ETL2.DE vs. XAAG.DE
ETL2.DE (L&G Longer Dated All Commodities UCITS ETF) and XAAG.DE (Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc) are both Commodities funds - ETL2.DE tracks the Bloomberg Commodity 3 Month Forward while XAAG.DE tracks the Bloomberg Commodity ex-Agriculture and Livestock. Both are passively managed. Over the past 5 years, ETL2.DE returned 13.12%/yr vs 14.95%/yr for XAAG.DE. Their correlation of 0.88 suggests significant overlap in exposure. ETL2.DE charges 0.30%/yr vs 0.19%/yr for XAAG.DE.
Performance
ETL2.DE vs. XAAG.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 lower than XAAG.DE's 27.69% 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%
XAAG.DE
- 1D
- -0.56%
- 1M
- 2.26%
- YTD
- 27.69%
- 6M
- 27.75%
- 1Y
- 46.69%
- 3Y*
- 17.71%
- 5Y*
- 14.95%
- 10Y*
- —
ETL2.DE vs. XAAG.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% | -0.49% |
XAAG.DE Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc | 27.69% | 12.13% | 14.84% | -14.76% | 23.35% | 39.76% | -19.46% | 12.99% | -5.11% | 4.28% |
Correlation
The correlation between ETL2.DE and XAAG.DE is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since May 31, 2017 | 0.88 |
The correlation between ETL2.DE and XAAG.DE has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.
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Return for Risk
ETL2.DE vs. XAAG.DE — Risk / Return Rank
ETL2.DE
XAAG.DE
ETL2.DE vs. XAAG.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 Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc (XAAG.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 | XAAG.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.39 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.59 | 4.08 | -0.50 |
| Martin ratioReturn relative to average drawdown | 8.20 | 9.65 | -1.46 |
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 | XAAG.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.87 | 2.17 | -0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | 0.73 | +0.11 |
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 | 0.49 | -0.23 |
Drawdowns
ETL2.DE vs. XAAG.DE - Drawdown Comparison
The maximum ETL2.DE drawdown since its inception was -47.04%, which is greater than XAAG.DE's maximum drawdown of -33.85%. Use the drawdown chart below to compare losses from any high point for ETL2.DE and XAAG.DE.
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Drawdown Indicators
| ETL2.DE | XAAG.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.04% | -33.85% | -13.19% |
Max Drawdown (1Y)Largest decline over 1 year | -7.90% | -11.54% | +3.64% |
Max Drawdown (3Y)Largest decline over 3 years | -15.06% | -16.26% | +1.20% |
Max Drawdown (5Y)Largest decline over 5 years | -23.27% | -33.85% | +10.58% |
Max Drawdown (10Y)Largest decline over 10 years | -26.50% | — | — |
Current DrawdownCurrent decline from peak | -3.57% | -2.54% | -1.03% |
Average DrawdownAverage peak-to-trough decline | -21.90% | -13.88% | -8.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.46% | 4.89% | -1.43% |
Volatility
ETL2.DE vs. XAAG.DE - Volatility Comparison
L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) and Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc (XAAG.DE) have volatilities of 4.60% and 4.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETL2.DE | XAAG.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 4.71% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 12.74% | 18.81% | -6.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.15% | 21.76% | -6.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.44% | 20.32% | -4.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.69% | 18.40% | -4.71% |
ETL2.DE vs. XAAG.DE - Expense Ratio Comparison
ETL2.DE has a 0.30% expense ratio, which is higher than XAAG.DE's 0.19% expense ratio.
Dividends
ETL2.DE vs. XAAG.DE - Dividend Comparison
Neither ETL2.DE nor XAAG.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.92, ETL2.DE and XAAG.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, XAAG.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XAAG.DE is cheaper with a 0.19% expense ratio, compared with 0.30% for ETL2.DE.
ETL2.DE tracks Bloomberg Commodity 3 Month Forward, while XAAG.DE tracks Bloomberg Commodity ex-Agriculture and Livestock. They also come from different issuers: Legal & General and Invesco. Their fees differ too: 0.30% for ETL2.DE and 0.19% for XAAG.DE.
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