GBPC.L vs. BCOG.L
GBPC.L (L&G ESG GBP Corporate Bond UCITS ETF) and BCOG.L (L&G All Commodities UCITS ETF) are both exchange-traded funds - GBPC.L is a European Corporate Bonds fund tracking the Markit iBoxx GBP NonGilts TR, while BCOG.L is a Commodities fund tracking the Bloomberg Commodity. Both are passively managed. Over the past 5 years, GBPC.L returned -0.17%/yr vs 12.42%/yr for BCOG.L. At a correlation of -0.12, they often move in opposite directions. GBPC.L charges 0.09%/yr vs 0.15%/yr for BCOG.L.
Performance
GBPC.L vs. BCOG.L - Performance Comparison
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Returns By Period
In the year-to-date period, GBPC.L achieves a 0.12% return, which is significantly lower than BCOG.L's 24.98% return.
GBPC.L
- 1D
- 0.26%
- 1M
- 2.00%
- YTD
- 0.12%
- 6M
- 0.43%
- 1Y
- 4.91%
- 3Y*
- 6.29%
- 5Y*
- -0.17%
- 10Y*
- —
BCOG.L
- 1D
- -1.35%
- 1M
- -2.79%
- YTD
- 24.98%
- 6M
- 23.49%
- 1Y
- 38.11%
- 3Y*
- 12.52%
- 5Y*
- 12.42%
- 10Y*
- —
GBPC.L vs. BCOG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GBPC.L L&G ESG GBP Corporate Bond UCITS ETF | 0.12% | 6.83% | 2.78% | 8.45% | -17.18% | -2.43% | -0.23% |
BCOG.L L&G All Commodities UCITS ETF | 24.98% | 8.16% | 6.13% | -12.32% | 29.36% | 29.04% | 2.79% |
Correlation
The correlation between GBPC.L and BCOG.L is -0.38, 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 | -0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020 | -0.12 |
Over the past year, the inverse relationship between GBPC.L and BCOG.L has strengthened: their correlation has moved from -0.12 to -0.38, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
GBPC.L vs. BCOG.L — Risk / Return Rank
GBPC.L
BCOG.L
GBPC.L vs. BCOG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G ESG GBP Corporate Bond UCITS ETF (GBPC.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.
| GBPC.L | BCOG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.27 | ||
| Sortino ratioReturn per unit of downside risk | -1.43 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.37 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.18 | 4.43 | -3.25 |
| Martin ratioReturn relative to average drawdown | 3.91 | 10.23 | -6.32 |
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
| GBPC.L | BCOG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.78 | 2.05 | -1.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | 0.74 | -0.76 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.10 | 0.49 | -0.60 |
Drawdowns
GBPC.L vs. BCOG.L - Drawdown Comparison
The maximum GBPC.L drawdown since its inception was -28.18%, roughly equal to the maximum BCOG.L drawdown of -28.15%. Use the drawdown chart below to compare losses from any high point for GBPC.L and BCOG.L.
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Drawdown Indicators
| GBPC.L | BCOG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.18% | -28.15% | -0.03% |
Max Drawdown (1Y)Largest decline over 1 year | -4.14% | -8.57% | +4.43% |
Max Drawdown (3Y)Largest decline over 3 years | -4.14% | -14.48% | +10.34% |
Max Drawdown (5Y)Largest decline over 5 years | -27.49% | -27.76% | +0.27% |
Current DrawdownCurrent decline from peak | -4.53% | -5.16% | +0.63% |
Average DrawdownAverage peak-to-trough decline | -11.46% | -11.67% | +0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.25% | 3.72% | -2.47% |
Volatility
GBPC.L vs. BCOG.L - Volatility Comparison
The current volatility for L&G ESG GBP Corporate Bond UCITS ETF (GBPC.L) is 3.33%, while L&G All Commodities UCITS ETF (BCOG.L) has a volatility of 6.06%. This indicates that GBPC.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.
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Volatility by Period
| GBPC.L | BCOG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.33% | 6.06% | -2.73% |
Volatility (6M)Calculated over the trailing 6-month period | 5.09% | 15.89% | -10.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.23% | 18.51% | -12.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.19% | 16.89% | -8.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.15% | 15.71% | -7.56% |
GBPC.L vs. BCOG.L - Expense Ratio Comparison
GBPC.L has a 0.09% expense ratio, which is lower than BCOG.L's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GBPC.L vs. BCOG.L - Dividend Comparison
GBPC.L's dividend yield for the trailing twelve months is around 5.14%, while BCOG.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BCOG.L L&G All Commodities UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBPC.L L&G ESG GBP Corporate Bond UCITS ETF | 5.14% | 5.00% | 4.86% | 3.58% | 2.16% | 0.87% |
Frequently Asked Questions
GBPC.L and BCOG.L have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GBPC.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GBPC.L is cheaper with a 0.09% expense ratio, compared with 0.15% for BCOG.L.
GBPC.L is categorized as European Corporate Bonds, while BCOG.L is Commodities. GBPC.L tracks Markit iBoxx GBP NonGilts TR, while BCOG.L tracks Bloomberg Commodity. Their fees differ too: 0.09% for GBPC.L and 0.15% for BCOG.L.
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