ACWD.L vs. SPYY.L

Last updated Jun 4, 2026

ACWD.L (SPDR MSCI All Country World UCITS ETF) and SPYY.L (IncomeShares S&P500 Options (0DTE) ETP) are both exchange-traded funds - ACWD.L is a Global Equities fund tracking the MSCI ACWI Index, while SPYY.L is a Derivative Income fund actively managed by Leverage Shares. ACWD.L is passively managed, while SPYY.L is actively managed. Over the past year, ACWD.L returned 29.71% vs 11.14% for SPYY.L. A 0.75 correlation means they provide meaningful diversification when combined. ACWD.L charges 0.12%/yr vs 0.45%/yr for SPYY.L.

Performance

ACWD.L vs. SPYY.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI All Country World UCITS ETF (ACWD.L) and IncomeShares S&P500 Options (0DTE) ETP (SPYY.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACWD.L achieves a 11.57% return, which is significantly higher than SPYY.L's -3.26% return.

ACWD.L

• 1D: -0.66%
• 1M: 4.34%
• YTD: 11.57%
• 6M: 13.24%
• 1Y: 29.71%
• 3Y*: 21.32%
• 5Y*: 11.33%
• 10Y*: 12.77%

SPYY.L

• 1D: -0.24%
• 1M: 1.89%
• YTD: -3.26%
• 6M: -2.42%
• 1Y: 11.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ACWD.L vs. SPYY.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ACWD.L SPDR MSCI All Country World UCITS ETF	11.57%	22.83%	2.19%
SPYY.L IncomeShares S&P500 Options (0DTE) ETP	-3.26%	16.00%	-5.19%

Correlation

The correlation between ACWD.L and SPYY.L is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (All Time) Calculated using the full available price history since Aug 30, 2024	0.75

The correlation between ACWD.L and SPYY.L has been stable across timeframes, ranging from 0.75 to 0.75 - a consistent structural relationship.

Return for Risk

ACWD.L vs. SPYY.L — Risk / Return Rank

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

ACWD.L

ACWD.L Risk / Return Rank: 72
ACWD.L Sharpe Ratio Rank: 70
ACWD.L Sortino Ratio Rank: 76
ACWD.L Omega Ratio Rank: 71
ACWD.L Calmar Ratio Rank: 67
ACWD.L Martin Ratio Rank: 73

SPYY.L

SPYY.L Risk / Return Rank: 22
SPYY.L Sharpe Ratio Rank: 24
SPYY.L Sortino Ratio Rank: 21
SPYY.L Omega Ratio Rank: 28
SPYY.L Calmar Ratio Rank: 18
SPYY.L Martin Ratio Rank: 20

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.

ACWD.L vs. SPYY.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI All Country World UCITS ETF (ACWD.L) and IncomeShares S&P500 Options (0DTE) ETP (SPYY.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.

	ACWD.L	SPYY.L	Difference
Sharpe ratio: Return per unit of total volatility	2.36	0.87	+1.49
Sortino ratio: Return per unit of downside risk	3.49	1.15	+2.33
Omega ratio: Gain probability vs. loss probability	1.44	1.19	+0.24
Calmar ratio: Return relative to maximum drawdown	3.39	0.74	+2.64
Martin ratio: Return relative to average drawdown	14.15	2.33	+11.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ACWD.L vs. SPYY.L - Sharpe Ratio Comparison

The current ACWD.L Sharpe Ratio is 2.36, which is higher than the SPYY.L Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of ACWD.L and SPYY.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

	ACWD.L	SPYY.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	0.87	+1.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.25	+0.48

Drawdowns

ACWD.L vs. SPYY.L - Drawdown Comparison

The maximum ACWD.L drawdown since its inception was -33.64%, which is greater than SPYY.L's maximum drawdown of -17.71%. Use the drawdown chart below to compare losses from any high point for ACWD.L and SPYY.L.

Drawdown Indicators

	ACWD.L	SPYY.L	Difference
Max Drawdown Largest peak-to-trough decline	-33.64%	-17.71%	-15.93%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-14.91%	+6.18%
Max Drawdown (3Y) Largest decline over 3 years	-16.51%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.18%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.64%	—	—
Current Drawdown Current decline from peak	-0.66%	-4.32%	+3.66%
Average Drawdown Average peak-to-trough decline	-4.67%	-4.78%	+0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	4.78%	-2.69%

Volatility

ACWD.L vs. SPYY.L - Volatility Comparison

SPDR MSCI All Country World UCITS ETF (ACWD.L) has a higher volatility of 3.87% compared to IncomeShares S&P500 Options (0DTE) ETP (SPYY.L) at 3.02%. This indicates that ACWD.L's price experiences larger fluctuations and is considered to be riskier than SPYY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWD.L	SPYY.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	3.02%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	9.89%	9.59%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	12.56%	12.80%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.58%	14.52%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.85%	14.52%	+1.33%

ACWD.L vs. SPYY.L - Expense Ratio Comparison

ACWD.L has a 0.12% expense ratio, which is lower than SPYY.L's 0.45% expense ratio.

Dividends

ACWD.L vs. SPYY.L - Dividend Comparison

ACWD.L has not paid dividends to shareholders, while SPYY.L's dividend yield for the trailing twelve months is around 34.31%.

Position	TTM	2025	2024
ACWD.L SPDR MSCI All Country World UCITS ETF	0.00%	0.00%	0.00%
SPYY.L IncomeShares S&P500 Options (0DTE) ETP	34.31%	82.07%	2.84%

Frequently Asked Questions

Can I hold both ACWD.L and SPYY.L in my portfolio?

ACWD.L and SPYY.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ACWD.L or SPYY.L?

On fees, ACWD.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ACWD.L or SPYY.L?

ACWD.L is cheaper with a 0.12% expense ratio, compared with 0.45% for SPYY.L.

What is the main difference between ACWD.L and SPYY.L?

ACWD.L is categorized as Global Equities, while SPYY.L is Derivative Income. They also come from different issuers: State Street and Leverage Shares. Their fees differ too: 0.12% for ACWD.L and 0.45% for SPYY.L.