FAIG.L vs. ENCO.L
FAIG.L (WisdomTree Broad Commodities Longer Dated) and ENCO.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc)) are both Commodities funds - FAIG.L tracks the Bloomberg Commodity 3 Month Forward while ENCO.L tracks the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. Both are passively managed. Over the past 3 years, FAIG.L returned 11.08%/yr vs 9.76%/yr for ENCO.L. Their correlation of 0.88 suggests significant overlap in exposure. FAIG.L charges 0.49%/yr vs 0.30%/yr for ENCO.L.
Performance
FAIG.L vs. ENCO.L - Performance Comparison
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Returns By Period
In the year-to-date period, FAIG.L achieves a 16.48% return, which is significantly lower than ENCO.L's 20.59% return.
FAIG.L
- 1D
- 0.47%
- 1M
- 1.95%
- 6M
- 12.64%
- YTD
- 16.48%
- 1Y
- 25.38%
- 3Y*
- 11.08%
- 5Y*
- 10.08%
- 10Y*
- 7.26%
ENCO.L
- 1D
- 0.61%
- 1M
- 2.32%
- 6M
- 16.85%
- YTD
- 20.59%
- 1Y
- 24.66%
- 3Y*
- 9.76%
- 5Y*
- —
- 10Y*
- —
FAIG.L vs. ENCO.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FAIG.L WisdomTree Broad Commodities Longer Dated | 16.48% | 15.88% | 4.08% | -7.23% | 16.01% | 6.08% |
ENCO.L L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) | 20.59% | 8.38% | 3.59% | -2.45% | 23.37% | 9.08% |
Correlation
The correlation between FAIG.L and ENCO.L is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021 | 0.88 |
The correlation between FAIG.L and ENCO.L has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.
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Return for Risk
FAIG.L vs. ENCO.L — Risk / Return Rank
FAIG.L
ENCO.L
FAIG.L vs. ENCO.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Broad Commodities Longer Dated (FAIG.L) and L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.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.
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.
| FAIG.L | ENCO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.28 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | 1.90 | +0.13 |
| Martin ratioReturn relative to average drawdown | 6.63 | 6.33 | +0.30 |
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Drawdowns
FAIG.L vs. ENCO.L - Drawdown Comparison
The maximum FAIG.L drawdown since its inception was -68.40%, which is greater than ENCO.L's maximum drawdown of -23.99%. Use the drawdown chart below to compare losses from any high point for FAIG.L and ENCO.L.
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Drawdown Indicators
| FAIG.L | ENCO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.40% | -23.99% | -44.41% |
Max Drawdown (1Y)Largest decline over 1 year | -12.50% | -12.95% | +0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -12.50% | -12.95% | +0.45% |
Max Drawdown (5Y)Largest decline over 5 years | -24.76% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -30.94% | — | — |
Current DrawdownCurrent decline from peak | -16.31% | -6.99% | -9.32% |
Average DrawdownAverage peak-to-trough decline | -42.94% | -12.39% | -30.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.81% | 3.89% | -0.08% |
Volatility
FAIG.L vs. ENCO.L - Volatility Comparison
The current volatility for WisdomTree Broad Commodities Longer Dated (FAIG.L) is 3.56%, while L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.L) has a volatility of 3.93%. This indicates that FAIG.L experiences smaller price fluctuations and is considered to be less risky than ENCO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FAIG.L | ENCO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.56% | 3.93% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 11.58% | 13.01% | -1.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.89% | 15.36% | -1.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.34% | 17.23% | -1.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.50% | 17.23% | -3.73% |
FAIG.L vs. ENCO.L - Expense Ratio Comparison
FAIG.L has a 0.49% expense ratio, which is higher than ENCO.L's 0.30% expense ratio.
Dividends
FAIG.L vs. ENCO.L - Dividend Comparison
Neither FAIG.L nor ENCO.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.92, FAIG.L and ENCO.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, ENCO.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ENCO.L is cheaper with a 0.30% expense ratio, compared with 0.49% for FAIG.L.
FAIG.L tracks Bloomberg Commodity 3 Month Forward, while ENCO.L tracks Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. They also come from different issuers: WisdomTree and L&G. Their fees differ too: 0.49% for FAIG.L and 0.30% for ENCO.L.
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