FNCL.L vs. XWFS.L
FNCL.L (SPDR® MSCI Europe Financials UCITS ETF) and XWFS.L (Xtrackers MSCI World Financials UCITS ETF 1C) are both Financials Equities funds tracking the MSCI World/Financials NR USD, from State Street and Xtrackers respectively. Both are passively managed. Over the past 3 years, FNCL.L returned 28.17%/yr vs 19.95%/yr for XWFS.L. A 0.72 correlation means they provide meaningful diversification when combined. FNCL.L charges 0.18%/yr vs 0.25%/yr for XWFS.L.
Performance
FNCL.L vs. XWFS.L - Performance Comparison
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Different Trading Currencies
FNCL.L is traded in EUR, while XWFS.L is traded in GBP. To make them comparable, the XWFS.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 XWFS.L's -0.48% 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%
XWFS.L
- 1D
- -1.04%
- 1M
- -0.28%
- YTD
- -0.48%
- 6M
- 3.73%
- 1Y
- 10.19%
- 3Y*
- 19.95%
- 5Y*
- —
- 10Y*
- —
FNCL.L vs. XWFS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FNCL.L SPDR® MSCI Europe Financials UCITS ETF | 2.99% | 47.03% | 25.92% | 21.19% | 1.37% |
XWFS.L Xtrackers MSCI World Financials UCITS ETF 1C | -0.48% | 13.93% | 35.30% | 12.36% | -6.42% |
Correlation
The correlation between FNCL.L and XWFS.L is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Mar 25, 2022 | 0.72 |
The correlation between FNCL.L and XWFS.L has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.
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Return for Risk
FNCL.L vs. XWFS.L — Risk / Return Rank
FNCL.L
XWFS.L
FNCL.L vs. XWFS.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 Xtrackers MSCI World Financials UCITS ETF 1C (XWFS.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 | XWFS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.14 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 1.02 | +0.72 |
| Martin ratioReturn relative to average drawdown | 5.89 | 3.18 | +2.71 |
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 | XWFS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.20 | 0.78 | +0.42 |
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 | 0.73 | -0.28 |
Drawdowns
FNCL.L vs. XWFS.L - Drawdown Comparison
The maximum FNCL.L drawdown since its inception was -45.18%, which is greater than XWFS.L's maximum drawdown of -19.20%. Use the drawdown chart below to compare losses from any high point for FNCL.L and XWFS.L.
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Drawdown Indicators
| FNCL.L | XWFS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.18% | -19.20% | -25.98% |
Max Drawdown (1Y)Largest decline over 1 year | -12.18% | -9.93% | -2.25% |
Max Drawdown (3Y)Largest decline over 3 years | -16.84% | -19.20% | +2.36% |
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% | -2.80% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -10.39% | -4.17% | -6.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.61% | 3.20% | +0.41% |
Volatility
FNCL.L vs. XWFS.L - Volatility Comparison
SPDR® MSCI Europe Financials UCITS ETF (FNCL.L) has a higher volatility of 5.84% compared to Xtrackers MSCI World Financials UCITS ETF 1C (XWFS.L) at 2.87%. This indicates that FNCL.L's price experiences larger fluctuations and is considered to be riskier than XWFS.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 | XWFS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.84% | 2.87% | +2.97% |
Volatility (6M)Calculated over the trailing 6-month period | 14.40% | 9.68% | +4.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.67% | 12.98% | +4.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.77% | 16.56% | +2.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.99% | 16.56% | +4.43% |
FNCL.L vs. XWFS.L - Expense Ratio Comparison
FNCL.L has a 0.18% expense ratio, which is lower than XWFS.L's 0.25% 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. XWFS.L - Dividend Comparison
Neither FNCL.L nor XWFS.L has paid dividends to shareholders.
Frequently Asked Questions
FNCL.L and XWFS.L have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 0.25% for XWFS.L.
Both ETFs track MSCI World/Financials NR USD. They also come from different issuers: State Street and Xtrackers. Their fees differ too: 0.18% for FNCL.L and 0.25% for XWFS.L.
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