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GCVG.L vs. SWDA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GCVG.L vs. SWDA.L

Last updated Jun 4, 2026

GCVG.L (SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF) and SWDA.L (iShares Core MSCI World UCITS ETF USD (Acc)) are both exchange-traded funds - GCVG.L is a Convertible Bonds fund tracking the Refinitiv Qualified Global Convertible (GBP Hedged), while SWDA.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 3 years, GCVG.L returned 19.49%/yr vs 17.83%/yr for SWDA.L. A 0.65 correlation means they provide meaningful diversification when combined. GCVG.L charges 0.55%/yr vs 0.20%/yr for SWDA.L.

Performance

GCVG.L vs. SWDA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) and iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

GCVG.L is traded in GBP, while SWDA.L is traded in GBp. To make them comparable, the SWDA.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, GCVG.L achieves a 18.39% return, which is significantly higher than SWDA.L's 9.92% return.

GCVG.L

1D
-0.19%
1M
5.17%
YTD
18.39%
6M
21.00%
1Y
37.25%
3Y*
19.49%
5Y*
—
10Y*
—

SWDA.L

1D
-0.25%
1M
5.16%
YTD
9.92%
6M
10.29%
1Y
27.16%
3Y*
17.83%
5Y*
13.02%
10Y*
14.05%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GCVG.L vs. SWDA.L - Yearly Performance Comparison

2026 (YTD)2025202420232022
GCVG.L
SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF		18.39%22.98%9.45%13.81%-14.46%
SWDA.L
iShares Core MSCI World UCITS ETF USD (Acc)		9.92%12.64%21.11%17.59%-3.85%

Correlation

The correlation between GCVG.L and SWDA.L is 0.61, 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

0.61

Correlation (3Y)
Calculated over the trailing 3-year period

0.62

Correlation (All Time)
Calculated using the full available price history since Feb 3, 2022

0.65

The correlation between GCVG.L and SWDA.L has been stable across timeframes, ranging from 0.61 to 0.65 - a consistent structural relationship.

GCVG.L vs. SWDA.L - Sectors Allocation Comparison

Sectors
GCVG.L
SWDA.L

Technology

23.8%
30.0%

Consumer Cyclical

8.6%
9.0%

Healthcare

6.0%
8.7%

Industrials

5.1%
10.9%

Financial Services

4.5%
15.4%

Basic Materials

4.0%
3.2%

Utilities

2.4%
2.5%

Communication Services

1.8%
9.2%

Real Estate

1.6%
1.8%

Energy

1.4%
4.2%

Consumer Defensive

0.6%
5.2%

Technology

GCVG.L
23.8%
SWDA.L
30.0%

Consumer Cyclical

GCVG.L
8.6%
SWDA.L
9.0%

Healthcare

GCVG.L
6.0%
SWDA.L
8.7%

Industrials

GCVG.L
5.1%
SWDA.L
10.9%

Financial Services

GCVG.L
4.5%
SWDA.L
15.4%

Basic Materials

GCVG.L
4.0%
SWDA.L
3.2%

Utilities

GCVG.L
2.4%
SWDA.L
2.5%

Communication Services

GCVG.L
1.8%
SWDA.L
9.2%

Real Estate

GCVG.L
1.6%
SWDA.L
1.8%

Energy

GCVG.L
1.4%
SWDA.L
4.2%

Consumer Defensive

GCVG.L
0.6%
SWDA.L
5.2%

Compare stocks, funds, or ETFs

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SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF

iShares Core MSCI World UCITS ETF USD (Acc)

Often compared with GCVG.L:
GCVG.L vs. VOOGCVG.L vs. HERG.LGCVG.L vs. BANK.TOGCVG.L vs. ^NDXGCVG.L vs. BNDGCVG.L vs. SPYGCVG.L vs. FXAIX
Often compared with SWDA.L:
SWDA.L vs. IWDA.LSWDA.L vs. VWRP.LSWDA.L vs. VWCE.DESWDA.L vs. SPYSWDA.L vs. IUSQ.DESWDA.L vs. EUN.LSWDA.L vs. VOO

