PMLP.L vs. WCOG.L

Last updated Jun 4, 2026

PMLP.L (HANetf Alerian Midstream Energy Dividend UCITS ETF) and WCOG.L (WisdomTree Enhanced Commodity UCITS ETF USD) are both exchange-traded funds - PMLP.L is a Energy Equities fund tracking the MSCI World/Energy NR USD, while WCOG.L is a Commodities fund tracking the Optimised Roll Commodity. Both are passively managed. Over the past 5 years, PMLP.L returned 19.87%/yr vs 12.98%/yr for WCOG.L. At a 0.42 correlation, their price movements are largely independent. PMLP.L charges 0.40%/yr vs 0.35%/yr for WCOG.L.

Performance

PMLP.L vs. WCOG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HANetf Alerian Midstream Energy Dividend UCITS ETF (PMLP.L) and WisdomTree Enhanced Commodity UCITS ETF USD (WCOG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMLP.L achieves a 26.71% return, which is significantly lower than WCOG.L's 32.75% return.

PMLP.L

• 1D: 1.96%
• 1M: 1.75%
• YTD: 26.71%
• 6M: 26.31%
• 1Y: 28.41%
• 3Y*: 22.73%
• 5Y*: 19.87%
• 10Y*: —

WCOG.L

• 1D: 0.97%
• 1M: 0.72%
• YTD: 32.75%
• 6M: 32.96%
• 1Y: 46.54%
• 3Y*: 13.95%
• 5Y*: 12.98%
• 10Y*: 9.11%

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

PMLP.L vs. WCOG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PMLP.L HANetf Alerian Midstream Energy Dividend UCITS ETF	26.71%	-1.40%	35.81%	7.61%	35.33%	34.88%	8.45%
WCOG.L WisdomTree Enhanced Commodity UCITS ETF USD	32.75%	7.94%	4.45%	-12.14%	26.35%	28.38%	6.17%

Correlation

The correlation between PMLP.L and WCOG.L is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Aug 3, 2020	0.42

Return for Risk

PMLP.L vs. WCOG.L — Risk / Return Rank

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

PMLP.L

PMLP.L Risk / Return Rank: 44
PMLP.L Sharpe Ratio Rank: 42
PMLP.L Sortino Ratio Rank: 39
PMLP.L Omega Ratio Rank: 39
PMLP.L Calmar Ratio Rank: 53
PMLP.L Martin Ratio Rank: 46

WCOG.L

WCOG.L Risk / Return Rank: 81
WCOG.L Sharpe Ratio Rank: 80
WCOG.L Sortino Ratio Rank: 71
WCOG.L Omega Ratio Rank: 79
WCOG.L Calmar Ratio Rank: 93
WCOG.L Martin Ratio Rank: 84

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.

PMLP.L vs. WCOG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HANetf Alerian Midstream Energy Dividend UCITS ETF (PMLP.L) and WisdomTree Enhanced Commodity UCITS ETF USD (WCOG.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.

	PMLP.L	WCOG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.50	2.59	-1.09
Sortino ratio: Return per unit of downside risk	2.03	3.20	-1.17
Omega ratio: Gain probability vs. loss probability	1.26	1.47	-0.21
Calmar ratio: Return relative to maximum drawdown	2.61	6.80	-4.18
Martin ratio: Return relative to average drawdown	7.58	16.97	-9.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMLP.L vs. WCOG.L - Sharpe Ratio Comparison

The current PMLP.L Sharpe Ratio is 1.50, which is lower than the WCOG.L Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of PMLP.L and WCOG.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

	PMLP.L	WCOG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	2.59	-1.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	0.85	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	0.66	+0.62

Drawdowns

PMLP.L vs. WCOG.L - Drawdown Comparison

The maximum PMLP.L drawdown since its inception was -20.50%, smaller than the maximum WCOG.L drawdown of -27.05%. Use the drawdown chart below to compare losses from any high point for PMLP.L and WCOG.L.

Drawdown Indicators

	PMLP.L	WCOG.L	Difference
Max Drawdown Largest peak-to-trough decline	-20.50%	-27.05%	+6.55%
Max Drawdown (1Y) Largest decline over 1 year	-10.82%	-6.82%	-4.00%
Max Drawdown (3Y) Largest decline over 3 years	-20.50%	-13.63%	-6.87%
Max Drawdown (5Y) Largest decline over 5 years	-20.50%	-27.05%	+6.55%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.05%	—
Current Drawdown Current decline from peak	-4.31%	-2.59%	-1.72%
Average Drawdown Average peak-to-trough decline	-5.88%	-10.98%	+5.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	2.74%	+0.99%

Volatility

PMLP.L vs. WCOG.L - Volatility Comparison

HANetf Alerian Midstream Energy Dividend UCITS ETF (PMLP.L) has a higher volatility of 7.40% compared to WisdomTree Enhanced Commodity UCITS ETF USD (WCOG.L) at 6.16%. This indicates that PMLP.L's price experiences larger fluctuations and is considered to be riskier than WCOG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMLP.L	WCOG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.40%	6.16%	+1.24%
Volatility (6M) Calculated over the trailing 6-month period	15.48%	15.64%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	18.87%	17.89%	+0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.86%	15.32%	+4.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.34%	14.02%	+7.32%

PMLP.L vs. WCOG.L - Expense Ratio Comparison

PMLP.L has a 0.40% expense ratio, which is higher than WCOG.L's 0.35% expense ratio.

Dividends

PMLP.L vs. WCOG.L - Dividend Comparison

PMLP.L's dividend yield for the trailing twelve months is around 2.74%, more than WCOG.L's 2.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PMLP.L HANetf Alerian Midstream Energy Dividend UCITS ETF	2.74%	3.31%	3.37%	6.48%	6.12%	6.57%	4.17%	0.00%	0.00%
WCOG.L WisdomTree Enhanced Commodity UCITS ETF USD	2.64%	4.56%	4.54%	0.65%	0.00%	0.30%	1.64%	1.64%	0.46%

Frequently Asked Questions

Can I hold both PMLP.L and WCOG.L in my portfolio?

PMLP.L and WCOG.L have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMLP.L or WCOG.L?

On fees, WCOG.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PMLP.L or WCOG.L?

WCOG.L is cheaper with a 0.35% expense ratio, compared with 0.40% for PMLP.L.

What is the main difference between PMLP.L and WCOG.L?

PMLP.L is categorized as Energy Equities, while WCOG.L is Commodities. PMLP.L tracks MSCI World/Energy NR USD, while WCOG.L tracks Optimised Roll Commodity. They also come from different issuers: HANetf and WisdomTree. Their fees differ too: 0.40% for PMLP.L and 0.35% for WCOG.L.