FNCE.L vs. FNCW.L
FNCE.L (SPDR MSCI Europe Financials UCITS ETF) and FNCW.L (SPDR MSCI World 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 20.93%/yr for FNCW.L. A 0.74 correlation means they provide meaningful diversification when combined. FNCE.L charges 0.18%/yr vs 0.30%/yr for FNCW.L.
Performance
FNCE.L vs. FNCW.L - Performance Comparison
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Returns By Period
In the year-to-date period, FNCE.L achieves a 2.13% return, which is significantly higher than FNCW.L's 0.43% return.
FNCE.L
- 1D
- -1.71%
- 1M
- 1.18%
- YTD
- 2.13%
- 6M
- 8.99%
- 1Y
- 24.80%
- 3Y*
- 28.48%
- 5Y*
- —
- 10Y*
- —
FNCW.L
- 1D
- 1.91%
- 1M
- 2.90%
- YTD
- 0.43%
- 6M
- 3.68%
- 1Y
- 15.52%
- 3Y*
- 20.93%
- 5Y*
- —
- 10Y*
- —
FNCE.L vs. FNCW.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% |
FNCW.L SPDR MSCI World Financials UCITS ETF | 0.43% | 20.39% | 28.76% | 9.92% | -0.09% |
Correlation
The correlation between FNCE.L and FNCW.L is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.74 |
The correlation between FNCE.L and FNCW.L has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.
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Return for Risk
FNCE.L vs. FNCW.L — Risk / Return Rank
FNCE.L
FNCW.L
FNCE.L vs. FNCW.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 World Financials UCITS ETF (FNCW.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 | FNCW.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.21 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 1.62 | +0.48 |
| Martin ratioReturn relative to average drawdown | 7.31 | 5.15 | +2.15 |
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 | FNCW.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.45 | 1.25 | +0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.33 | 0.92 | +0.41 |
Drawdowns
FNCE.L vs. FNCW.L - Drawdown Comparison
The maximum FNCE.L drawdown since its inception was -14.71%, smaller than the maximum FNCW.L drawdown of -16.31%. Use the drawdown chart below to compare losses from any high point for FNCE.L and FNCW.L.
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Drawdown Indicators
| FNCE.L | FNCW.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.71% | -16.31% | +1.60% |
Max Drawdown (1Y)Largest decline over 1 year | -11.77% | -9.55% | -2.22% |
Max Drawdown (3Y)Largest decline over 3 years | -14.71% | -16.31% | +1.60% |
Current DrawdownCurrent decline from peak | -2.54% | -1.13% | -1.41% |
Average DrawdownAverage peak-to-trough decline | -3.02% | -3.76% | +0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.39% | 3.00% | +0.39% |
Volatility
FNCE.L vs. FNCW.L - Volatility Comparison
SPDR MSCI Europe Financials UCITS ETF (FNCE.L) has a higher volatility of 5.81% compared to SPDR MSCI World Financials UCITS ETF (FNCW.L) at 3.46%. This indicates that FNCE.L's price experiences larger fluctuations and is considered to be riskier than FNCW.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FNCE.L | FNCW.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.81% | 3.46% | +2.35% |
Volatility (6M)Calculated over the trailing 6-month period | 14.19% | 9.59% | +4.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.08% | 12.41% | +4.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.49% | 15.02% | +2.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.49% | 15.02% | +2.47% |
FNCE.L vs. FNCW.L - Expense Ratio Comparison
FNCE.L has a 0.18% expense ratio, which is lower than FNCW.L's 0.30% expense ratio.
Dividends
FNCE.L vs. FNCW.L - Dividend Comparison
Neither FNCE.L nor FNCW.L has paid dividends to shareholders.
Frequently Asked Questions
FNCE.L and FNCW.L have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FNCE.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FNCE.L is cheaper with a 0.18% expense ratio, compared with 0.30% for FNCW.L.
Both ETFs track MSCI World/Financials NR USD. Their fees differ too: 0.18% for FNCE.L and 0.30% for FNCW.L.
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