FCO2.DE vs. UEQU.DE

Last updated Jun 5, 2026

FCO2.DE (HANetf SparkChange Physical Carbon EUA ETC) and UEQU.DE (UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc) are both Commodities funds - FCO2.DE tracks the EU Carbon Emission Allowances (EUA) while UEQU.DE tracks the UBS CMCI Ex Agriculture Ex Livestock Capped. Both are passively managed. Over the past 3 years, FCO2.DE returned -3.01%/yr vs 14.81%/yr for UEQU.DE. At a 0.11 correlation, their price movements are largely independent. FCO2.DE charges 0.89%/yr vs 0.34%/yr for UEQU.DE.

Performance

FCO2.DE vs. UEQU.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HANetf SparkChange Physical Carbon EUA ETC (FCO2.DE) and UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc (UEQU.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCO2.DE achieves a -10.46% return, which is significantly lower than UEQU.DE's 25.53% return.

FCO2.DE

• 1D: -2.02%
• 1M: 1.82%
• YTD: -10.46%
• 6M: -8.30%
• 1Y: 5.04%
• 3Y*: -3.01%
• 5Y*: —
• 10Y*: —

UEQU.DE

• 1D: -0.80%
• 1M: 1.40%
• YTD: 25.53%
• 6M: 28.14%
• 1Y: 41.09%
• 3Y*: 14.81%
• 5Y*: 14.40%
• 10Y*: 10.80%

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

FCO2.DE vs. UEQU.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FCO2.DE HANetf SparkChange Physical Carbon EUA ETC	-10.46%	20.70%	-11.00%	-5.14%	-0.32%
UEQU.DE UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc	25.53%	6.36%	13.03%	-8.33%	-11.66%

Correlation

The correlation between FCO2.DE and UEQU.DE is -0.02, 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	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jun 8, 2022	0.11

The correlation between FCO2.DE and UEQU.DE shifts across timeframes, from -0.02 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FCO2.DE vs. UEQU.DE — Risk / Return Rank

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

FCO2.DE

FCO2.DE Risk / Return Rank: 12
FCO2.DE Sharpe Ratio Rank: 12
FCO2.DE Sortino Ratio Rank: 12
FCO2.DE Omega Ratio Rank: 12
FCO2.DE Calmar Ratio Rank: 11
FCO2.DE Martin Ratio Rank: 11

UEQU.DE

UEQU.DE Risk / Return Rank: 82
UEQU.DE Sharpe Ratio Rank: 82
UEQU.DE Sortino Ratio Rank: 77
UEQU.DE Omega Ratio Rank: 79
UEQU.DE Calmar Ratio Rank: 92
UEQU.DE Martin Ratio Rank: 79

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.

FCO2.DE vs. UEQU.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HANetf SparkChange Physical Carbon EUA ETC (FCO2.DE) and UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc (UEQU.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.

	FCO2.DE	UEQU.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.19	2.60	-2.42
Sortino ratio: Return per unit of downside risk	0.44	3.40	-2.96
Omega ratio: Gain probability vs. loss probability	1.06	1.46	-0.40
Calmar ratio: Return relative to maximum drawdown	0.16	6.29	-6.13
Martin ratio: Return relative to average drawdown	0.41	15.25	-14.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCO2.DE vs. UEQU.DE - Sharpe Ratio Comparison

The current FCO2.DE Sharpe Ratio is 0.19, which is lower than the UEQU.DE Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of FCO2.DE and UEQU.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

	FCO2.DE	UEQU.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.19	2.60	-2.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.85	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	0.64	-0.71

Drawdowns

FCO2.DE vs. UEQU.DE - Drawdown Comparison

The maximum FCO2.DE drawdown since its inception was -48.49%, which is greater than UEQU.DE's maximum drawdown of -30.56%. Use the drawdown chart below to compare losses from any high point for FCO2.DE and UEQU.DE.

Drawdown Indicators

	FCO2.DE	UEQU.DE	Difference
Max Drawdown Largest peak-to-trough decline	-48.49%	-30.56%	-17.93%
Max Drawdown (1Y) Largest decline over 1 year	-31.46%	-6.50%	-24.96%
Max Drawdown (3Y) Largest decline over 3 years	-45.60%	-15.66%	-29.94%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.44%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.56%	—
Current Drawdown Current decline from peak	-24.40%	-1.21%	-23.19%
Average Drawdown Average peak-to-trough decline	-23.38%	-8.92%	-14.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.41%	2.69%	+9.72%

Volatility

FCO2.DE vs. UEQU.DE - Volatility Comparison

HANetf SparkChange Physical Carbon EUA ETC (FCO2.DE) has a higher volatility of 5.99% compared to UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc (UEQU.DE) at 3.91%. This indicates that FCO2.DE's price experiences larger fluctuations and is considered to be riskier than UEQU.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCO2.DE	UEQU.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.99%	3.91%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	22.94%	13.03%	+9.91%
Volatility (1Y) Calculated over the trailing 1-year period	26.69%	15.73%	+10.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.04%	16.83%	+17.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.04%	16.41%	+17.63%

FCO2.DE vs. UEQU.DE - Expense Ratio Comparison

FCO2.DE has a 0.89% expense ratio, which is higher than UEQU.DE's 0.34% expense ratio.

Dividends

FCO2.DE vs. UEQU.DE - Dividend Comparison

Neither FCO2.DE nor UEQU.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FCO2.DE and UEQU.DE in my portfolio?

FCO2.DE and UEQU.DE have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCO2.DE or UEQU.DE?

On fees, UEQU.DE is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCO2.DE or UEQU.DE?

UEQU.DE is cheaper with a 0.34% expense ratio, compared with 0.89% for FCO2.DE.

What is the main difference between FCO2.DE and UEQU.DE?

FCO2.DE tracks EU Carbon Emission Allowances (EUA), while UEQU.DE tracks UBS CMCI Ex Agriculture Ex Livestock Capped. They also come from different issuers: HANetf and UBS. Their fees differ too: 0.89% for FCO2.DE and 0.34% for UEQU.DE.