FNCE.L vs. GXLF.L
FNCE.L (SPDR MSCI Europe Financials UCITS ETF) and GXLF.L (SPDR S&P US Financials Select Sector 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 14.18%/yr for GXLF.L. A 0.54 correlation means they provide meaningful diversification when combined. FNCE.L charges 0.18%/yr vs 0.15%/yr for GXLF.L.
Performance
FNCE.L vs. GXLF.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 GXLF.L's -7.83% return.
FNCE.L
- 1D
- -1.71%
- 1M
- 1.18%
- YTD
- 2.13%
- 6M
- 8.99%
- 1Y
- 24.80%
- 3Y*
- 28.48%
- 5Y*
- —
- 10Y*
- —
GXLF.L
- 1D
- -1.27%
- 1M
- -2.18%
- YTD
- -7.83%
- 6M
- -5.05%
- 1Y
- 1.25%
- 3Y*
- 14.18%
- 5Y*
- —
- 10Y*
- —
FNCE.L vs. GXLF.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% | 7.04% |
GXLF.L SPDR S&P US Financials Select Sector UCITS ETF | -7.83% | 7.31% | 32.20% | 6.05% | -1.25% |
Correlation
The correlation between FNCE.L and GXLF.L is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2022 | 0.54 |
The correlation between FNCE.L and GXLF.L has been stable across timeframes, ranging from 0.49 to 0.54 - a consistent structural relationship.
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Return for Risk
FNCE.L vs. GXLF.L — Risk / Return Rank
FNCE.L
GXLF.L
FNCE.L vs. GXLF.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 S&P US Financials Select Sector UCITS ETF (GXLF.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 | GXLF.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.35 | ||
| Sortino ratioReturn per unit of downside risk | +1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.03 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 0.10 | +2.00 |
| Martin ratioReturn relative to average drawdown | 7.31 | 0.23 | +7.08 |
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 | GXLF.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.45 | 0.09 | +1.35 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.33 | 0.46 | +0.86 |
Drawdowns
FNCE.L vs. GXLF.L - Drawdown Comparison
The maximum FNCE.L drawdown since its inception was -14.71%, smaller than the maximum GXLF.L drawdown of -18.21%. Use the drawdown chart below to compare losses from any high point for FNCE.L and GXLF.L.
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Drawdown Indicators
| FNCE.L | GXLF.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.71% | -18.21% | +3.50% |
Max Drawdown (1Y)Largest decline over 1 year | -11.77% | -12.80% | +1.03% |
Max Drawdown (3Y)Largest decline over 3 years | -14.71% | -18.21% | +3.50% |
Current DrawdownCurrent decline from peak | -2.54% | -9.57% | +7.03% |
Average DrawdownAverage peak-to-trough decline | -3.02% | -5.78% | +2.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.39% | 5.46% | -2.07% |
Volatility
FNCE.L vs. GXLF.L - Volatility Comparison
SPDR MSCI Europe Financials UCITS ETF (FNCE.L) has a higher volatility of 5.81% compared to SPDR S&P US Financials Select Sector UCITS ETF (GXLF.L) at 3.12%. This indicates that FNCE.L's price experiences larger fluctuations and is considered to be riskier than GXLF.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 | GXLF.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.81% | 3.12% | +2.69% |
Volatility (6M)Calculated over the trailing 6-month period | 14.19% | 10.15% | +4.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.08% | 13.73% | +3.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.49% | 16.93% | +0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.49% | 16.93% | +0.56% |
FNCE.L vs. GXLF.L - Expense Ratio Comparison
FNCE.L has a 0.18% expense ratio, which is higher than GXLF.L's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FNCE.L vs. GXLF.L - Dividend Comparison
Neither FNCE.L nor GXLF.L has paid dividends to shareholders.
Frequently Asked Questions
FNCE.L and GXLF.L have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GXLF.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GXLF.L is cheaper with a 0.15% expense ratio, compared with 0.18% for FNCE.L.
Both ETFs track MSCI World/Financials NR USD. Their fees differ too: 0.18% for FNCE.L and 0.15% for GXLF.L.
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