XAAG.DE vs. EN4C.DE
XAAG.DE (Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc) and EN4C.DE (L&G Multi-Strategy Enhanced Commodities UCITS ETF) are both Commodities funds - XAAG.DE tracks the Bloomberg Commodity ex-Agriculture and Livestock while EN4C.DE tracks the Barclays Backwardation Tilt Multi-Strategy Capped. Both are passively managed. Over the past 3 years, XAAG.DE returned 17.71%/yr vs 9.70%/yr for EN4C.DE. Their correlation of 0.83 suggests significant overlap in exposure. XAAG.DE charges 0.19%/yr vs 0.30%/yr for EN4C.DE.
Performance
XAAG.DE vs. EN4C.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 EN4C.DE's 24.44% 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*
- —
EN4C.DE
- 1D
- -1.57%
- 1M
- 0.45%
- YTD
- 24.44%
- 6M
- 23.08%
- 1Y
- 29.56%
- 3Y*
- 9.70%
- 5Y*
- —
- 10Y*
- —
XAAG.DE vs. EN4C.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
XAAG.DE Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc | 27.69% | 12.13% | 14.84% | -14.76% | 23.35% | 2.30% |
EN4C.DE L&G Multi-Strategy Enhanced Commodities UCITS ETF | 24.44% | -3.13% | 9.93% | -5.63% | 29.83% | 10.18% |
Correlation
The correlation between XAAG.DE and EN4C.DE is 0.82, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2021 | 0.83 |
The correlation between XAAG.DE and EN4C.DE has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.
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Return for Risk
XAAG.DE vs. EN4C.DE — Risk / Return Rank
XAAG.DE
EN4C.DE
XAAG.DE vs. EN4C.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 L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.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 | EN4C.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.29 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 4.08 | 3.44 | +0.64 |
| Martin ratioReturn relative to average drawdown | 9.65 | 8.36 | +1.29 |
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 | EN4C.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.17 | 1.69 | +0.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.72 | -0.23 |
Drawdowns
XAAG.DE vs. EN4C.DE - Drawdown Comparison
The maximum XAAG.DE drawdown since its inception was -33.85%, which is greater than EN4C.DE's maximum drawdown of -25.41%. Use the drawdown chart below to compare losses from any high point for XAAG.DE and EN4C.DE.
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Drawdown Indicators
| XAAG.DE | EN4C.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.85% | -25.41% | -8.44% |
Max Drawdown (1Y)Largest decline over 1 year | -11.54% | -8.81% | -2.73% |
Max Drawdown (3Y)Largest decline over 3 years | -16.26% | -17.63% | +1.37% |
Max Drawdown (5Y)Largest decline over 5 years | -33.85% | — | — |
Current DrawdownCurrent decline from peak | -2.54% | -4.02% | +1.48% |
Average DrawdownAverage peak-to-trough decline | -13.88% | -13.89% | +0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.89% | 3.64% | +1.25% |
Volatility
XAAG.DE vs. EN4C.DE - Volatility Comparison
The current volatility for Invesco Bloomberg Commodity ex-Agriculture UCITS ETF Acc (XAAG.DE) is 4.71%, while L&G Multi-Strategy Enhanced Commodities UCITS ETF (EN4C.DE) has a volatility of 5.98%. This indicates that XAAG.DE experiences smaller price fluctuations and is considered to be less risky than EN4C.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 | EN4C.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.71% | 5.98% | -1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 18.81% | 14.54% | +4.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.76% | 17.98% | +3.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.32% | 18.11% | +2.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.40% | 18.11% | +0.29% |
XAAG.DE vs. EN4C.DE - Expense Ratio Comparison
XAAG.DE has a 0.19% expense ratio, which is lower than EN4C.DE's 0.30% expense ratio.
Dividends
XAAG.DE vs. EN4C.DE - Dividend Comparison
Neither XAAG.DE nor EN4C.DE has paid dividends to shareholders.
Frequently Asked Questions
XAAG.DE and EN4C.DE have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 0.30% for EN4C.DE.
XAAG.DE tracks Bloomberg Commodity ex-Agriculture and Livestock, while EN4C.DE tracks Barclays Backwardation Tilt Multi-Strategy Capped. They also come from different issuers: Invesco and Legal & General. Their fees differ too: 0.19% for XAAG.DE and 0.30% for EN4C.DE.
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