GXLC.L vs. IUCM.L

Last updated Jun 5, 2026

GXLC.L (SPDR® S&P® U.S. Communication Services Select Sector UCITS ETF) and IUCM.L (iShares S&P 500 Communication Sector UCITS ETF USD Acc) are both Communications Equities funds tracking the MSCI World/Comm Services NR USD, from State Street and iShares respectively. Both are passively managed. Over the past 5 years, GXLC.L returned 11.50%/yr vs 12.59%/yr for IUCM.L. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

GXLC.L vs. IUCM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR® S&P® U.S. Communication Services Select Sector UCITS ETF (GXLC.L) and iShares S&P 500 Communication Sector UCITS ETF USD Acc (IUCM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GXLC.L is traded in GBP, while IUCM.L is traded in USD. To make them comparable, the IUCM.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with GXLC.L having a 2.07% return and IUCM.L slightly lower at 2.02%.

GXLC.L

• 1D: 1.55%
• 1M: -2.03%
• YTD: 2.07%
• 6M: 1.19%
• 1Y: 22.13%
• 3Y*: 22.19%
• 5Y*: 11.50%
• 10Y*: —

IUCM.L

• 1D: 1.51%
• 1M: -1.92%
• YTD: 2.02%
• 6M: 0.82%
• 1Y: 22.04%
• 3Y*: 23.90%
• 5Y*: 12.59%
• 10Y*: —

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

GXLC.L vs. IUCM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GXLC.L SPDR® S&P® U.S. Communication Services Select Sector UCITS ETF	2.07%	19.01%	33.60%	45.06%	-29.78%	18.90%	22.83%	25.39%	-10.55%
IUCM.L iShares S&P 500 Communication Sector UCITS ETF USD Acc	2.02%	17.47%	41.41%	47.96%	-33.47%	23.51%	19.04%	25.86%	-8.26%

Correlation

The correlation between GXLC.L and IUCM.L is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 20, 2018	0.93

The correlation between GXLC.L and IUCM.L has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

GXLC.L vs. IUCM.L - Sectors Allocation Comparison

Sectors	GXLC.L	IUCM.L
Communication Services	100.0%	99.1%
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	0.6%
Utilities	-	-

Return for Risk

GXLC.L vs. IUCM.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GXLC.L

GXLC.L Risk / Return Rank: 50
GXLC.L Sharpe Ratio Rank: 48
GXLC.L Sortino Ratio Rank: 50
GXLC.L Omega Ratio Rank: 44
GXLC.L Calmar Ratio Rank: 52
GXLC.L Martin Ratio Rank: 54

IUCM.L

IUCM.L Risk / Return Rank: 44
IUCM.L Sharpe Ratio Rank: 42
IUCM.L Sortino Ratio Rank: 46
IUCM.L Omega Ratio Rank: 39
IUCM.L Calmar Ratio Rank: 44
IUCM.L Martin Ratio Rank: 48

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.

GXLC.L vs. IUCM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR® S&P® U.S. Communication Services Select Sector UCITS ETF (GXLC.L) and iShares S&P 500 Communication Sector UCITS ETF USD Acc (IUCM.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.

	GXLC.L	IUCM.L	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.52	+0.13
Sortino ratio: Return per unit of downside risk	2.41	2.25	+0.16
Omega ratio: Gain probability vs. loss probability	1.28	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	2.55	2.67	-0.13
Martin ratio: Return relative to average drawdown	9.15	8.83	+0.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GXLC.L vs. IUCM.L - Sharpe Ratio Comparison

The current GXLC.L Sharpe Ratio is 1.65, which is comparable to the IUCM.L Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of GXLC.L and IUCM.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

	GXLC.L	IUCM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	1.52	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.65	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.71	-0.02

Drawdowns

GXLC.L vs. IUCM.L - Drawdown Comparison

The maximum GXLC.L drawdown since its inception was -35.84%, smaller than the maximum IUCM.L drawdown of -38.32%. Use the drawdown chart below to compare losses from any high point for GXLC.L and IUCM.L.

Drawdown Indicators

	GXLC.L	IUCM.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.84%	-38.32%	+2.48%
Max Drawdown (1Y) Largest decline over 1 year	-8.66%	-8.21%	-0.45%
Max Drawdown (3Y) Largest decline over 3 years	-18.45%	-20.74%	+2.29%
Max Drawdown (5Y) Largest decline over 5 years	-35.84%	-38.32%	+2.48%
Current Drawdown Current decline from peak	-4.54%	-4.39%	-0.15%
Average Drawdown Average peak-to-trough decline	-7.72%	-8.23%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	2.49%	-0.08%

Volatility

GXLC.L vs. IUCM.L - Volatility Comparison

The current volatility for SPDR® S&P® U.S. Communication Services Select Sector UCITS ETF (GXLC.L) is 4.36%, while iShares S&P 500 Communication Sector UCITS ETF USD Acc (IUCM.L) has a volatility of 4.59%. This indicates that GXLC.L experiences smaller price fluctuations and is considered to be less risky than IUCM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GXLC.L	IUCM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	4.59%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	9.64%	10.51%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	13.32%	14.43%	-1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.92%	19.49%	-1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.04%	20.24%	-1.20%

GXLC.L vs. IUCM.L - Expense Ratio Comparison

Both GXLC.L and IUCM.L have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

GXLC.L vs. IUCM.L - Dividend Comparison

Neither GXLC.L nor IUCM.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GXLC.L and IUCM.L in my portfolio?

With a correlation of 0.94, GXLC.L and IUCM.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.

Which ETF is better, GXLC.L or IUCM.L?

Both ETFs have the same 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GXLC.L or IUCM.L?

GXLC.L and IUCM.L have the same expense ratio: 0.15% per year.

What is the main difference between GXLC.L and IUCM.L?

Both ETFs track MSCI World/Comm Services NR USD. They also come from different issuers: State Street and iShares.