XAAG.DE vs. EMEH.DE
XAAG.DE (Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc) and EMEH.DE (BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR) are both Commodities funds - XAAG.DE tracks the Bloomberg Commodity ex-Agriculture and Livestock while EMEH.DE tracks the BNP Paribas Energy & Metals Enhanced Roll (EUR Hedged). Both are passively managed. Over the past 5 years, XAAG.DE returned 14.95%/yr vs 11.35%/yr for EMEH.DE. Their correlation of 0.83 suggests significant overlap in exposure. XAAG.DE charges 0.19%/yr vs 0.39%/yr for EMEH.DE.
Performance
XAAG.DE vs. EMEH.DE - Performance Comparison
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Returns By Period
In the year-to-date period, XAAG.DE achieves a 27.69% return, which is significantly higher than EMEH.DE's 21.33% 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*
- —
EMEH.DE
- 1D
- -0.55%
- 1M
- 0.49%
- YTD
- 21.33%
- 6M
- 22.74%
- 1Y
- 43.19%
- 3Y*
- 16.63%
- 5Y*
- 11.35%
- 10Y*
- —
XAAG.DE vs. EMEH.DE - 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% | 3.78% |
EMEH.DE BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR | 21.33% | 25.40% | 6.63% | -12.26% | 11.15% | 27.11% | -4.42% | 7.62% | -90.10% | 4.93% |
Correlation
The correlation between XAAG.DE and EMEH.DE 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 | 0.86 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2017 | 0.83 |
The correlation between XAAG.DE and EMEH.DE has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.
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Return for Risk
XAAG.DE vs. EMEH.DE — Risk / Return Rank
XAAG.DE
EMEH.DE
XAAG.DE vs. EMEH.DE - 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 BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR (EMEH.DE). 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 | EMEH.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.45 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 4.08 | 4.95 | -0.87 |
| Martin ratioReturn relative to average drawdown | 9.65 | 14.34 | -4.68 |
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 | EMEH.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.17 | 2.47 | -0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.64 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | -0.48 | +0.96 |
Drawdowns
XAAG.DE vs. EMEH.DE - Drawdown Comparison
The maximum XAAG.DE drawdown since its inception was -33.85%, smaller than the maximum EMEH.DE drawdown of -92.42%. Use the drawdown chart below to compare losses from any high point for XAAG.DE and EMEH.DE.
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Drawdown Indicators
| XAAG.DE | EMEH.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.85% | -92.42% | +58.57% |
Max Drawdown (1Y)Largest decline over 1 year | -11.54% | -8.89% | -2.65% |
Max Drawdown (3Y)Largest decline over 3 years | -16.26% | -12.28% | -3.98% |
Max Drawdown (5Y)Largest decline over 5 years | -33.85% | -32.73% | -1.12% |
Current DrawdownCurrent decline from peak | -2.54% | -80.34% | +77.80% |
Average DrawdownAverage peak-to-trough decline | -13.88% | -81.38% | +67.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.89% | 3.08% | +1.81% |
Volatility
XAAG.DE vs. EMEH.DE - Volatility Comparison
Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc (XAAG.DE) has a higher volatility of 4.71% compared to BNP Paribas Easy Energy & Metals Enhanced Roll UCITS ETF EUR (EMEH.DE) at 4.15%. This indicates that XAAG.DE's price experiences larger fluctuations and is considered to be riskier than EMEH.DE 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 | EMEH.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.71% | 4.15% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 18.81% | 15.95% | +2.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.76% | 17.83% | +3.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.32% | 17.50% | +2.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.40% | 34.16% | -15.76% |
XAAG.DE vs. EMEH.DE - Expense Ratio Comparison
XAAG.DE has a 0.19% expense ratio, which is lower than EMEH.DE's 0.39% expense ratio.
Dividends
XAAG.DE vs. EMEH.DE - Dividend Comparison
Neither XAAG.DE nor EMEH.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.90, XAAG.DE and EMEH.DE 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, XAAG.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XAAG.DE is cheaper with a 0.19% expense ratio, compared with 0.39% for EMEH.DE.
XAAG.DE tracks Bloomberg Commodity ex-Agriculture and Livestock, while EMEH.DE tracks BNP Paribas Energy & Metals Enhanced Roll (EUR Hedged). They also come from different issuers: Invesco and BNP Paribas. Their fees differ too: 0.19% for XAAG.DE and 0.39% for EMEH.DE.
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