VPAC.L vs. ENCO.L

Last updated Jul 18, 2026

VPAC.L (Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc)) and ENCO.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc)) are both exchange-traded funds - VPAC.L is a Preferred Stock/Convertible Bonds fund tracking the ICE Diversified Variable Rate Preferred & Hybrid Securities Index, while ENCO.L is a Commodities fund tracking the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. Both are passively managed. Over the past 3 years, VPAC.L returned 8.42%/yr vs 9.76%/yr for ENCO.L. At a 0.09 correlation, their price movements are largely independent. VPAC.L charges 0.50%/yr vs 0.30%/yr for ENCO.L.

Performance

VPAC.L vs. ENCO.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc) (VPAC.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.

Returns By Period

In the year-to-date period, VPAC.L achieves a 2.04% return, which is significantly lower than ENCO.L's 20.59% return.

VPAC.L

• 1D: -0.12%
• 1M: 0.08%
• 6M: 1.60%
• YTD: 2.04%
• 1Y: 4.91%
• 3Y*: 8.42%
• 5Y*: 3.51%
• 10Y*: —

ENCO.L

• 1D: 0.61%
• 1M: 2.32%
• 6M: 16.85%
• YTD: 20.59%
• 1Y: 24.66%
• 3Y*: 9.76%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc)	2.04%	6.34%	10.84%	9.27%	-9.70%	-0.19%
ENCO.L L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc)	20.59%	8.38%	3.59%	-2.45%	23.37%	9.08%

Correlation

The correlation between VPAC.L and ENCO.L is -0.15, 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	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021	0.09

The correlation between VPAC.L and ENCO.L shifts across timeframes, from -0.15 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

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

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

VPAC.L

VPAC.L Risk / Return Rank: 71
VPAC.L Sharpe Ratio Rank: 67
VPAC.L Sortino Ratio Rank: 70
VPAC.L Omega Ratio Rank: 73
VPAC.L Calmar Ratio Rank: 69
VPAC.L Martin Ratio Rank: 74

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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc) (VPAC.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.

	VPAC.L	ENCO.L	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.60	+0.03
Sortino ratio: Return per unit of downside risk	2.40	2.15	+0.26
Omega ratio: Gain probability vs. loss probability	1.32	1.28	+0.04
Calmar ratio: Return relative to maximum drawdown	2.54	1.90	+0.65
Martin ratio: Return relative to average drawdown	9.98	6.33	+3.66

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

The current VPAC.L Sharpe Ratio is 1.63, which is comparable to the ENCO.L Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of VPAC.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

VPAC.L vs. ENCO.L - Drawdown Comparison

The maximum VPAC.L drawdown since its inception was -34.25%, which is greater than ENCO.L's maximum drawdown of -23.99%. Use the drawdown chart below to compare losses from any high point for VPAC.L and ENCO.L.

Drawdown Indicators

	VPAC.L	ENCO.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.25%	-23.99%	-10.26%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-12.95%	+10.93%
Max Drawdown (3Y) Largest decline over 3 years	-3.40%	-12.95%	+9.55%
Max Drawdown (5Y) Largest decline over 5 years	-13.89%	—	—
Current Drawdown Current decline from peak	-0.33%	-6.99%	+6.66%
Average Drawdown Average peak-to-trough decline	-3.14%	-12.39%	+9.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	3.89%	-3.37%

Volatility

VPAC.L vs. ENCO.L - Volatility Comparison

The current volatility for Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc) (VPAC.L) is 0.74%, while L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.L) has a volatility of 3.93%. This indicates that VPAC.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

	VPAC.L	ENCO.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	3.93%	-3.19%
Volatility (6M) Calculated over the trailing 6-month period	2.28%	13.01%	-10.73%
Volatility (1Y) Calculated over the trailing 1-year period	3.17%	15.36%	-12.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.30%	17.23%	-11.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.00%	17.23%	-6.23%

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

VPAC.L has a 0.50% expense ratio, which is higher than ENCO.L's 0.30% expense ratio.

Dividends

VPAC.L vs. ENCO.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

VPAC.L and ENCO.L have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

ENCO.L is cheaper with a 0.30% expense ratio, compared with 0.50% for VPAC.L.

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

VPAC.L is categorized as Preferred Stock/Convertible Bonds, while ENCO.L is Commodities. VPAC.L tracks ICE Diversified Variable Rate Preferred & Hybrid Securities Index, while ENCO.L tracks Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. They also come from different issuers: Invesco and L&G. Their fees differ too: 0.50% for VPAC.L and 0.30% for ENCO.L.