Update: Lyxor UCITS ETF Stoxx Europe 600 Oil & Gas

Risikobereite und antizyklisch handelnde Investoren haben die Möglichkeit, mit diesem ETF in die Aktien von Öl-Unternehmen aus Europa zu investieren.  Historisch lag die Korrelation zwischen diesem Index und dem Ölpreis bei nahe 1. Die hohe Konzentration dieses Index ist dabei zu beachten.

Kenneth Lamont 12.02.2016

Rolle im Portfolio

The Lyxor UCITS ETF Stoxx Europe 600 Oil & Gas ETF provides exposure to top-tier Europe-domiciled oil and gas producers. Given the nature of the oil and gas industry, the exposure gained through this exchange-traded fund is not Europe-specific but rather linked to the global energy markets.

Investors looking to invest in this fund as an indirect way of gaining exposure to energy prices, and to the price of oil in particular, must understand that the companies making up the STOXX Europe 600 Oil & Gas operate at various levels of the energy value chain and, as such, have various degrees of sensibility to fluctuations in the price of the commodities. In fact, this ETF has had a relatively high correlation (0.85) with the price of WTI crude oil over the trailing five-year period.

Much weaker has been the correlation with natural gas over the same period (0.11). This is not particularly surprising given that historically, revenues generated by the oil majors from natural gas have been dwarfed by those gained from crude oil. For this reason, despite the appearance of gas in the fund's name, investors should think twice before using it as a proxy for the price of natural gas.

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Über den Autor

Kenneth Lamont  ist Fondsanalyst bei Morningstar.

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