FNCW.L vs. XWFS.L
FNCW.L (SPDR MSCI World 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, FNCW.L returned 20.93%/yr vs 21.05%/yr for XWFS.L. With a 0.95 correlation, they move nearly in lockstep. FNCW.L charges 0.30%/yr vs 0.25%/yr for XWFS.L.
Performance
FNCW.L vs. XWFS.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 lower than XWFS.L's 0.60% return.
FNCW.L
- 1D
- 1.91%
- 1M
- 2.90%
- YTD
- 0.43%
- 6M
- 3.68%
- 1Y
- 15.52%
- 3Y*
- 20.93%
- 5Y*
- —
- 10Y*
- —
XWFS.L
- 1D
- 2.05%
- 1M
- 2.74%
- YTD
- 0.60%
- 6M
- 4.10%
- 1Y
- 15.66%
- 3Y*
- 21.05%
- 5Y*
- —
- 10Y*
- —
FNCW.L vs. XWFS.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% |
XWFS.L Xtrackers MSCI World Financials UCITS ETF 1C | 0.60% | 20.20% | 29.08% | 10.02% | -0.12% |
Correlation
The correlation between FNCW.L and XWFS.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.95 |
The correlation between FNCW.L and XWFS.L has been stable across timeframes, ranging from 0.93 to 0.99 - a consistent structural relationship.
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Return for Risk
FNCW.L vs. XWFS.L — Risk / Return Rank
FNCW.L
XWFS.L
FNCW.L vs. XWFS.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 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.
| FNCW.L | XWFS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.22 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 1.62 | 0.00 |
| Martin ratioReturn relative to average drawdown | 5.15 | 5.18 | -0.03 |
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 | XWFS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.25 | 1.24 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.92 | 0.85 | +0.07 |
Drawdowns
FNCW.L vs. XWFS.L - Drawdown Comparison
The maximum FNCW.L drawdown since its inception was -16.31%, roughly equal to the maximum XWFS.L drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for FNCW.L and XWFS.L.
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Drawdown Indicators
| FNCW.L | XWFS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.31% | -16.47% | +0.16% |
Max Drawdown (1Y)Largest decline over 1 year | -9.55% | -9.64% | +0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -16.31% | -16.47% | +0.16% |
Current DrawdownCurrent decline from peak | -1.13% | -0.92% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -3.76% | -4.11% | +0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 3.01% | -0.01% |
Volatility
FNCW.L vs. XWFS.L - Volatility Comparison
SPDR MSCI World Financials UCITS ETF (FNCW.L) and Xtrackers MSCI World Financials UCITS ETF 1C (XWFS.L) have volatilities of 3.46% and 3.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FNCW.L | XWFS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.46% | 3.40% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 9.59% | 9.82% | -0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.41% | 12.57% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.02% | 16.04% | -1.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.02% | 16.04% | -1.02% |
FNCW.L vs. XWFS.L - Expense Ratio Comparison
FNCW.L has a 0.30% expense ratio, which is higher than XWFS.L's 0.25% expense ratio.
Dividends
FNCW.L vs. XWFS.L - Dividend Comparison
Neither FNCW.L nor XWFS.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, FNCW.L and XWFS.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, XWFS.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XWFS.L is cheaper with a 0.25% expense ratio, compared with 0.30% for FNCW.L.
Both ETFs track MSCI World/Financials NR USD. They also come from different issuers: State Street and Xtrackers. Their fees differ too: 0.30% for FNCW.L and 0.25% for XWFS.L.
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