XFRM.L vs. ENCO.L
XFRM.L (WisdomTree Broad Commodities Ex-Agriculture and Livestock) and ENCO.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc)) are both Commodities funds - XFRM.L tracks the Bloomberg Commodity ex-Agriculture and Livestock while ENCO.L tracks the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. Both are passively managed. Over the past 3 years, XFRM.L returned 18.07%/yr vs 9.97%/yr for ENCO.L. Their correlation of 0.84 suggests significant overlap in exposure. XFRM.L charges 0.49%/yr vs 0.30%/yr for ENCO.L.
Performance
XFRM.L vs. ENCO.L - Performance Comparison
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Returns By Period
In the year-to-date period, XFRM.L achieves a 25.65% return, which is significantly higher than ENCO.L's 20.05% return.
XFRM.L
- 1D
- -0.15%
- 1M
- -0.85%
- 6M
- 17.33%
- YTD
- 25.65%
- 1Y
- 39.62%
- 3Y*
- 18.07%
- 5Y*
- 12.50%
- 10Y*
- 7.75%
ENCO.L
- 1D
- 0.22%
- 1M
- 1.46%
- 6M
- 15.07%
- YTD
- 20.05%
- 1Y
- 24.71%
- 3Y*
- 9.97%
- 5Y*
- —
- 10Y*
- —
XFRM.L vs. ENCO.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
XFRM.L WisdomTree Broad Commodities Ex-Agriculture and Livestock | 25.65% | 23.07% | 6.74% | -9.42% | 15.17% | 3.23% |
ENCO.L L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) | 20.05% | 8.38% | 3.59% | -2.45% | 23.37% | 9.08% |
Correlation
The correlation between XFRM.L and ENCO.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 | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021 | 0.84 |
The correlation between XFRM.L and ENCO.L has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.
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Return for Risk
XFRM.L vs. ENCO.L — Risk / Return Rank
XFRM.L
ENCO.L
XFRM.L vs. ENCO.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Broad Commodities Ex-Agriculture and Livestock (XFRM.L) and L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| XFRM.L | ENCO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.28 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 1.91 | +0.24 |
| Martin ratioReturn relative to average drawdown | 6.84 | 6.40 | +0.44 |
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Drawdowns
XFRM.L vs. ENCO.L - Drawdown Comparison
The maximum XFRM.L drawdown since its inception was -61.51%, which is greater than ENCO.L's maximum drawdown of -23.99%. Use the drawdown chart below to compare losses from any high point for XFRM.L and ENCO.L.
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Drawdown Indicators
| XFRM.L | ENCO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.51% | -23.99% | -37.52% |
Max Drawdown (1Y)Largest decline over 1 year | -18.37% | -12.95% | -5.42% |
Max Drawdown (3Y)Largest decline over 3 years | -18.37% | -12.95% | -5.42% |
Max Drawdown (5Y)Largest decline over 5 years | -33.87% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -36.85% | — | — |
Current DrawdownCurrent decline from peak | -12.37% | -7.40% | -4.97% |
Average DrawdownAverage peak-to-trough decline | -32.50% | -12.40% | -20.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.78% | 3.86% | +1.92% |
Volatility
XFRM.L vs. ENCO.L - Volatility Comparison
WisdomTree Broad Commodities Ex-Agriculture and Livestock (XFRM.L) has a higher volatility of 6.94% compared to L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.L) at 4.29%. This indicates that XFRM.L's price experiences larger fluctuations and is considered to be riskier than ENCO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XFRM.L | ENCO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.94% | 4.29% | +2.65% |
Volatility (6M)Calculated over the trailing 6-month period | 21.00% | 13.00% | +8.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.32% | 15.35% | +7.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.13% | 17.23% | +3.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.60% | 17.23% | +1.37% |
XFRM.L vs. ENCO.L - Expense Ratio Comparison
XFRM.L has a 0.49% expense ratio, which is higher than ENCO.L's 0.30% expense ratio.
Dividends
XFRM.L vs. ENCO.L - Dividend Comparison
Neither XFRM.L nor ENCO.L has paid dividends to shareholders.
Frequently Asked Questions
XFRM.L and ENCO.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, ENCO.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ENCO.L is cheaper with a 0.30% expense ratio, compared with 0.49% for XFRM.L.
XFRM.L tracks Bloomberg Commodity ex-Agriculture and Livestock, while ENCO.L tracks Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. They also come from different issuers: WisdomTree and L&G. Their fees differ too: 0.49% for XFRM.L and 0.30% for ENCO.L.
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