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CUKS.L vs. ACWI.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CUKS.L vs. ACWI.L

Last updated Jun 5, 2026

CUKS.L (iShares MSCI UK Small Cap UCITS ETF (Acc)) and ACWI.L (SPDR MSCI ACWI UCITS ETF) are both exchange-traded funds - CUKS.L is a Europe Equities fund tracking the FTSE Small Cap Ex Invest Trust TR GBP, while ACWI.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 10 years, CUKS.L returned 4.74%/yr vs 13.49%/yr for ACWI.L. A 0.57 correlation means they provide meaningful diversification when combined. CUKS.L charges 0.58%/yr vs 0.40%/yr for ACWI.L.

Performance

CUKS.L vs. ACWI.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI UK Small Cap UCITS ETF (Acc) (CUKS.L) and SPDR MSCI ACWI UCITS ETF (ACWI.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, CUKS.L achieves a 3.10% return, which is significantly lower than ACWI.L's 11.83% return. Over the past 10 years, CUKS.L has underperformed ACWI.L with an annualized return of 4.74%, while ACWI.L has yielded a comparatively higher 13.49% annualized return.

CUKS.L

1D
0.83%
1M
3.18%
YTD
3.10%
6M
5.37%
1Y
10.62%
3Y*
9.93%
5Y*
1.23%
10Y*
4.74%

ACWI.L

1D
-0.04%
1M
5.29%
YTD
11.83%
6M
12.33%
1Y
30.27%
3Y*
18.14%
5Y*
12.52%
10Y*
13.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
CUKS.L
iShares MSCI UK Small Cap UCITS ETF (Acc)		3.10%14.90%5.74%9.76%-22.81%14.33%-6.24%29.73%-15.36%20.13%
ACWI.L
SPDR MSCI ACWI UCITS ETF		11.83%14.32%19.66%15.59%-8.59%20.28%11.89%21.92%-4.58%12.93%

Correlation

The correlation between CUKS.L and ACWI.L is 0.57, 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

0.57

Correlation (3Y)
Calculated over the trailing 3-year period

0.58

Correlation (5Y)
Calculated over the trailing 5-year period

0.62

Correlation (10Y)
Calculated over the trailing 10-year period

0.59

Correlation (All Time)
Calculated using the full available price history since Jul 27, 2011

0.57

The correlation between CUKS.L and ACWI.L has been stable across timeframes, ranging from 0.57 to 0.62 - a consistent structural relationship.

CUKS.L vs. ACWI.L - Sectors Allocation Comparison

Sectors
CUKS.L
ACWI.L

Financial Services

24.0%
16.5%

Industrials

21.1%
10.9%

Consumer Cyclical

15.3%
9.3%

Real Estate

9.0%
1.7%

Basic Materials

6.6%
3.6%

Communication Services

6.2%
9.0%

Technology

4.2%
29.2%

Consumer Defensive

4.1%
4.9%

Energy

3.3%
4.3%

Healthcare

3.3%
8.0%

Utilities

3.0%
2.7%

Financial Services

CUKS.L
24.0%
ACWI.L
16.5%

Industrials

CUKS.L
21.1%
ACWI.L
10.9%

Consumer Cyclical

CUKS.L
15.3%
ACWI.L
9.3%

Real Estate

CUKS.L
9.0%
ACWI.L
1.7%

Basic Materials

CUKS.L
6.6%
ACWI.L
3.6%

Communication Services

CUKS.L
6.2%
ACWI.L
9.0%

Technology

CUKS.L
4.2%
ACWI.L
29.2%

Consumer Defensive

CUKS.L
4.1%
ACWI.L
4.9%

Energy

CUKS.L
3.3%
ACWI.L
4.3%

Healthcare

CUKS.L
3.3%
ACWI.L
8.0%

Utilities

CUKS.L
3.0%
ACWI.L
2.7%

Compare stocks, funds, or ETFs

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iShares MSCI UK Small Cap UCITS ETF (Acc)

SPDR MSCI ACWI UCITS ETF

Often compared with CUKS.L:
CUKS.L vs. VMIG.LCUKS.L vs. MIDD.LCUKS.L vs. IITU.LCUKS.L vs. AEICUKS.L vs. CUKX.LCUKS.L vs. VUKG.LCUKS.L vs. AVUV
Often compared with ACWI.L:
ACWI.L vs. VWCE.DEACWI.L vs. ACWIACWI.L vs. IWDA.LACWI.L vs. SPYACWI.L vs. SSAC.LACWI.L vs. CSPX.ASACWI.L vs. IMID.L

