FINW.L vs. FNCL.L

Last updated Jun 5, 2026

FINW.L (Lyxor MSCI World Financials TR UCITS) and FNCL.L (SPDR® MSCI Europe Financials UCITS ETF) are both Financials Equities funds tracking the MSCI World/Financials NR USD, from Amundi and State Street respectively. Both are passively managed. Over the past 10 years, FINW.L returned 12.08%/yr vs 12.48%/yr for FNCL.L. Their correlation of 0.84 suggests significant overlap in exposure. FINW.L charges 0.30%/yr vs 0.18%/yr for FNCL.L.

Performance

FINW.L vs. FNCL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lyxor MSCI World Financials TR UCITS (FINW.L) and SPDR® MSCI Europe Financials UCITS ETF (FNCL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FINW.L is traded in USD, while FNCL.L is traded in EUR. To make them comparable, the FNCL.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, FINW.L achieves a 0.26% return, which is significantly lower than FNCL.L's 2.46% return. Both investments have delivered pretty close results over the past 10 years, with FINW.L having a 12.08% annualized return and FNCL.L not far ahead at 12.48%.

FINW.L

• 1D: 1.90%
• 1M: 1.63%
• YTD: 0.26%
• 6M: 4.48%
• 1Y: 13.90%
• 3Y*: 23.94%
• 5Y*: 11.72%
• 10Y*: 12.08%

FNCL.L

• 1D: 0.75%
• 1M: 2.70%
• YTD: 2.46%
• 6M: 9.66%
• 1Y: 24.46%
• 3Y*: 32.27%
• 5Y*: 18.27%
• 10Y*: 12.48%

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

FINW.L vs. FNCL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FINW.L Lyxor MSCI World Financials TR UCITS	0.26%	29.01%	26.29%	16.30%	-9.87%	28.61%	-2.86%	25.04%	-17.55%	23.46%
FNCL.L SPDR® MSCI Europe Financials UCITS ETF	2.46%	66.78%	18.14%	25.02%	-7.78%	19.86%	-7.93%	19.85%	-22.75%	28.65%

Correlation

The correlation between FINW.L and FNCL.L is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 10, 2014	0.84

The correlation between FINW.L and FNCL.L has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

FINW.L vs. FNCL.L - Sectors Allocation Comparison

Sectors	FINW.L	FNCL.L
Technology	40.1%	1.2%
Financial Services	14.4%	98.1%
Consumer Cyclical	11.1%	-
Consumer Defensive	10.1%	-
Communication Services	7.8%	-
Industrials	5.2%	0.7%
Healthcare	3.9%	-
Basic Materials	3.6%	-
Energy	2.6%	-
Utilities	0.7%	-
Real Estate	0.5%	-

Return for Risk

FINW.L vs. FNCL.L — Risk / Return Rank

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

FINW.L

FINW.L Risk / Return Rank: 27
FINW.L Sharpe Ratio Rank: 27
FINW.L Sortino Ratio Rank: 28
FINW.L Omega Ratio Rank: 26
FINW.L Calmar Ratio Rank: 27
FINW.L Martin Ratio Rank: 30

FNCL.L

FNCL.L Risk / Return Rank: 36
FNCL.L Sharpe Ratio Rank: 35
FNCL.L Sortino Ratio Rank: 35
FNCL.L Omega Ratio Rank: 34
FNCL.L Calmar Ratio Rank: 37
FNCL.L Martin Ratio Rank: 40

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.

FINW.L vs. FNCL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lyxor MSCI World Financials TR UCITS (FINW.L) and SPDR® MSCI Europe Financials UCITS ETF (FNCL.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.

	FINW.L	FNCL.L	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.25	-0.28
Sortino ratio: Return per unit of downside risk	1.50	1.80	-0.30
Omega ratio: Gain probability vs. loss probability	1.17	1.23	-0.05
Calmar ratio: Return relative to maximum drawdown	1.26	1.74	-0.48
Martin ratio: Return relative to average drawdown	4.21	5.82	-1.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FINW.L vs. FNCL.L - Sharpe Ratio Comparison

The current FINW.L Sharpe Ratio is 0.97, which is comparable to the FNCL.L Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of FINW.L and FNCL.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

	FINW.L	FNCL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	1.25	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.84	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.54	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.40	+0.10

Drawdowns

FINW.L vs. FNCL.L - Drawdown Comparison

The maximum FINW.L drawdown since its inception was -43.64%, smaller than the maximum FNCL.L drawdown of -52.32%. Use the drawdown chart below to compare losses from any high point for FINW.L and FNCL.L.

Drawdown Indicators

	FINW.L	FNCL.L	Difference
Max Drawdown Largest peak-to-trough decline	-43.64%	-52.32%	+8.68%
Max Drawdown (1Y) Largest decline over 1 year	-10.98%	-14.01%	+3.03%
Max Drawdown (3Y) Largest decline over 3 years	-15.81%	-16.02%	+0.21%
Max Drawdown (5Y) Largest decline over 5 years	-27.31%	-34.63%	+7.32%
Max Drawdown (10Y) Largest decline over 10 years	-43.64%	-52.32%	+8.68%
Current Drawdown Current decline from peak	-1.59%	-2.24%	+0.65%
Average Drawdown Average peak-to-trough decline	-7.59%	-13.14%	+5.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	4.19%	-0.90%

Volatility

FINW.L vs. FNCL.L - Volatility Comparison

The current volatility for Lyxor MSCI World Financials TR UCITS (FINW.L) is 4.16%, while SPDR® MSCI Europe Financials UCITS ETF (FNCL.L) has a volatility of 6.28%. This indicates that FINW.L experiences smaller price fluctuations and is considered to be less risky than FNCL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FINW.L	FNCL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	6.28%	-2.12%
Volatility (6M) Calculated over the trailing 6-month period	11.30%	16.02%	-4.72%
Volatility (1Y) Calculated over the trailing 1-year period	14.26%	19.44%	-5.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.85%	21.72%	-3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.24%	23.10%	-3.86%

FINW.L vs. FNCL.L - Expense Ratio Comparison

FINW.L has a 0.30% expense ratio, which is higher than FNCL.L's 0.18% expense ratio.

Dividends

FINW.L vs. FNCL.L - Dividend Comparison

Neither FINW.L nor FNCL.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FINW.L and FNCL.L in my portfolio?

FINW.L and FNCL.L have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FINW.L or FNCL.L?

On fees, FNCL.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FINW.L or FNCL.L?

FNCL.L is cheaper with a 0.18% expense ratio, compared with 0.30% for FINW.L.

What is the main difference between FINW.L and FNCL.L?

Both ETFs track MSCI World/Financials NR USD. They also come from different issuers: Amundi and State Street. Their fees differ too: 0.30% for FINW.L and 0.18% for FNCL.L.