HTMW.DE vs. ETL2.DE

Last updated Jun 5, 2026

HTMW.DE (Legal & General Hydrogen Economy UCITS ETF) and ETL2.DE (L&G Longer Dated All Commodities UCITS ETF) are both exchange-traded funds - HTMW.DE is a Alternative Energy Equities fund tracking the Solactive Hydrogen Economy Index NTR, while ETL2.DE is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward. Both are passively managed. Over the past 5 years, HTMW.DE returned 2.27%/yr vs 13.12%/yr for ETL2.DE. At a 0.10 correlation, their price movements are largely independent. HTMW.DE charges 0.49%/yr vs 0.30%/yr for ETL2.DE.

Performance

HTMW.DE vs. ETL2.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Legal & General Hydrogen Economy UCITS ETF (HTMW.DE) and L&G Longer Dated All Commodities UCITS ETF (ETL2.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HTMW.DE achieves a 54.80% return, which is significantly higher than ETL2.DE's 18.23% return.

HTMW.DE

• 1D: -1.27%
• 1M: 3.24%
• YTD: 54.80%
• 6M: 48.70%
• 1Y: 106.04%
• 3Y*: 20.30%
• 5Y*: 2.27%
• 10Y*: —

ETL2.DE

• 1D: -1.24%
• 1M: -1.51%
• YTD: 18.23%
• 6M: 19.58%
• 1Y: 28.45%
• 3Y*: 10.87%
• 5Y*: 13.12%
• 10Y*: 8.17%

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

HTMW.DE vs. ETL2.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HTMW.DE Legal & General Hydrogen Economy UCITS ETF	54.80%	25.34%	-2.43%	-6.52%	-32.92%	-25.69%
ETL2.DE L&G Longer Dated All Commodities UCITS ETF	18.23%	4.89%	11.54%	-9.44%	24.86%	34.41%

Correlation

The correlation between HTMW.DE and ETL2.DE is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Feb 11, 2021	0.10

Return for Risk

HTMW.DE vs. ETL2.DE — Risk / Return Rank

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

HTMW.DE

HTMW.DE Risk / Return Rank: 91
HTMW.DE Sharpe Ratio Rank: 94
HTMW.DE Sortino Ratio Rank: 91
HTMW.DE Omega Ratio Rank: 87
HTMW.DE Calmar Ratio Rank: 94
HTMW.DE Martin Ratio Rank: 90

ETL2.DE

ETL2.DE Risk / Return Rank: 57
ETL2.DE Sharpe Ratio Rank: 56
ETL2.DE Sortino Ratio Rank: 51
ETL2.DE Omega Ratio Rank: 54
ETL2.DE Calmar Ratio Rank: 72
ETL2.DE 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.

HTMW.DE vs. ETL2.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Legal & General Hydrogen Economy UCITS ETF (HTMW.DE) and L&G Longer Dated All Commodities UCITS ETF (ETL2.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.

	HTMW.DE	ETL2.DE	Difference
Sharpe ratio: Return per unit of total volatility	3.52	1.87	+1.65
Sortino ratio: Return per unit of downside risk	4.23	2.47	+1.76
Omega ratio: Gain probability vs. loss probability	1.53	1.33	+0.20
Calmar ratio: Return relative to maximum drawdown	7.28	3.59	+3.69
Martin ratio: Return relative to average drawdown	20.59	8.20	+12.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HTMW.DE vs. ETL2.DE - Sharpe Ratio Comparison

The current HTMW.DE Sharpe Ratio is 3.52, which is higher than the ETL2.DE Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of HTMW.DE and ETL2.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HTMW.DE	ETL2.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.52	1.87	+1.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.84	-0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	0.25	-0.34

Drawdowns

HTMW.DE vs. ETL2.DE - Drawdown Comparison

The maximum HTMW.DE drawdown since its inception was -63.93%, which is greater than ETL2.DE's maximum drawdown of -47.04%. Use the drawdown chart below to compare losses from any high point for HTMW.DE and ETL2.DE.

Drawdown Indicators

	HTMW.DE	ETL2.DE	Difference
Max Drawdown Largest peak-to-trough decline	-63.93%	-47.04%	-16.89%
Max Drawdown (1Y) Largest decline over 1 year	-14.49%	-7.90%	-6.59%
Max Drawdown (3Y) Largest decline over 3 years	-33.07%	-15.06%	-18.01%
Max Drawdown (5Y) Largest decline over 5 years	-57.56%	-23.27%	-34.29%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.50%	—
Current Drawdown Current decline from peak	-11.80%	-3.57%	-8.23%
Average Drawdown Average peak-to-trough decline	-42.55%	-21.90%	-20.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	3.46%	+1.67%

Volatility

HTMW.DE vs. ETL2.DE - Volatility Comparison

Legal & General Hydrogen Economy UCITS ETF (HTMW.DE) has a higher volatility of 11.53% compared to L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) at 4.60%. This indicates that HTMW.DE's price experiences larger fluctuations and is considered to be riskier than ETL2.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTMW.DE	ETL2.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.53%	4.60%	+6.93%
Volatility (6M) Calculated over the trailing 6-month period	19.57%	12.74%	+6.83%
Volatility (1Y) Calculated over the trailing 1-year period	29.96%	15.15%	+14.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.47%	15.44%	+11.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.64%	13.69%	+12.95%

HTMW.DE vs. ETL2.DE - Expense Ratio Comparison

HTMW.DE has a 0.49% expense ratio, which is higher than ETL2.DE's 0.30% expense ratio.

Dividends

HTMW.DE vs. ETL2.DE - Dividend Comparison

Neither HTMW.DE nor ETL2.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HTMW.DE and ETL2.DE in my portfolio?

HTMW.DE and ETL2.DE have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HTMW.DE or ETL2.DE?

On fees, ETL2.DE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HTMW.DE or ETL2.DE?

ETL2.DE is cheaper with a 0.30% expense ratio, compared with 0.49% for HTMW.DE.

What is the main difference between HTMW.DE and ETL2.DE?

HTMW.DE is categorized as Alternative Energy Equities, while ETL2.DE is Commodities. HTMW.DE tracks Solactive Hydrogen Economy Index NTR, while ETL2.DE tracks Bloomberg Commodity 3 Month Forward. Their fees differ too: 0.49% for HTMW.DE and 0.30% for ETL2.DE.