USDG.L vs. BCOG.L

Last updated Jun 5, 2026

USDG.L (L&G ESG USD Corporate Bond UCITS ETF) and BCOG.L (L&G All Commodities UCITS ETF) are both exchange-traded funds - USDG.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD, while BCOG.L is a Commodities fund tracking the Bloomberg Commodity. Both are passively managed. Over the past 5 years, USDG.L returned 2.06%/yr vs 12.42%/yr for BCOG.L. At a 0.12 correlation, their price movements are largely independent. USDG.L charges 0.09%/yr vs 0.15%/yr for BCOG.L.

Performance

USDG.L vs. BCOG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G ESG USD Corporate Bond UCITS ETF (USDG.L) and L&G All Commodities UCITS ETF (BCOG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USDG.L achieves a 0.73% return, which is significantly lower than BCOG.L's 24.98% return.

USDG.L

• 1D: 0.34%
• 1M: 1.26%
• YTD: 0.73%
• 6M: 0.27%
• 1Y: 6.86%
• 3Y*: 2.83%
• 5Y*: 2.06%
• 10Y*: —

BCOG.L

• 1D: -1.35%
• 1M: -0.17%
• YTD: 24.98%
• 6M: 21.68%
• 1Y: 37.95%
• 3Y*: 12.52%
• 5Y*: 12.42%
• 10Y*: —

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

USDG.L vs. BCOG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
USDG.L L&G ESG USD Corporate Bond UCITS ETF	0.73%	0.15%	4.75%	2.41%	-3.62%	1.57%
BCOG.L L&G All Commodities UCITS ETF	24.98%	8.16%	6.13%	-12.32%	29.36%	25.65%

Correlation

The correlation between USDG.L and BCOG.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jan 22, 2021	0.12

Return for Risk

USDG.L vs. BCOG.L — Risk / Return Rank

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

USDG.L

USDG.L Risk / Return Rank: 26
USDG.L Sharpe Ratio Rank: 24
USDG.L Sortino Ratio Rank: 24
USDG.L Omega Ratio Rank: 26
USDG.L Calmar Ratio Rank: 30
USDG.L Martin Ratio Rank: 26

BCOG.L

BCOG.L Risk / Return Rank: 64
BCOG.L Sharpe Ratio Rank: 62
BCOG.L Sortino Ratio Rank: 54
BCOG.L Omega Ratio Rank: 62
BCOG.L Calmar Ratio Rank: 83
BCOG.L Martin Ratio Rank: 59

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.

USDG.L vs. BCOG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G ESG USD Corporate Bond UCITS ETF (USDG.L) and L&G All Commodities UCITS ETF (BCOG.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.

	USDG.L	BCOG.L	Difference
Sharpe ratio: Return per unit of total volatility	0.83	2.05	-1.22
Sortino ratio: Return per unit of downside risk	1.24	2.56	-1.33
Omega ratio: Gain probability vs. loss probability	1.17	1.37	-0.20
Calmar ratio: Return relative to maximum drawdown	1.44	4.43	-2.98
Martin ratio: Return relative to average drawdown	3.32	10.23	-6.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USDG.L vs. BCOG.L - Sharpe Ratio Comparison

The current USDG.L Sharpe Ratio is 0.83, which is lower than the BCOG.L Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of USDG.L and BCOG.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

	USDG.L	BCOG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	2.05	-1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.74	-0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.49	-0.37

Drawdowns

USDG.L vs. BCOG.L - Drawdown Comparison

The maximum USDG.L drawdown since its inception was -12.80%, smaller than the maximum BCOG.L drawdown of -28.15%. Use the drawdown chart below to compare losses from any high point for USDG.L and BCOG.L.

Drawdown Indicators

	USDG.L	BCOG.L	Difference
Max Drawdown Largest peak-to-trough decline	-12.80%	-28.15%	+15.35%
Max Drawdown (1Y) Largest decline over 1 year	-4.53%	-8.57%	+4.04%
Max Drawdown (3Y) Largest decline over 3 years	-8.61%	-14.48%	+5.87%
Max Drawdown (5Y) Largest decline over 5 years	-12.80%	-27.76%	+14.96%
Current Drawdown Current decline from peak	-2.29%	-5.16%	+2.87%
Average Drawdown Average peak-to-trough decline	-5.01%	-11.67%	+6.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	3.72%	-1.75%

Volatility

USDG.L vs. BCOG.L - Volatility Comparison

The current volatility for L&G ESG USD Corporate Bond UCITS ETF (USDG.L) is 1.98%, while L&G All Commodities UCITS ETF (BCOG.L) has a volatility of 6.06%. This indicates that USDG.L experiences smaller price fluctuations and is considered to be less risky than BCOG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USDG.L	BCOG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.98%	6.06%	-4.08%
Volatility (6M) Calculated over the trailing 6-month period	6.75%	15.89%	-9.14%
Volatility (1Y) Calculated over the trailing 1-year period	7.88%	18.51%	-10.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.67%	16.89%	-8.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.64%	15.71%	-7.07%

USDG.L vs. BCOG.L - Expense Ratio Comparison

USDG.L has a 0.09% expense ratio, which is lower than BCOG.L's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

USDG.L vs. BCOG.L - Dividend Comparison

USDG.L's dividend yield for the trailing twelve months is around 4.67%, while BCOG.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BCOG.L L&G All Commodities UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USDG.L L&G ESG USD Corporate Bond UCITS ETF	4.67%	4.70%	3.99%	3.27%	2.25%	0.76%

Frequently Asked Questions

Can I hold both USDG.L and BCOG.L in my portfolio?

USDG.L and BCOG.L have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USDG.L or BCOG.L?

On fees, USDG.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USDG.L or BCOG.L?

USDG.L is cheaper with a 0.09% expense ratio, compared with 0.15% for BCOG.L.

What is the main difference between USDG.L and BCOG.L?

USDG.L is categorized as Corporate Bonds, while BCOG.L is Commodities. USDG.L tracks Bloomberg US Corp Bond TR USD, while BCOG.L tracks Bloomberg Commodity. Their fees differ too: 0.09% for USDG.L and 0.15% for BCOG.L.