FNCW.L vs. EMVL.L

Last updated Jun 25, 2026

FNCW.L (SPDR MSCI World Financials UCITS ETF) and EMVL.L (iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc)) are both exchange-traded funds - FNCW.L is a Financials Equities fund tracking the MSCI World/Financials NR USD, while EMVL.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 5 years, FNCW.L returned 7.09%/yr vs 16.96%/yr for EMVL.L. At a 0.43 correlation, their price movements are largely independent. FNCW.L charges 0.30%/yr vs 0.40%/yr for EMVL.L.

Performance

FNCW.L vs. EMVL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR MSCI World Financials UCITS ETF (FNCW.L) and iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) (EMVL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FNCW.L is traded in GBP, while EMVL.L is traded in USD. To make them comparable, the EMVL.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, FNCW.L achieves a 5.88% return, which is significantly lower than EMVL.L's 42.04% return.

FNCW.L

• 1D: 0.01%
• 1M: 5.42%
• YTD: 5.88%
• 6M: 5.67%
• 1Y: 21.06%
• 3Y*: 23.85%
• 5Y*: 7.09%
• 10Y*: 10.31%

EMVL.L

• 1D: 0.18%
• 1M: 4.59%
• YTD: 42.04%
• 6M: 44.75%
• 1Y: 74.81%
• 3Y*: 34.30%
• 5Y*: 16.96%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FNCW.L vs. EMVL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FNCW.L SPDR MSCI World Financials UCITS ETF	5.88%	20.39%	28.75%	9.93%	-25.31%	27.89%	-2.84%	25.54%	-6.65%
EMVL.L iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc)	42.04%	32.94%	16.49%	12.45%	-6.33%	6.28%	4.55%	12.65%	-1.46%

Correlation

The correlation between FNCW.L and EMVL.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since Dec 6, 2018	0.43

The correlation between FNCW.L and EMVL.L shifts across timeframes, from 0.28 (1 year) to 0.43 (5 years), reflecting how their relationship changes across market environments.

FNCW.L vs. EMVL.L - Sectors Allocation Comparison

Sectors	FNCW.L	EMVL.L
Financial Services	98.3%	16.6%
Technology	1.2%	49.0%
Industrials	0.2%	3.7%
Real Estate	0.1%	1.8%
Energy	0.1%	6.9%
Healthcare	0.1%	1.6%
Utilities	0.1%	1.5%
Consumer Cyclical	0.1%	7.0%
Basic Materials	-	9.1%
Communication Services	-	1.6%
Consumer Defensive	-	1.2%

Return for Risk

FNCW.L vs. EMVL.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FNCW.L

FNCW.L Risk / Return Rank: 53
FNCW.L Sharpe Ratio Rank: 57
FNCW.L Sortino Ratio Rank: 57
FNCW.L Omega Ratio Rank: 53
FNCW.L Calmar Ratio Rank: 50
FNCW.L Martin Ratio Rank: 47

EMVL.L

EMVL.L Risk / Return Rank: 91
EMVL.L Sharpe Ratio Rank: 93
EMVL.L Sortino Ratio Rank: 89
EMVL.L Omega Ratio Rank: 91
EMVL.L Calmar Ratio Rank: 93
EMVL.L Martin Ratio Rank: 90

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FNCW.L vs. EMVL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World Financials UCITS ETF (FNCW.L) and iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) (EMVL.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.

	FNCW.L	EMVL.L	Difference
Sharpe ratio: Return per unit of total volatility	1.70	3.44	-1.74
Sortino ratio: Return per unit of downside risk	2.40	4.02	-1.62
Omega ratio: Gain probability vs. loss probability	1.29	1.60	-0.30
Calmar ratio: Return relative to maximum drawdown	2.20	7.50	-5.30
Martin ratio: Return relative to average drawdown	7.00	20.98	-13.98

FNCW.L vs. EMVL.L - Sharpe Ratio Comparison

The current FNCW.L Sharpe Ratio is 1.70, which is lower than the EMVL.L Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of FNCW.L and EMVL.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FNCW.L vs. EMVL.L - Drawdown Comparison

The maximum FNCW.L drawdown since its inception was -43.96%, which is greater than EMVL.L's maximum drawdown of -25.84%. Use the drawdown chart below to compare losses from any high point for FNCW.L and EMVL.L.

Drawdown Indicators

	FNCW.L	EMVL.L	Difference
Max Drawdown Largest peak-to-trough decline	-43.96%	-25.84%	-18.12%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-9.93%	+0.38%
Max Drawdown (3Y) Largest decline over 3 years	-16.31%	-15.76%	-0.55%
Max Drawdown (5Y) Largest decline over 5 years	-37.67%	-20.28%	-17.39%
Max Drawdown (10Y) Largest decline over 10 years	-43.96%	—	—
Current Drawdown Current decline from peak	0.00%	-5.50%	+5.50%
Average Drawdown Average peak-to-trough decline	-10.58%	-5.92%	-4.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	3.55%	-0.55%

Volatility

FNCW.L vs. EMVL.L - Volatility Comparison

The current volatility for SPDR MSCI World Financials UCITS ETF (FNCW.L) is 3.56%, while iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) (EMVL.L) has a volatility of 10.73%. This indicates that FNCW.L experiences smaller price fluctuations and is considered to be less risky than EMVL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNCW.L	EMVL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	10.73%	-7.17%
Volatility (6M) Calculated over the trailing 6-month period	9.73%	19.04%	-9.31%
Volatility (1Y) Calculated over the trailing 1-year period	12.40%	21.71%	-9.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.83%	18.89%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.51%	20.08%	-0.57%

FNCW.L vs. EMVL.L - Expense Ratio Comparison

FNCW.L has a 0.30% expense ratio, which is lower than EMVL.L's 0.40% expense ratio.

Dividends

FNCW.L vs. EMVL.L - Dividend Comparison

Neither FNCW.L nor EMVL.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FNCW.L and EMVL.L in my portfolio?

FNCW.L and EMVL.L have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FNCW.L or EMVL.L?

On fees, FNCW.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FNCW.L or EMVL.L?

FNCW.L is cheaper with a 0.30% expense ratio, compared with 0.40% for EMVL.L.

What is the main difference between FNCW.L and EMVL.L?

FNCW.L is categorized as Financials Equities, while EMVL.L is Emerging Markets Equities. FNCW.L tracks MSCI World/Financials NR USD, while EMVL.L tracks MSCI EM NR USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for FNCW.L and 0.40% for EMVL.L.