FNCL.L vs. X7PS.L
FNCL.L (SPDR® MSCI Europe Financials UCITS ETF) and X7PS.L (Invesco STOXX Europe 600 Optimised Banks UCITS ETF EUR (Acc)) are both exchange-traded funds - FNCL.L is a Financials Equities fund tracking the MSCI World/Financials NR USD, while X7PS.L is a Europe Equities fund tracking the STOXX Europe 600 Optimised Banks Index (EUR). Both are passively managed. Over the past 10 years, FNCL.L returned 14.41%/yr vs 16.22%/yr for X7PS.L. Their correlation of 0.94 suggests significant overlap in exposure. FNCL.L charges 0.18%/yr vs 0.20%/yr for X7PS.L.
Performance
FNCL.L vs. X7PS.L - Performance Comparison
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Returns By Period
In the year-to-date period, FNCL.L achieves a 14.33% return, which is significantly lower than X7PS.L's 16.55% return. Over the past 10 years, FNCL.L has underperformed X7PS.L with an annualized return of 14.41%, while X7PS.L has yielded a comparatively higher 16.22% annualized return.
FNCL.L
- 1D
- -0.67%
- 1M
- 3.61%
- 6M
- 12.11%
- YTD
- 14.33%
- 1Y
- 34.37%
- 3Y*
- 31.99%
- 5Y*
- 22.92%
- 10Y*
- 14.41%
X7PS.L
- 1D
- -1.11%
- 1M
- 1.77%
- 6M
- 12.78%
- YTD
- 16.55%
- 1Y
- 50.38%
- 3Y*
- 43.64%
- 5Y*
- 31.77%
- 10Y*
- 16.22%
FNCL.L vs. X7PS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FNCL.L SPDR® MSCI Europe Financials UCITS ETF | 14.33% | 47.03% | 25.92% | 21.20% | -1.89% | 28.62% | -15.42% | 22.23% | -19.17% | 12.99% |
X7PS.L Invesco STOXX Europe 600 Optimised Banks UCITS ETF EUR (Acc) | 16.55% | 78.30% | 33.17% | 25.70% | 0.44% | 38.22% | -22.81% | 13.99% | -26.23% | 11.67% |
Correlation
The correlation between FNCL.L and X7PS.L is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Dec 12, 2014 | 0.94 |
The correlation between FNCL.L and X7PS.L has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.
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Return for Risk
FNCL.L vs. X7PS.L — Risk / Return Rank
FNCL.L
X7PS.L
FNCL.L vs. X7PS.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 STOXX Europe 600 Optimised Banks UCITS ETF EUR (Acc) (X7PS.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FNCL.L | X7PS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.37 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 3.04 | -0.23 |
| Martin ratioReturn relative to average drawdown | 9.74 | 10.00 | -0.26 |
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Drawdowns
FNCL.L vs. X7PS.L - Drawdown Comparison
The maximum FNCL.L drawdown since its inception was -45.18%, smaller than the maximum X7PS.L drawdown of -60.64%. Use the drawdown chart below to compare losses from any high point for FNCL.L and X7PS.L.
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Drawdown Indicators
| FNCL.L | X7PS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.18% | -60.64% | +15.46% |
Max Drawdown (1Y)Largest decline over 1 year | -12.18% | -16.49% | +4.31% |
Max Drawdown (3Y)Largest decline over 3 years | -16.84% | -20.14% | +3.30% |
Max Drawdown (5Y)Largest decline over 5 years | -23.05% | -29.70% | +6.65% |
Max Drawdown (10Y)Largest decline over 10 years | -45.18% | -56.51% | +11.33% |
Current DrawdownCurrent decline from peak | -0.67% | -2.10% | +1.43% |
Average DrawdownAverage peak-to-trough decline | -10.35% | -17.84% | +7.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.52% | 5.02% | -1.50% |
Volatility
FNCL.L vs. X7PS.L - Volatility Comparison
The current volatility for SPDR® MSCI Europe Financials UCITS ETF (FNCL.L) is 4.21%, while Invesco STOXX Europe 600 Optimised Banks UCITS ETF EUR (Acc) (X7PS.L) has a volatility of 5.59%. This indicates that FNCL.L experiences smaller price fluctuations and is considered to be less risky than X7PS.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 | X7PS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.21% | 5.59% | -1.38% |
Volatility (6M)Calculated over the trailing 6-month period | 15.00% | 18.93% | -3.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.77% | 22.42% | -4.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.75% | 23.71% | -4.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.21% | 24.86% | -4.65% |
FNCL.L vs. X7PS.L - Expense Ratio Comparison
FNCL.L has a 0.18% expense ratio, which is lower than X7PS.L's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FNCL.L vs. X7PS.L - Dividend Comparison
Neither FNCL.L nor X7PS.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, FNCL.L and X7PS.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.
On fees, FNCL.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FNCL.L is cheaper with a 0.18% expense ratio, compared with 0.20% for X7PS.L.
FNCL.L is categorized as Financials Equities, while X7PS.L is Europe Equities. FNCL.L tracks MSCI World/Financials NR USD, while X7PS.L tracks STOXX Europe 600 Optimised Banks Index (EUR). They also come from different issuers: State Street and Invesco. Their fees differ too: 0.18% for FNCL.L and 0.20% for X7PS.L.
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