IDPE.L vs. FNCL.L
IDPE.L (iShares Listed Private Equity UCITS ETF USD (Dist)) and FNCL.L (SPDR® MSCI Europe Financials UCITS ETF) are both Financials Equities funds - IDPE.L tracks the S&P LISTED PRIVATE EQUITY INDEX (NET) (USD) while FNCL.L tracks the MSCI World/Financials NR USD. Both are passively managed. Over the past 10 years, IDPE.L returned 10.81%/yr vs 14.84%/yr for FNCL.L. A 0.70 correlation means they provide meaningful diversification when combined. IDPE.L charges 0.75%/yr vs 0.18%/yr for FNCL.L.
Performance
IDPE.L vs. FNCL.L - Performance Comparison
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Different Trading Currencies
IDPE.L is traded in USD, while FNCL.L is traded in EUR. To make them comparable, the FNCL.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, IDPE.L achieves a -11.15% return, which is significantly lower than FNCL.L's 11.33% return. Over the past 10 years, IDPE.L has underperformed FNCL.L with an annualized return of 10.81%, while FNCL.L has yielded a comparatively higher 14.84% annualized return.
IDPE.L
- 1D
- -0.16%
- 1M
- 0.45%
- 6M
- -13.72%
- YTD
- -11.15%
- 1Y
- -16.47%
- 3Y*
- 9.31%
- 5Y*
- 4.52%
- 10Y*
- 10.81%
FNCL.L
- 1D
- -0.72%
- 1M
- 3.04%
- 6M
- 10.56%
- YTD
- 11.33%
- 1Y
- 32.52%
- 3Y*
- 32.81%
- 5Y*
- 22.15%
- 10Y*
- 14.84%
IDPE.L vs. FNCL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IDPE.L iShares Listed Private Equity UCITS ETF USD (Dist) | -11.15% | 1.30% | 23.80% | 39.29% | -28.48% | 41.86% | 4.59% | 43.87% | -13.92% | 25.05% |
FNCL.L SPDR® MSCI Europe Financials UCITS ETF | 11.33% | 66.78% | 18.13% | 25.03% | -7.78% | 19.86% | -7.93% | 19.85% | -22.94% | 28.97% |
Correlation
The correlation between IDPE.L and FNCL.L is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Dec 12, 2014 | 0.70 |
The correlation between IDPE.L and FNCL.L shifts across timeframes, from 0.60 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IDPE.L vs. FNCL.L — Risk / Return Rank
IDPE.L
FNCL.L
IDPE.L vs. FNCL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Listed Private Equity UCITS ETF USD (Dist) (IDPE.L) and SPDR® MSCI Europe Financials UCITS ETF (FNCL.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.
| IDPE.L | FNCL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.45 | ||
| Sortino ratioReturn per unit of downside risk | -3.35 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.29 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | 2.31 | -2.98 |
| Martin ratioReturn relative to average drawdown | -1.18 | 7.75 | -8.93 |
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Drawdowns
IDPE.L vs. FNCL.L - Drawdown Comparison
The maximum IDPE.L drawdown since its inception was -82.58%, which is greater than FNCL.L's maximum drawdown of -52.32%. Use the drawdown chart below to compare losses from any high point for IDPE.L and FNCL.L.
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Drawdown Indicators
| IDPE.L | FNCL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.58% | -52.32% | -30.26% |
Max Drawdown (1Y)Largest decline over 1 year | -24.69% | -14.01% | -10.68% |
Max Drawdown (3Y)Largest decline over 3 years | -25.17% | -16.02% | -9.15% |
Max Drawdown (5Y)Largest decline over 5 years | -38.86% | -34.63% | -4.23% |
Max Drawdown (10Y)Largest decline over 10 years | -50.36% | -52.32% | +1.96% |
Current DrawdownCurrent decline from peak | -17.65% | -0.78% | -16.87% |
Average DrawdownAverage peak-to-trough decline | -20.32% | -12.97% | -7.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.88% | 4.19% | +9.69% |
Volatility
IDPE.L vs. FNCL.L - Volatility Comparison
iShares Listed Private Equity UCITS ETF USD (Dist) (IDPE.L) has a higher volatility of 5.39% compared to SPDR® MSCI Europe Financials UCITS ETF (FNCL.L) at 4.63%. This indicates that IDPE.L's price experiences larger fluctuations and is considered to be riskier than FNCL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IDPE.L | FNCL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.39% | 4.63% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 16.87% | 16.66% | +0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.82% | 19.57% | +1.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 21.69% | +0.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.11% | 22.17% | -0.06% |
IDPE.L vs. FNCL.L - Expense Ratio Comparison
IDPE.L has a 0.75% expense ratio, which is higher than FNCL.L's 0.18% expense ratio.
Dividends
IDPE.L vs. FNCL.L - Dividend Comparison
IDPE.L's dividend yield for the trailing twelve months is around 3.82%, while FNCL.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNCL.L SPDR® MSCI Europe Financials UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IDPE.L iShares Listed Private Equity UCITS ETF USD (Dist) | 3.82% | 2.96% | 3.03% | 3.35% | 4.36% | 2.54% | 3.56% | 3.25% | 5.05% | 4.96% | 4.33% | 5.53% |
Frequently Asked Questions
IDPE.L and FNCL.L have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FNCL.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FNCL.L is cheaper with a 0.18% expense ratio, compared with 0.75% for IDPE.L.
IDPE.L tracks S&P LISTED PRIVATE EQUITY INDEX (NET) (USD), while FNCL.L tracks MSCI World/Financials NR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.75% for IDPE.L and 0.18% for FNCL.L.
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