ACWI.L vs. WNRG.L

Last updated Jul 16, 2026

ACWI.L (SPDR MSCI ACWI UCITS ETF) and WNRG.L (State Street SPDR MSCI World Energy UCITS ETF) are both Global Equities funds from State Street - ACWI.L tracks the MSCI ACWI Index while WNRG.L tracks the State Street SPDR MSCI World Energy UCITS ETF. Both are passively managed. Over the past 10 years, ACWI.L returned 12.32%/yr vs 8.31%/yr for WNRG.L. At a 0.44 correlation, their price movements are largely independent. ACWI.L charges 0.40%/yr vs 0.30%/yr for WNRG.L.

Performance

ACWI.L vs. WNRG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR MSCI ACWI UCITS ETF (ACWI.L) and State Street SPDR MSCI World Energy UCITS ETF (WNRG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ACWI.L is traded in GBP, while WNRG.L is traded in USD. To make them comparable, the WNRG.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, ACWI.L achieves a 11.02% return, which is significantly lower than WNRG.L's 24.32% return. Over the past 10 years, ACWI.L has outperformed WNRG.L with an annualized return of 12.32%, while WNRG.L has yielded a comparatively lower 8.31% annualized return.

ACWI.L

• 1D: -0.59%
• 1M: -1.00%
• 6M: 9.32%
• YTD: 11.02%
• 1Y: 22.97%
• 3Y*: 18.01%
• 5Y*: 11.72%
• 10Y*: 12.32%

WNRG.L

• 1D: 0.00%
• 1M: -0.01%
• 6M: 17.92%
• YTD: 24.32%
• 1Y: 31.69%
• 3Y*: 14.63%
• 5Y*: 20.41%
• 10Y*: 8.31%

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

ACWI.L vs. WNRG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACWI.L SPDR MSCI ACWI UCITS ETF	11.02%	14.32%	19.66%	15.59%	-8.59%	20.16%	11.93%	22.61%	-4.50%	12.79%
WNRG.L State Street SPDR MSCI World Energy UCITS ETF	24.32%	6.65%	3.85%	-1.65%	64.04%	40.05%	-32.40%	5.71%	-9.95%	-4.27%

Correlation

The correlation between ACWI.L and WNRG.L is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since May 16, 2011	0.44

The correlation between ACWI.L and WNRG.L shifts across timeframes, from -0.17 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ACWI.L vs. WNRG.L — Risk / Return Rank

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

ACWI.L

ACWI.L Risk / Return Rank: 81
ACWI.L Sharpe Ratio Rank: 82
ACWI.L Sortino Ratio Rank: 82
ACWI.L Omega Ratio Rank: 83
ACWI.L Calmar Ratio Rank: 78
ACWI.L Martin Ratio Rank: 82

WNRG.L

WNRG.L Risk / Return Rank: 55
WNRG.L Sharpe Ratio Rank: 62
WNRG.L Sortino Ratio Rank: 55
WNRG.L Omega Ratio Rank: 58
WNRG.L Calmar Ratio Rank: 53
WNRG.L Martin Ratio Rank: 46

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.

ACWI.L vs. WNRG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI UCITS ETF (ACWI.L) and State Street SPDR MSCI World Energy UCITS ETF (WNRG.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ACWI.L	WNRG.L	Difference
Sharpe ratio: Return per unit of total volatility	2.08	1.53	+0.55
Sortino ratio: Return per unit of downside risk	2.92	1.99	+0.93
Omega ratio: Gain probability vs. loss probability	1.39	1.28	+0.11
Calmar ratio: Return relative to maximum drawdown	3.24	1.98	+1.26
Martin ratio: Return relative to average drawdown	12.56	5.17	+7.38

ACWI.L vs. WNRG.L - Sharpe Ratio Comparison

The current ACWI.L Sharpe Ratio is 2.08, which is higher than the WNRG.L Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of ACWI.L and WNRG.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.

Drawdowns

ACWI.L vs. WNRG.L - Drawdown Comparison

The maximum ACWI.L drawdown since its inception was -26.07%, smaller than the maximum WNRG.L drawdown of -59.34%. Use the drawdown chart below to compare losses from any high point for ACWI.L and WNRG.L.

Drawdown Indicators

	ACWI.L	WNRG.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.07%	-59.34%	+33.27%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-16.52%	+9.47%
Max Drawdown (3Y) Largest decline over 3 years	-20.07%	-21.66%	+1.59%
Max Drawdown (5Y) Largest decline over 5 years	-20.07%	-22.11%	+2.04%
Max Drawdown (10Y) Largest decline over 10 years	-26.07%	-59.34%	+33.27%
Current Drawdown Current decline from peak	-1.97%	-12.57%	+10.60%
Average Drawdown Average peak-to-trough decline	-4.38%	-12.66%	+8.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	6.33%	-4.51%

Volatility

ACWI.L vs. WNRG.L - Volatility Comparison

The current volatility for SPDR MSCI ACWI UCITS ETF (ACWI.L) is 3.12%, while State Street SPDR MSCI World Energy UCITS ETF (WNRG.L) has a volatility of 6.73%. This indicates that ACWI.L experiences smaller price fluctuations and is considered to be less risky than WNRG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWI.L	WNRG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	6.73%	-3.61%
Volatility (6M) Calculated over the trailing 6-month period	8.55%	18.58%	-10.03%
Volatility (1Y) Calculated over the trailing 1-year period	11.02%	21.43%	-10.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.00%	23.88%	-4.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.60%	33.21%	-15.61%

ACWI.L vs. WNRG.L - Expense Ratio Comparison

ACWI.L has a 0.40% expense ratio, which is higher than WNRG.L's 0.30% expense ratio.

Dividends

ACWI.L vs. WNRG.L - Dividend Comparison

Neither ACWI.L nor WNRG.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ACWI.L and WNRG.L in my portfolio?

ACWI.L and WNRG.L have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ACWI.L or WNRG.L?

On fees, WNRG.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ACWI.L or WNRG.L?

WNRG.L is cheaper with a 0.30% expense ratio, compared with 0.40% for ACWI.L.

What is the main difference between ACWI.L and WNRG.L?

ACWI.L tracks MSCI ACWI Index, while WNRG.L tracks State Street SPDR MSCI World Energy UCITS ETF. Their fees differ too: 0.40% for ACWI.L and 0.30% for WNRG.L.