LGEG.L vs. CMFP.L

Last updated Jun 5, 2026

LGEG.L (L&G Europe ex UK Equity UCITS ETF) and CMFP.L (L&G Longer Dated All Commodities UCITS ETF) are both exchange-traded funds - LGEG.L is a Europe Equities fund tracking the MSCI Europe Ex UK NR EUR, while CMFP.L is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward. Both are passively managed. Over the past 5 years, LGEG.L returned 9.50%/yr vs 13.29%/yr for CMFP.L. At a 0.12 correlation, their price movements are largely independent. LGEG.L charges 0.10%/yr vs 0.30%/yr for CMFP.L.

Performance

LGEG.L vs. CMFP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G Europe ex UK Equity UCITS ETF (LGEG.L) and L&G Longer Dated All Commodities UCITS ETF (CMFP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LGEG.L achieves a 7.21% return, which is significantly lower than CMFP.L's 19.16% return.

LGEG.L

• 1D: 0.74%
• 1M: 4.47%
• YTD: 7.21%
• 6M: 8.92%
• 1Y: 19.51%
• 3Y*: 13.63%
• 5Y*: 9.50%
• 10Y*: —

CMFP.L

• 1D: -1.12%
• 1M: -1.18%
• YTD: 19.16%
• 6M: 18.60%
• 1Y: 32.00%
• 3Y*: 10.92%
• 5Y*: 13.29%
• 10Y*: 9.22%

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

LGEG.L vs. CMFP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
LGEG.L L&G Europe ex UK Equity UCITS ETF	7.21%	26.07%	1.82%	15.66%	-7.09%	17.07%	6.82%	21.42%	-4.53%
CMFP.L L&G Longer Dated All Commodities UCITS ETF	19.16%	8.49%	6.86%	-11.43%	32.79%	34.61%	-0.92%	3.99%	-1.63%

Correlation

The correlation between LGEG.L and CMFP.L is -0.22, 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	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Nov 14, 2018	0.12

The correlation between LGEG.L and CMFP.L shifts across timeframes, from -0.22 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

LGEG.L vs. CMFP.L - Sectors Allocation Comparison

Sectors	LGEG.L	CMFP.L
Financial Services	23.9%	10.7%
Industrials	20.9%	-
Healthcare	13.8%	-
Technology	10.9%	5.1%
Consumer Cyclical	7.9%	8.3%
Consumer Defensive	6.7%	13.6%
Basic Materials	5.0%	49.3%
Utilities	4.4%	-
Communication Services	3.2%	7.6%
Energy	2.8%	-
Real Estate	0.6%	5.5%

Return for Risk

LGEG.L vs. CMFP.L — Risk / Return Rank

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

LGEG.L

LGEG.L Risk / Return Rank: 41
LGEG.L Sharpe Ratio Rank: 42
LGEG.L Sortino Ratio Rank: 43
LGEG.L Omega Ratio Rank: 43
LGEG.L Calmar Ratio Rank: 37
LGEG.L Martin Ratio Rank: 42

CMFP.L

CMFP.L Risk / Return Rank: 69
CMFP.L Sharpe Ratio Rank: 66
CMFP.L Sortino Ratio Rank: 59
CMFP.L Omega Ratio Rank: 65
CMFP.L Calmar Ratio Rank: 86
CMFP.L Martin Ratio Rank: 65

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.

LGEG.L vs. CMFP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Europe ex UK Equity UCITS ETF (LGEG.L) and L&G Longer Dated All Commodities UCITS ETF (CMFP.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.

	LGEG.L	CMFP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.45	2.16	-0.71
Sortino ratio: Return per unit of downside risk	2.13	2.76	-0.63
Omega ratio: Gain probability vs. loss probability	1.27	1.39	-0.11
Calmar ratio: Return relative to maximum drawdown	1.83	4.81	-2.98
Martin ratio: Return relative to average drawdown	6.60	11.77	-5.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LGEG.L vs. CMFP.L - Sharpe Ratio Comparison

The current LGEG.L Sharpe Ratio is 1.45, which is lower than the CMFP.L Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of LGEG.L and CMFP.L, 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

	LGEG.L	CMFP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	2.16	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.89	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.27	+0.38

Drawdowns

LGEG.L vs. CMFP.L - Drawdown Comparison

The maximum LGEG.L drawdown since its inception was -27.46%, smaller than the maximum CMFP.L drawdown of -50.47%. Use the drawdown chart below to compare losses from any high point for LGEG.L and CMFP.L.

Drawdown Indicators

	LGEG.L	CMFP.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.46%	-50.47%	+23.01%
Max Drawdown (1Y) Largest decline over 1 year	-10.60%	-6.63%	-3.97%
Max Drawdown (3Y) Largest decline over 3 years	-13.34%	-12.97%	-0.37%
Max Drawdown (5Y) Largest decline over 5 years	-19.79%	-23.51%	+3.72%
Max Drawdown (10Y) Largest decline over 10 years	—	-23.95%	—
Current Drawdown Current decline from peak	-0.49%	-3.64%	+3.15%
Average Drawdown Average peak-to-trough decline	-4.16%	-24.51%	+20.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	2.71%	+0.24%

Volatility

LGEG.L vs. CMFP.L - Volatility Comparison

L&G Europe ex UK Equity UCITS ETF (LGEG.L) and L&G Longer Dated All Commodities UCITS ETF (CMFP.L) have volatilities of 4.86% and 4.82%, 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.

Volatility by Period

	LGEG.L	CMFP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	4.82%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	12.18%	-1.15%
Volatility (1Y) Calculated over the trailing 1-year period	13.42%	14.73%	-1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.97%	14.86%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.40%	13.92%	+2.48%

LGEG.L vs. CMFP.L - Expense Ratio Comparison

LGEG.L has a 0.10% expense ratio, which is lower than CMFP.L's 0.30% expense ratio.

Dividends

LGEG.L vs. CMFP.L - Dividend Comparison

Neither LGEG.L nor CMFP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both LGEG.L and CMFP.L in my portfolio?

LGEG.L and CMFP.L have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LGEG.L or CMFP.L?

On fees, LGEG.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LGEG.L or CMFP.L?

LGEG.L is cheaper with a 0.10% expense ratio, compared with 0.30% for CMFP.L.

What is the main difference between LGEG.L and CMFP.L?

LGEG.L is categorized as Europe Equities, while CMFP.L is Commodities. LGEG.L tracks MSCI Europe Ex UK NR EUR, while CMFP.L tracks Bloomberg Commodity 3 Month Forward. Their fees differ too: 0.10% for LGEG.L and 0.30% for CMFP.L.