EXAG.DE vs. M9SA.DE

Last updated Jun 5, 2026

EXAG.DE (WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF (EUR Hedged) Acc) and M9SA.DE (Market Access Rogers International Commodity UCITS ETF) are both Commodities funds - EXAG.DE tracks the Morgan Stanley RADAR ex Agriculture & Livestock Commodity (EUR Hedged) while M9SA.DE tracks the Rogers International Commodity (RICI). Both are passively managed. Over the past 3 years, EXAG.DE returned 18.34%/yr vs 12.05%/yr for M9SA.DE. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.60% expense ratio.

Performance

EXAG.DE vs. M9SA.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF (EUR Hedged) Acc (EXAG.DE) and Market Access Rogers International Commodity UCITS ETF (M9SA.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EXAG.DE achieves a 23.44% return, which is significantly lower than M9SA.DE's 32.08% return.

EXAG.DE

• 1D: -1.00%
• 1M: -3.06%
• YTD: 23.44%
• 6M: 33.80%
• 1Y: 60.10%
• 3Y*: 18.34%
• 5Y*: —
• 10Y*: —

M9SA.DE

• 1D: -1.46%
• 1M: -3.15%
• YTD: 32.08%
• 6M: 32.39%
• 1Y: 39.29%
• 3Y*: 12.05%
• 5Y*: 13.63%
• 10Y*: 7.64%

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

EXAG.DE vs. M9SA.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EXAG.DE WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF (EUR Hedged) Acc	23.44%	32.86%	1.21%	-10.04%	12.14%	-0.14%
M9SA.DE Market Access Rogers International Commodity UCITS ETF	32.08%	-4.38%	10.96%	-8.16%	23.00%	15.57%

Correlation

The correlation between EXAG.DE and M9SA.DE is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Jul 13, 2021	0.64

The correlation between EXAG.DE and M9SA.DE has been stable across timeframes, ranging from 0.62 to 0.65 - a consistent structural relationship.

Return for Risk

EXAG.DE vs. M9SA.DE — Risk / Return Rank

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

EXAG.DE

EXAG.DE Risk / Return Rank: 81
EXAG.DE Sharpe Ratio Rank: 85
EXAG.DE Sortino Ratio Rank: 72
EXAG.DE Omega Ratio Rank: 78
EXAG.DE Calmar Ratio Rank: 88
EXAG.DE Martin Ratio Rank: 85

M9SA.DE

M9SA.DE Risk / Return Rank: 57
M9SA.DE Sharpe Ratio Rank: 53
M9SA.DE Sortino Ratio Rank: 46
M9SA.DE Omega Ratio Rank: 55
M9SA.DE Calmar Ratio Rank: 83
M9SA.DE Martin Ratio Rank: 50

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.

EXAG.DE vs. M9SA.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF (EUR Hedged) Acc (EXAG.DE) and Market Access Rogers International Commodity UCITS ETF (M9SA.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.

	EXAG.DE	M9SA.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.73	1.77	+0.95
Sortino ratio: Return per unit of downside risk	3.22	2.27	+0.95
Omega ratio: Gain probability vs. loss probability	1.45	1.33	+0.12
Calmar ratio: Return relative to maximum drawdown	5.01	4.36	+0.65
Martin ratio: Return relative to average drawdown	17.27	8.24	+9.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EXAG.DE vs. M9SA.DE - Sharpe Ratio Comparison

The current EXAG.DE Sharpe Ratio is 2.73, which is higher than the M9SA.DE Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of EXAG.DE and M9SA.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

	EXAG.DE	M9SA.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.73	1.77	+0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.07	+0.46

Drawdowns

EXAG.DE vs. M9SA.DE - Drawdown Comparison

The maximum EXAG.DE drawdown since its inception was -35.04%, smaller than the maximum M9SA.DE drawdown of -68.53%. Use the drawdown chart below to compare losses from any high point for EXAG.DE and M9SA.DE.

Drawdown Indicators

	EXAG.DE	M9SA.DE	Difference
Max Drawdown Largest peak-to-trough decline	-35.04%	-68.53%	+33.49%
Max Drawdown (1Y) Largest decline over 1 year	-11.94%	-8.98%	-2.96%
Max Drawdown (3Y) Largest decline over 3 years	-15.69%	-17.75%	+2.06%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.06%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.54%	—
Current Drawdown Current decline from peak	-6.47%	-5.62%	-0.85%
Average Drawdown Average peak-to-trough decline	-21.25%	-33.68%	+12.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	4.76%	-1.29%

Volatility

EXAG.DE vs. M9SA.DE - Volatility Comparison

The current volatility for WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF (EUR Hedged) Acc (EXAG.DE) is 5.02%, while Market Access Rogers International Commodity UCITS ETF (M9SA.DE) has a volatility of 6.09%. This indicates that EXAG.DE experiences smaller price fluctuations and is considered to be less risky than M9SA.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EXAG.DE	M9SA.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	6.09%	-1.07%
Volatility (6M) Calculated over the trailing 6-month period	19.08%	19.44%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	21.98%	22.09%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.80%	19.25%	+1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.80%	18.11%	+2.69%

EXAG.DE vs. M9SA.DE - Expense Ratio Comparison

Both EXAG.DE and M9SA.DE have an expense ratio of 0.60%.

Dividends

EXAG.DE vs. M9SA.DE - Dividend Comparison

Neither EXAG.DE nor M9SA.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EXAG.DE and M9SA.DE in my portfolio?

EXAG.DE and M9SA.DE have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EXAG.DE or M9SA.DE?

Both ETFs have the same 0.60% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EXAG.DE or M9SA.DE?

EXAG.DE and M9SA.DE have the same expense ratio: 0.60% per year.

What is the main difference between EXAG.DE and M9SA.DE?

EXAG.DE tracks Morgan Stanley RADAR ex Agriculture & Livestock Commodity (EUR Hedged), while M9SA.DE tracks Rogers International Commodity (RICI). They also come from different issuers: WisdomTree and China Post Global.