ETLN.DE vs. EN4C.DE
ETLN.DE (L&G Europe ex UK Equity UCITS ETF) and EN4C.DE (L&G Multi-Strategy Enhanced Commodities UCITS ETF) are both exchange-traded funds - ETLN.DE is a Europe Equities fund tracking the Solactive Core Developed Markets Europe ex UK Large & Mid Cap, while EN4C.DE is a Commodities fund tracking the Barclays Backwardation Tilt Multi-Strategy Capped. Both are passively managed. Over the past 3 years, ETLN.DE returned 13.52%/yr vs 9.70%/yr for EN4C.DE. At a correlation of -0.02, they often move in opposite directions. ETLN.DE charges 0.10%/yr vs 0.30%/yr for EN4C.DE.
Performance
ETLN.DE vs. EN4C.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ETLN.DE achieves a 7.75% return, which is significantly lower than EN4C.DE's 24.44% return.
ETLN.DE
- 1D
- 0.40%
- 1M
- 1.13%
- YTD
- 7.75%
- 6M
- 9.98%
- 1Y
- 16.15%
- 3Y*
- 13.52%
- 5Y*
- 9.33%
- 10Y*
- —
EN4C.DE
- 1D
- -1.57%
- 1M
- 0.45%
- YTD
- 24.44%
- 6M
- 23.08%
- 1Y
- 29.56%
- 3Y*
- 9.70%
- 5Y*
- —
- 10Y*
- —
ETLN.DE vs. EN4C.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ETLN.DE L&G Europe ex UK Equity UCITS ETF | 7.75% | 20.59% | 6.45% | 18.04% | -12.23% | 4.22% |
EN4C.DE L&G Multi-Strategy Enhanced Commodities UCITS ETF | 24.44% | -3.13% | 9.93% | -5.63% | 29.83% | 10.18% |
Correlation
The correlation between ETLN.DE and EN4C.DE is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2021 | -0.02 |
Over the past year, the inverse relationship between ETLN.DE and EN4C.DE has strengthened: their correlation has moved from -0.02 to -0.26, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
ETLN.DE vs. EN4C.DE — Risk / Return Rank
ETLN.DE
EN4C.DE
ETLN.DE vs. EN4C.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Europe ex UK Equity UCITS ETF (ETLN.DE) and L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.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.
| ETLN.DE | EN4C.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.29 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 3.44 | -1.83 |
| Martin ratioReturn relative to average drawdown | 5.98 | 8.36 | -2.38 |
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
| ETLN.DE | EN4C.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.18 | 1.69 | -0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.61 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.69 | 0.72 | -0.03 |
Drawdowns
ETLN.DE vs. EN4C.DE - Drawdown Comparison
The maximum ETLN.DE drawdown since its inception was -34.76%, which is greater than EN4C.DE's maximum drawdown of -25.41%. Use the drawdown chart below to compare losses from any high point for ETLN.DE and EN4C.DE.
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Drawdown Indicators
| ETLN.DE | EN4C.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.76% | -25.41% | -9.35% |
Max Drawdown (1Y)Largest decline over 1 year | -10.09% | -8.81% | -1.28% |
Max Drawdown (3Y)Largest decline over 3 years | -16.98% | -17.63% | +0.65% |
Max Drawdown (5Y)Largest decline over 5 years | -22.47% | — | — |
Current DrawdownCurrent decline from peak | -1.56% | -4.02% | +2.46% |
Average DrawdownAverage peak-to-trough decline | -4.95% | -13.89% | +8.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.73% | 3.64% | -0.91% |
Volatility
ETLN.DE vs. EN4C.DE - Volatility Comparison
The current volatility for L&G Europe ex UK Equity UCITS ETF (ETLN.DE) is 4.39%, while L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.DE) has a volatility of 5.98%. This indicates that ETLN.DE experiences smaller price fluctuations and is considered to be less risky than EN4C.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETLN.DE | EN4C.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.39% | 5.98% | -1.59% |
Volatility (6M)Calculated over the trailing 6-month period | 11.28% | 14.54% | -3.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.84% | 17.98% | -4.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.14% | 18.11% | -2.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.77% | 18.11% | -1.34% |
ETLN.DE vs. EN4C.DE - Expense Ratio Comparison
ETLN.DE has a 0.10% expense ratio, which is lower than EN4C.DE's 0.30% expense ratio.
Dividends
ETLN.DE vs. EN4C.DE - Dividend Comparison
Neither ETLN.DE nor EN4C.DE has paid dividends to shareholders.
Frequently Asked Questions
ETLN.DE and EN4C.DE have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ETLN.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETLN.DE is cheaper with a 0.10% expense ratio, compared with 0.30% for EN4C.DE.
ETLN.DE is categorized as Europe Equities, while EN4C.DE is Commodities. ETLN.DE tracks Solactive Core Developed Markets Europe ex UK Large & Mid Cap, while EN4C.DE tracks Barclays Backwardation Tilt Multi-Strategy Capped. Their fees differ too: 0.10% for ETLN.DE and 0.30% for EN4C.DE.
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