio: Return relative to average drawdown	8.20	16.75	-8.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETL2.DE vs. UIQ1.DE - Sharpe Ratio Comparison

The current ETL2.DE Sharpe Ratio is 1.87, which is comparable to the UIQ1.DE Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of ETL2.DE and UIQ1.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ETL2.DE	UIQ1.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	2.64	-0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.59	+0.25
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	0.51	-0.26

Drawdowns

ETL2.DE vs. UIQ1.DE - Drawdown Comparison

The maximum ETL2.DE drawdown since its inception was -47.04%, which is greater than UIQ1.DE's maximum drawdown of -39.99%. Use the drawdown chart below to compare losses from any high point for ETL2.DE and UIQ1.DE.

Drawdown Indicators

	ETL2.DE	UIQ1.DE	Difference
Max Drawdown Largest peak-to-trough decline	-47.04%	-39.99%	-7.05%
Max Drawdown (1Y) Largest decline over 1 year	-7.90%	-6.62%	-1.28%
Max Drawdown (3Y) Largest decline over 3 years	-15.06%	-13.55%	-1.51%
Max Drawdown (5Y) Largest decline over 5 years	-23.27%	-30.51%	+7.24%
Max Drawdown (10Y) Largest decline over 10 years	-26.50%	—	—
Current Drawdown Current decline from peak	-3.57%	-2.05%	-1.52%
Average Drawdown Average peak-to-trough decline	-21.90%	-15.09%	-6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	2.37%	+1.09%

Volatility

ETL2.DE vs. UIQ1.DE - Volatility Comparison

L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) has a higher volatility of 4.60% compared to UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (EUR Hedged) Acc (UIQ1.DE) at 3.79%. This indicates that ETL2.DE's price experiences larger fluctuations and is considered to be riskier than UIQ1.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETL2.DE	UIQ1.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	3.79%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	12.74%	12.91%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	15.15%	15.03%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.44%	18.19%	-2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.69%	17.45%	-3.76%

ETL2.DE vs. UIQ1.DE - Expense Ratio Comparison

ETL2.DE has a 0.30% expense ratio, which is lower than UIQ1.DE's 0.34% expense ratio.

Dividends

ETL2.DE vs. UIQ1.DE - Dividend Comparison

Neither ETL2.DE nor UIQ1.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETL2.DE and UIQ1.DE in my portfolio?

ETL2.DE and UIQ1.DE have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ETL2.DE or UIQ1.DE?

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.

Which ETF is cheaper, ETL2.DE or UIQ1.DE?

ETL2.DE is cheaper with a 0.30% expense ratio, compared with 0.34% for UIQ1.DE.

What is the main difference between ETL2.DE and UIQ1.DE?

ETL2.DE tracks Bloomberg Commodity 3 Month Forward, while UIQ1.DE tracks UBS CMCI Ex Agriculture Ex Livestock Capped (EUR Hedged). They also come from different issuers: Legal & General and UBS. Their fees differ too: 0.30% for ETL2.DE and 0.34% for UIQ1.DE.