FNCW.L vs. REL.L

Last updated Jun 5, 2026

FNCW.L (SPDR MSCI World Financials UCITS ETF) is Financials Equities fund tracking the MSCI World/Financials NR USD, while REL.L (RELX PLC) is a stock. Over the past 3 years, FNCW.L returned 20.93%/yr vs 2.02%/yr for REL.L. At a 0.31 correlation, their price movements are largely independent.

Performance

FNCW.L vs. REL.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 RELX PLC (REL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FNCW.L is traded in GBP, while REL.L is traded in GBp. To make them comparable, the REL.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 0.43% return, which is significantly higher than REL.L's -12.88% return.

FNCW.L

• 1D: 1.91%
• 1M: 2.90%
• YTD: 0.43%
• 6M: 3.68%
• 1Y: 15.52%
• 3Y*: 20.93%
• 5Y*: —
• 10Y*: —

REL.L

• 1D: 6.03%
• 1M: -1.60%
• YTD: -12.88%
• 6M: -13.31%
• 1Y: -34.05%
• 3Y*: 2.02%
• 5Y*: 9.14%
• 10Y*: 9.81%

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

FNCW.L vs. REL.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%	-0.09%
REL.L RELX PLC	-12.88%	-15.41%	18.77%	38.84%	-2.94%

Correlation

The correlation between FNCW.L and REL.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.31

Return for Risk

FNCW.L vs. REL.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: 34
FNCW.L Sharpe Ratio Rank: 35
FNCW.L Sortino Ratio Rank: 35
FNCW.L Omega Ratio Rank: 33
FNCW.L Calmar Ratio Rank: 33
FNCW.L Martin Ratio Rank: 35

REL.L

REL.L Risk / Return Rank: 8
REL.L Sharpe Ratio Rank: 4
REL.L Sortino Ratio Rank: 6
REL.L Omega Ratio Rank: 5
REL.L Calmar Ratio Rank: 16
REL.L Martin Ratio Rank: 11

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. REL.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 RELX PLC (REL.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	REL.L	Difference
Sharpe ratio: Return per unit of total volatility	1.25	-1.07	+2.32
Sortino ratio: Return per unit of downside risk	1.80	-1.50	+3.29
Omega ratio: Gain probability vs. loss probability	1.21	0.80	+0.42
Calmar ratio: Return relative to maximum drawdown	1.62	-0.68	+2.30
Martin ratio: Return relative to average drawdown	5.15	-1.32	+6.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current FNCW.L Sharpe Ratio is 1.25, which is higher than the REL.L Sharpe Ratio of -1.07. The chart below compares the historical Sharpe Ratios of FNCW.L and REL.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.

Sharpe Ratios by Period

	FNCW.L	REL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	-1.07	+2.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.42	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.39	+0.53

Drawdowns

FNCW.L vs. REL.L - Drawdown Comparison

The maximum FNCW.L drawdown since its inception was -16.31%, smaller than the maximum REL.L drawdown of -50.99%. Use the drawdown chart below to compare losses from any high point for FNCW.L and REL.L.

Drawdown Indicators

	FNCW.L	REL.L	Difference
Max Drawdown Largest peak-to-trough decline	-16.31%	-50.99%	+34.68%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-49.56%	+40.01%
Max Drawdown (3Y) Largest decline over 3 years	-16.31%	-50.99%	+34.68%
Max Drawdown (5Y) Largest decline over 5 years	—	-50.99%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.99%	—
Current Drawdown Current decline from peak	-1.13%	-35.93%	+34.80%
Average Drawdown Average peak-to-trough decline	-3.76%	-11.95%	+8.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	25.80%	-22.80%

Volatility

FNCW.L vs. REL.L - Volatility Comparison

The current volatility for SPDR MSCI World Financials UCITS ETF (FNCW.L) is 3.46%, while RELX PLC (REL.L) has a volatility of 11.48%. This indicates that FNCW.L experiences smaller price fluctuations and is considered to be less risky than REL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNCW.L	REL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	11.48%	-8.02%
Volatility (6M) Calculated over the trailing 6-month period	9.59%	28.80%	-19.21%
Volatility (1Y) Calculated over the trailing 1-year period	12.41%	31.59%	-19.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.02%	21.61%	-6.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.02%	21.57%	-6.55%

Dividends

FNCW.L vs. REL.L - Dividend Comparison

FNCW.L has not paid dividends to shareholders, while REL.L's dividend yield for the trailing twelve months is around 2.61%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNCW.L SPDR MSCI World Financials UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
REL.L RELX PLC	2.61%	2.13%	1.65%	1.80%	2.24%	1.99%	2.55%	2.27%	2.48%	2.15%	2.25%	2.21%

Frequently Asked Questions

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

FNCW.L and REL.L have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.