Willkommen auf der neu gestalteten Website morningstar.de! Erfahren Sie mehr über die Änderungen und wie die neuen Funktionalität unserer Homepage Ihren Anlageerfolg unterstützt.

Analyse: db x-trackers DBLCI - OY Balanced

Dieser Rohstoff-ETF diversifiziert breit über Energie, Edelmetalle, Industriemetalle und Agrarrohstoffe. Rolloptimierung soll Contango-Effekt mindern.   

Rolle im Portfolio

The db x-trackers DBLCI OY Balanced ETF provides investors with broad-basket commodity exposure across the Energy, Precious Metals, Industrial Metals and Agriculture sectors. In an attempt to capture excess returns from movements of commodity futures curves, the fund’s reference index employs an “optimum yield” methodology that seeks to maximise the implied roll yield when moving from one futures contract to another. The optimum yield methodology, on a historical basis, has generated superior risk adjusted performance when compared against other broad-basket commodity indices while maintaining potential diversification and inflation hedging properties (Fuertes, Miffre, and Rallis (2010a).

Broad basket exposure to commodities has traditionally been considered an excellent source of portfolio diversification, exhibiting low correlations with bonds and stocks. In line with modern portfolio theory, adding this exposure to a stock and bond portfolio has historically produced lower volatility and increased risk adjusted returns. That said recent years have seen a notable increase in correlations with the major equity and bond markets, which peaked in the face of market turmoil in 2008. Though their portfolio diversification benefits are increasingly questionable, commodity futures may be utilised as a portfolio hedge against rises in unexpected inflation within Europe.

Go to top

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

Um diesen Artikel zu lesen, müssen Sie sich anmelden

Hier kostenlos registrieren

Über den Autor

Morningstar ETF Analysts  research hundreds of ETFs available to European investors. The Morningstar Rating for ETFs is based on a risk-adjusted performance measure

Audience Bestätigung


Auf unserer Websites werden Cookies und andere Technologien verwendet. Damit können wir Ihre Präferenzen nachhalten und Ihnen eine optimale Nutzung unserer Website ermöglichen. Weitere Informationen finden Sie unter Cookie-Optionen.

  • Andere Websites Morningstar