WCOG.L vs. CXAP.L
WCOG.L (WisdomTree Enhanced Commodity UCITS ETF USD) and CXAP.L (UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc) are both Commodities funds - WCOG.L tracks the Optimised Roll Commodity while CXAP.L tracks the UBS CMCI Ex Agriculture Ex Livestock Capped. Both are passively managed. Over the past 10 years, WCOG.L returned 8.85%/yr vs 11.86%/yr for CXAP.L. Their correlation of 0.84 suggests significant overlap in exposure. WCOG.L charges 0.35%/yr vs 0.34%/yr for CXAP.L.
Performance
WCOG.L vs. CXAP.L - Performance Comparison
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Returns By Period
In the year-to-date period, WCOG.L achieves a 31.19% return, which is significantly higher than CXAP.L's 25.34% return. Over the past 10 years, WCOG.L has underperformed CXAP.L with an annualized return of 8.85%, while CXAP.L has yielded a comparatively higher 11.86% annualized return.
WCOG.L
- 1D
- -1.18%
- 1M
- -1.93%
- YTD
- 31.19%
- 6M
- 31.55%
- 1Y
- 45.33%
- 3Y*
- 13.10%
- 5Y*
- 12.72%
- 10Y*
- 8.85%
CXAP.L
- 1D
- -0.75%
- 1M
- 1.43%
- YTD
- 25.34%
- 6M
- 26.88%
- 1Y
- 44.84%
- 3Y*
- 14.83%
- 5Y*
- 14.55%
- 10Y*
- 11.86%
WCOG.L vs. CXAP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WCOG.L WisdomTree Enhanced Commodity UCITS ETF USD | 31.19% | 7.94% | 4.45% | -12.14% | 26.35% | 28.38% | -2.08% | 3.07% | -3.67% | -4.31% |
CXAP.L UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc | 25.34% | 10.65% | 8.67% | -10.60% | 27.69% | 36.79% | -4.93% | 7.15% | -6.02% | 5.06% |
Correlation
The correlation between WCOG.L and CXAP.L is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since May 12, 2016 | 0.84 |
The correlation between WCOG.L and CXAP.L has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.
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Return for Risk
WCOG.L vs. CXAP.L — Risk / Return Rank
WCOG.L
CXAP.L
WCOG.L vs. CXAP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Enhanced Commodity UCITS ETF USD (WCOG.L) and UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc (CXAP.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.
| WCOG.L | CXAP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.51 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 6.62 | 7.76 | -1.14 |
| Martin ratioReturn relative to average drawdown | 16.47 | 20.14 | -3.67 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| WCOG.L | CXAP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.52 | 2.87 | -0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.83 | 0.90 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | 0.74 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.76 | -0.11 |
Drawdowns
WCOG.L vs. CXAP.L - Drawdown Comparison
The maximum WCOG.L drawdown since its inception was -27.05%, smaller than the maximum CXAP.L drawdown of -31.30%. Use the drawdown chart below to compare losses from any high point for WCOG.L and CXAP.L.
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Drawdown Indicators
| WCOG.L | CXAP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.05% | -31.30% | +4.25% |
Max Drawdown (1Y)Largest decline over 1 year | -6.82% | -5.75% | -1.07% |
Max Drawdown (3Y)Largest decline over 3 years | -13.63% | -15.43% | +1.80% |
Max Drawdown (5Y)Largest decline over 5 years | -27.05% | -21.53% | -5.52% |
Max Drawdown (10Y)Largest decline over 10 years | -27.05% | -31.30% | +4.25% |
Current DrawdownCurrent decline from peak | -3.73% | -1.52% | -2.21% |
Average DrawdownAverage peak-to-trough decline | -10.98% | -8.23% | -2.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 2.22% | +0.53% |
Volatility
WCOG.L vs. CXAP.L - Volatility Comparison
WisdomTree Enhanced Commodity UCITS ETF USD (WCOG.L) has a higher volatility of 6.08% compared to UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc (CXAP.L) at 4.37%. This indicates that WCOG.L's price experiences larger fluctuations and is considered to be riskier than CXAP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WCOG.L | CXAP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.08% | 4.37% | +1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 15.70% | 12.75% | +2.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.93% | 15.59% | +2.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.33% | 16.18% | -0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.02% | 16.05% | -2.03% |
WCOG.L vs. CXAP.L - Expense Ratio Comparison
WCOG.L has a 0.35% expense ratio, which is higher than CXAP.L's 0.34% expense ratio.
Dividends
WCOG.L vs. CXAP.L - Dividend Comparison
WCOG.L's dividend yield for the trailing twelve months is around 2.68%, while CXAP.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CXAP.L UBS ETF (IE) CMCI ex-Agriculture SF UCITS ETF (USD) A-acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
WCOG.L WisdomTree Enhanced Commodity UCITS ETF USD | 2.68% | 4.56% | 4.54% | 0.65% | 0.00% | 0.30% | 1.64% | 1.64% | 0.46% |
Frequently Asked Questions
With a correlation of 0.90, WCOG.L and CXAP.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, CXAP.L is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CXAP.L is cheaper with a 0.34% expense ratio, compared with 0.35% for WCOG.L.
WCOG.L tracks Optimised Roll Commodity, while CXAP.L tracks UBS CMCI Ex Agriculture Ex Livestock Capped. They also come from different issuers: WisdomTree and UBS. Their fees differ too: 0.35% for WCOG.L and 0.34% for CXAP.L.
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