GLCB.L vs. WLDS.L
GLCB.L (SPDR Refinitiv Global Convertible Bond UCITS ETF) and WLDS.L (iShares MSCI World Small Cap UCITS ETF) are both exchange-traded funds - GLCB.L is a Convertible Bonds fund tracking the Refinitiv Global CB TR USD, while WLDS.L is a Small Cap Blend Equities fund tracking the MSCI World Small Cap Index. Both are passively managed. Over the past 5 years, GLCB.L returned 6.46%/yr vs 8.23%/yr for WLDS.L. A 0.63 correlation means they provide meaningful diversification when combined. GLCB.L charges 0.50%/yr vs 0.35%/yr for WLDS.L.
Performance
GLCB.L vs. WLDS.L - Performance Comparison
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Different Trading Currencies
GLCB.L is traded in GBp, while WLDS.L is traded in GBP. To make them comparable, the WLDS.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with GLCB.L having a 13.53% return and WLDS.L slightly higher at 14.07%.
GLCB.L
- 1D
- -0.93%
- 1M
- -3.74%
- 6M
- 10.54%
- YTD
- 13.53%
- 1Y
- 26.78%
- 3Y*
- 15.27%
- 5Y*
- 6.46%
- 10Y*
- 5.49%
WLDS.L
- 1D
- -0.65%
- 1M
- -1.91%
- 6M
- 8.91%
- YTD
- 14.07%
- 1Y
- 25.61%
- 3Y*
- 14.72%
- 5Y*
- 8.23%
- 10Y*
- —
GLCB.L vs. WLDS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GLCB.L SPDR Refinitiv Global Convertible Bond UCITS ETF | 13.53% | 16.97% | 8.82% | 8.16% | -10.86% | -2.14% | 33.15% | 9.84% | -27.38% |
WLDS.L iShares MSCI World Small Cap UCITS ETF | 14.07% | 11.75% | 8.63% | 11.26% | -8.89% | 16.71% | 12.54% | 20.41% | -31.05% |
Correlation
The correlation between GLCB.L and WLDS.L is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2018 | 0.63 |
The correlation between GLCB.L and WLDS.L has been stable across timeframes, ranging from 0.57 to 0.63 - a consistent structural relationship.
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Return for Risk
GLCB.L vs. WLDS.L — Risk / Return Rank
GLCB.L
WLDS.L
GLCB.L vs. WLDS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Refinitiv Global Convertible Bond UCITS ETF (GLCB.L) and iShares MSCI World Small Cap UCITS ETF (WLDS.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.
| GLCB.L | WLDS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.34 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 4.69 | 3.24 | +1.44 |
| Martin ratioReturn relative to average drawdown | 14.31 | 11.89 | +2.42 |
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Drawdowns
GLCB.L vs. WLDS.L - Drawdown Comparison
The maximum GLCB.L drawdown since its inception was -29.82%, smaller than the maximum WLDS.L drawdown of -43.18%. Use the drawdown chart below to compare losses from any high point for GLCB.L and WLDS.L.
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Drawdown Indicators
| GLCB.L | WLDS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.82% | -43.18% | +13.36% |
Max Drawdown (1Y)Largest decline over 1 year | -5.69% | -7.86% | +2.17% |
Max Drawdown (3Y)Largest decline over 3 years | -8.41% | -21.53% | +13.12% |
Max Drawdown (5Y)Largest decline over 5 years | -19.80% | -21.53% | +1.73% |
Max Drawdown (10Y)Largest decline over 10 years | -29.82% | — | — |
Current DrawdownCurrent decline from peak | -5.65% | -3.39% | -2.26% |
Average DrawdownAverage peak-to-trough decline | -9.78% | -12.16% | +2.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.87% | 2.15% | -0.28% |
Volatility
GLCB.L vs. WLDS.L - Volatility Comparison
SPDR Refinitiv Global Convertible Bond UCITS ETF (GLCB.L) and iShares MSCI World Small Cap UCITS ETF (WLDS.L) have volatilities of 4.15% and 4.20%, 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
| GLCB.L | WLDS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.15% | 4.20% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 9.23% | 10.27% | -1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.55% | 13.23% | -1.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.05% | 20.34% | -10.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.99% | 22.37% | -9.38% |
GLCB.L vs. WLDS.L - Expense Ratio Comparison
GLCB.L has a 0.50% expense ratio, which is higher than WLDS.L's 0.35% expense ratio.
Dividends
GLCB.L vs. WLDS.L - Dividend Comparison
GLCB.L's dividend yield for the trailing twelve months is around 0.27%, while WLDS.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GLCB.L SPDR Refinitiv Global Convertible Bond UCITS ETF | 0.27% | 0.66% | 0.47% | 0.23% | 0.23% | 0.17% | 0.31% | 0.43% | 0.35% | 0.38% |
WLDS.L iShares MSCI World Small Cap UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GLCB.L and WLDS.L have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, WLDS.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
WLDS.L is cheaper with a 0.35% expense ratio, compared with 0.50% for GLCB.L.
GLCB.L is categorized as Convertible Bonds, while WLDS.L is Small Cap Blend Equities. GLCB.L tracks Refinitiv Global CB TR USD, while WLDS.L tracks MSCI World Small Cap Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.50% for GLCB.L and 0.35% for WLDS.L.
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