FCO2.DE vs. XAAG.DE
FCO2.DE (HANetf SparkChange Physical Carbon EUA ETC) and XAAG.DE (Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc) are both Commodities funds - FCO2.DE tracks the EU Carbon Emission Allowances (EUA) while XAAG.DE tracks the Bloomberg Commodity ex-Agriculture and Livestock. Both are passively managed. Over the past 3 years, FCO2.DE returned -3.01%/yr vs 17.71%/yr for XAAG.DE. At a 0.12 correlation, their price movements are largely independent. FCO2.DE charges 0.89%/yr vs 0.19%/yr for XAAG.DE.
Performance
FCO2.DE vs. XAAG.DE - Performance Comparison
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Returns By Period
In the year-to-date period, FCO2.DE achieves a -10.46% return, which is significantly lower than XAAG.DE's 27.69% return.
FCO2.DE
- 1D
- -2.02%
- 1M
- 1.82%
- YTD
- -10.46%
- 6M
- -8.30%
- 1Y
- 5.04%
- 3Y*
- -3.01%
- 5Y*
- —
- 10Y*
- —
XAAG.DE
- 1D
- -0.56%
- 1M
- 0.44%
- YTD
- 27.69%
- 6M
- 30.58%
- 1Y
- 47.37%
- 3Y*
- 17.71%
- 5Y*
- 14.95%
- 10Y*
- —
FCO2.DE vs. XAAG.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% |
XAAG.DE Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc | 27.69% | 12.13% | 14.84% | -14.76% | -19.35% |
Correlation
The correlation between FCO2.DE and XAAG.DE is -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2022 | 0.12 |
The correlation between FCO2.DE and XAAG.DE shifts across timeframes, from -0.04 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FCO2.DE vs. XAAG.DE — Risk / Return Rank
FCO2.DE
XAAG.DE
FCO2.DE vs. XAAG.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 Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc (XAAG.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 | XAAG.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.98 | ||
| Sortino ratioReturn per unit of downside risk | -2.21 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.39 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.16 | 4.08 | -3.92 |
| Martin ratioReturn relative to average drawdown | 0.41 | 9.65 | -9.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FCO2.DE | XAAG.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.19 | 2.17 | -1.98 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.73 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | 0.49 | -0.56 |
Drawdowns
FCO2.DE vs. XAAG.DE - Drawdown Comparison
The maximum FCO2.DE drawdown since its inception was -48.49%, which is greater than XAAG.DE's maximum drawdown of -33.85%. Use the drawdown chart below to compare losses from any high point for FCO2.DE and XAAG.DE.
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Drawdown Indicators
| FCO2.DE | XAAG.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.49% | -33.85% | -14.64% |
Max Drawdown (1Y)Largest decline over 1 year | -31.46% | -11.54% | -19.92% |
Max Drawdown (3Y)Largest decline over 3 years | -45.60% | -16.26% | -29.34% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.85% | — |
Current DrawdownCurrent decline from peak | -24.40% | -2.54% | -21.86% |
Average DrawdownAverage peak-to-trough decline | -23.38% | -13.88% | -9.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.41% | 4.89% | +7.52% |
Volatility
FCO2.DE vs. XAAG.DE - Volatility Comparison
HANetf SparkChange Physical Carbon EUA ETC (FCO2.DE) has a higher volatility of 5.99% compared to Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc (XAAG.DE) at 4.71%. This indicates that FCO2.DE's price experiences larger fluctuations and is considered to be riskier than XAAG.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCO2.DE | XAAG.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.99% | 4.71% | +1.28% |
Volatility (6M)Calculated over the trailing 6-month period | 22.94% | 18.81% | +4.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.69% | 21.76% | +4.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.04% | 20.32% | +13.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.04% | 18.40% | +15.64% |
FCO2.DE vs. XAAG.DE - Expense Ratio Comparison
FCO2.DE has a 0.89% expense ratio, which is higher than XAAG.DE's 0.19% expense ratio.
Dividends
FCO2.DE vs. XAAG.DE - Dividend Comparison
Neither FCO2.DE nor XAAG.DE has paid dividends to shareholders.
Frequently Asked Questions
FCO2.DE and XAAG.DE have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XAAG.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XAAG.DE is cheaper with a 0.19% expense ratio, compared with 0.89% for FCO2.DE.
FCO2.DE tracks EU Carbon Emission Allowances (EUA), while XAAG.DE tracks Bloomberg Commodity ex-Agriculture and Livestock. They also come from different issuers: HANetf and Invesco. Their fees differ too: 0.89% for FCO2.DE and 0.19% for XAAG.DE.
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