UIQ1.DE vs. ETL2.DE

Last updated Jun 5, 2026

UIQ1.DE (UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (EUR Hedged) Acc) and ETL2.DE (L&G Longer Dated All Commodities UCITS ETF) are both Commodities funds - UIQ1.DE tracks the UBS CMCI Ex Agriculture Ex Livestock Capped (EUR Hedged) while ETL2.DE tracks the Bloomberg Commodity 3 Month Forward. Both are passively managed. Over the past 5 years, UIQ1.DE returned 10.90%/yr vs 13.12%/yr for ETL2.DE. A 0.69 correlation means they provide meaningful diversification when combined. UIQ1.DE charges 0.34%/yr vs 0.30%/yr for ETL2.DE.

Performance

UIQ1.DE vs. ETL2.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (EUR Hedged) Acc (UIQ1.DE) and L&G Longer Dated All Commodities UCITS ETF (ETL2.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UIQ1.DE achieves a 22.64% return, which is significantly higher than ETL2.DE's 18.23% return.

UIQ1.DE

• 1D: -1.00%
• 1M: 0.39%
• YTD: 22.64%
• 6M: 26.02%
• 1Y: 39.84%
• 3Y*: 15.74%
• 5Y*: 10.90%
• 10Y*: —

ETL2.DE

• 1D: -1.24%
• 1M: -1.51%
• YTD: 18.23%
• 6M: 19.58%
• 1Y: 28.45%
• 3Y*: 10.87%
• 5Y*: 13.12%
• 10Y*: 8.17%

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

UIQ1.DE vs. ETL2.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UIQ1.DE UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (EUR Hedged) Acc	22.64%	17.35%	4.90%	-7.27%	9.59%	33.73%	-4.28%	8.46%	-13.91%	17.02%
ETL2.DE L&G Longer Dated All Commodities UCITS ETF	18.23%	4.89%	11.54%	-9.44%	24.86%	46.17%	-7.55%	10.85%	-4.21%	1.51%

Correlation

The correlation between UIQ1.DE and ETL2.DE is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jul 12, 2017	0.69

The correlation between UIQ1.DE and ETL2.DE shifts across timeframes, from 0.69 (all time) to 0.79 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UIQ1.DE vs. ETL2.DE — Risk / Return Rank

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

UIQ1.DE

UIQ1.DE Risk / Return Rank: 83
UIQ1.DE Sharpe Ratio Rank: 82
UIQ1.DE Sortino Ratio Rank: 77
UIQ1.DE Omega Ratio Rank: 80
UIQ1.DE Calmar Ratio Rank: 92
UIQ1.DE Martin Ratio Rank: 84

ETL2.DE

ETL2.DE Risk / Return Rank: 57
ETL2.DE Sharpe Ratio Rank: 56
ETL2.DE Sortino Ratio Rank: 51
ETL2.DE Omega Ratio Rank: 54
ETL2.DE Calmar Ratio Rank: 72
ETL2.DE Martin Ratio Rank: 49

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.

UIQ1.DE vs. ETL2.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (EUR Hedged) Acc (UIQ1.DE) and L&G Longer Dated All Commodities UCITS ETF (ETL2.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.

	UIQ1.DE	ETL2.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.64	1.87	+0.77
Sortino ratio: Return per unit of downside risk	3.40	2.47	+0.93
Omega ratio: Gain probability vs. loss probability	1.47	1.33	+0.14
Calmar ratio: Return relative to maximum drawdown	5.99	3.59	+2.40
Martin ratio: Return relative to average drawdown	16.75	8.20	+8.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UIQ1.DE vs. ETL2.DE - Sharpe Ratio Comparison

The current UIQ1.DE Sharpe Ratio is 2.64, which is higher than the ETL2.DE Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of UIQ1.DE and ETL2.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

	UIQ1.DE	ETL2.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	1.87	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.84	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.25	+0.26

Drawdowns

UIQ1.DE vs. ETL2.DE - Drawdown Comparison

The maximum UIQ1.DE drawdown since its inception was -39.99%, smaller than the maximum ETL2.DE drawdown of -47.04%. Use the drawdown chart below to compare losses from any high point for UIQ1.DE and ETL2.DE.

Drawdown Indicators

	UIQ1.DE	ETL2.DE	Difference
Max Drawdown Largest peak-to-trough decline	-39.99%	-47.04%	+7.05%
Max Drawdown (1Y) Largest decline over 1 year	-6.62%	-7.90%	+1.28%
Max Drawdown (3Y) Largest decline over 3 years	-13.55%	-15.06%	+1.51%
Max Drawdown (5Y) Largest decline over 5 years	-30.51%	-23.27%	-7.24%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.50%	—
Current Drawdown Current decline from peak	-2.05%	-3.57%	+1.52%
Average Drawdown Average peak-to-trough decline	-15.09%	-21.90%	+6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	3.46%	-1.09%

Volatility

UIQ1.DE vs. ETL2.DE - Volatility Comparison

The current volatility for UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (EUR Hedged) Acc (UIQ1.DE) is 3.79%, while L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) has a volatility of 4.60%. This indicates that UIQ1.DE experiences smaller price fluctuations and is considered to be less risky than ETL2.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UIQ1.DE	ETL2.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	4.60%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	12.91%	12.74%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	15.03%	15.15%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.19%	15.44%	+2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.45%	13.69%	+3.76%

UIQ1.DE vs. ETL2.DE - Expense Ratio Comparison

UIQ1.DE has a 0.34% expense ratio, which is higher than ETL2.DE's 0.30% expense ratio.

Dividends

UIQ1.DE vs. ETL2.DE - Dividend Comparison

Neither UIQ1.DE nor ETL2.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UIQ1.DE and ETL2.DE in my portfolio?

UIQ1.DE and ETL2.DE have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UIQ1.DE or ETL2.DE?

On fees, ETL2.DE 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, UIQ1.DE or ETL2.DE?

ETL2.DE is cheaper with a 0.30% expense ratio, compared with 0.34% for UIQ1.DE.

What is the main difference between UIQ1.DE and ETL2.DE?

UIQ1.DE tracks UBS CMCI Ex Agriculture Ex Livestock Capped (EUR Hedged), while ETL2.DE tracks Bloomberg Commodity 3 Month Forward. They also come from different issuers: UBS and Legal & General. Their fees differ too: 0.34% for UIQ1.DE and 0.30% for ETL2.DE.