EXCS.L vs. ^GSPC

Last updated Jun 25, 2026

EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) is Emerging Markets Equities fund tracking the MSCI EM NR USD, while ^GSPC (S&P 500 Index) is an index. Over the past 3 years, EXCS.L returned 26.64%/yr vs 17.76%/yr for ^GSPC. At a 0.40 correlation, their price movements are largely independent.

Performance

EXCS.L vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, EXCS.L achieves a 40.78% return, which is significantly higher than ^GSPC's 9.90% return.

EXCS.L

• 1D: 0.00%
• 1M: 6.93%
• YTD: 40.78%
• 6M: 42.72%
• 1Y: 69.00%
• 3Y*: 26.64%
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: 0.09%
• 1M: 0.36%
• YTD: 9.90%
• 6M: 8.80%
• 1Y: 24.71%
• 3Y*: 17.76%
• 5Y*: 12.60%
• 10Y*: 14.13%

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

EXCS.L vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EXCS.L iShares MSCI EM ex-China UCITS ETF USD (Acc)	40.78%	26.23%	5.43%	11.04%	-8.40%	-25.31%
^GSPC S&P 500 Index	9.90%	8.10%	25.46%	18.02%	-9.86%	0.78%

Correlation

The correlation between EXCS.L and ^GSPC is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Nov 22, 2021	0.40

Return for Risk

EXCS.L vs. ^GSPC — Risk / Return Rank

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

EXCS.L

EXCS.L Risk / Return Rank: 93
EXCS.L Sharpe Ratio Rank: 95
EXCS.L Sortino Ratio Rank: 92
EXCS.L Omega Ratio Rank: 94
EXCS.L Calmar Ratio Rank: 93
EXCS.L Martin Ratio Rank: 92

^GSPC

^GSPC Risk / Return Rank: 60
^GSPC Sharpe Ratio Rank: 57
^GSPC Sortino Ratio Rank: 56
^GSPC Omega Ratio Rank: 59
^GSPC Calmar Ratio Rank: 55
^GSPC Martin Ratio Rank: 72

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.

EXCS.L vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) and S&P 500 Index (^GSPC). 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.

	EXCS.L	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	3.28	2.06	+1.22
Sortino ratio: Return per unit of downside risk	3.96	2.70	+1.25
Omega ratio: Gain probability vs. loss probability	1.60	1.38	+0.22
Calmar ratio: Return relative to maximum drawdown	5.84	3.09	+2.75
Martin ratio: Return relative to average drawdown	20.17	11.34	+8.83

EXCS.L vs. ^GSPC - Sharpe Ratio Comparison

The current EXCS.L Sharpe Ratio is 3.28, which is higher than the ^GSPC Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of EXCS.L and ^GSPC, 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

EXCS.L vs. ^GSPC - Drawdown Comparison

The maximum EXCS.L drawdown since its inception was -35.01%, smaller than the maximum ^GSPC drawdown of -37.07%. Use the drawdown chart below to compare losses from any high point for EXCS.L and ^GSPC.

Drawdown Indicators

	EXCS.L	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-35.01%	-37.07%	+2.06%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-8.03%	-3.73%
Max Drawdown (3Y) Largest decline over 3 years	-21.79%	-22.15%	+0.36%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-26.01%	—
Current Drawdown Current decline from peak	-5.23%	-1.66%	-3.57%
Average Drawdown Average peak-to-trough decline	-20.83%	-5.30%	-15.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	2.18%	+1.23%

Volatility

EXCS.L vs. ^GSPC - Volatility Comparison

iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a higher volatility of 10.33% compared to S&P 500 Index (^GSPC) at 4.35%. This indicates that EXCS.L's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EXCS.L	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.33%	4.35%	+5.98%
Volatility (6M) Calculated over the trailing 6-month period	18.85%	8.96%	+9.89%
Volatility (1Y) Calculated over the trailing 1-year period	21.01%	12.03%	+8.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.38%	15.96%	+8.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.38%	18.09%	+6.29%

Frequently Asked Questions

Can I hold both EXCS.L and ^GSPC in my portfolio?

EXCS.L and ^GSPC have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.