FNCW.L vs. GXLF.L
FNCW.L (SPDR MSCI World Financials UCITS ETF) and GXLF.L (SPDR S&P US Financials Select Sector UCITS ETF) are both Financials Equities funds from State Street tracking the MSCI World/Financials NR USD. Both are passively managed. Over the past 3 years, FNCW.L returned 20.93%/yr vs 15.45%/yr for GXLF.L. Their correlation of 0.92 suggests significant overlap in exposure. FNCW.L charges 0.30%/yr vs 0.15%/yr for GXLF.L.
Performance
FNCW.L vs. GXLF.L - Performance Comparison
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Returns By Period
In the year-to-date period, FNCW.L achieves a 0.43% return, which is significantly higher than GXLF.L's -4.87% return.
FNCW.L
- 1D
- 1.91%
- 1M
- 2.90%
- YTD
- 0.43%
- 6M
- 3.68%
- 1Y
- 15.52%
- 3Y*
- 20.93%
- 5Y*
- —
- 10Y*
- —
GXLF.L
- 1D
- 3.21%
- 1M
- 2.06%
- YTD
- -4.87%
- 6M
- -2.66%
- 1Y
- 4.61%
- 3Y*
- 15.45%
- 5Y*
- —
- 10Y*
- —
FNCW.L vs. GXLF.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FNCW.L SPDR MSCI World Financials UCITS ETF | 0.43% | 20.39% | 28.76% | 9.92% | 0.02% |
GXLF.L SPDR S&P US Financials Select Sector UCITS ETF | -4.87% | 7.31% | 32.20% | 6.05% | -1.25% |
Correlation
The correlation between FNCW.L and GXLF.L is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2022 | 0.92 |
The correlation between FNCW.L and GXLF.L has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.
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Return for Risk
FNCW.L vs. GXLF.L — Risk / Return Rank
FNCW.L
GXLF.L
FNCW.L vs. GXLF.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 SPDR S&P US Financials Select Sector UCITS ETF (GXLF.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.
| FNCW.L | GXLF.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.07 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 0.36 | +1.26 |
| Martin ratioReturn relative to average drawdown | 5.15 | 0.84 | +4.31 |
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
| FNCW.L | GXLF.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.25 | 0.33 | +0.92 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.92 | 0.51 | +0.41 |
Drawdowns
FNCW.L vs. GXLF.L - Drawdown Comparison
The maximum FNCW.L drawdown since its inception was -16.31%, smaller than the maximum GXLF.L drawdown of -18.21%. Use the drawdown chart below to compare losses from any high point for FNCW.L and GXLF.L.
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Drawdown Indicators
| FNCW.L | GXLF.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.31% | -18.21% | +1.90% |
Max Drawdown (1Y)Largest decline over 1 year | -9.55% | -12.80% | +3.25% |
Max Drawdown (3Y)Largest decline over 3 years | -16.31% | -18.21% | +1.90% |
Current DrawdownCurrent decline from peak | -1.13% | -6.67% | +5.54% |
Average DrawdownAverage peak-to-trough decline | -3.76% | -5.79% | +2.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 5.48% | -2.48% |
Volatility
FNCW.L vs. GXLF.L - Volatility Comparison
The current volatility for SPDR MSCI World Financials UCITS ETF (FNCW.L) is 3.46%, while SPDR S&P US Financials Select Sector UCITS ETF (GXLF.L) has a volatility of 4.36%. This indicates that FNCW.L experiences smaller price fluctuations and is considered to be less risky than GXLF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FNCW.L | GXLF.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.46% | 4.36% | -0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 9.59% | 10.64% | -1.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.41% | 14.08% | -1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.02% | 16.99% | -1.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.02% | 16.99% | -1.97% |
FNCW.L vs. GXLF.L - Expense Ratio Comparison
FNCW.L has a 0.30% expense ratio, which is higher than GXLF.L's 0.15% expense ratio.
Dividends
FNCW.L vs. GXLF.L - Dividend Comparison
Neither FNCW.L nor GXLF.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, FNCW.L and GXLF.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, GXLF.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GXLF.L is cheaper with a 0.15% expense ratio, compared with 0.30% for FNCW.L.
Both ETFs track MSCI World/Financials NR USD. Their fees differ too: 0.30% for FNCW.L and 0.15% for GXLF.L.
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