EXCS.L vs. G2X.DE
EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) and G2X.DE (VanEck Gold Miners UCITS ETF) are both exchange-traded funds - EXCS.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD, while G2X.DE is a Gold fund tracking the NYSE Arca Gold Miners. Both are passively managed. Over the past 3 years, EXCS.L returned 24.20%/yr vs 35.76%/yr for G2X.DE. At a 0.26 correlation, their price movements are largely independent. EXCS.L charges 0.18%/yr vs 0.53%/yr for G2X.DE.
Performance
EXCS.L vs. G2X.DE - Performance Comparison
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Different Trading Currencies
EXCS.L is traded in GBP, while G2X.DE is traded in EUR. To make them comparable, the G2X.DE 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 37.28% return, which is significantly higher than G2X.DE's -9.44% return.
EXCS.L
- 1D
- 3.36%
- 1M
- 3.36%
- YTD
- 37.28%
- 6M
- 41.12%
- 1Y
- 68.33%
- 3Y*
- 24.20%
- 5Y*
- —
- 10Y*
- —
G2X.DE
- 1D
- 5.65%
- 1M
- -15.64%
- YTD
- -9.44%
- 6M
- -5.72%
- 1Y
- 49.33%
- 3Y*
- 35.76%
- 5Y*
- 18.44%
- 10Y*
- 13.77%
EXCS.L vs. G2X.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EXCS.L iShares MSCI EM ex-China UCITS ETF USD (Acc) | 37.28% | 26.23% | 5.43% | 11.04% | -8.40% | -25.31% |
G2X.DE VanEck Gold Miners UCITS ETF | -9.44% | 143.12% | 12.46% | 3.49% | 5.44% | -7.36% |
Correlation
The correlation between EXCS.L and G2X.DE is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2021 | 0.26 |
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Return for Risk
EXCS.L vs. G2X.DE — Risk / Return Rank
EXCS.L
G2X.DE
EXCS.L vs. G2X.DE - 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 VanEck Gold Miners UCITS ETF (G2X.DE). 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 | G2X.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.12 | ||
| Sortino ratioReturn per unit of downside risk | +2.45 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.22 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 5.65 | 1.53 | +4.11 |
| Martin ratioReturn relative to average drawdown | 19.69 | 4.30 | +15.39 |
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Drawdowns
EXCS.L vs. G2X.DE - Drawdown Comparison
The maximum EXCS.L drawdown since its inception was -35.01%, smaller than the maximum G2X.DE drawdown of -44.29%. Use the drawdown chart below to compare losses from any high point for EXCS.L and G2X.DE.
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Drawdown Indicators
| EXCS.L | G2X.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.01% | -44.29% | +9.28% |
Max Drawdown (1Y)Largest decline over 1 year | -11.76% | -34.51% | +22.75% |
Max Drawdown (3Y)Largest decline over 3 years | -21.79% | -34.51% | +12.72% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.32% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.29% | — |
Current DrawdownCurrent decline from peak | -3.42% | -30.19% | +26.77% |
Average DrawdownAverage peak-to-trough decline | -20.96% | -21.10% | +0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.38% | 12.34% | -8.96% |
Volatility
EXCS.L vs. G2X.DE - Volatility Comparison
The current volatility for iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) is 9.15%, while VanEck Gold Miners UCITS ETF (G2X.DE) has a volatility of 14.81%. This indicates that EXCS.L experiences smaller price fluctuations and is considered to be less risky than G2X.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EXCS.L | G2X.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.15% | 14.81% | -5.66% |
Volatility (6M)Calculated over the trailing 6-month period | 17.56% | 34.93% | -17.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.85% | 43.31% | -23.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.22% | 33.00% | -8.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.22% | 32.72% | -8.50% |
EXCS.L vs. G2X.DE - Expense Ratio Comparison
EXCS.L has a 0.18% expense ratio, which is lower than G2X.DE's 0.53% expense ratio.
Dividends
EXCS.L vs. G2X.DE - Dividend Comparison
Neither EXCS.L nor G2X.DE has paid dividends to shareholders.
Frequently Asked Questions
EXCS.L and G2X.DE have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EXCS.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EXCS.L is cheaper with a 0.18% expense ratio, compared with 0.53% for G2X.DE.
EXCS.L is categorized as Emerging Markets Equities, while G2X.DE is Gold. EXCS.L tracks MSCI EM NR USD, while G2X.DE tracks NYSE Arca Gold Miners. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.18% for EXCS.L and 0.53% for G2X.DE.
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