XZHE.L vs. XBCU.L

Last updated Jun 5, 2026

XZHE.L (Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C) and XBCU.L (Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C) are both exchange-traded funds - XZHE.L is a European High Yield Bonds fund tracking the Bloomberg Pan Euro HY Euro TR EUR, while XBCU.L is a Commodities fund tracking the Bloomberg ex-Agriculture and Livestock 15/30 Capped 3 Month Forward. Both are passively managed. At a 0.05 correlation, their price movements are largely independent. XZHE.L charges 0.25%/yr vs 0.29%/yr for XBCU.L.

Performance

XZHE.L vs. XBCU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C (XZHE.L) and Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C (XBCU.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

XZHE.L

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

XBCU.L

• 1D: -0.63%
• 1M: 1.21%
• YTD: 24.55%
• 6M: 26.57%
• 1Y: 43.09%
• 3Y*: 16.33%
• 5Y*: 16.63%
• 10Y*: 9.71%

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

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

	2026 (YTD)	2025	2024	2023	2022
XZHE.L Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C	-0.54%	5.46%	5.93%	9.90%	3.05%
XBCU.L Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C	24.57%	11.13%	15.81%	-12.67%	-2.74%

Correlation

The correlation between XZHE.L and XBCU.L is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jul 12, 2022	0.05

The correlation between XZHE.L and XBCU.L shifts across timeframes, from -0.18 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XZHE.L vs. XBCU.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

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.

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

This table presents a comparison of risk-adjusted performance metrics for Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C (XZHE.L) and Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C (XBCU.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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	XZHE.L	XBCU.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.30	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.89	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.29	—

Drawdowns

Drawdown Indicators

	XZHE.L	XBCU.L	Difference
Max Drawdown Largest peak-to-trough decline	—	-54.54%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-8.97%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-15.32%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.55%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.03%	—
Current Drawdown Current decline from peak	—	-1.85%	—
Average Drawdown Average peak-to-trough decline	—	-24.13%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.80%	—

Volatility

Volatility by Period

	XZHE.L	XBCU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.30%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.42%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	18.64%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	18.59%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	16.90%	—

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

XZHE.L has a 0.25% expense ratio, which is lower than XBCU.L's 0.29% expense ratio.

Dividends

XZHE.L vs. XBCU.L - Dividend Comparison

Neither XZHE.L nor XBCU.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

XZHE.L and XBCU.L have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, XZHE.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

XZHE.L is cheaper with a 0.25% expense ratio, compared with 0.29% for XBCU.L.

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

XZHE.L is categorized as European High Yield Bonds, while XBCU.L is Commodities. XZHE.L tracks Bloomberg Pan Euro HY Euro TR EUR, while XBCU.L tracks Bloomberg ex-Agriculture and Livestock 15/30 Capped 3 Month Forward. Their fees differ too: 0.25% for XZHE.L and 0.29% for XBCU.L.