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CUKS.L
CUKS.L Risk / Return Rank: 2222
Overall Rank
CUKS.L Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
CUKS.L Sortino Ratio Rank: 2323
Sortino Ratio Rank
CUKS.L Omega Ratio Rank: 2323
Omega Ratio Rank
CUKS.L Calmar Ratio Rank: 2020
Calmar Ratio Rank
CUKS.L Martin Ratio Rank: 2323
Martin Ratio Rank
ACWI.L
ACWI.L Risk / Return Rank: 8686
Overall Rank
ACWI.L Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
ACWI.L Sortino Ratio Rank: 8888
Sortino Ratio Rank
ACWI.L Omega Ratio Rank: 8989
Omega Ratio Rank
ACWI.L Calmar Ratio Rank: 8282
Calmar Ratio Rank
ACWI.L Martin Ratio Rank: 8585
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI UK Small Cap UCITS ETF (Acc) (CUKS.L) and SPDR MSCI ACWI UCITS ETF (ACWI.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.

CUKS.LACWI.LDifference
Sharpe ratioReturn per unit of total volatility
0.79
2.89

-2.10

Sortino ratioReturn per unit of downside risk
1.21
3.99

-2.78

Omega ratioGain probability vs. loss probability

1.15

1.55

-0.40

Calmar ratioReturn relative to maximum drawdown

0.86

4.28

-3.41

Martin ratioReturn relative to average drawdown

2.79

17.31

-14.52

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current CUKS.L Sharpe Ratio is 0.79, which is lower than the ACWI.L Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of CUKS.L and ACWI.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.

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Sharpe Ratios by Period

CUKS.LACWI.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.79

2.89

-2.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.08

0.96

-0.88

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.28

0.94

-0.66

Sharpe Ratio (All Time)

Calculated using the full available price history

0.47

0.81

-0.33

Drawdowns

CUKS.L vs. ACWI.L - Drawdown Comparison

The maximum CUKS.L drawdown since its inception was -42.42%, which is greater than ACWI.L's maximum drawdown of -25.44%. Use the drawdown chart below to compare losses from any high point for CUKS.L and ACWI.L.

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Drawdown Indicators

CUKS.LACWI.LDifference

Max Drawdown

Largest peak-to-trough decline

-42.42%

-25.44%

-16.98%

Max Drawdown (1Y)

Largest decline over 1 year

-12.28%

-7.05%

-5.23%

Max Drawdown (3Y)

Largest decline over 3 years

-16.88%

-18.07%

+1.19%

Max Drawdown (5Y)

Largest decline over 5 years

-35.35%

-18.07%

-17.28%

Max Drawdown (10Y)

Largest decline over 10 years

-42.42%

-25.44%

-16.98%

Current Drawdown

Current decline from peak

-3.63%

-0.41%

-3.22%

Average Drawdown

Average peak-to-trough decline

-9.28%

-3.67%

-5.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.80%

1.74%

+2.06%

Volatility

CUKS.L vs. ACWI.L - Volatility Comparison

iShares MSCI UK Small Cap UCITS ETF (Acc) (CUKS.L) has a higher volatility of 4.14% compared to SPDR MSCI ACWI UCITS ETF (ACWI.L) at 2.90%. This indicates that CUKS.L's price experiences larger fluctuations and is considered to be riskier than ACWI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CUKS.LACWI.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.14%

2.90%

+1.24%

Volatility (6M)

Calculated over the trailing 6-month period

11.09%

7.75%

+3.34%

Volatility (1Y)

Calculated over the trailing 1-year period

13.40%

10.42%

+2.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.99%

13.05%

+2.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.02%

14.39%

+2.63%

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

CUKS.L has a 0.58% expense ratio, which is higher than ACWI.L's 0.40% expense ratio.

Dividends

CUKS.L vs. ACWI.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

CUKS.L and ACWI.L have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ACWI.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ACWI.L is cheaper with a 0.40% expense ratio, compared with 0.58% for CUKS.L.

CUKS.L is categorized as Europe Equities, while ACWI.L is Global Equities. CUKS.L tracks FTSE Small Cap Ex Invest Trust TR GBP, while ACWI.L tracks MSCI ACWI NR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.58% for CUKS.L and 0.40% for ACWI.L.

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