UC90.L vs. ENCO.L

Last updated Jul 18, 2026

UC90.L (UBS ETF (IE) CMCI Composite SF UCITS ETF (hedged to GBP) A-acc) and ENCO.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc)) are both Commodities funds - UC90.L tracks the UBS CMCI (GBP Hedged) while ENCO.L tracks the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. Both are passively managed. Over the past 3 years, UC90.L returned 11.35%/yr vs 8.61%/yr for ENCO.L. A 0.72 correlation means they provide meaningful diversification when combined. UC90.L charges 0.34%/yr vs 0.30%/yr for ENCO.L.

Performance

UC90.L vs. ENCO.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (IE) CMCI Composite SF UCITS ETF (hedged to GBP) A-acc (UC90.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

UC90.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

The year-to-date returns for both stocks are quite close, with UC90.L having a 21.13% return and ENCO.L slightly lower at 20.76%.

UC90.L

• 1D: 0.53%
• 1M: 3.26%
• 6M: 18.87%
• YTD: 21.13%
• 1Y: 26.89%
• 3Y*: 11.35%
• 5Y*: 10.77%
• 10Y*: 7.75%

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)

UC90.L vs. ENCO.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UC90.L UBS ETF (IE) CMCI Composite SF UCITS ETF (hedged to GBP) A-acc	21.13%	9.58%	4.52%	-2.02%	14.86%	6.49%
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 UC90.L and ENCO.L is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021	0.72

The correlation between UC90.L and ENCO.L has been stable across timeframes, ranging from 0.72 to 0.82 - a consistent structural relationship.

Return for Risk

UC90.L vs. ENCO.L — Risk / Return Rank

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

UC90.L

UC90.L Risk / Return Rank: 75
UC90.L Sharpe Ratio Rank: 85
UC90.L Sortino Ratio Rank: 83
UC90.L Omega Ratio Rank: 82
UC90.L Calmar Ratio Rank: 64
UC90.L Martin Ratio Rank: 63

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.

UC90.L vs. ENCO.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (IE) CMCI Composite SF UCITS ETF (hedged to GBP) A-acc (UC90.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.

	UC90.L	ENCO.L	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.46	+0.67
Sortino ratio: Return per unit of downside risk	2.87	1.98	+0.89
Omega ratio: Gain probability vs. loss probability	1.37	1.26	+0.12
Calmar ratio: Return relative to maximum drawdown	2.43	2.00	+0.43
Martin ratio: Return relative to average drawdown	8.34	6.23	+2.11

UC90.L vs. ENCO.L - Sharpe Ratio Comparison

The current UC90.L Sharpe Ratio is 2.13, which is higher than the ENCO.L Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of UC90.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

UC90.L vs. ENCO.L - Drawdown Comparison

The maximum UC90.L drawdown since its inception was -41.45%, which is greater than ENCO.L's maximum drawdown of -26.95%. Use the drawdown chart below to compare losses from any high point for UC90.L and ENCO.L.

Drawdown Indicators

	UC90.L	ENCO.L	Difference
Max Drawdown Largest peak-to-trough decline	-41.45%	-26.95%	-14.50%
Max Drawdown (1Y) Largest decline over 1 year	-11.03%	-12.10%	+1.07%
Max Drawdown (3Y) Largest decline over 3 years	-11.47%	-17.49%	+6.02%
Max Drawdown (5Y) Largest decline over 5 years	-19.19%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.26%	—	—
Current Drawdown Current decline from peak	-4.88%	-6.98%	+2.10%
Average Drawdown Average peak-to-trough decline	-13.20%	-13.19%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	3.89%	-0.68%

Volatility

UC90.L vs. ENCO.L - Volatility Comparison

The current volatility for UBS ETF (IE) CMCI Composite SF UCITS ETF (hedged to GBP) A-acc (UC90.L) is 3.30%, while L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.L) has a volatility of 3.90%. This indicates that UC90.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

	UC90.L	ENCO.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.30%	3.90%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	10.63%	13.96%	-3.33%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	16.56%	-3.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.72%	17.81%	-3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.14%	17.81%	-3.67%

UC90.L vs. ENCO.L - Expense Ratio Comparison

UC90.L has a 0.34% expense ratio, which is higher than ENCO.L's 0.30% expense ratio.

Dividends

UC90.L vs. ENCO.L - Dividend Comparison

Neither UC90.L nor ENCO.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UC90.L and ENCO.L in my portfolio?

UC90.L and ENCO.L have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UC90.L or ENCO.L?

On fees, ENCO.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UC90.L or ENCO.L?

ENCO.L is cheaper with a 0.30% expense ratio, compared with 0.34% for UC90.L.

What is the main difference between UC90.L and ENCO.L?

UC90.L tracks UBS CMCI (GBP Hedged), while ENCO.L tracks Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. They also come from different issuers: UBS and L&G. Their fees differ too: 0.34% for UC90.L and 0.30% for ENCO.L.