Return for Risk

GCVG.L vs. SWDA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GCVG.L
GCVG.L Risk / Return Rank: 9292
Overall Rank
GCVG.L Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
GCVG.L Sortino Ratio Rank: 9292
Sortino Ratio Rank
GCVG.L Omega Ratio Rank: 9393
Omega Ratio Rank
GCVG.L Calmar Ratio Rank: 9090
Calmar Ratio Rank
GCVG.L Martin Ratio Rank: 9393
Martin Ratio Rank
SWDA.L
SWDA.L Risk / Return Rank: 8181
Overall Rank
SWDA.L Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
SWDA.L Sortino Ratio Rank: 8181
Sortino Ratio Rank
SWDA.L Omega Ratio Rank: 8282
Omega Ratio Rank
SWDA.L Calmar Ratio Rank: 7979
Calmar Ratio Rank
SWDA.L Martin Ratio Rank: 8181
Martin Ratio Rank
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.

GCVG.L vs. SWDA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) and iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.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.

GCVG.LSWDA.LDifference
Sharpe ratioReturn per unit of total volatility
3.26
2.66

+0.60

Sortino ratioReturn per unit of downside risk
4.52
3.68

+0.84

Omega ratioGain probability vs. loss probability

1.64

1.51

+0.14

Calmar ratioReturn relative to maximum drawdown

5.67

4.13

+1.54

Martin ratioReturn relative to average drawdown

24.59

16.50

+8.08

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GCVG.L vs. SWDA.L - Sharpe Ratio Comparison

The current GCVG.L Sharpe Ratio is 3.26, which is comparable to the SWDA.L Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of GCVG.L and SWDA.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.

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Sharpe Ratios by Period

GCVG.LSWDA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.26

2.66

+0.60

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.98

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.97

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.08

0.88

+0.19

Drawdowns

GCVG.L vs. SWDA.L - Drawdown Comparison

The maximum GCVG.L drawdown since its inception was -17.60%, smaller than the maximum SWDA.L drawdown of -25.58%. Use the drawdown chart below to compare losses from any high point for GCVG.L and SWDA.L.

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Drawdown Indicators

GCVG.LSWDA.LDifference

Max Drawdown

Largest peak-to-trough decline

-17.60%

-25.58%

+7.98%

Max Drawdown (1Y)

Largest decline over 1 year

-6.51%

-6.55%

+0.04%

Max Drawdown (3Y)

Largest decline over 3 years

-7.62%

-18.50%

+10.88%

Max Drawdown (5Y)

Largest decline over 5 years

—

-18.50%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-25.58%

—

Current Drawdown

Current decline from peak

-0.19%

-0.25%

+0.06%

Average Drawdown

Average peak-to-trough decline

-5.49%

-3.49%

-2.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.51%

1.64%

-0.13%

Volatility

GCVG.L vs. SWDA.L - Volatility Comparison

SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) has a higher volatility of 4.00% compared to iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L) at 2.52%. This indicates that GCVG.L's price experiences larger fluctuations and is considered to be riskier than SWDA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GCVG.LSWDA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.00%

2.52%

+1.48%

Volatility (6M)

Calculated over the trailing 6-month period

9.30%

7.30%

+2.00%

Volatility (1Y)

Calculated over the trailing 1-year period

11.35%

10.23%

+1.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.93%

13.30%

-3.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.93%

14.50%

-4.57%

GCVG.L vs. SWDA.L - Expense Ratio Comparison

GCVG.L has a 0.55% expense ratio, which is higher than SWDA.L's 0.20% expense ratio.

Dividends

GCVG.L vs. SWDA.L - Dividend Comparison

GCVG.L's dividend yield for the trailing twelve months is around 0.52%, while SWDA.L has not paid dividends to shareholders.

PositionTTM202520242023
GCVG.L
SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF		0.52%0.59%0.41%0.28%
SWDA.L
iShares Core MSCI World UCITS ETF USD (Acc)		0.00%0.00%0.00%0.00%

Frequently Asked Questions

GCVG.L and SWDA.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SWDA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SWDA.L is cheaper with a 0.20% expense ratio, compared with 0.55% for GCVG.L.

GCVG.L is categorized as Convertible Bonds, while SWDA.L is Global Equities. GCVG.L tracks Refinitiv Qualified Global Convertible (GBP Hedged), while SWDA.L tracks MSCI ACWI NR USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.55% for GCVG.L and 0.20% for SWDA.L.

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