FNCL.L vs. WDFE.L
FNCL.L (SPDR® MSCI Europe Financials UCITS ETF) and WDFE.L (Invesco S&P World Financials ESG UCITS ETF Acc) are both Financials Equities funds - FNCL.L tracks the MSCI World/Financials NR USD while WDFE.L tracks the S&P World ESG Enhanced Financials Index. Both are passively managed. Over the past 3 years, FNCL.L returned 28.17%/yr vs 19.15%/yr for WDFE.L. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.18% expense ratio.
Performance
FNCL.L vs. WDFE.L - Performance Comparison
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Different Trading Currencies
FNCL.L is traded in EUR, while WDFE.L is traded in USD. To make them comparable, the WDFE.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, FNCL.L achieves a 2.99% return, which is significantly higher than WDFE.L's -0.13% return.
FNCL.L
- 1D
- -1.73%
- 1M
- 0.98%
- YTD
- 2.99%
- 6M
- 10.06%
- 1Y
- 21.33%
- 3Y*
- 28.17%
- 5Y*
- 19.22%
- 10Y*
- 12.19%
WDFE.L
- 1D
- -1.18%
- 1M
- -0.77%
- YTD
- -0.13%
- 6M
- 4.85%
- 1Y
- 8.62%
- 3Y*
- 19.15%
- 5Y*
- —
- 10Y*
- —
FNCL.L vs. WDFE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FNCL.L SPDR® MSCI Europe Financials UCITS ETF | 2.99% | 47.03% | 25.92% | 13.27% |
WDFE.L Invesco S&P World Financials ESG UCITS ETF Acc | -0.13% | 11.96% | 34.08% | 14.57% |
Correlation
The correlation between FNCL.L and WDFE.L is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2023 | 0.74 |
The correlation between FNCL.L and WDFE.L has been stable across timeframes, ranging from 0.73 to 0.75 - a consistent structural relationship.
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Return for Risk
FNCL.L vs. WDFE.L — Risk / Return Rank
FNCL.L
WDFE.L
FNCL.L vs. WDFE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR® MSCI Europe Financials UCITS ETF (FNCL.L) and Invesco S&P World Financials ESG UCITS ETF Acc (WDFE.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.
| FNCL.L | WDFE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.57 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.12 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 0.97 | +0.77 |
| Martin ratioReturn relative to average drawdown | 5.89 | 2.91 | +2.99 |
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
| FNCL.L | WDFE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.20 | 0.63 | +0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.02 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 1.23 | -0.78 |
Drawdowns
FNCL.L vs. WDFE.L - Drawdown Comparison
The maximum FNCL.L drawdown since its inception was -45.18%, which is greater than WDFE.L's maximum drawdown of -19.37%. Use the drawdown chart below to compare losses from any high point for FNCL.L and WDFE.L.
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Drawdown Indicators
| FNCL.L | WDFE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.18% | -19.37% | -25.81% |
Max Drawdown (1Y)Largest decline over 1 year | -12.18% | -8.85% | -3.33% |
Max Drawdown (3Y)Largest decline over 3 years | -16.84% | -19.37% | +2.53% |
Max Drawdown (5Y)Largest decline over 5 years | -23.05% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -45.18% | — | — |
Current DrawdownCurrent decline from peak | -2.27% | -2.26% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -10.39% | -2.69% | -7.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.61% | 2.96% | +0.65% |
Volatility
FNCL.L vs. WDFE.L - Volatility Comparison
SPDR® MSCI Europe Financials UCITS ETF (FNCL.L) has a higher volatility of 5.84% compared to Invesco S&P World Financials ESG UCITS ETF Acc (WDFE.L) at 3.34%. This indicates that FNCL.L's price experiences larger fluctuations and is considered to be riskier than WDFE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FNCL.L | WDFE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.84% | 3.34% | +2.50% |
Volatility (6M)Calculated over the trailing 6-month period | 14.40% | 10.21% | +4.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.67% | 13.57% | +4.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.77% | 15.28% | +3.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.99% | 15.28% | +5.71% |
FNCL.L vs. WDFE.L - Expense Ratio Comparison
Both FNCL.L and WDFE.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
FNCL.L vs. WDFE.L - Dividend Comparison
Neither FNCL.L nor WDFE.L has paid dividends to shareholders.
Frequently Asked Questions
FNCL.L and WDFE.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
FNCL.L and WDFE.L have the same expense ratio: 0.18% per year.
FNCL.L tracks MSCI World/Financials NR USD, while WDFE.L tracks S&P World ESG Enhanced Financials Index. They also come from different issuers: State Street and Invesco.
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