XBCU.L vs. XDNS.L

Last updated Jun 5, 2026

XBCU.L (Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C) and XDNS.L (Xtrackers MSCI Japan ESG Screened UCITS ETF 1D) are both exchange-traded funds - XBCU.L is a Commodities fund tracking the Bloomberg ex-Agriculture and Livestock 15/30 Capped 3 Month Forward, while XDNS.L is a Japan Equities fund tracking the TOPIX TR JPY. Both are passively managed. Over the past 10 years, XBCU.L returned 9.95%/yr vs 8.88%/yr for XDNS.L. At a 0.21 correlation, their price movements are largely independent. XBCU.L charges 0.29%/yr vs 0.15%/yr for XDNS.L.

Performance

XBCU.L vs. XDNS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C (XBCU.L) and Xtrackers MSCI Japan ESG Screened UCITS ETF 1D (XDNS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, XBCU.L achieves a 23.15% return, which is significantly higher than XDNS.L's 15.20% return. Over the past 10 years, XBCU.L has outperformed XDNS.L with an annualized return of 9.95%, while XDNS.L has yielded a comparatively lower 8.88% annualized return.

XBCU.L

• 1D: -0.49%
• 1M: 0.54%
• YTD: 23.15%
• 6M: 26.23%
• 1Y: 45.54%
• 3Y*: 19.51%
• 5Y*: 15.55%
• 10Y*: 9.95%

XDNS.L

• 1D: -0.52%
• 1M: 5.37%
• YTD: 15.20%
• 6M: 15.44%
• 1Y: 31.16%
• 3Y*: 17.52%
• 5Y*: 8.23%
• 10Y*: 8.88%

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

XBCU.L vs. XDNS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XBCU.L Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C	23.15%	26.09%	8.64%	-9.97%	20.96%	39.63%	-1.34%	7.54%	-11.30%	5.31%
XDNS.L Xtrackers MSCI Japan ESG Screened UCITS ETF 1D	15.20%	25.00%	8.60%	17.21%	-17.32%	0.21%	15.55%	19.11%	-14.62%	24.65%

Correlation

The correlation between XBCU.L and XDNS.L is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Aug 18, 2015	0.21

The correlation between XBCU.L and XDNS.L shifts across timeframes, from -0.01 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

XBCU.L vs. XDNS.L - Sectors Allocation Comparison

Sectors	XBCU.L	XDNS.L
Technology	41.0%	19.8%
Communication Services	16.1%	8.8%
Consumer Defensive	9.9%	2.6%
Industrials	9.4%	25.8%
Healthcare	6.1%	7.0%
Consumer Cyclical	5.1%	11.3%
Financial Services	4.2%	18.5%
Real Estate	3.4%	2.5%
Energy	3.4%	-
Basic Materials	1.4%	3.2%
Utilities	1.1%	0.6%

Return for Risk

XBCU.L vs. XDNS.L — Risk / Return Rank

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

XBCU.L

XBCU.L Risk / Return Rank: 77
XBCU.L Sharpe Ratio Rank: 80
XBCU.L Sortino Ratio Rank: 67
XBCU.L Omega Ratio Rank: 78
XBCU.L Calmar Ratio Rank: 87
XBCU.L Martin Ratio Rank: 73

XDNS.L

XDNS.L Risk / Return Rank: 67
XDNS.L Sharpe Ratio Rank: 64
XDNS.L Sortino Ratio Rank: 63
XDNS.L Omega Ratio Rank: 65
XDNS.L Calmar Ratio Rank: 76
XDNS.L Martin Ratio Rank: 64

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.

XBCU.L vs. XDNS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C (XBCU.L) and Xtrackers MSCI Japan ESG Screened UCITS ETF 1D (XDNS.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.

	XBCU.L	XDNS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.54	1.82	+0.72
Sortino ratio: Return per unit of downside risk	3.06	2.65	+0.41
Omega ratio: Gain probability vs. loss probability	1.45	1.34	+0.12
Calmar ratio: Return relative to maximum drawdown	4.85	3.01	+1.84
Martin ratio: Return relative to average drawdown	13.65	9.26	+4.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XBCU.L vs. XDNS.L - Sharpe Ratio Comparison

The current XBCU.L Sharpe Ratio is 2.54, which is higher than the XDNS.L Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of XBCU.L and XDNS.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

	XBCU.L	XDNS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	1.82	+0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.53	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.57	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.47	-0.20

Drawdowns

XBCU.L vs. XDNS.L - Drawdown Comparison

The maximum XBCU.L drawdown since its inception was -62.92%, which is greater than XDNS.L's maximum drawdown of -33.26%. Use the drawdown chart below to compare losses from any high point for XBCU.L and XDNS.L.

Drawdown Indicators

	XBCU.L	XDNS.L	Difference
Max Drawdown Largest peak-to-trough decline	-62.92%	-33.26%	-29.66%
Max Drawdown (1Y) Largest decline over 1 year	-9.34%	-12.98%	+3.64%
Max Drawdown (3Y) Largest decline over 3 years	-12.95%	-14.96%	+2.01%
Max Drawdown (5Y) Largest decline over 5 years	-27.83%	-33.26%	+5.43%
Max Drawdown (10Y) Largest decline over 10 years	-37.15%	-33.26%	-3.89%
Current Drawdown Current decline from peak	-2.70%	-0.52%	-2.18%
Average Drawdown Average peak-to-trough decline	-29.73%	-8.69%	-21.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	4.34%	-1.01%

Volatility

XBCU.L vs. XDNS.L - Volatility Comparison

Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C (XBCU.L) and Xtrackers MSCI Japan ESG Screened UCITS ETF 1D (XDNS.L) have volatilities of 4.24% and 4.41%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XBCU.L	XDNS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	4.41%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	15.16%	15.97%	-0.81%
Volatility (1Y) Calculated over the trailing 1-year period	17.83%	21.50%	-3.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.65%	20.08%	-1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.52%	18.43%	-1.91%

XBCU.L vs. XDNS.L - Expense Ratio Comparison

XBCU.L has a 0.29% expense ratio, which is higher than XDNS.L's 0.15% expense ratio.

Dividends

XBCU.L vs. XDNS.L - Dividend Comparison

XBCU.L has not paid dividends to shareholders, while XDNS.L's dividend yield for the trailing twelve months is around 1.43%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
XBCU.L Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XDNS.L Xtrackers MSCI Japan ESG Screened UCITS ETF 1D	1.43%	1.63%	1.65%	1.81%	2.83%	1.46%	1.79%	1.77%	1.20%	1.97%	0.64%

Frequently Asked Questions

Can I hold both XBCU.L and XDNS.L in my portfolio?

XBCU.L and XDNS.L have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XBCU.L or XDNS.L?

On fees, XDNS.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XBCU.L or XDNS.L?

XDNS.L is cheaper with a 0.15% expense ratio, compared with 0.29% for XBCU.L.

What is the main difference between XBCU.L and XDNS.L?

XBCU.L is categorized as Commodities, while XDNS.L is Japan Equities. XBCU.L tracks Bloomberg ex-Agriculture and Livestock 15/30 Capped 3 Month Forward, while XDNS.L tracks TOPIX TR JPY. Their fees differ too: 0.29% for XBCU.L and 0.15% for XDNS.L.