EXCS.L vs. ^GSPC

Last updated Jul 16, 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 22.90%/yr vs 17.81%/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 30.49% return, which is significantly higher than ^GSPC's 10.77% return.

EXCS.L

• 1D: -1.75%
• 1M: -7.82%
• 6M: 23.99%
• YTD: 30.49%
• 1Y: 51.35%
• 3Y*: 22.90%
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: 0.00%
• 1M: -0.10%
• 6M: 9.25%
• YTD: 10.77%
• 1Y: 20.65%
• 3Y*: 17.81%
• 5Y*: 12.35%
• 10Y*: 13.12%

*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)	30.49%	26.23%	5.43%	11.04%	-8.40%	-25.31%
^GSPC S&P 500 Index	10.17%	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: 85
EXCS.L Sharpe Ratio Rank: 87
EXCS.L Sortino Ratio Rank: 81
EXCS.L Omega Ratio Rank: 86
EXCS.L Calmar Ratio Rank: 89
EXCS.L Martin Ratio Rank: 83

^GSPC

^GSPC Risk / Return Rank: 81
^GSPC Sharpe Ratio Rank: 79
^GSPC Sortino Ratio Rank: 81
^GSPC Omega Ratio Rank: 84
^GSPC Calmar Ratio Rank: 74
^GSPC Martin Ratio Rank: 86

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	2.28	1.73	+0.55
Sortino ratio: Return per unit of downside risk	2.88	2.30	+0.58
Omega ratio: Gain probability vs. loss probability	1.41	1.32	+0.09
Calmar ratio: Return relative to maximum drawdown	4.20	2.58	+1.62
Martin ratio: Return relative to average drawdown	12.89	9.41	+3.48

EXCS.L vs. ^GSPC - Sharpe Ratio Comparison

The current EXCS.L Sharpe Ratio is 2.28, which is higher than the ^GSPC Sharpe Ratio of 1.73. 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	-12.16%	-8.03%	-4.13%
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	-12.16%	-0.88%	-11.28%
Average Drawdown Average peak-to-trough decline	-20.67%	-5.29%	-15.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.97%	2.20%	+1.77%

Volatility

EXCS.L vs. ^GSPC - Volatility Comparison

iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a higher volatility of 10.78% compared to S&P 500 Index (^GSPC) at 3.30%. 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	10.78%	3.30%	+7.48%
Volatility (6M) Calculated over the trailing 6-month period	20.54%	8.97%	+11.57%
Volatility (1Y) Calculated over the trailing 1-year period	22.44%	12.01%	+10.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.53%	15.96%	+8.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.53%	18.05%	+6.48%

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.