ETLN.DE vs. ETL2.DE

Last updated Jun 5, 2026

ETLN.DE (L&G Europe ex UK Equity UCITS ETF) and ETL2.DE (L&G Longer Dated All 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 ETL2.DE is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward. Both are passively managed. Over the past 5 years, ETLN.DE returned 9.33%/yr vs 13.12%/yr for ETL2.DE. At a 0.11 correlation, their price movements are largely independent. ETLN.DE charges 0.10%/yr vs 0.30%/yr for ETL2.DE.

Performance

ETLN.DE vs. ETL2.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in L&G Europe ex UK Equity UCITS ETF (ETLN.DE) and L&G Longer Dated All Commodities UCITS ETF (ETL2.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETLN.DE achieves a 7.75% return, which is significantly lower than ETL2.DE's 18.23% return.

ETLN.DE

• 1D: 0.40%
• 1M: 3.66%
• YTD: 7.75%
• 6M: 9.68%
• 1Y: 16.39%
• 3Y*: 13.52%
• 5Y*: 9.33%
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ETLN.DE vs. ETL2.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ETLN.DE L&G Europe ex UK Equity UCITS ETF	7.75%	20.59%	6.45%	18.04%	-12.23%	25.18%	1.20%	23.92%
ETL2.DE L&G Longer Dated All Commodities UCITS ETF	18.23%	4.89%	11.54%	-9.44%	24.86%	46.17%	-7.55%	6.79%

Correlation

The correlation between ETLN.DE and ETL2.DE is -0.18, 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	-0.18
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jan 17, 2019	0.11

The correlation between ETLN.DE and ETL2.DE shifts across timeframes, from -0.18 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ETLN.DE vs. ETL2.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ETLN.DE

ETLN.DE Risk / Return Rank: 35
ETLN.DE Sharpe Ratio Rank: 33
ETLN.DE Sortino Ratio Rank: 34
ETLN.DE Omega Ratio Rank: 34
ETLN.DE Calmar Ratio Rank: 34
ETLN.DE Martin Ratio Rank: 39

ETL2.DE

ETL2.DE Risk / Return Rank: 57
ETL2.DE Sharpe Ratio Rank: 56
ETL2.DE Sortino Ratio Rank: 51
ETL2.DE Omega Ratio Rank: 54
ETL2.DE Calmar Ratio Rank: 72
ETL2.DE Martin Ratio Rank: 49

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ETLN.DE vs. ETL2.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 Longer Dated All Commodities UCITS ETF (ETL2.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	ETL2.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.87	-0.69
Sortino ratio: Return per unit of downside risk	1.76	2.47	-0.71
Omega ratio: Gain probability vs. loss probability	1.22	1.33	-0.11
Calmar ratio: Return relative to maximum drawdown	1.62	3.59	-1.97
Martin ratio: Return relative to average drawdown	5.98	8.20	-2.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETLN.DE vs. ETL2.DE - Sharpe Ratio Comparison

The current ETLN.DE Sharpe Ratio is 1.18, which is lower than the ETL2.DE Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of ETLN.DE and ETL2.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ETLN.DE	ETL2.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	1.87	-0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.84	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.25	+0.44

Drawdowns

ETLN.DE vs. ETL2.DE - Drawdown Comparison

The maximum ETLN.DE drawdown since its inception was -34.76%, smaller than the maximum ETL2.DE drawdown of -47.04%. Use the drawdown chart below to compare losses from any high point for ETLN.DE and ETL2.DE.

Drawdown Indicators

	ETLN.DE	ETL2.DE	Difference
Max Drawdown Largest peak-to-trough decline	-34.76%	-47.04%	+12.28%
Max Drawdown (1Y) Largest decline over 1 year	-10.09%	-7.90%	-2.19%
Max Drawdown (3Y) Largest decline over 3 years	-16.98%	-15.06%	-1.92%
Max Drawdown (5Y) Largest decline over 5 years	-22.47%	-23.27%	+0.80%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.50%	—
Current Drawdown Current decline from peak	-1.56%	-3.57%	+2.01%
Average Drawdown Average peak-to-trough decline	-4.95%	-21.90%	+16.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	3.46%	-0.73%

Volatility

ETLN.DE vs. ETL2.DE - Volatility Comparison

L&G Europe ex UK Equity UCITS ETF (ETLN.DE) and L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) have volatilities of 4.39% and 4.60%, 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.

Volatility by Period

	ETLN.DE	ETL2.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	4.60%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	11.28%	12.74%	-1.46%
Volatility (1Y) Calculated over the trailing 1-year period	13.84%	15.15%	-1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.14%	15.44%	-0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.77%	13.69%	+3.08%

ETLN.DE vs. ETL2.DE - Expense Ratio Comparison

ETLN.DE has a 0.10% expense ratio, which is lower than ETL2.DE's 0.30% expense ratio.

Dividends

ETLN.DE vs. ETL2.DE - Dividend Comparison

Neither ETLN.DE nor ETL2.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETLN.DE and ETL2.DE in my portfolio?

ETLN.DE and ETL2.DE have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ETLN.DE or ETL2.DE?

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.

Which ETF is cheaper, ETLN.DE or ETL2.DE?

ETLN.DE is cheaper with a 0.10% expense ratio, compared with 0.30% for ETL2.DE.

What is the main difference between ETLN.DE and ETL2.DE?

ETLN.DE is categorized as Europe Equities, while ETL2.DE is Commodities. ETLN.DE tracks Solactive Core Developed Markets Europe ex UK Large & Mid Cap, while ETL2.DE tracks Bloomberg Commodity 3 Month Forward. Their fees differ too: 0.10% for ETLN.DE and 0.30% for ETL2.DE.