ETLF.DE vs. XAAG.DE
ETLF.DE (L&G All Commodities UCITS ETF) and XAAG.DE (Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc) are both Commodities funds - ETLF.DE tracks the Bloomberg Commodity while XAAG.DE tracks the Bloomberg Commodity ex-Agriculture and Livestock. Both are passively managed. Over the past 5 years, ETLF.DE returned 12.26%/yr vs 14.95%/yr for XAAG.DE. Their correlation of 0.91 suggests significant overlap in exposure. ETLF.DE charges 0.15%/yr vs 0.19%/yr for XAAG.DE.
Performance
ETLF.DE vs. XAAG.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ETLF.DE achieves a 23.78% return, which is significantly lower than XAAG.DE's 27.69% return.
ETLF.DE
- 1D
- -1.48%
- 1M
- -0.32%
- YTD
- 23.78%
- 6M
- 22.90%
- 1Y
- 34.57%
- 3Y*
- 12.51%
- 5Y*
- 12.26%
- 10Y*
- —
XAAG.DE
- 1D
- -0.56%
- 1M
- 2.26%
- YTD
- 27.69%
- 6M
- 27.75%
- 1Y
- 46.69%
- 3Y*
- 17.71%
- 5Y*
- 14.95%
- 10Y*
- —
ETLF.DE vs. XAAG.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ETLF.DE L&G All Commodities UCITS ETF | 23.78% | 4.67% | 10.97% | -10.24% | 21.51% | 40.15% | -13.51% | 9.35% | -5.45% | 2.32% |
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% | 7.81% |
Correlation
The correlation between ETLF.DE and XAAG.DE is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2017 | 0.91 |
The correlation between ETLF.DE and XAAG.DE has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
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Return for Risk
ETLF.DE vs. XAAG.DE — Risk / Return Rank
ETLF.DE
XAAG.DE
ETLF.DE vs. XAAG.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G All Commodities UCITS ETF (ETLF.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.
| ETLF.DE | XAAG.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.39 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.96 | 4.08 | -0.12 |
| Martin ratioReturn relative to average drawdown | 8.79 | 9.65 | -0.86 |
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
| ETLF.DE | XAAG.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.86 | 2.17 | -0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.73 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.49 | +0.04 |
Drawdowns
ETLF.DE vs. XAAG.DE - Drawdown Comparison
The maximum ETLF.DE drawdown since its inception was -28.78%, smaller than the maximum XAAG.DE drawdown of -33.85%. Use the drawdown chart below to compare losses from any high point for ETLF.DE and XAAG.DE.
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Drawdown Indicators
| ETLF.DE | XAAG.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.78% | -33.85% | +5.07% |
Max Drawdown (1Y)Largest decline over 1 year | -8.80% | -11.54% | +2.74% |
Max Drawdown (3Y)Largest decline over 3 years | -15.96% | -16.26% | +0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -27.00% | -33.85% | +6.85% |
Current DrawdownCurrent decline from peak | -4.91% | -2.54% | -2.37% |
Average DrawdownAverage peak-to-trough decline | -12.13% | -13.88% | +1.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.97% | 4.89% | -0.92% |
Volatility
ETLF.DE vs. XAAG.DE - Volatility Comparison
L&G All Commodities UCITS ETF (ETLF.DE) has a higher volatility of 5.93% compared to Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc (XAAG.DE) at 4.71%. This indicates that ETLF.DE's price experiences larger fluctuations and is considered to be riskier than XAAG.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETLF.DE | XAAG.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.93% | 4.71% | +1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 16.60% | 18.81% | -2.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.79% | 21.76% | -2.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.09% | 20.32% | -3.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.59% | 18.40% | -2.81% |
ETLF.DE vs. XAAG.DE - Expense Ratio Comparison
ETLF.DE has a 0.15% expense ratio, which is lower than XAAG.DE's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ETLF.DE vs. XAAG.DE - Dividend Comparison
Neither ETLF.DE nor XAAG.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.94, ETLF.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, ETLF.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETLF.DE is cheaper with a 0.15% expense ratio, compared with 0.19% for XAAG.DE.
ETLF.DE tracks Bloomberg Commodity, while XAAG.DE tracks Bloomberg Commodity ex-Agriculture and Livestock. They also come from different issuers: Legal & General and Invesco. Their fees differ too: 0.15% for ETLF.DE and 0.19% for XAAG.DE.
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