XBCU.L vs. XNZS.L
XBCU.L (Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C) and XNZS.L (Xtrackers World Net Zero Pathway Paris Aligned UCITS ETF 1C) 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 XNZS.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 3 years, XBCU.L returned 19.51%/yr vs 18.33%/yr for XNZS.L. At a 0.21 correlation, their price movements are largely independent. XBCU.L charges 0.29%/yr vs 0.19%/yr for XNZS.L.
Performance
XBCU.L vs. XNZS.L - Performance Comparison
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Different Trading Currencies
XBCU.L is traded in USD, while XNZS.L is traded in GBP. To make them comparable, the XNZS.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 XNZS.L's 8.59% 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%
XNZS.L
- 1D
- 0.21%
- 1M
- 4.53%
- YTD
- 8.59%
- 6M
- 9.96%
- 1Y
- 24.25%
- 3Y*
- 18.33%
- 5Y*
- —
- 10Y*
- —
XBCU.L vs. XNZS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XBCU.L Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C | 23.15% | 26.09% | 8.64% | -9.97% | -4.30% |
XNZS.L Xtrackers World Net Zero Pathway Paris Aligned UCITS ETF 1C | 8.59% | 20.36% | 15.33% | 23.94% | -9.57% |
Correlation
The correlation between XBCU.L and XNZS.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 | 0.14 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2022 | 0.21 |
The correlation between XBCU.L and XNZS.L shifts across timeframes, from -0.01 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XBCU.L vs. XNZS.L — Risk / Return Rank
XBCU.L
XNZS.L
XBCU.L vs. XNZS.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 World Net Zero Pathway Paris Aligned UCITS ETF 1C (XNZS.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 | XNZS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.36 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 4.85 | 2.30 | +2.56 |
| Martin ratioReturn relative to average drawdown | 13.65 | 9.79 | +3.86 |
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
| XBCU.L | XNZS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.54 | 2.02 | +0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.83 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.85 | -0.58 |
Drawdowns
XBCU.L vs. XNZS.L - Drawdown Comparison
The maximum XBCU.L drawdown since its inception was -62.92%, which is greater than XNZS.L's maximum drawdown of -24.42%. Use the drawdown chart below to compare losses from any high point for XBCU.L and XNZS.L.
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Drawdown Indicators
| XBCU.L | XNZS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.92% | -24.42% | -38.50% |
Max Drawdown (1Y)Largest decline over 1 year | -9.34% | -10.52% | +1.18% |
Max Drawdown (3Y)Largest decline over 3 years | -12.95% | -17.70% | +4.75% |
Max Drawdown (5Y)Largest decline over 5 years | -27.83% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -37.15% | — | — |
Current DrawdownCurrent decline from peak | -2.70% | -0.47% | -2.23% |
Average DrawdownAverage peak-to-trough decline | -29.73% | -5.02% | -24.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.33% | 2.47% | +0.86% |
Volatility
XBCU.L vs. XNZS.L - Volatility Comparison
Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C (XBCU.L) has a higher volatility of 4.24% compared to Xtrackers World Net Zero Pathway Paris Aligned UCITS ETF 1C (XNZS.L) at 3.01%. This indicates that XBCU.L's price experiences larger fluctuations and is considered to be riskier than XNZS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XBCU.L | XNZS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.24% | 3.01% | +1.23% |
Volatility (6M)Calculated over the trailing 6-month period | 15.16% | 9.12% | +6.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.83% | 11.96% | +5.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.65% | 15.50% | +3.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.52% | 15.50% | +1.02% |
XBCU.L vs. XNZS.L - Expense Ratio Comparison
XBCU.L has a 0.29% expense ratio, which is higher than XNZS.L's 0.19% expense ratio.
Dividends
XBCU.L vs. XNZS.L - Dividend Comparison
Neither XBCU.L nor XNZS.L has paid dividends to shareholders.
Frequently Asked Questions
XBCU.L and XNZS.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.
On fees, XNZS.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XNZS.L is cheaper with a 0.19% expense ratio, compared with 0.29% for XBCU.L.
XBCU.L is categorized as Commodities, while XNZS.L is Global Equities. XBCU.L tracks Bloomberg ex-Agriculture and Livestock 15/30 Capped 3 Month Forward, while XNZS.L tracks MSCI ACWI NR USD. Their fees differ too: 0.29% for XBCU.L and 0.19% for XNZS.L.
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