FNCE.L vs. XLFQ.L
FNCE.L (SPDR MSCI Europe Financials UCITS ETF) and XLFQ.L (Invesco US Financials Sector UCITS ETF) are both Financials Equities funds tracking the MSCI World/Financials NR USD, from State Street and Invesco respectively. Both are passively managed. Over the past 3 years, FNCE.L returned 28.48%/yr vs 14.17%/yr for XLFQ.L. A 0.53 correlation means they provide meaningful diversification when combined. FNCE.L charges 0.18%/yr vs 0.14%/yr for XLFQ.L.
Performance
FNCE.L vs. XLFQ.L - Performance Comparison
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Different Trading Currencies
FNCE.L is traded in GBP, while XLFQ.L is traded in GBp. To make them comparable, the XLFQ.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, FNCE.L achieves a 2.13% return, which is significantly higher than XLFQ.L's -7.72% return.
FNCE.L
- 1D
- -1.71%
- 1M
- 1.18%
- YTD
- 2.13%
- 6M
- 8.99%
- 1Y
- 24.80%
- 3Y*
- 28.48%
- 5Y*
- —
- 10Y*
- —
XLFQ.L
- 1D
- -1.27%
- 1M
- -2.19%
- YTD
- -7.72%
- 6M
- -5.09%
- 1Y
- 1.11%
- 3Y*
- 14.17%
- 5Y*
- 8.40%
- 10Y*
- 12.88%
FNCE.L vs. XLFQ.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% |
XLFQ.L Invesco US Financials Sector UCITS ETF | -7.72% | 7.07% | 32.15% | 6.12% | -0.66% |
Correlation
The correlation between FNCE.L and XLFQ.L is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.53 |
The correlation between FNCE.L and XLFQ.L has been stable across timeframes, ranging from 0.49 to 0.53 - a consistent structural relationship.
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Return for Risk
FNCE.L vs. XLFQ.L — Risk / Return Rank
FNCE.L
XLFQ.L
FNCE.L vs. XLFQ.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 Invesco US Financials Sector UCITS ETF (XLFQ.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 | XLFQ.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.36 | ||
| Sortino ratioReturn per unit of downside risk | +1.80 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.02 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 0.09 | +2.01 |
| Martin ratioReturn relative to average drawdown | 7.31 | 0.20 | +7.10 |
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 | XLFQ.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.45 | 0.08 | +1.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.48 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.33 | 0.63 | +0.70 |
Drawdowns
FNCE.L vs. XLFQ.L - Drawdown Comparison
The maximum FNCE.L drawdown since its inception was -14.71%, smaller than the maximum XLFQ.L drawdown of -35.39%. Use the drawdown chart below to compare losses from any high point for FNCE.L and XLFQ.L.
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Drawdown Indicators
| FNCE.L | XLFQ.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.71% | -35.39% | +20.68% |
Max Drawdown (1Y)Largest decline over 1 year | -11.77% | -12.81% | +1.04% |
Max Drawdown (3Y)Largest decline over 3 years | -14.71% | -19.01% | +4.30% |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.01% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.39% | — |
Current DrawdownCurrent decline from peak | -2.54% | -9.57% | +7.03% |
Average DrawdownAverage peak-to-trough decline | -3.02% | -5.65% | +2.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.39% | 5.46% | -2.07% |
Volatility
FNCE.L vs. XLFQ.L - Volatility Comparison
SPDR MSCI Europe Financials UCITS ETF (FNCE.L) has a higher volatility of 5.81% compared to Invesco US Financials Sector UCITS ETF (XLFQ.L) at 3.29%. This indicates that FNCE.L's price experiences larger fluctuations and is considered to be riskier than XLFQ.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 | XLFQ.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.81% | 3.29% | +2.52% |
Volatility (6M)Calculated over the trailing 6-month period | 14.19% | 9.98% | +4.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.08% | 13.55% | +3.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.49% | 17.47% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.49% | 20.12% | -2.63% |
FNCE.L vs. XLFQ.L - Expense Ratio Comparison
FNCE.L has a 0.18% expense ratio, which is higher than XLFQ.L's 0.14% 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. XLFQ.L - Dividend Comparison
Neither FNCE.L nor XLFQ.L has paid dividends to shareholders.
Frequently Asked Questions
FNCE.L and XLFQ.L have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XLFQ.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XLFQ.L is cheaper with a 0.14% expense ratio, compared with 0.18% for FNCE.L.
Both ETFs track MSCI World/Financials NR USD. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.18% for FNCE.L and 0.14% for XLFQ.L.
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