GSDE.DE vs. XAAG.DE
GSDE.DE (BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR) and XAAG.DE (Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc) are both Commodities funds - GSDE.DE tracks the BNP Paribas Energy & Metals Enhanced Roll while XAAG.DE tracks the Bloomberg Commodity ex-Agriculture and Livestock. Both are passively managed. Over the past 5 years, GSDE.DE returned 14.84%/yr vs 14.95%/yr for XAAG.DE. Their correlation of 0.92 suggests significant overlap in exposure. GSDE.DE charges 0.39%/yr vs 0.19%/yr for XAAG.DE.
Performance
GSDE.DE vs. XAAG.DE - Performance Comparison
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Returns By Period
In the year-to-date period, GSDE.DE achieves a 23.86% return, which is significantly lower than XAAG.DE's 27.69% return.
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%
XAAG.DE
- 1D
- -0.56%
- 1M
- 0.44%
- YTD
- 27.69%
- 6M
- 30.58%
- 1Y
- 47.37%
- 3Y*
- 17.71%
- 5Y*
- 14.95%
- 10Y*
- —
GSDE.DE vs. XAAG.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% | 4.92% |
XAAG.DE Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc | 27.69% | 12.13% | 14.84% | -14.76% | 23.35% | 39.76% | -19.46% | 12.99% | -5.11% | 4.28% |
Correlation
The correlation between GSDE.DE and XAAG.DE is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since May 31, 2017 | 0.92 |
The correlation between GSDE.DE and XAAG.DE has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.
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Return for Risk
GSDE.DE vs. XAAG.DE — Risk / Return Rank
GSDE.DE
XAAG.DE
GSDE.DE vs. XAAG.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 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.
| GSDE.DE | XAAG.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.39 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 5.65 | 4.08 | +1.56 |
| Martin ratioReturn relative to average drawdown | 12.60 | 9.65 | +2.94 |
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 | XAAG.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | 2.17 | +0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.82 | 0.73 | +0.10 |
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 | 0.49 | -0.40 |
Drawdowns
GSDE.DE vs. XAAG.DE - Drawdown Comparison
The maximum GSDE.DE drawdown since its inception was -68.91%, 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 GSDE.DE and XAAG.DE.
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Drawdown Indicators
| GSDE.DE | XAAG.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.91% | -33.85% | -35.06% |
Max Drawdown (1Y)Largest decline over 1 year | -7.89% | -11.54% | +3.65% |
Max Drawdown (3Y)Largest decline over 3 years | -15.25% | -16.26% | +1.01% |
Max Drawdown (5Y)Largest decline over 5 years | -29.72% | -33.85% | +4.13% |
Max Drawdown (10Y)Largest decline over 10 years | -29.72% | — | — |
Current DrawdownCurrent decline from peak | -6.40% | -2.54% | -3.86% |
Average DrawdownAverage peak-to-trough decline | -44.09% | -13.88% | -30.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.54% | 4.89% | -1.35% |
Volatility
GSDE.DE vs. XAAG.DE - Volatility Comparison
BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR (GSDE.DE) and Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc (XAAG.DE) have volatilities of 4.51% and 4.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSDE.DE | XAAG.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.51% | 4.71% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 16.35% | 18.81% | -2.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.80% | 21.76% | -2.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.84% | 20.32% | -2.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.76% | 18.40% | -2.64% |
GSDE.DE vs. XAAG.DE - Expense Ratio Comparison
GSDE.DE has a 0.39% expense ratio, which is higher than XAAG.DE's 0.19% expense ratio.
Dividends
GSDE.DE vs. XAAG.DE - Dividend Comparison
Neither GSDE.DE nor XAAG.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, GSDE.DE and XAAG.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, 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 0.39% for GSDE.DE.
GSDE.DE tracks BNP Paribas Energy & Metals Enhanced Roll, while XAAG.DE tracks Bloomberg Commodity ex-Agriculture and Livestock. They also come from different issuers: BNP Paribas and Invesco. Their fees differ too: 0.39% for GSDE.DE and 0.19% for XAAG.DE.
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