GSDE.DE vs. ETLF.DE
GSDE.DE (BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR) and ETLF.DE (L&G All Commodities UCITS ETF) are both Commodities funds - GSDE.DE tracks the BNP Paribas Energy & Metals Enhanced Roll while ETLF.DE tracks the Bloomberg Commodity. Both are passively managed. Over the past 5 years, GSDE.DE returned 14.84%/yr vs 12.26%/yr for ETLF.DE. Their correlation of 0.87 suggests significant overlap in exposure. GSDE.DE charges 0.39%/yr vs 0.15%/yr for ETLF.DE.
Performance
GSDE.DE vs. ETLF.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with GSDE.DE having a 23.86% return and ETLF.DE slightly lower at 23.78%.
GSDE.DE
- 1D
- -0.69%
- 1M
- -0.24%
- YTD
- 23.86%
- 6M
- 26.63%
- 1Y
- 44.74%
- 3Y*
- 15.82%
- 5Y*
- 14.84%
- 10Y*
- 9.70%
ETLF.DE
- 1D
- -1.48%
- 1M
- -2.99%
- YTD
- 23.78%
- 6M
- 24.44%
- 1Y
- 35.03%
- 3Y*
- 12.51%
- 5Y*
- 12.26%
- 10Y*
- —
GSDE.DE vs. ETLF.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSDE.DE BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR | 23.86% | 13.74% | 14.93% | -12.88% | 21.59% | 38.67% | -11.20% | 13.32% | -3.71% | 7.87% |
ETLF.DE L&G All Commodities UCITS ETF | 23.78% | 4.67% | 10.97% | -10.24% | 21.51% | 40.15% | -13.51% | 9.35% | -5.45% | 2.32% |
Correlation
The correlation between GSDE.DE and ETLF.DE 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 | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2017 | 0.87 |
The correlation between GSDE.DE and ETLF.DE has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.
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Return for Risk
GSDE.DE vs. ETLF.DE — Risk / Return Rank
GSDE.DE
ETLF.DE
GSDE.DE vs. ETLF.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR (GSDE.DE) and L&G All Commodities UCITS ETF (ETLF.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.
| GSDE.DE | ETLF.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.34 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 5.65 | 3.96 | +1.68 |
| Martin ratioReturn relative to average drawdown | 12.60 | 8.79 | +3.81 |
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
| GSDE.DE | ETLF.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | 1.86 | +0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.82 | 0.71 | +0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.53 | -0.44 |
Drawdowns
GSDE.DE vs. ETLF.DE - Drawdown Comparison
The maximum GSDE.DE drawdown since its inception was -68.91%, which is greater than ETLF.DE's maximum drawdown of -28.78%. Use the drawdown chart below to compare losses from any high point for GSDE.DE and ETLF.DE.
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Drawdown Indicators
| GSDE.DE | ETLF.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.91% | -28.78% | -40.13% |
Max Drawdown (1Y)Largest decline over 1 year | -7.89% | -8.80% | +0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -15.25% | -15.96% | +0.71% |
Max Drawdown (5Y)Largest decline over 5 years | -29.72% | -27.00% | -2.72% |
Max Drawdown (10Y)Largest decline over 10 years | -29.72% | — | — |
Current DrawdownCurrent decline from peak | -6.40% | -4.91% | -1.49% |
Average DrawdownAverage peak-to-trough decline | -44.09% | -12.13% | -31.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.54% | 3.97% | -0.43% |
Volatility
GSDE.DE vs. ETLF.DE - Volatility Comparison
The current volatility for BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR (GSDE.DE) is 4.51%, while L&G All Commodities UCITS ETF (ETLF.DE) has a volatility of 5.93%. This indicates that GSDE.DE experiences smaller price fluctuations and is considered to be less risky than ETLF.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSDE.DE | ETLF.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.51% | 5.93% | -1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 16.35% | 16.60% | -0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.80% | 18.79% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.84% | 17.09% | +0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.76% | 15.59% | +0.17% |
GSDE.DE vs. ETLF.DE - Expense Ratio Comparison
GSDE.DE has a 0.39% expense ratio, which is higher than ETLF.DE's 0.15% expense ratio.
Dividends
GSDE.DE vs. ETLF.DE - Dividend Comparison
Neither GSDE.DE nor ETLF.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.92, GSDE.DE and ETLF.DE 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, ETLF.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETLF.DE is cheaper with a 0.15% expense ratio, compared with 0.39% for GSDE.DE.
GSDE.DE tracks BNP Paribas Energy & Metals Enhanced Roll, while ETLF.DE tracks Bloomberg Commodity. They also come from different issuers: BNP Paribas and Legal & General. Their fees differ too: 0.39% for GSDE.DE and 0.15% for ETLF.DE.
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