EUNK.DE vs. ETL2.DE
EUNK.DE (iShares Core MSCI Europe UCITS ETF EUR (Acc)) and ETL2.DE (L&G Longer Dated All Commodities UCITS ETF) are both exchange-traded funds - EUNK.DE is a Europe Equities fund tracking the MSCI Europe, while ETL2.DE is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward. Both are passively managed. Over the past 10 years, EUNK.DE returned 9.16%/yr vs 8.17%/yr for ETL2.DE. At a 0.25 correlation, their price movements are largely independent. EUNK.DE charges 0.12%/yr vs 0.30%/yr for ETL2.DE.
Performance
EUNK.DE vs. ETL2.DE - Performance Comparison
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Returns By Period
In the year-to-date period, EUNK.DE achieves a 7.32% return, which is significantly lower than ETL2.DE's 18.23% return. Over the past 10 years, EUNK.DE has outperformed ETL2.DE with an annualized return of 9.16%, while ETL2.DE has yielded a comparatively lower 8.17% annualized return.
EUNK.DE
- 1D
- 0.60%
- 1M
- 1.11%
- YTD
- 7.32%
- 6M
- 9.84%
- 1Y
- 15.90%
- 3Y*
- 13.70%
- 5Y*
- 9.96%
- 10Y*
- 9.16%
ETL2.DE
- 1D
- -1.24%
- 1M
- 0.52%
- YTD
- 18.23%
- 6M
- 18.72%
- 1Y
- 27.69%
- 3Y*
- 10.87%
- 5Y*
- 13.12%
- 10Y*
- 8.17%
EUNK.DE vs. ETL2.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUNK.DE iShares Core MSCI Europe UCITS ETF EUR (Acc) | 7.32% | 20.34% | 8.22% | 15.78% | -9.07% | 24.95% | -3.14% | 27.85% | -10.93% | 10.51% |
ETL2.DE L&G Longer Dated All Commodities UCITS ETF | 18.23% | 4.89% | 11.54% | -9.44% | 24.86% | 46.17% | -7.55% | 10.85% | -4.21% | -9.85% |
Correlation
The correlation between EUNK.DE and ETL2.DE is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since May 10, 2010 | 0.25 |
The correlation between EUNK.DE and ETL2.DE shifts across timeframes, from -0.14 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EUNK.DE vs. ETL2.DE — Risk / Return Rank
EUNK.DE
ETL2.DE
EUNK.DE vs. ETL2.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Europe UCITS ETF EUR (Acc) (EUNK.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.
| EUNK.DE | ETL2.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.33 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 3.59 | -1.90 |
| Martin ratioReturn relative to average drawdown | 6.26 | 8.20 | -1.93 |
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
| EUNK.DE | ETL2.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.25 | 1.87 | -0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | 0.84 | -0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.59 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.25 | +0.27 |
Drawdowns
EUNK.DE vs. ETL2.DE - Drawdown Comparison
The maximum EUNK.DE drawdown since its inception was -35.45%, smaller than the maximum ETL2.DE drawdown of -47.04%. Use the drawdown chart below to compare losses from any high point for EUNK.DE and ETL2.DE.
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Drawdown Indicators
| EUNK.DE | ETL2.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.45% | -47.04% | +11.59% |
Max Drawdown (1Y)Largest decline over 1 year | -9.52% | -7.90% | -1.62% |
Max Drawdown (3Y)Largest decline over 3 years | -16.58% | -15.06% | -1.52% |
Max Drawdown (5Y)Largest decline over 5 years | -19.45% | -23.27% | +3.82% |
Max Drawdown (10Y)Largest decline over 10 years | -35.45% | -26.50% | -8.95% |
Current DrawdownCurrent decline from peak | -1.68% | -3.57% | +1.89% |
Average DrawdownAverage peak-to-trough decline | -5.31% | -21.90% | +16.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.57% | 3.46% | -0.89% |
Volatility
EUNK.DE vs. ETL2.DE - Volatility Comparison
The current volatility for iShares Core MSCI Europe UCITS ETF EUR (Acc) (EUNK.DE) is 4.33%, while L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) has a volatility of 4.60%. This indicates that EUNK.DE experiences smaller price fluctuations and is considered to be less risky than ETL2.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUNK.DE | ETL2.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.33% | 4.60% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 10.59% | 12.74% | -2.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.85% | 15.15% | -2.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.20% | 15.44% | -1.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.49% | 13.69% | +1.80% |
EUNK.DE vs. ETL2.DE - Expense Ratio Comparison
EUNK.DE has a 0.12% expense ratio, which is lower than ETL2.DE's 0.30% expense ratio.
Dividends
EUNK.DE vs. ETL2.DE - Dividend Comparison
Neither EUNK.DE nor ETL2.DE has paid dividends to shareholders.
Frequently Asked Questions
EUNK.DE and ETL2.DE have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EUNK.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EUNK.DE is cheaper with a 0.12% expense ratio, compared with 0.30% for ETL2.DE.
EUNK.DE is categorized as Europe Equities, while ETL2.DE is Commodities. EUNK.DE tracks MSCI Europe, while ETL2.DE tracks Bloomberg Commodity 3 Month Forward. They also come from different issuers: iShares and Legal & General. Their fees differ too: 0.12% for EUNK.DE and 0.30% for ETL2.DE.
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