XAAG.DE vs. BCOG.L
XAAG.DE (Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc) and BCOG.L (L&G All Commodities UCITS ETF) are both Commodities funds - XAAG.DE tracks the Bloomberg Commodity ex-Agriculture and Livestock while BCOG.L tracks the Bloomberg Commodity. Both are passively managed. Over the past 5 years, XAAG.DE returned 14.95%/yr vs 12.28%/yr for BCOG.L. A 0.79 correlation means they provide meaningful diversification when combined. XAAG.DE charges 0.19%/yr vs 0.15%/yr for BCOG.L.
Performance
XAAG.DE vs. BCOG.L - Performance Comparison
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Different Trading Currencies
XAAG.DE is traded in EUR, while BCOG.L is traded in GBp. To make them comparable, the BCOG.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, XAAG.DE achieves a 27.69% return, which is significantly higher than BCOG.L's 26.11% return.
XAAG.DE
- 1D
- -0.56%
- 1M
- 2.26%
- YTD
- 27.69%
- 6M
- 27.75%
- 1Y
- 46.69%
- 3Y*
- 17.71%
- 5Y*
- 14.95%
- 10Y*
- —
BCOG.L
- 1D
- -1.42%
- 1M
- -0.26%
- YTD
- 26.11%
- 6M
- 22.83%
- 1Y
- 34.50%
- 3Y*
- 12.35%
- 5Y*
- 12.28%
- 10Y*
- —
XAAG.DE vs. BCOG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XAAG.DE Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc | 27.69% | 12.13% | 14.84% | -14.76% | 23.35% | 39.76% | -19.46% | 12.99% | -5.11% | 10.27% |
BCOG.L L&G All Commodities UCITS ETF | 26.11% | 2.52% | 11.25% | -10.46% | 22.69% | 37.44% | -11.33% | 8.30% | -5.82% | 0.93% |
Correlation
The correlation between XAAG.DE and BCOG.L is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2017 | 0.79 |
The correlation between XAAG.DE and BCOG.L has been stable across timeframes, ranging from 0.79 to 0.89 - a consistent structural relationship.
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Return for Risk
XAAG.DE vs. BCOG.L — Risk / Return Rank
XAAG.DE
BCOG.L
XAAG.DE vs. BCOG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc (XAAG.DE) 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.
| XAAG.DE | BCOG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.33 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 4.08 | 3.59 | +0.50 |
| Martin ratioReturn relative to average drawdown | 9.65 | 7.95 | +1.70 |
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
| XAAG.DE | BCOG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.17 | 1.84 | +0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.70 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.50 | -0.01 |
Drawdowns
XAAG.DE vs. BCOG.L - Drawdown Comparison
The maximum XAAG.DE drawdown since its inception was -33.85%, which is greater than BCOG.L's maximum drawdown of -27.72%. Use the drawdown chart below to compare losses from any high point for XAAG.DE and BCOG.L.
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Drawdown Indicators
| XAAG.DE | BCOG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.85% | -27.72% | -6.13% |
Max Drawdown (1Y)Largest decline over 1 year | -11.54% | -9.58% | -1.96% |
Max Drawdown (3Y)Largest decline over 3 years | -16.26% | -15.51% | -0.75% |
Max Drawdown (5Y)Largest decline over 5 years | -33.85% | -27.17% | -6.68% |
Current DrawdownCurrent decline from peak | -2.54% | -4.85% | +2.31% |
Average DrawdownAverage peak-to-trough decline | -13.88% | -12.07% | -1.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.89% | 4.33% | +0.56% |
Volatility
XAAG.DE vs. BCOG.L - Volatility Comparison
The current volatility for Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc (XAAG.DE) is 4.71%, while L&G All Commodities UCITS ETF (BCOG.L) has a volatility of 6.36%. This indicates that XAAG.DE 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.
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Volatility by Period
| XAAG.DE | BCOG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.71% | 6.36% | -1.65% |
Volatility (6M)Calculated over the trailing 6-month period | 18.81% | 16.08% | +2.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.76% | 18.65% | +3.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.32% | 17.41% | +2.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.40% | 16.08% | +2.32% |
XAAG.DE vs. BCOG.L - Expense Ratio Comparison
XAAG.DE has a 0.19% expense ratio, which is higher than BCOG.L's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XAAG.DE vs. BCOG.L - Dividend Comparison
Neither XAAG.DE nor BCOG.L has paid dividends to shareholders.
Frequently Asked Questions
XAAG.DE and BCOG.L have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BCOG.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BCOG.L is cheaper with a 0.15% expense ratio, compared with 0.19% for XAAG.DE.
XAAG.DE tracks Bloomberg Commodity ex-Agriculture and Livestock, while BCOG.L tracks Bloomberg Commodity. They also come from different issuers: Invesco and Legal & General. Their fees differ too: 0.19% for XAAG.DE and 0.15% for BCOG.L.
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