FNCE.L vs. FNCL.L
FNCE.L (SPDR MSCI Europe Financials UCITS ETF) and FNCL.L (SPDR® MSCI Europe Financials UCITS ETF) are both Financials Equities funds from State Street tracking the MSCI World/Financials NR USD. Both are passively managed. Over the past 3 years, FNCE.L returned 28.48%/yr vs 28.41%/yr for FNCL.L. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.18% expense ratio.
Performance
FNCE.L vs. FNCL.L - Performance Comparison
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Different Trading Currencies
FNCE.L is traded in GBP, while FNCL.L is traded in EUR. To make them comparable, the FNCL.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with FNCE.L having a 2.13% return and FNCL.L slightly higher at 2.14%.
FNCE.L
- 1D
- -1.71%
- 1M
- 1.18%
- YTD
- 2.13%
- 6M
- 8.99%
- 1Y
- 24.80%
- 3Y*
- 28.48%
- 5Y*
- —
- 10Y*
- —
FNCL.L
- 1D
- -1.73%
- 1M
- 1.11%
- YTD
- 2.14%
- 6M
- 8.86%
- 1Y
- 24.72%
- 3Y*
- 28.41%
- 5Y*
- 19.37%
- 10Y*
- 13.31%
FNCE.L vs. FNCL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FNCE.L SPDR MSCI Europe Financials UCITS ETF | 2.13% | 54.52% | 20.29% | 18.87% | 5.67% |
FNCL.L SPDR® MSCI Europe Financials UCITS ETF | 2.14% | 54.90% | 20.20% | 18.78% | 5.73% |
Correlation
The correlation between FNCE.L and FNCL.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.94 |
The correlation between FNCE.L and FNCL.L has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.
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Return for Risk
FNCE.L vs. FNCL.L — Risk / Return Rank
FNCE.L
FNCL.L
FNCE.L vs. FNCL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe Financials UCITS ETF (FNCE.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.
| FNCE.L | FNCL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.25 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 2.05 | +0.04 |
| Martin ratioReturn relative to average drawdown | 7.31 | 7.12 | +0.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FNCE.L | FNCL.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.45 | 1.41 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.04 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.66 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.33 | 0.52 | +0.81 |
Drawdowns
FNCE.L vs. FNCL.L - Drawdown Comparison
The maximum FNCE.L drawdown since its inception was -14.71%, smaller than the maximum FNCL.L drawdown of -42.41%. Use the drawdown chart below to compare losses from any high point for FNCE.L and FNCL.L.
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Drawdown Indicators
| FNCE.L | FNCL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.71% | -42.41% | +27.70% |
Max Drawdown (1Y)Largest decline over 1 year | -11.77% | -11.98% | +0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -14.71% | -14.85% | +0.14% |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.57% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.41% | — |
Current DrawdownCurrent decline from peak | -2.54% | -2.31% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -3.02% | -9.13% | +6.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.39% | 3.46% | -0.07% |
Volatility
FNCE.L vs. FNCL.L - Volatility Comparison
SPDR MSCI Europe Financials UCITS ETF (FNCE.L) and SPDR® MSCI Europe Financials UCITS ETF (FNCL.L) have volatilities of 5.81% and 5.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FNCE.L | FNCL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.81% | 5.80% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 14.19% | 14.43% | -0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.08% | 17.41% | -0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.49% | 18.70% | -1.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.49% | 20.22% | -2.73% |
FNCE.L vs. FNCL.L - Expense Ratio Comparison
Both FNCE.L and FNCL.L have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
FNCE.L vs. FNCL.L - Dividend Comparison
Neither FNCE.L nor FNCL.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, FNCE.L and FNCL.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
FNCE.L and FNCL.L have the same expense ratio: 0.18% per year.
Both ETFs track MSCI World/Financials NR USD.
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