M9SA.DE vs. FCO2.DE

Last updated Jun 5, 2026

M9SA.DE (Market Access Rogers International Commodity UCITS ETF) and FCO2.DE (HANetf SparkChange Physical Carbon EUA ETC) are both Commodities funds - M9SA.DE tracks the Rogers International Commodity (RICI) while FCO2.DE tracks the EU Carbon Emission Allowances (EUA). Both are passively managed. Over the past 3 years, M9SA.DE returned 12.05%/yr vs -3.01%/yr for FCO2.DE. At a 0.07 correlation, their price movements are largely independent. M9SA.DE charges 0.60%/yr vs 0.89%/yr for FCO2.DE.

Performance

M9SA.DE vs. FCO2.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 HANetf SparkChange Physical Carbon EUA ETC (FCO2.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 FCO2.DE's -10.46% return.

M9SA.DE

• 1D: -1.46%
• 1M: -0.03%
• YTD: 32.08%
• 6M: 31.52%
• 1Y: 38.16%
• 3Y*: 12.05%
• 5Y*: 13.63%
• 10Y*: 7.64%

FCO2.DE

• 1D: -2.02%
• 1M: 2.15%
• YTD: -10.46%
• 6M: -8.03%
• 1Y: 4.93%
• 3Y*: -3.01%
• 5Y*: —
• 10Y*: —

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

M9SA.DE vs. FCO2.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
M9SA.DE Market Access Rogers International Commodity UCITS ETF	32.08%	-4.38%	10.96%	-8.16%	-15.94%
FCO2.DE HANetf SparkChange Physical Carbon EUA ETC	-10.46%	20.70%	-11.00%	-5.14%	-0.32%

Correlation

The correlation between M9SA.DE and FCO2.DE is -0.07, 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	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jun 8, 2022	0.07

The correlation between M9SA.DE and FCO2.DE shifts across timeframes, from -0.07 (1 year) to 0.07 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

M9SA.DE vs. FCO2.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

FCO2.DE

FCO2.DE Risk / Return Rank: 12
FCO2.DE Sharpe Ratio Rank: 12
FCO2.DE Sortino Ratio Rank: 12
FCO2.DE Omega Ratio Rank: 12
FCO2.DE Calmar Ratio Rank: 11
FCO2.DE Martin Ratio Rank: 11

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. FCO2.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 HANetf SparkChange Physical Carbon EUA ETC (FCO2.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	FCO2.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.77	0.19	+1.58
Sortino ratio: Return per unit of downside risk	2.27	0.44	+1.83
Omega ratio: Gain probability vs. loss probability	1.33	1.06	+0.28
Calmar ratio: Return relative to maximum drawdown	4.36	0.16	+4.20
Martin ratio: Return relative to average drawdown	8.24	0.41	+7.83
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. FCO2.DE - Sharpe Ratio Comparison

The current M9SA.DE Sharpe Ratio is 1.77, which is higher than the FCO2.DE Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of M9SA.DE and FCO2.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	FCO2.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	0.19	+1.58
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	-0.07	+0.14

Drawdowns

M9SA.DE vs. FCO2.DE - Drawdown Comparison

The maximum M9SA.DE drawdown since its inception was -68.53%, which is greater than FCO2.DE's maximum drawdown of -48.49%. Use the drawdown chart below to compare losses from any high point for M9SA.DE and FCO2.DE.

Drawdown Indicators

	M9SA.DE	FCO2.DE	Difference
Max Drawdown Largest peak-to-trough decline	-68.53%	-48.49%	-20.04%
Max Drawdown (1Y) Largest decline over 1 year	-8.98%	-31.46%	+22.48%
Max Drawdown (3Y) Largest decline over 3 years	-17.75%	-45.60%	+27.85%
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%	-24.40%	+18.78%
Average Drawdown Average peak-to-trough decline	-33.68%	-23.38%	-10.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.76%	12.41%	-7.65%

Volatility

M9SA.DE vs. FCO2.DE - Volatility Comparison

Market Access Rogers International Commodity UCITS ETF (M9SA.DE) and HANetf SparkChange Physical Carbon EUA ETC (FCO2.DE) have volatilities of 6.09% and 5.99%, 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

	M9SA.DE	FCO2.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	5.99%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	19.44%	22.94%	-3.50%
Volatility (1Y) Calculated over the trailing 1-year period	22.09%	26.69%	-4.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.25%	34.04%	-14.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	34.04%	-15.93%

M9SA.DE vs. FCO2.DE - Expense Ratio Comparison

M9SA.DE has a 0.60% expense ratio, which is lower than FCO2.DE's 0.89% expense ratio.

Dividends

M9SA.DE vs. FCO2.DE - Dividend Comparison

Neither M9SA.DE nor FCO2.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both M9SA.DE and FCO2.DE in my portfolio?

M9SA.DE and FCO2.DE have a correlation of -0.07, 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 FCO2.DE?

On fees, M9SA.DE is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, M9SA.DE or FCO2.DE?

M9SA.DE is cheaper with a 0.60% expense ratio, compared with 0.89% for FCO2.DE.

What is the main difference between M9SA.DE and FCO2.DE?

M9SA.DE tracks Rogers International Commodity (RICI), while FCO2.DE tracks EU Carbon Emission Allowances (EUA). They also come from different issuers: China Post Global and HANetf. Their fees differ too: 0.60% for M9SA.DE and 0.89% for FCO2.DE.