XZWG.L vs. XBCU.L

Last updated Jun 5, 2026

XZWG.L (Xtrackers II ESG Global Government Bond UCITS ETF) and XBCU.L (Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C) are both exchange-traded funds - XZWG.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg 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. Over the past 3 years, XZWG.L returned 2.54%/yr vs 19.51%/yr for XBCU.L. At a 0.13 correlation, their price movements are largely independent. XZWG.L charges 0.20%/yr vs 0.29%/yr for XBCU.L.

Performance

XZWG.L vs. XBCU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers II ESG Global Government Bond UCITS ETF (XZWG.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.

Returns By Period

In the year-to-date period, XZWG.L achieves a -0.93% return, which is significantly lower than XBCU.L's 23.15% return.

XZWG.L

• 1D: 0.17%
• 1M: -0.13%
• YTD: -0.93%
• 6M: -0.55%
• 1Y: 0.34%
• 3Y*: 2.54%
• 5Y*: —
• 10Y*: —

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%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
XZWG.L Xtrackers II ESG Global Government Bond UCITS ETF	-0.93%	7.85%	-4.18%	6.19%	-21.45%	-0.83%
XBCU.L Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C	23.15%	26.09%	8.64%	-9.97%	20.96%	4.97%

Correlation

The correlation between XZWG.L and XBCU.L is -0.05, 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	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Dec 16, 2021	0.13

The correlation between XZWG.L and XBCU.L shifts across timeframes, from -0.05 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

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

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

XZWG.L

XZWG.L Risk / Return Rank: 9
XZWG.L Sharpe Ratio Rank: 10
XZWG.L Sortino Ratio Rank: 9
XZWG.L Omega Ratio Rank: 9
XZWG.L Calmar Ratio Rank: 10
XZWG.L Martin Ratio Rank: 10

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.

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

This table presents a comparison of risk-adjusted performance metrics for Xtrackers II ESG Global Government Bond UCITS ETF (XZWG.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.

	XZWG.L	XBCU.L	Difference
Sharpe ratio: Return per unit of total volatility	0.05	2.54	-2.49
Sortino ratio: Return per unit of downside risk	0.12	3.06	-2.93
Omega ratio: Gain probability vs. loss probability	1.01	1.45	-0.44
Calmar ratio: Return relative to maximum drawdown	0.08	4.85	-4.78
Martin ratio: Return relative to average drawdown	0.19	13.65	-13.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XZWG.L Sharpe Ratio is 0.05, which is lower than the XBCU.L Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of XZWG.L and XBCU.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

	XZWG.L	XBCU.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.05	2.54	-2.49
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	-0.42	0.27	-0.69

Drawdowns

XZWG.L vs. XBCU.L - Drawdown Comparison

The maximum XZWG.L drawdown since its inception was -27.49%, smaller than the maximum XBCU.L drawdown of -62.92%. Use the drawdown chart below to compare losses from any high point for XZWG.L and XBCU.L.

Drawdown Indicators

	XZWG.L	XBCU.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.49%	-62.92%	+35.43%
Max Drawdown (1Y) Largest decline over 1 year	-4.29%	-9.34%	+5.05%
Max Drawdown (3Y) Largest decline over 3 years	-9.10%	-12.95%	+3.85%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.83%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.15%	—
Current Drawdown Current decline from peak	-15.46%	-2.70%	-12.76%
Average Drawdown Average peak-to-trough decline	-17.81%	-29.73%	+11.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	3.33%	-1.53%

Volatility

XZWG.L vs. XBCU.L - Volatility Comparison

The current volatility for Xtrackers II ESG Global Government Bond UCITS ETF (XZWG.L) is 2.37%, while Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C (XBCU.L) has a volatility of 4.24%. This indicates that XZWG.L experiences smaller price fluctuations and is considered to be less risky than XBCU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XZWG.L	XBCU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	4.24%	-1.87%
Volatility (6M) Calculated over the trailing 6-month period	4.91%	15.16%	-10.25%
Volatility (1Y) Calculated over the trailing 1-year period	6.35%	17.83%	-11.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.63%	18.65%	-10.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.63%	16.52%	-7.89%

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

XZWG.L has a 0.20% expense ratio, which is lower than XBCU.L's 0.29% expense ratio.

Dividends

XZWG.L vs. XBCU.L - Dividend Comparison

XZWG.L's dividend yield for the trailing twelve months is around 2.59%, while XBCU.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
XBCU.L Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 2C	0.00%	0.00%	0.00%	0.00%	0.00%
XZWG.L Xtrackers II ESG Global Government Bond UCITS ETF	2.59%	2.42%	2.65%	1.69%	1.11%

Frequently Asked Questions

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

XZWG.L and XBCU.L have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, XZWG.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

XZWG.L is cheaper with a 0.20% expense ratio, compared with 0.29% for XBCU.L.

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

XZWG.L is categorized as Global Bonds, while XBCU.L is Commodities. XZWG.L tracks Bloomberg Global Aggregate TR Hdg EUR, while XBCU.L tracks Bloomberg ex-Agriculture and Livestock 15/30 Capped 3 Month Forward. Their fees differ too: 0.20% for XZWG.L and 0.29% for XBCU.L.