GXLF.L vs. BNKS.L
GXLF.L (SPDR S&P US Financials Select Sector UCITS ETF) and BNKS.L (iShares S&P U.S. Banks) are both Financials Equities funds tracking the MSCI World/Financials NR USD, from State Street and iShares respectively. Both are passively managed. Over the past 3 years, GXLF.L returned 15.45%/yr vs 23.12%/yr for BNKS.L. A 0.76 correlation means they provide meaningful diversification when combined. GXLF.L charges 0.15%/yr vs 0.35%/yr for BNKS.L.
Performance
GXLF.L vs. BNKS.L - Performance Comparison
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Different Trading Currencies
GXLF.L is traded in GBP, while BNKS.L is traded in USD. To make them comparable, the BNKS.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, GXLF.L achieves a -4.87% return, which is significantly lower than BNKS.L's 4.03% return.
GXLF.L
- 1D
- 3.21%
- 1M
- 2.06%
- YTD
- -4.87%
- 6M
- -2.66%
- 1Y
- 4.61%
- 3Y*
- 15.45%
- 5Y*
- —
- 10Y*
- —
BNKS.L
- 1D
- 3.49%
- 1M
- 1.92%
- YTD
- 4.03%
- 6M
- 6.76%
- 1Y
- 29.13%
- 3Y*
- 23.12%
- 5Y*
- 5.90%
- 10Y*
- —
GXLF.L vs. BNKS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GXLF.L SPDR S&P US Financials Select Sector UCITS ETF | -4.87% | 7.31% | 32.20% | 6.05% | -1.25% |
BNKS.L iShares S&P U.S. Banks | 4.03% | 11.87% | 30.79% | -8.55% | -7.57% |
Correlation
The correlation between GXLF.L and BNKS.L is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2022 | 0.76 |
The correlation between GXLF.L and BNKS.L has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.
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Return for Risk
GXLF.L vs. BNKS.L — Risk / Return Rank
GXLF.L
BNKS.L
GXLF.L vs. BNKS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P US Financials Select Sector UCITS ETF (GXLF.L) and iShares S&P U.S. Banks (BNKS.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.
| GXLF.L | BNKS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.24 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.36 | 1.85 | -1.49 |
| Martin ratioReturn relative to average drawdown | 0.84 | 5.43 | -4.59 |
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
| GXLF.L | BNKS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.33 | 1.39 | -1.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.22 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 0.20 | +0.31 |
Drawdowns
GXLF.L vs. BNKS.L - Drawdown Comparison
The maximum GXLF.L drawdown since its inception was -18.21%, smaller than the maximum BNKS.L drawdown of -45.87%. Use the drawdown chart below to compare losses from any high point for GXLF.L and BNKS.L.
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Drawdown Indicators
| GXLF.L | BNKS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.21% | -45.87% | +27.66% |
Max Drawdown (1Y)Largest decline over 1 year | -12.80% | -15.69% | +2.89% |
Max Drawdown (3Y)Largest decline over 3 years | -18.21% | -29.89% | +11.68% |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.87% | — |
Current DrawdownCurrent decline from peak | -6.67% | -4.17% | -2.50% |
Average DrawdownAverage peak-to-trough decline | -5.79% | -15.28% | +9.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.48% | 5.36% | +0.12% |
Volatility
GXLF.L vs. BNKS.L - Volatility Comparison
The current volatility for SPDR S&P US Financials Select Sector UCITS ETF (GXLF.L) is 4.36%, while iShares S&P U.S. Banks (BNKS.L) has a volatility of 6.01%. This indicates that GXLF.L experiences smaller price fluctuations and is considered to be less risky than BNKS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GXLF.L | BNKS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.36% | 6.01% | -1.65% |
Volatility (6M)Calculated over the trailing 6-month period | 10.64% | 15.81% | -5.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.08% | 20.89% | -6.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.99% | 26.95% | -9.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.99% | 30.65% | -13.66% |
GXLF.L vs. BNKS.L - Expense Ratio Comparison
GXLF.L has a 0.15% expense ratio, which is lower than BNKS.L's 0.35% expense ratio.
Dividends
GXLF.L vs. BNKS.L - Dividend Comparison
Neither GXLF.L nor BNKS.L has paid dividends to shareholders.
Frequently Asked Questions
GXLF.L and BNKS.L have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GXLF.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GXLF.L is cheaper with a 0.15% expense ratio, compared with 0.35% for BNKS.L.
Both ETFs track MSCI World/Financials NR USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.15% for GXLF.L and 0.35% for BNKS.L.
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