QUID.L vs. ENCO.L

Last updated Jul 18, 2026

QUID.L (PIMCO Sterling Short Maturity UCITS ETF GBP (Dist)) and ENCO.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc)) are both exchange-traded funds - QUID.L is a Ultrashort Bond fund actively managed by PIMCO, while ENCO.L is a Commodities fund tracking the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. QUID.L is actively managed, while ENCO.L is passively managed. Over the past 3 years, QUID.L returned 5.08%/yr vs 8.61%/yr for ENCO.L. At a correlation of -0.06, they often move in opposite directions. QUID.L charges 0.19%/yr vs 0.30%/yr for ENCO.L.

Performance

QUID.L vs. ENCO.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in PIMCO Sterling Short Maturity UCITS ETF GBP (Dist) (QUID.L) and L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

QUID.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, QUID.L achieves a 2.08% return, which is significantly lower than ENCO.L's 20.76% return.

QUID.L

• 1D: -0.02%
• 1M: 0.31%
• 6M: 1.83%
• YTD: 2.08%
• 1Y: 4.24%
• 3Y*: 5.08%
• 5Y*: 3.26%
• 10Y*: 1.99%

ENCO.L

• 1D: 0.78%
• 1M: 1.06%
• 6M: 16.18%
• YTD: 20.76%
• 1Y: 24.31%
• 3Y*: 8.61%
• 5Y*: —
• 10Y*: —

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

QUID.L vs. ENCO.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QUID.L PIMCO Sterling Short Maturity UCITS ETF GBP (Dist)	2.08%	4.89%	5.67%	4.95%	-0.96%	-0.17%
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 QUID.L and ENCO.L is -0.16, 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	-0.16
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021	-0.06

The correlation between QUID.L and ENCO.L shifts across timeframes, from -0.16 (1 year) to -0.02 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

QUID.L vs. ENCO.L — Risk / Return Rank

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

QUID.L

QUID.L Risk / Return Rank: 99
QUID.L Sharpe Ratio Rank: 99
QUID.L Sortino Ratio Rank: 99
QUID.L Omega Ratio Rank: 99
QUID.L Calmar Ratio Rank: 98
QUID.L Martin Ratio Rank: 99

ENCO.L

ENCO.L Risk / Return Rank: 57
ENCO.L Sharpe Ratio Rank: 65
ENCO.L Sortino Ratio Rank: 60
ENCO.L Omega Ratio Rank: 60
ENCO.L Calmar Ratio Rank: 49
ENCO.L Martin Ratio Rank: 50

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.

QUID.L vs. ENCO.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Sterling Short Maturity UCITS ETF GBP (Dist) (QUID.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.

	QUID.L	ENCO.L	Difference
Sharpe ratio: Return per unit of total volatility	5.81	1.46	+4.35
Sortino ratio: Return per unit of downside risk	10.39	1.98	+8.41
Omega ratio: Gain probability vs. loss probability	2.71	1.26	+1.46
Calmar ratio: Return relative to maximum drawdown	9.44	2.00	+7.44
Martin ratio: Return relative to average drawdown	75.59	6.23	+69.35

QUID.L vs. ENCO.L - Sharpe Ratio Comparison

The current QUID.L Sharpe Ratio is 5.81, which is higher than the ENCO.L Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of QUID.L and ENCO.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.

Drawdowns

QUID.L vs. ENCO.L - Drawdown Comparison

The maximum QUID.L drawdown since its inception was -2.47%, smaller than the maximum ENCO.L drawdown of -26.95%. Use the drawdown chart below to compare losses from any high point for QUID.L and ENCO.L.

Drawdown Indicators

	QUID.L	ENCO.L	Difference
Max Drawdown Largest peak-to-trough decline	-2.47%	-26.95%	+24.48%
Max Drawdown (1Y) Largest decline over 1 year	-0.45%	-12.10%	+11.65%
Max Drawdown (3Y) Largest decline over 3 years	-0.45%	-17.49%	+17.04%
Max Drawdown (5Y) Largest decline over 5 years	-2.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-2.47%	—	—
Current Drawdown Current decline from peak	-0.02%	-6.98%	+6.96%
Average Drawdown Average peak-to-trough decline	-0.21%	-13.19%	+12.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	3.89%	-3.83%

Volatility

QUID.L vs. ENCO.L - Volatility Comparison

The current volatility for PIMCO Sterling Short Maturity UCITS ETF GBP (Dist) (QUID.L) is 0.17%, while L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.L) has a volatility of 3.90%. This indicates that QUID.L experiences smaller price fluctuations and is considered to be less risky than ENCO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QUID.L	ENCO.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.17%	3.90%	-3.73%
Volatility (6M) Calculated over the trailing 6-month period	0.64%	13.96%	-13.32%
Volatility (1Y) Calculated over the trailing 1-year period	0.73%	16.56%	-15.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.74%	17.81%	-17.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.62%	17.81%	-17.19%

QUID.L vs. ENCO.L - Expense Ratio Comparison

QUID.L has a 0.19% expense ratio, which is lower than ENCO.L's 0.30% expense ratio.

Dividends

QUID.L vs. ENCO.L - Dividend Comparison

QUID.L's dividend yield for the trailing twelve months is around 3.84%, while ENCO.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%
QUID.L PIMCO Sterling Short Maturity UCITS ETF GBP (Dist)	3.84%	4.19%	4.67%	3.69%	0.66%	0.08%	0.31%	0.73%	0.52%	0.33%	0.59%	0.55%

Frequently Asked Questions

Can I hold both QUID.L and ENCO.L in my portfolio?

QUID.L and ENCO.L have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QUID.L or ENCO.L?

On fees, QUID.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QUID.L or ENCO.L?

QUID.L is cheaper with a 0.19% expense ratio, compared with 0.30% for ENCO.L.

What is the main difference between QUID.L and ENCO.L?

QUID.L is categorized as Ultrashort Bond, while ENCO.L is Commodities. They also come from different issuers: PIMCO and L&G. Their fees differ too: 0.19% for QUID.L and 0.30% for ENCO.L.