IWVG.L vs. ENCO.L
IWVG.L (iShares Edge MSCI World Value Factor UCITS ETF USD (Dist)) and ENCO.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc)) are both exchange-traded funds - IWVG.L is a Global Equities fund tracking the MSCI ACWI Value NR USD, while ENCO.L is a Commodities fund tracking the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. Both are passively managed. Over the past 3 years, IWVG.L returned 24.43%/yr vs 8.61%/yr for ENCO.L. At a 0.13 correlation, their price movements are largely independent. Both charge a 0.30% expense ratio.
Performance
IWVG.L vs. ENCO.L - Performance Comparison
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Different Trading Currencies
IWVG.L is traded in GBP, while ENCO.L is traded in USD. To make them comparable, the ENCO.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, IWVG.L achieves a 27.55% return, which is significantly higher than ENCO.L's 20.76% return.
IWVG.L
- 1D
- 0.00%
- 1M
- -5.15%
- 6M
- 22.89%
- YTD
- 27.55%
- 1Y
- 54.17%
- 3Y*
- 24.43%
- 5Y*
- 16.77%
- 10Y*
- —
ENCO.L
- 1D
- 0.78%
- 1M
- 1.06%
- 6M
- 16.18%
- YTD
- 20.76%
- 1Y
- 24.31%
- 3Y*
- 8.61%
- 5Y*
- —
- 10Y*
- —
IWVG.L vs. ENCO.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IWVG.L iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) | 27.55% | 31.27% | 6.58% | 13.08% | 1.04% | 5.61% |
ENCO.L L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) | 20.76% | 0.65% | 5.40% | -7.33% | 38.03% | 11.41% |
Correlation
The correlation between IWVG.L and ENCO.L is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021 | 0.13 |
The correlation between IWVG.L and ENCO.L shifts across timeframes, from -0.10 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IWVG.L vs. ENCO.L — Risk / Return Rank
IWVG.L
ENCO.L
IWVG.L vs. ENCO.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) (IWVG.L) and L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.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.
| IWVG.L | ENCO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.15 | ||
| Sortino ratioReturn per unit of downside risk | +2.83 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.26 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 7.71 | 2.00 | +5.71 |
| Martin ratioReturn relative to average drawdown | 24.07 | 6.23 | +17.84 |
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Drawdowns
IWVG.L vs. ENCO.L - Drawdown Comparison
The maximum IWVG.L drawdown since its inception was -28.07%, roughly equal to the maximum ENCO.L drawdown of -26.95%. Use the drawdown chart below to compare losses from any high point for IWVG.L and ENCO.L.
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Drawdown Indicators
| IWVG.L | ENCO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.07% | -26.95% | -1.12% |
Max Drawdown (1Y)Largest decline over 1 year | -6.99% | -12.10% | +5.11% |
Max Drawdown (3Y)Largest decline over 3 years | -13.92% | -17.49% | +3.57% |
Max Drawdown (5Y)Largest decline over 5 years | -13.92% | — | — |
Current DrawdownCurrent decline from peak | -6.92% | -6.98% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -4.29% | -13.19% | +8.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 3.89% | -1.65% |
Volatility
IWVG.L vs. ENCO.L - Volatility Comparison
iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) (IWVG.L) has a higher volatility of 6.06% compared to L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.L) at 3.90%. This indicates that IWVG.L's price experiences larger fluctuations and is considered to be riskier than ENCO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWVG.L | ENCO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.06% | 3.90% | +2.16% |
Volatility (6M)Calculated over the trailing 6-month period | 13.09% | 13.96% | -0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.92% | 16.56% | -1.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.44% | 17.81% | -4.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.68% | 17.81% | -2.13% |
IWVG.L vs. ENCO.L - Expense Ratio Comparison
Both IWVG.L and ENCO.L have an expense ratio of 0.30%.
Dividends
IWVG.L vs. ENCO.L - Dividend Comparison
IWVG.L's dividend yield for the trailing twelve months is around 1.94%, while ENCO.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ENCO.L L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IWVG.L iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) | 1.94% | 2.48% | 3.12% | 3.22% | 3.11% | 2.61% | 2.37% | 2.90% | 2.48% |
Frequently Asked Questions
IWVG.L and ENCO.L have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IWVG.L and ENCO.L have the same expense ratio: 0.30% per year.
IWVG.L is categorized as Global Equities, while ENCO.L is Commodities. IWVG.L tracks MSCI ACWI Value NR USD, while ENCO.L tracks Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. They also come from different issuers: iShares and L&G.
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