FLES.L vs. BCOM.L

Last updated Jul 16, 2026

FLES.L (Franklin Euro Short Maturity UCITS ETF) and BCOM.L (L&G All Commodities UCITS ETF - USD Accumulating ETF) are both exchange-traded funds - FLES.L is a Global Equities fund tracking the Franklin Euro Short Maturity UCITS ETF, while BCOM.L is a Commodities fund tracking the Bloomberg Commodity Index Total Return. Both are passively managed. Over the past 5 years, FLES.L returned 2.20%/yr vs 11.01%/yr for BCOM.L. At a correlation of -0.00, they often move in opposite directions.

Performance

FLES.L vs. BCOM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Franklin Euro Short Maturity UCITS ETF (FLES.L) and L&G All Commodities UCITS ETF - USD Accumulating ETF (BCOM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FLES.L is traded in EUR, while BCOM.L is traded in USD. To make them comparable, the BCOM.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, FLES.L achieves a 0.86% return, which is significantly lower than BCOM.L's 23.00% return.

FLES.L

• 1D: 0.04%
• 1M: 0.08%
• 6M: 0.82%
• YTD: 0.86%
• 1Y: 1.80%
• 3Y*: 3.16%
• 5Y*: 2.20%
• 10Y*: —

BCOM.L

• 1D: 0.00%
• 1M: 2.56%
• 6M: 17.02%
• YTD: 23.00%
• 1Y: 31.31%
• 3Y*: 11.80%
• 5Y*: 11.01%
• 10Y*: —

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

FLES.L vs. BCOM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLES.L Franklin Euro Short Maturity UCITS ETF	0.86%	2.37%	4.21%	3.29%	0.14%	0.12%	-0.12%	0.52%	-0.44%
BCOM.L L&G All Commodities UCITS ETF - USD Accumulating ETF	23.00%	2.40%	11.33%	-10.03%	22.80%	36.87%	-10.98%	7.52%	-7.49%

Correlation

The correlation between FLES.L and BCOM.L is -0.17, 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	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018	-0.00

The correlation between FLES.L and BCOM.L shifts across timeframes, from -0.17 (1 year) to 0.01 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FLES.L vs. BCOM.L — Risk / Return Rank

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

FLES.L

FLES.L Risk / Return Rank: 87
FLES.L Sharpe Ratio Rank: 81
FLES.L Sortino Ratio Rank: 82
FLES.L Omega Ratio Rank: 91
FLES.L Calmar Ratio Rank: 93
FLES.L Martin Ratio Rank: 87

BCOM.L

BCOM.L Risk / Return Rank: 59
BCOM.L Sharpe Ratio Rank: 68
BCOM.L Sortino Ratio Rank: 61
BCOM.L Omega Ratio Rank: 66
BCOM.L Calmar Ratio Rank: 51
BCOM.L Martin Ratio Rank: 49

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.

FLES.L vs. BCOM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Euro Short Maturity UCITS ETF (FLES.L) and L&G All Commodities UCITS ETF - USD Accumulating ETF (BCOM.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.

	FLES.L	BCOM.L	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.74	+0.32
Sortino ratio: Return per unit of downside risk	2.94	2.31	+0.63
Omega ratio: Gain probability vs. loss probability	1.47	1.31	+0.16
Calmar ratio: Return relative to maximum drawdown	5.16	2.54	+2.62
Martin ratio: Return relative to average drawdown	14.62	7.71	+6.91

FLES.L vs. BCOM.L - Sharpe Ratio Comparison

The current FLES.L Sharpe Ratio is 2.05, which is comparable to the BCOM.L Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of FLES.L and BCOM.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.

Drawdowns

FLES.L vs. BCOM.L - Drawdown Comparison

The maximum FLES.L drawdown since its inception was -4.50%, smaller than the maximum BCOM.L drawdown of -27.50%. Use the drawdown chart below to compare losses from any high point for FLES.L and BCOM.L.

Drawdown Indicators

	FLES.L	BCOM.L	Difference
Max Drawdown Largest peak-to-trough decline	-4.50%	-27.50%	+23.00%
Max Drawdown (1Y) Largest decline over 1 year	-0.35%	-12.26%	+11.91%
Max Drawdown (3Y) Largest decline over 3 years	-0.35%	-15.87%	+15.52%
Max Drawdown (5Y) Largest decline over 5 years	-0.88%	-27.28%	+26.40%
Current Drawdown Current decline from peak	-0.12%	-7.10%	+6.98%
Average Drawdown Average peak-to-trough decline	-0.81%	-11.78%	+10.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	4.05%	-3.93%

Volatility

FLES.L vs. BCOM.L - Volatility Comparison

The current volatility for Franklin Euro Short Maturity UCITS ETF (FLES.L) is 0.30%, while L&G All Commodities UCITS ETF - USD Accumulating ETF (BCOM.L) has a volatility of 4.20%. This indicates that FLES.L experiences smaller price fluctuations and is considered to be less risky than BCOM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLES.L	BCOM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	4.20%	-3.90%
Volatility (6M) Calculated over the trailing 6-month period	0.71%	15.59%	-14.88%
Volatility (1Y) Calculated over the trailing 1-year period	0.87%	17.96%	-17.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.80%	17.39%	-16.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.19%	16.06%	-14.87%

Dividends

FLES.L vs. BCOM.L - Dividend Comparison

FLES.L's dividend yield for the trailing twelve months is around 1.92%, while BCOM.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
BCOM.L L&G All Commodities UCITS ETF - USD Accumulating ETF	0.00%	0.00%	0.00%	0.00%	0.00%
FLES.L Franklin Euro Short Maturity UCITS ETF	1.92%	2.62%	2.55%	1.20%	0.26%

Frequently Asked Questions

Can I hold both FLES.L and BCOM.L in my portfolio?

FLES.L and BCOM.L have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between FLES.L and BCOM.L?

FLES.L is categorized as Global Equities, while BCOM.L is Commodities. FLES.L tracks Franklin Euro Short Maturity UCITS ETF, while BCOM.L tracks Bloomberg Commodity Index Total Return. They also come from different issuers: Franklin and L&G.