Analyse: Lyxor ETF Commodities CRB Non-Energy TR

Vor allem Agrar-Rohstoffe sind in diesem synthetisch replizierenden ETF hoch gewichtet/Roll-Problematik muss beachtet werden.

Lee Davidson 31.08.2012

Rolle im Portfolio

The Lyxor ETF Commodities CRB Non-Energy TR offers broad commodity exposure excluding the energy sector by tracking a benchmark covering 15 commodity futures in the agriculture, industrial metals, and precious metals subsectors. Historically, commodities have been sought out by investors to increase their risk-adjusted returns given their low to negative correlation with equities and fixed income securities. In recent years, investors have seen five-year correlations for broad-basket commodity indices (DJ UBS Commodity and Thomson/Jefferies CRB) go from near 10% in 2007 to upwards of 66%, in 2012 (measured against the STOXX Europe 600 and the MSCI World indices). However, this ETF has realised less of an increase in correlation to these same equity benchmarks (~30%) due to the absence of exposure to the energy sector. Despite this rise in correlation, an exchange-traded product tracking a broad basket of commodity futures can still be utilised as a role player in a well diversified portfolio to hedge against inflation.

Fundamentale Analyse

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Über den Autor

Lee Davidson  is an ETF analyst with Morningstar Europe.

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