ETL2.DE vs. XIEE.DE
ETL2.DE (L&G Longer Dated All Commodities UCITS ETF) and XIEE.DE (Xtrackers MSCI Europe UCITS ETF) are both exchange-traded funds - ETL2.DE is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward, while XIEE.DE is a Europe Equities fund tracking the MSCI Europe. Both are passively managed. Over the past 10 years, ETL2.DE returned 7.73%/yr vs 9.55%/yr for XIEE.DE. At a 0.22 correlation, their price movements are largely independent. ETL2.DE charges 0.30%/yr vs 0.12%/yr for XIEE.DE.
Performance
ETL2.DE vs. XIEE.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ETL2.DE achieves a 16.43% return, which is significantly higher than XIEE.DE's 10.99% return. Over the past 10 years, ETL2.DE has underperformed XIEE.DE with an annualized return of 7.73%, while XIEE.DE has yielded a comparatively higher 9.55% annualized return.
ETL2.DE
- 1D
- 0.11%
- 1M
- 2.53%
- 6M
- 12.80%
- YTD
- 16.43%
- 1Y
- 26.11%
- 3Y*
- 10.68%
- 5Y*
- 11.88%
- 10Y*
- 7.73%
XIEE.DE
- 1D
- 0.22%
- 1M
- 1.36%
- 6M
- 7.36%
- YTD
- 10.99%
- 1Y
- 21.14%
- 3Y*
- 14.77%
- 5Y*
- 10.47%
- 10Y*
- 9.55%
ETL2.DE vs. XIEE.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 | 16.43% | 4.89% | 11.58% | -9.47% | 24.86% | 46.21% | -7.56% | 10.89% | -4.22% | -9.85% |
XIEE.DE Xtrackers MSCI Europe UCITS ETF | 10.99% | 20.33% | 8.08% | 15.72% | -9.15% | 24.96% | -3.13% | 27.82% | -10.98% | 10.20% |
Correlation
The correlation between ETL2.DE and XIEE.DE is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2015 | 0.22 |
The correlation between ETL2.DE and XIEE.DE shifts across timeframes, from -0.16 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ETL2.DE vs. XIEE.DE — Risk / Return Rank
ETL2.DE
XIEE.DE
ETL2.DE vs. XIEE.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 Europe UCITS ETF (XIEE.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 | XIEE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.29 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.66 | 2.10 | +0.56 |
| Martin ratioReturn relative to average drawdown | 8.20 | 8.63 | -0.43 |
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Drawdowns
ETL2.DE vs. XIEE.DE - Drawdown Comparison
The maximum ETL2.DE drawdown since its inception was -47.05%, which is greater than XIEE.DE's maximum drawdown of -35.52%. Use the drawdown chart below to compare losses from any high point for ETL2.DE and XIEE.DE.
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Drawdown Indicators
| ETL2.DE | XIEE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.05% | -35.52% | -11.53% |
Max Drawdown (1Y)Largest decline over 1 year | -9.78% | -10.03% | +0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -15.06% | -16.52% | +1.46% |
Max Drawdown (5Y)Largest decline over 5 years | -23.24% | -19.30% | -3.94% |
Max Drawdown (10Y)Largest decline over 10 years | -26.52% | -35.52% | +9.00% |
Current DrawdownCurrent decline from peak | -5.01% | -1.17% | -3.84% |
Average DrawdownAverage peak-to-trough decline | -22.19% | -7.19% | -15.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.18% | 2.44% | +0.74% |
Volatility
ETL2.DE vs. XIEE.DE - Volatility Comparison
L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) has a higher volatility of 3.66% compared to Xtrackers MSCI Europe UCITS ETF (XIEE.DE) at 3.23%. This indicates that ETL2.DE's price experiences larger fluctuations and is considered to be riskier than XIEE.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 | XIEE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.66% | 3.23% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 12.52% | 11.91% | +0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.97% | 13.73% | +1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.43% | 14.29% | +1.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.69% | 17.29% | -3.60% |
ETL2.DE vs. XIEE.DE - Expense Ratio Comparison
ETL2.DE has a 0.30% expense ratio, which is higher than XIEE.DE's 0.12% expense ratio.
Dividends
ETL2.DE vs. XIEE.DE - Dividend Comparison
ETL2.DE has not paid dividends to shareholders, while XIEE.DE's dividend yield for the trailing twelve months is around 2.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
ETL2.DE L&G Longer Dated All Commodities UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XIEE.DE Xtrackers MSCI Europe UCITS ETF | 2.36% | 2.49% | 3.26% | 2.85% | 5.70% | 1.50% | 3.74% | 0.30% | 3.19% | 0.92% | 0.09% |
Frequently Asked Questions
ETL2.DE and XIEE.DE have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XIEE.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XIEE.DE is cheaper with a 0.12% expense ratio, compared with 0.30% for ETL2.DE.
ETL2.DE is categorized as Commodities, while XIEE.DE is Europe Equities. ETL2.DE tracks Bloomberg Commodity 3 Month Forward, while XIEE.DE tracks MSCI Europe. They also come from different issuers: Legal & General and Xtrackers. Their fees differ too: 0.30% for ETL2.DE and 0.12% for XIEE.DE.
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