VAGS.L vs. ENCG.L

Last updated Jun 5, 2026

VAGS.L (Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating) and ENCG.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF) are both exchange-traded funds - VAGS.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg GBP, while ENCG.L is a Commodities fund tracking the Barclays Backwardation Tilt Multi-Strategy Capped. Both are passively managed. Over the past 3 years, VAGS.L returned 3.76%/yr vs 9.70%/yr for ENCG.L. At a correlation of -0.26, they often move in opposite directions. VAGS.L charges 0.10%/yr vs 0.30%/yr for ENCG.L.

Performance

VAGS.L vs. ENCG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L) and L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VAGS.L is traded in GBP, while ENCG.L is traded in GBp. To make them comparable, the ENCG.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, VAGS.L achieves a 0.19% return, which is significantly lower than ENCG.L's 24.41% return.

VAGS.L

• 1D: 0.14%
• 1M: 0.45%
• YTD: 0.19%
• 6M: 0.45%
• 1Y: 3.13%
• 3Y*: 3.76%
• 5Y*: -0.25%
• 10Y*: —

ENCG.L

• 1D: -1.42%
• 1M: -2.14%
• YTD: 24.41%
• 6M: 22.50%
• 1Y: 33.86%
• 3Y*: 9.70%
• 5Y*: —
• 10Y*: —

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

VAGS.L vs. ENCG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VAGS.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating	0.19%	4.96%	2.39%	5.94%	-13.72%	-1.41%
ENCG.L L&G Multi-Strategy Enhanced Commodities UCITS ETF	24.41%	0.89%	5.39%	-7.83%	38.17%	13.94%

Correlation

The correlation between VAGS.L and ENCG.L is -0.47, 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	-0.47
Correlation (3Y) Calculated over the trailing 3-year period	-0.25
Correlation (All Time) Calculated using the full available price history since Jul 21, 2021	-0.26

Over the past year, the inverse relationship between VAGS.L and ENCG.L has strengthened: their correlation has moved from -0.26 to -0.47, meaning they now move in opposite directions more often than their long-term average.

VAGS.L vs. ENCG.L - Sectors Allocation Comparison

Sectors	VAGS.L	ENCG.L
Financial Services	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-3.5%
Technology	-	-
Utilities	-	-

Return for Risk

VAGS.L vs. ENCG.L — Risk / Return Rank

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

VAGS.L

VAGS.L Risk / Return Rank: 25
VAGS.L Sharpe Ratio Rank: 26
VAGS.L Sortino Ratio Rank: 24
VAGS.L Omega Ratio Rank: 23
VAGS.L Calmar Ratio Rank: 25
VAGS.L Martin Ratio Rank: 26

ENCG.L

ENCG.L Risk / Return Rank: 61
ENCG.L Sharpe Ratio Rank: 57
ENCG.L Sortino Ratio Rank: 50
ENCG.L Omega Ratio Rank: 57
ENCG.L Calmar Ratio Rank: 79
ENCG.L Martin Ratio Rank: 61

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.

VAGS.L vs. ENCG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L) and L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCG.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.

	VAGS.L	ENCG.L	Difference
Sharpe ratio: Return per unit of total volatility	0.89	1.91	-1.02
Sortino ratio: Return per unit of downside risk	1.29	2.43	-1.13
Omega ratio: Gain probability vs. loss probability	1.15	1.34	-0.19
Calmar ratio: Return relative to maximum drawdown	1.17	4.02	-2.86
Martin ratio: Return relative to average drawdown	3.41	10.88	-7.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VAGS.L vs. ENCG.L - Sharpe Ratio Comparison

The current VAGS.L Sharpe Ratio is 0.89, which is lower than the ENCG.L Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of VAGS.L and ENCG.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

	VAGS.L	ENCG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	1.91	-1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.79	-0.68

Drawdowns

VAGS.L vs. ENCG.L - Drawdown Comparison

The maximum VAGS.L drawdown since its inception was -17.99%, smaller than the maximum ENCG.L drawdown of -26.32%. Use the drawdown chart below to compare losses from any high point for VAGS.L and ENCG.L.

Drawdown Indicators

	VAGS.L	ENCG.L	Difference
Max Drawdown Largest peak-to-trough decline	-17.99%	-26.32%	+8.33%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-8.38%	+5.71%
Max Drawdown (3Y) Largest decline over 3 years	-3.93%	-17.11%	+13.18%
Max Drawdown (5Y) Largest decline over 5 years	-17.60%	—	—
Current Drawdown Current decline from peak	-3.70%	-4.28%	+0.58%
Average Drawdown Average peak-to-trough decline	-6.65%	-13.09%	+6.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	3.11%	-2.20%

Volatility

VAGS.L vs. ENCG.L - Volatility Comparison

The current volatility for Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L) is 1.44%, while L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCG.L) has a volatility of 6.29%. This indicates that VAGS.L experiences smaller price fluctuations and is considered to be less risky than ENCG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VAGS.L	ENCG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	6.29%	-4.85%
Volatility (6M) Calculated over the trailing 6-month period	2.76%	14.33%	-11.57%
Volatility (1Y) Calculated over the trailing 1-year period	3.51%	17.67%	-14.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.86%	18.12%	-13.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.57%	18.12%	-13.55%

VAGS.L vs. ENCG.L - Expense Ratio Comparison

VAGS.L has a 0.10% expense ratio, which is lower than ENCG.L's 0.30% expense ratio.

Dividends

VAGS.L vs. ENCG.L - Dividend Comparison

Neither VAGS.L nor ENCG.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VAGS.L and ENCG.L in my portfolio?

VAGS.L and ENCG.L have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VAGS.L or ENCG.L?

On fees, VAGS.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VAGS.L or ENCG.L?

VAGS.L is cheaper with a 0.10% expense ratio, compared with 0.30% for ENCG.L.

What is the main difference between VAGS.L and ENCG.L?

VAGS.L is categorized as Global Bonds, while ENCG.L is Commodities. VAGS.L tracks Bloomberg Global Aggregate TR Hdg GBP, while ENCG.L tracks Barclays Backwardation Tilt Multi-Strategy Capped. They also come from different issuers: Vanguard and Legal & General. Their fees differ too: 0.10% for VAGS.L and 0.30% for ENCG.L.