CDCE.L vs. SWLD.L

Last updated Jun 5, 2026

CDCE.L (SPDR MSCI Europe Consumer Discretionary UCITS ETF) and SWLD.L (SPDR MSCI World UCITS ETF) are both exchange-traded funds - CDCE.L is a Consumer Discretionary Equities fund tracking the Cat 50%MSCI Wld/CD NR&50%MSCI Wld/CS NR, while SWLD.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 3 years, CDCE.L returned -2.82%/yr vs 17.80%/yr for SWLD.L. A 0.55 correlation means they provide meaningful diversification when combined. CDCE.L charges 0.18%/yr vs 0.12%/yr for SWLD.L.

Performance

CDCE.L vs. SWLD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR MSCI Europe Consumer Discretionary UCITS ETF (CDCE.L) and SPDR MSCI World UCITS ETF (SWLD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDCE.L achieves a -11.91% return, which is significantly lower than SWLD.L's 10.05% return.

CDCE.L

• 1D: 0.51%
• 1M: 7.22%
• YTD: -11.91%
• 6M: -11.59%
• 1Y: -3.25%
• 3Y*: -2.82%
• 5Y*: —
• 10Y*: —

SWLD.L

• 1D: 0.09%
• 1M: 5.11%
• YTD: 10.05%
• 6M: 10.38%
• 1Y: 27.24%
• 3Y*: 17.80%
• 5Y*: 13.17%
• 10Y*: —

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

CDCE.L vs. SWLD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CDCE.L SPDR MSCI Europe Consumer Discretionary UCITS ETF	-11.91%	7.38%	-1.21%	13.03%	8.39%
SWLD.L SPDR MSCI World UCITS ETF	10.05%	12.85%	21.19%	17.70%	-3.69%

Correlation

The correlation between CDCE.L and SWLD.L is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (All Time) Calculated using the full available price history since Apr 25, 2022	0.55

The correlation between CDCE.L and SWLD.L has been stable across timeframes, ranging from 0.53 to 0.55 - a consistent structural relationship.

Return for Risk

CDCE.L vs. SWLD.L — Risk / Return Rank

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

CDCE.L

CDCE.L Risk / Return Rank: 7
CDCE.L Sharpe Ratio Rank: 7
CDCE.L Sortino Ratio Rank: 7
CDCE.L Omega Ratio Rank: 7
CDCE.L Calmar Ratio Rank: 8
CDCE.L Martin Ratio Rank: 8

SWLD.L

SWLD.L Risk / Return Rank: 83
SWLD.L Sharpe Ratio Rank: 84
SWLD.L Sortino Ratio Rank: 83
SWLD.L Omega Ratio Rank: 85
SWLD.L Calmar Ratio Rank: 81
SWLD.L Martin Ratio Rank: 83

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.

CDCE.L vs. SWLD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe Consumer Discretionary UCITS ETF (CDCE.L) and SPDR MSCI World UCITS ETF (SWLD.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.

	CDCE.L	SWLD.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.17	2.70	-2.86
Sortino ratio: Return per unit of downside risk	-0.11	3.70	-3.81
Omega ratio: Gain probability vs. loss probability	0.99	1.51	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.15	4.13	-4.28
Martin ratio: Return relative to average drawdown	-0.34	16.60	-16.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CDCE.L vs. SWLD.L - Sharpe Ratio Comparison

The current CDCE.L Sharpe Ratio is -0.17, which is lower than the SWLD.L Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of CDCE.L and SWLD.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

	CDCE.L	SWLD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.17	2.70	-2.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.92	-0.75

Drawdowns

CDCE.L vs. SWLD.L - Drawdown Comparison

The maximum CDCE.L drawdown since its inception was -23.43%, smaller than the maximum SWLD.L drawdown of -25.85%. Use the drawdown chart below to compare losses from any high point for CDCE.L and SWLD.L.

Drawdown Indicators

	CDCE.L	SWLD.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.43%	-25.85%	+2.42%
Max Drawdown (1Y) Largest decline over 1 year	-21.92%	-6.57%	-15.35%
Max Drawdown (3Y) Largest decline over 3 years	-23.43%	-18.65%	-4.78%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.65%	—
Current Drawdown Current decline from peak	-15.67%	-0.19%	-15.48%
Average Drawdown Average peak-to-trough decline	-7.90%	-3.17%	-4.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.52%	1.64%	+7.88%

Volatility

CDCE.L vs. SWLD.L - Volatility Comparison

SPDR MSCI Europe Consumer Discretionary UCITS ETF (CDCE.L) has a higher volatility of 6.73% compared to SPDR MSCI World UCITS ETF (SWLD.L) at 2.52%. This indicates that CDCE.L's price experiences larger fluctuations and is considered to be riskier than SWLD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDCE.L	SWLD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.73%	2.52%	+4.21%
Volatility (6M) Calculated over the trailing 6-month period	15.57%	7.23%	+8.34%
Volatility (1Y) Calculated over the trailing 1-year period	19.33%	10.06%	+9.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.48%	13.21%	+7.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.48%	15.25%	+5.23%

CDCE.L vs. SWLD.L - Expense Ratio Comparison

CDCE.L has a 0.18% expense ratio, which is higher than SWLD.L's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CDCE.L vs. SWLD.L - Dividend Comparison

Neither CDCE.L nor SWLD.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CDCE.L and SWLD.L in my portfolio?

CDCE.L and SWLD.L have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CDCE.L or SWLD.L?

On fees, SWLD.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, CDCE.L or SWLD.L?

SWLD.L is cheaper with a 0.12% expense ratio, compared with 0.18% for CDCE.L.

What is the main difference between CDCE.L and SWLD.L?

CDCE.L is categorized as Consumer Discretionary Equities, while SWLD.L is Global Equities. CDCE.L tracks Cat 50%MSCI Wld/CD NR&50%MSCI Wld/CS NR, while SWLD.L tracks MSCI ACWI NR USD. Their fees differ too: 0.18% for CDCE.L and 0.12% for SWLD.L.