EUNL.DE vs. ETL2.DE
EUNL.DE (iShares Core MSCI World UCITS ETF USD (Acc)) and ETL2.DE (L&G Longer Dated All Commodities UCITS ETF) are both exchange-traded funds - EUNL.DE is a Global Equities fund tracking the MSCI World Index, while ETL2.DE is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward. Both are passively managed. Over the past 10 years, EUNL.DE returned 13.28%/yr vs 7.32%/yr for ETL2.DE. At a 0.36 correlation, their price movements are largely independent. EUNL.DE charges 0.20%/yr vs 0.30%/yr for ETL2.DE.
Performance
EUNL.DE vs. ETL2.DE - Performance Comparison
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Returns By Period
In the year-to-date period, EUNL.DE achieves a 11.02% return, which is significantly lower than ETL2.DE's 11.73% return. Over the past 10 years, EUNL.DE has outperformed ETL2.DE with an annualized return of 13.28%, while ETL2.DE has yielded a comparatively lower 7.32% annualized return.
EUNL.DE
- 1D
- -0.55%
- 1M
- 0.80%
- YTD
- 11.02%
- 6M
- 11.36%
- 1Y
- 24.80%
- 3Y*
- 17.97%
- 5Y*
- 12.27%
- 10Y*
- 13.28%
ETL2.DE
- 1D
- 0.43%
- 1M
- -6.25%
- YTD
- 11.73%
- 6M
- 13.66%
- 1Y
- 23.04%
- 3Y*
- 8.87%
- 5Y*
- 11.81%
- 10Y*
- 7.32%
EUNL.DE vs. ETL2.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUNL.DE iShares Core MSCI World UCITS ETF USD (Acc) | 11.02% | 7.91% | 25.93% | 20.12% | -13.59% | 32.72% | 5.48% | 31.35% | -5.13% | 7.71% |
ETL2.DE L&G Longer Dated All Commodities UCITS ETF | 11.73% | 4.89% | 11.58% | -9.47% | 24.86% | 46.21% | -7.56% | 10.89% | -4.22% | -9.85% |
Correlation
The correlation between EUNL.DE and ETL2.DE is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2010 | 0.36 |
The correlation between EUNL.DE and ETL2.DE shifts across timeframes, from -0.00 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EUNL.DE vs. ETL2.DE — Risk / Return Rank
EUNL.DE
ETL2.DE
EUNL.DE vs. ETL2.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI World UCITS ETF USD (Acc) (EUNL.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.
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.
| EUNL.DE | ETL2.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.28 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.97 | 2.48 | +1.49 |
| Martin ratioReturn relative to average drawdown | 16.03 | 8.80 | +7.23 |
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Drawdowns
EUNL.DE vs. ETL2.DE - Drawdown Comparison
The maximum EUNL.DE drawdown since its inception was -33.63%, smaller than the maximum ETL2.DE drawdown of -47.05%. Use the drawdown chart below to compare losses from any high point for EUNL.DE and ETL2.DE.
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Drawdown Indicators
| EUNL.DE | ETL2.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.63% | -47.05% | +13.42% |
Max Drawdown (1Y)Largest decline over 1 year | -6.22% | -9.25% | +3.03% |
Max Drawdown (3Y)Largest decline over 3 years | -21.73% | -15.06% | -6.67% |
Max Drawdown (5Y)Largest decline over 5 years | -21.73% | -23.24% | +1.51% |
Max Drawdown (10Y)Largest decline over 10 years | -33.63% | -26.52% | -7.11% |
Current DrawdownCurrent decline from peak | -0.77% | -8.85% | +8.08% |
Average DrawdownAverage peak-to-trough decline | -4.21% | -22.24% | +18.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.54% | 2.61% | -1.07% |
Volatility
EUNL.DE vs. ETL2.DE - Volatility Comparison
The current volatility for iShares Core MSCI World UCITS ETF USD (Acc) (EUNL.DE) is 3.01%, while L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) has a volatility of 3.35%. This indicates that EUNL.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
| EUNL.DE | ETL2.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.01% | 3.35% | -0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 7.91% | 12.90% | -4.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.30% | 14.79% | -3.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.19% | 15.45% | -1.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.14% | 13.68% | +1.46% |
EUNL.DE vs. ETL2.DE - Expense Ratio Comparison
EUNL.DE has a 0.20% expense ratio, which is lower than ETL2.DE's 0.30% expense ratio.
Dividends
EUNL.DE vs. ETL2.DE - Dividend Comparison
Neither EUNL.DE nor ETL2.DE has paid dividends to shareholders.
Frequently Asked Questions
EUNL.DE and ETL2.DE have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EUNL.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EUNL.DE is cheaper with a 0.20% expense ratio, compared with 0.30% for ETL2.DE.
EUNL.DE is categorized as Global Equities, while ETL2.DE is Commodities. EUNL.DE tracks MSCI World Index, while ETL2.DE tracks Bloomberg Commodity 3 Month Forward. They also come from different issuers: iShares and Legal & General. Their fees differ too: 0.20% for EUNL.DE and 0.30% for ETL2.DE.
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