WCOG.L vs. NGAS.L

Last updated Jun 5, 2026

WCOG.L (WisdomTree Enhanced Commodity UCITS ETF USD) and NGAS.L (WisdomTree Natural Gas ETF) are both Commodities funds from WisdomTree - WCOG.L tracks the Optimised Roll Commodity while NGAS.L tracks the Bloomberg Natural Gas Sub Total Return Index. Both are passively managed. Over the past 10 years, WCOG.L returned 8.85%/yr vs -22.49%/yr for NGAS.L. At a 0.32 correlation, their price movements are largely independent. WCOG.L charges 0.35%/yr vs 0.49%/yr for NGAS.L.

Performance

WCOG.L vs. NGAS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree Enhanced Commodity UCITS ETF USD (WCOG.L) and WisdomTree Natural Gas ETF (NGAS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

WCOG.L is traded in GBp, while NGAS.L is traded in USD. To make them comparable, the NGAS.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, WCOG.L achieves a 31.19% return, which is significantly higher than NGAS.L's -6.91% return. Over the past 10 years, WCOG.L has outperformed NGAS.L with an annualized return of 8.85%, while NGAS.L has yielded a comparatively lower -22.49% 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%

NGAS.L

• 1D: 4.75%
• 1M: 10.66%
• YTD: -6.91%
• 6M: -26.35%
• 1Y: -33.50%
• 3Y*: -27.05%
• 5Y*: -24.17%
• 10Y*: -22.49%

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

WCOG.L vs. NGAS.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%
NGAS.L WisdomTree Natural Gas ETF	-6.91%	-30.09%	-24.89%	-67.01%	34.57%	26.61%	-44.94%	-43.00%	9.04%	-43.15%

Correlation

The correlation between WCOG.L and NGAS.L is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since May 5, 2016	0.32

Return for Risk

WCOG.L vs. NGAS.L — Risk / Return Rank

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

WCOG.L

WCOG.L Risk / Return Rank: 80
WCOG.L Sharpe Ratio Rank: 79
WCOG.L Sortino Ratio Rank: 70
WCOG.L Omega Ratio Rank: 78
WCOG.L Calmar Ratio Rank: 93
WCOG.L Martin Ratio Rank: 83

NGAS.L

NGAS.L Risk / Return Rank: 4
NGAS.L Sharpe Ratio Rank: 4
NGAS.L Sortino Ratio Rank: 4
NGAS.L Omega Ratio Rank: 4
NGAS.L Calmar Ratio Rank: 3
NGAS.L Martin Ratio Rank: 4

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.

WCOG.L vs. NGAS.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 WisdomTree Natural Gas ETF (NGAS.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	NGAS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.52	-0.59	+3.10
Sortino ratio: Return per unit of downside risk	3.12	-0.59	+3.71
Omega ratio: Gain probability vs. loss probability	1.46	0.93	+0.53
Calmar ratio: Return relative to maximum drawdown	6.62	-0.70	+7.32
Martin ratio: Return relative to average drawdown	16.47	-1.01	+17.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WCOG.L vs. NGAS.L - Sharpe Ratio Comparison

The current WCOG.L Sharpe Ratio is 2.52, which is higher than the NGAS.L Sharpe Ratio of -0.59. The chart below compares the historical Sharpe Ratios of WCOG.L and NGAS.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

	WCOG.L	NGAS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	-0.59	+3.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	-0.41	+1.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	-0.44	+1.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	-0.60	+1.25

Drawdowns

WCOG.L vs. NGAS.L - Drawdown Comparison

The maximum WCOG.L drawdown since its inception was -27.05%, smaller than the maximum NGAS.L drawdown of -99.87%. Use the drawdown chart below to compare losses from any high point for WCOG.L and NGAS.L.

Drawdown Indicators

	WCOG.L	NGAS.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.05%	-99.87%	+72.82%
Max Drawdown (1Y) Largest decline over 1 year	-6.82%	-47.79%	+40.97%
Max Drawdown (3Y) Largest decline over 3 years	-13.63%	-73.17%	+59.54%
Max Drawdown (5Y) Largest decline over 5 years	-27.05%	-93.97%	+66.92%
Max Drawdown (10Y) Largest decline over 10 years	-27.05%	-95.37%	+68.32%
Current Drawdown Current decline from peak	-3.73%	-99.85%	+96.12%
Average Drawdown Average peak-to-trough decline	-10.98%	-89.36%	+78.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	33.23%	-30.48%

Volatility

WCOG.L vs. NGAS.L - Volatility Comparison

The current volatility for WisdomTree Enhanced Commodity UCITS ETF USD (WCOG.L) is 6.08%, while WisdomTree Natural Gas ETF (NGAS.L) has a volatility of 12.38%. This indicates that WCOG.L experiences smaller price fluctuations and is considered to be less risky than NGAS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WCOG.L	NGAS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.08%	12.38%	-6.30%
Volatility (6M) Calculated over the trailing 6-month period	15.70%	48.15%	-32.45%
Volatility (1Y) Calculated over the trailing 1-year period	17.93%	56.90%	-38.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.33%	59.18%	-43.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.02%	51.21%	-37.19%

WCOG.L vs. NGAS.L - Expense Ratio Comparison

WCOG.L has a 0.35% expense ratio, which is lower than NGAS.L's 0.49% expense ratio.

Dividends

WCOG.L vs. NGAS.L - Dividend Comparison

WCOG.L's dividend yield for the trailing twelve months is around 2.68%, while NGAS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
NGAS.L WisdomTree Natural Gas ETF	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

Can I hold both WCOG.L and NGAS.L in my portfolio?

WCOG.L and NGAS.L have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, WCOG.L or NGAS.L?

On fees, WCOG.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, WCOG.L or NGAS.L?

WCOG.L is cheaper with a 0.35% expense ratio, compared with 0.49% for NGAS.L.

What is the main difference between WCOG.L and NGAS.L?

WCOG.L tracks Optimised Roll Commodity, while NGAS.L tracks Bloomberg Natural Gas Sub Total Return Index. Their fees differ too: 0.35% for WCOG.L and 0.49% for NGAS.L.