M9SA.DE vs. EXAG.DE

Last updated Jun 5, 2026

M9SA.DE (Market Access Rogers International Commodity UCITS ETF) and EXAG.DE (WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF (EUR Hedged) Acc) are both Commodities funds - M9SA.DE tracks the Rogers International Commodity (RICI) while EXAG.DE tracks the Morgan Stanley RADAR ex Agriculture & Livestock Commodity (EUR Hedged). Both are passively managed. Over the past 3 years, M9SA.DE returned 12.05%/yr vs 18.34%/yr for EXAG.DE. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.60% expense ratio.

Performance

M9SA.DE vs. EXAG.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Market Access Rogers International Commodity UCITS ETF (M9SA.DE) and WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF (EUR Hedged) Acc (EXAG.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, M9SA.DE achieves a 32.08% return, which is significantly higher than EXAG.DE's 23.44% return.

M9SA.DE

• 1D: -1.46%
• 1M: -3.15%
• YTD: 32.08%
• 6M: 32.39%
• 1Y: 39.29%
• 3Y*: 12.05%
• 5Y*: 13.63%
• 10Y*: 7.64%

EXAG.DE

• 1D: -1.00%
• 1M: -3.06%
• YTD: 23.44%
• 6M: 33.80%
• 1Y: 60.10%
• 3Y*: 18.34%
• 5Y*: —
• 10Y*: —

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

M9SA.DE vs. EXAG.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
M9SA.DE Market Access Rogers International Commodity UCITS ETF	32.08%	-4.38%	10.96%	-8.16%	23.00%	15.57%
EXAG.DE WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF (EUR Hedged) Acc	23.44%	32.86%	1.21%	-10.04%	12.14%	-0.14%

Correlation

The correlation between M9SA.DE and EXAG.DE is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Jul 13, 2021	0.64

The correlation between M9SA.DE and EXAG.DE has been stable across timeframes, ranging from 0.62 to 0.65 - a consistent structural relationship.

Return for Risk

M9SA.DE vs. EXAG.DE — Risk / Return Rank

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

M9SA.DE

M9SA.DE Risk / Return Rank: 57
M9SA.DE Sharpe Ratio Rank: 53
M9SA.DE Sortino Ratio Rank: 46
M9SA.DE Omega Ratio Rank: 55
M9SA.DE Calmar Ratio Rank: 83
M9SA.DE Martin Ratio Rank: 50

EXAG.DE

EXAG.DE Risk / Return Rank: 81
EXAG.DE Sharpe Ratio Rank: 85
EXAG.DE Sortino Ratio Rank: 72
EXAG.DE Omega Ratio Rank: 78
EXAG.DE Calmar Ratio Rank: 88
EXAG.DE Martin Ratio Rank: 85

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.

M9SA.DE vs. EXAG.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Market Access Rogers International Commodity UCITS ETF (M9SA.DE) and WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF (EUR Hedged) Acc (EXAG.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.

	M9SA.DE	EXAG.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.73	-0.95
Sortino ratio: Return per unit of downside risk	2.27	3.22	-0.95
Omega ratio: Gain probability vs. loss probability	1.33	1.45	-0.12
Calmar ratio: Return relative to maximum drawdown	4.36	5.01	-0.65
Martin ratio: Return relative to average drawdown	8.24	17.27	-9.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

M9SA.DE vs. EXAG.DE - Sharpe Ratio Comparison

The current M9SA.DE Sharpe Ratio is 1.77, which is lower than the EXAG.DE Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of M9SA.DE and EXAG.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

	M9SA.DE	EXAG.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	2.73	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.53	-0.46

Drawdowns

M9SA.DE vs. EXAG.DE - Drawdown Comparison

The maximum M9SA.DE drawdown since its inception was -68.53%, which is greater than EXAG.DE's maximum drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for M9SA.DE and EXAG.DE.

Drawdown Indicators

	M9SA.DE	EXAG.DE	Difference
Max Drawdown Largest peak-to-trough decline	-68.53%	-35.04%	-33.49%
Max Drawdown (1Y) Largest decline over 1 year	-8.98%	-11.94%	+2.96%
Max Drawdown (3Y) Largest decline over 3 years	-17.75%	-15.69%	-2.06%
Max Drawdown (5Y) Largest decline over 5 years	-27.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.54%	—	—
Current Drawdown Current decline from peak	-5.62%	-6.47%	+0.85%
Average Drawdown Average peak-to-trough decline	-33.68%	-21.25%	-12.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.76%	3.47%	+1.29%

Volatility

M9SA.DE vs. EXAG.DE - Volatility Comparison

Market Access Rogers International Commodity UCITS ETF (M9SA.DE) has a higher volatility of 6.09% compared to WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF (EUR Hedged) Acc (EXAG.DE) at 5.02%. This indicates that M9SA.DE's price experiences larger fluctuations and is considered to be riskier than EXAG.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	M9SA.DE	EXAG.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	5.02%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	19.44%	19.08%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	22.09%	21.98%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.25%	20.80%	-1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	20.80%	-2.69%

M9SA.DE vs. EXAG.DE - Expense Ratio Comparison

Both M9SA.DE and EXAG.DE have an expense ratio of 0.60%.

Dividends

M9SA.DE vs. EXAG.DE - Dividend Comparison

Neither M9SA.DE nor EXAG.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both M9SA.DE and EXAG.DE in my portfolio?

M9SA.DE and EXAG.DE have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, M9SA.DE or EXAG.DE?

Both ETFs have the same 0.60% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, M9SA.DE or EXAG.DE?

M9SA.DE and EXAG.DE have the same expense ratio: 0.60% per year.

What is the main difference between M9SA.DE and EXAG.DE?

M9SA.DE tracks Rogers International Commodity (RICI), while EXAG.DE tracks Morgan Stanley RADAR ex Agriculture & Livestock Commodity (EUR Hedged). They also come from different issuers: China Post Global and WisdomTree.