XFRM.L vs. NGAS.L
XFRM.L (WisdomTree Broad Commodities Ex-Agriculture and Livestock) and NGAS.L (WisdomTree Natural Gas ETF) are both Commodities funds from WisdomTree - XFRM.L tracks the Bloomberg Commodity ex-Agriculture and Livestock while NGAS.L tracks the Bloomberg Natural Gas Sub Total Return Index. Both are passively managed. Over the past 10 years, XFRM.L returned 8.89%/yr vs -23.06%/yr for NGAS.L. At a 0.42 correlation, their price movements are largely independent. Both charge a 0.49% expense ratio.
Performance
XFRM.L vs. NGAS.L - Performance Comparison
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Returns By Period
In the year-to-date period, XFRM.L achieves a 36.57% return, which is significantly higher than NGAS.L's -7.29% return. Over the past 10 years, XFRM.L has outperformed NGAS.L with an annualized return of 8.89%, while NGAS.L has yielded a comparatively lower -23.06% annualized return.
XFRM.L
- 1D
- -1.20%
- 1M
- -3.00%
- YTD
- 36.57%
- 6M
- 38.59%
- 1Y
- 57.89%
- 3Y*
- 22.90%
- 5Y*
- 14.85%
- 10Y*
- 8.89%
NGAS.L
- 1D
- 4.75%
- 1M
- 9.66%
- YTD
- -7.29%
- 6M
- -25.83%
- 1Y
- -34.14%
- 3Y*
- -25.17%
- 5Y*
- -24.98%
- 10Y*
- -23.06%
XFRM.L vs. NGAS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XFRM.L WisdomTree Broad Commodities Ex-Agriculture and Livestock | 36.57% | 23.14% | 6.70% | -9.42% | 15.17% | 26.88% | -9.12% | 10.10% | -12.43% | 6.62% |
NGAS.L WisdomTree Natural Gas ETF | -7.29% | -24.72% | -26.18% | -65.28% | 20.27% | 25.42% | -43.27% | -40.74% | 2.93% | -37.77% |
Correlation
The correlation between XFRM.L and NGAS.L is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Aug 29, 2014 | 0.42 |
The correlation between XFRM.L and NGAS.L shifts across timeframes, from 0.30 (1 year) to 0.45 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XFRM.L vs. NGAS.L — Risk / Return Rank
XFRM.L
NGAS.L
XFRM.L vs. NGAS.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 WisdomTree Natural Gas ETF (NGAS.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.
| XFRM.L | NGAS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.15 | ||
| Sortino ratioReturn per unit of downside risk | +3.60 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 0.92 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 6.22 | -0.71 | +6.93 |
| Martin ratioReturn relative to average drawdown | 14.95 | -1.02 | +15.98 |
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
| XFRM.L | NGAS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.54 | -0.61 | +3.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | -0.42 | +1.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | -0.45 | +0.94 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | -0.59 | +0.73 |
Drawdowns
XFRM.L vs. NGAS.L - Drawdown Comparison
The maximum XFRM.L drawdown since its inception was -56.89%, smaller than the maximum NGAS.L drawdown of -99.91%. Use the drawdown chart below to compare losses from any high point for XFRM.L and NGAS.L.
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Drawdown Indicators
| XFRM.L | NGAS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.89% | -99.91% | +43.02% |
Max Drawdown (1Y)Largest decline over 1 year | -9.26% | -47.73% | +38.47% |
Max Drawdown (3Y)Largest decline over 3 years | -12.77% | -70.31% | +57.54% |
Max Drawdown (5Y)Largest decline over 5 years | -33.87% | -93.13% | +59.26% |
Max Drawdown (10Y)Largest decline over 10 years | -37.47% | -94.91% | +57.44% |
Current DrawdownCurrent decline from peak | -4.72% | -99.90% | +95.18% |
Average DrawdownAverage peak-to-trough decline | -30.77% | -89.09% | +58.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.86% | 33.35% | -29.49% |
Volatility
XFRM.L vs. NGAS.L - Volatility Comparison
The current volatility for WisdomTree Broad Commodities Ex-Agriculture and Livestock (XFRM.L) is 6.86%, while WisdomTree Natural Gas ETF (NGAS.L) has a volatility of 12.03%. This indicates that XFRM.L experiences smaller price fluctuations and is considered to be less risky than NGAS.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 | NGAS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.86% | 12.03% | -5.17% |
Volatility (6M)Calculated over the trailing 6-month period | 20.44% | 47.46% | -27.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.66% | 55.58% | -32.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.93% | 59.04% | -38.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.45% | 50.66% | -32.21% |
XFRM.L vs. NGAS.L - Expense Ratio Comparison
Both XFRM.L and NGAS.L have an expense ratio of 0.49%.
Dividends
XFRM.L vs. NGAS.L - Dividend Comparison
Neither XFRM.L nor NGAS.L has paid dividends to shareholders.
Frequently Asked Questions
XFRM.L and NGAS.L have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.49% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
XFRM.L and NGAS.L have the same expense ratio: 0.49% per year.
XFRM.L tracks Bloomberg Commodity ex-Agriculture and Livestock, while NGAS.L tracks Bloomberg Natural Gas Sub Total Return Index.
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