EXUS.L vs. BCOG.L

Last updated Jun 4, 2026

EXUS.L (Xtrackers MSCI World ex USA UCITS ETF 1C USD) and BCOG.L (L&G All Commodities UCITS ETF) are both exchange-traded funds - EXUS.L is a Global Equities fund tracking the MSCI World ex USA index, while BCOG.L is a Commodities fund tracking the Bloomberg Commodity. Both are passively managed. Over the past year, EXUS.L returned 22.79% vs 38.46% for BCOG.L. At a 0.06 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.

Performance

EXUS.L vs. BCOG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI World ex USA UCITS ETF 1C USD (EXUS.L) and L&G All Commodities UCITS ETF (BCOG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EXUS.L is traded in USD, while BCOG.L is traded in GBp. To make them comparable, the BCOG.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EXUS.L achieves a 8.61% return, which is significantly lower than BCOG.L's 26.39% return.

EXUS.L

• 1D: -0.53%
• 1M: 3.48%
• YTD: 8.61%
• 6M: 11.84%
• 1Y: 22.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BCOG.L

• 1D: 0.43%
• 1M: -1.38%
• YTD: 26.39%
• 6M: 25.38%
• 1Y: 38.46%
• 3Y*: 16.35%
• 5Y*: 11.54%
• 10Y*: —

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

EXUS.L vs. BCOG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EXUS.L Xtrackers MSCI World ex USA UCITS ETF 1C USD	8.61%	31.98%	1.23%
BCOG.L L&G All Commodities UCITS ETF	26.39%	16.33%	4.65%

Correlation

The correlation between EXUS.L and BCOG.L is -0.13, 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	-0.13
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.06

The correlation between EXUS.L and BCOG.L shifts across timeframes, from -0.13 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

EXUS.L vs. BCOG.L - Sectors Allocation Comparison

Sectors	EXUS.L	BCOG.L
Financial Services	26.2%	17.8%
Industrials	18.6%	-
Technology	10.1%	5.6%
Healthcare	9.2%	-
Consumer Cyclical	7.1%	12.9%
Basic Materials	7.0%	35.8%
Consumer Defensive	6.4%	9.7%
Energy	5.9%	-
Communication Services	4.0%	12.3%
Utilities	3.7%	-
Real Estate	1.7%	5.8%

Return for Risk

EXUS.L vs. BCOG.L — Risk / Return Rank

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

EXUS.L

EXUS.L Risk / Return Rank: 44
EXUS.L Sharpe Ratio Rank: 43
EXUS.L Sortino Ratio Rank: 46
EXUS.L Omega Ratio Rank: 44
EXUS.L Calmar Ratio Rank: 42
EXUS.L Martin Ratio Rank: 46

BCOG.L

BCOG.L Risk / Return Rank: 65
BCOG.L Sharpe Ratio Rank: 63
BCOG.L Sortino Ratio Rank: 55
BCOG.L Omega Ratio Rank: 63
BCOG.L Calmar Ratio Rank: 84
BCOG.L Martin Ratio Rank: 59

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.

EXUS.L vs. BCOG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI World ex USA UCITS ETF 1C USD (EXUS.L) and L&G All Commodities UCITS ETF (BCOG.L). 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.

	EXUS.L	BCOG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.18	-0.63
Sortino ratio: Return per unit of downside risk	2.30	2.72	-0.42
Omega ratio: Gain probability vs. loss probability	1.29	1.38	-0.10
Calmar ratio: Return relative to maximum drawdown	2.10	4.55	-2.45
Martin ratio: Return relative to average drawdown	7.76	10.63	-2.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EXUS.L vs. BCOG.L - Sharpe Ratio Comparison

The current EXUS.L Sharpe Ratio is 1.54, which is comparable to the BCOG.L Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of EXUS.L and BCOG.L, 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

	EXUS.L	BCOG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	2.18	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	0.53	+0.65

Drawdowns

EXUS.L vs. BCOG.L - Drawdown Comparison

The maximum EXUS.L drawdown since its inception was -12.85%, smaller than the maximum BCOG.L drawdown of -33.29%. Use the drawdown chart below to compare losses from any high point for EXUS.L and BCOG.L.

Drawdown Indicators

	EXUS.L	BCOG.L	Difference
Max Drawdown Largest peak-to-trough decline	-12.85%	-33.29%	+20.44%
Max Drawdown (1Y) Largest decline over 1 year	-10.74%	-8.41%	-2.33%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.28%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.85%	—
Current Drawdown Current decline from peak	-0.92%	-4.26%	+3.34%
Average Drawdown Average peak-to-trough decline	-2.36%	-12.21%	+9.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	3.61%	-0.68%

Volatility

EXUS.L vs. BCOG.L - Volatility Comparison

The current volatility for Xtrackers MSCI World ex USA UCITS ETF 1C USD (EXUS.L) is 4.34%, while L&G All Commodities UCITS ETF (BCOG.L) has a volatility of 6.12%. This indicates that EXUS.L experiences smaller price fluctuations and is considered to be less risky than BCOG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EXUS.L	BCOG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	6.12%	-1.78%
Volatility (6M) Calculated over the trailing 6-month period	12.23%	15.51%	-3.28%
Volatility (1Y) Calculated over the trailing 1-year period	14.64%	17.60%	-2.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.30%	17.31%	-2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.30%	16.01%	-0.71%

EXUS.L vs. BCOG.L - Expense Ratio Comparison

Both EXUS.L and BCOG.L have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

EXUS.L vs. BCOG.L - Dividend Comparison

Neither EXUS.L nor BCOG.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EXUS.L and BCOG.L in my portfolio?

EXUS.L and BCOG.L have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EXUS.L or BCOG.L?

Both ETFs have the same 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EXUS.L or BCOG.L?

EXUS.L and BCOG.L have the same expense ratio: 0.15% per year.

What is the main difference between EXUS.L and BCOG.L?

EXUS.L is categorized as Global Equities, while BCOG.L is Commodities. EXUS.L tracks MSCI World ex USA index, while BCOG.L tracks Bloomberg Commodity. They also come from different issuers: Xtrackers and Legal & General.