ETL2.DE vs. XCMC.DE
ETL2.DE (L&G Longer Dated All Commodities UCITS ETF) and XCMC.DE (Xtrackers Bloomberg Commodity Swap UCITS ETF 1C) are both Commodities funds tracking the Bloomberg Commodity 3 Month Forward, from Legal & General and Xtrackers respectively. Both are passively managed. Over the past 3 years, ETL2.DE returned 10.87%/yr vs 11.29%/yr for XCMC.DE. With a 0.95 correlation, they move nearly in lockstep. ETL2.DE charges 0.30%/yr vs 0.19%/yr for XCMC.DE.
Performance
ETL2.DE vs. XCMC.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 XCMC.DE's 28.51% return.
ETL2.DE
- 1D
- -1.24%
- 1M
- -1.51%
- YTD
- 18.23%
- 6M
- 19.58%
- 1Y
- 28.45%
- 3Y*
- 10.87%
- 5Y*
- 13.12%
- 10Y*
- 8.17%
XCMC.DE
- 1D
- -1.20%
- 1M
- -1.31%
- YTD
- 28.51%
- 6M
- 19.96%
- 1Y
- 29.14%
- 3Y*
- 11.29%
- 5Y*
- —
- 10Y*
- —
ETL2.DE vs. XCMC.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ETL2.DE L&G Longer Dated All Commodities UCITS ETF | 18.23% | 4.89% | 11.54% | -9.44% | 24.86% | 3.34% |
XCMC.DE Xtrackers Bloomberg Commodity Swap UCITS ETF 1C | 28.51% | -2.66% | 11.92% | -9.34% | 24.84% | -11.32% |
Correlation
The correlation between ETL2.DE and XCMC.DE is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021 | 0.95 |
The correlation between ETL2.DE and XCMC.DE has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
ETL2.DE vs. XCMC.DE — Risk / Return Rank
ETL2.DE
XCMC.DE
ETL2.DE vs. XCMC.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 Bloomberg Commodity Swap UCITS ETF 1C (XCMC.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 | XCMC.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.32 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.59 | 3.72 | -0.13 |
| Martin ratioReturn relative to average drawdown | 8.20 | 8.44 | -0.24 |
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 | XCMC.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.87 | 1.66 | +0.21 |
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 | 0.44 | -0.19 |
Drawdowns
ETL2.DE vs. XCMC.DE - Drawdown Comparison
The maximum ETL2.DE drawdown since its inception was -47.04%, which is greater than XCMC.DE's maximum drawdown of -22.91%. Use the drawdown chart below to compare losses from any high point for ETL2.DE and XCMC.DE.
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Drawdown Indicators
| ETL2.DE | XCMC.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.04% | -22.91% | -24.13% |
Max Drawdown (1Y)Largest decline over 1 year | -7.90% | -7.80% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -15.06% | -14.82% | -0.24% |
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% | -3.42% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -21.90% | -12.68% | -9.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.46% | 3.45% | +0.01% |
Volatility
ETL2.DE vs. XCMC.DE - Volatility Comparison
The current volatility for L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) is 4.60%, while Xtrackers Bloomberg Commodity Swap UCITS ETF 1C (XCMC.DE) has a volatility of 4.94%. This indicates that ETL2.DE experiences smaller price fluctuations and is considered to be less risky than XCMC.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 | XCMC.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 4.94% | -0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 12.74% | 15.31% | -2.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.15% | 17.48% | -2.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.44% | 17.33% | -1.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.69% | 17.33% | -3.64% |
ETL2.DE vs. XCMC.DE - Expense Ratio Comparison
ETL2.DE has a 0.30% expense ratio, which is higher than XCMC.DE's 0.19% expense ratio.
Dividends
ETL2.DE vs. XCMC.DE - Dividend Comparison
Neither ETL2.DE nor XCMC.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.93, ETL2.DE and XCMC.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, XCMC.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XCMC.DE is cheaper with a 0.19% expense ratio, compared with 0.30% for ETL2.DE.
Both ETFs track Bloomberg Commodity 3 Month Forward. They also come from different issuers: Legal & General and Xtrackers. Their fees differ too: 0.30% for ETL2.DE and 0.19% for XCMC.DE.
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