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IGF vs. EXCS.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IGF vs. EXCS.L

Last updated Jun 9, 2026

IGF (iShares Global Infrastructure ETF) and EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) are both exchange-traded funds - IGF is a Industrials Equities fund tracking the S&P Global Infrastructure Index, while EXCS.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 3 years, IGF returned 15.43%/yr vs 25.66%/yr for EXCS.L. At a 0.45 correlation, their price movements are largely independent. IGF charges 0.39%/yr vs 0.18%/yr for EXCS.L.

Performance

IGF vs. EXCS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Infrastructure ETF (IGF) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, IGF achieves a 7.07% return, which is significantly lower than EXCS.L's 31.84% return.

IGF

1D
-0.73%
1M
-1.91%
YTD
7.07%
6M
8.23%
1Y
13.89%
3Y*
15.43%
5Y*
9.75%
10Y*
8.26%

EXCS.L

1D
0.49%
1M
-1.41%
YTD
31.84%
6M
36.07%
1Y
61.99%
3Y*
25.66%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IGF vs. EXCS.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021
IGF
iShares Global Infrastructure ETF		7.07%21.31%14.81%6.14%-1.26%3.20%
EXCS.L
iShares MSCI EM ex-China UCITS ETF USD (Acc)		31.84%35.75%3.67%16.90%-18.20%-24.55%

Correlation

The correlation between IGF and EXCS.L is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.32

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

0.38

Correlation (All Time)
Calculated using the full available price history since Nov 22, 2021

0.45

The correlation between IGF and EXCS.L shifts across timeframes, from 0.32 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.

IGF vs. EXCS.L - Sectors Allocation Comparison

Sectors
IGF
EXCS.L

Utilities

41.1%
2.3%

Industrials

38.8%
8.3%

Energy

20.1%
4.2%

Real Estate

0.1%
1.0%

Basic Materials

-

6.8%

Communication Services

-

3.4%

Consumer Cyclical

-

4.5%

Consumer Defensive

-

2.9%

Financial Services

-

19.5%

Healthcare

-

2.2%

Technology

-

45.1%

Utilities

IGF
41.1%
EXCS.L
2.3%

Industrials

IGF
38.8%
EXCS.L
8.3%

Energy

IGF
20.1%
EXCS.L
4.2%

Real Estate

IGF
0.1%
EXCS.L
1.0%

Basic Materials

IGF

-

EXCS.L
6.8%

Communication Services

IGF

-

EXCS.L
3.4%

Consumer Cyclical

IGF

-

EXCS.L
4.5%

Consumer Defensive

IGF

-

EXCS.L
2.9%

Financial Services

IGF

-

EXCS.L
19.5%

Healthcare

IGF

-

EXCS.L
2.2%

Technology

IGF

-

EXCS.L
45.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Global Infrastructure ETF

iShares MSCI EM ex-China UCITS ETF USD (Acc)

Often compared with IGF:
IGF vs. IFRAIGF vs. GIIIGF vs. NFRAIGF vs. SPYIGF vs. GLIFXIGF vs. VPUIGF vs. XLU
Often compared with EXCS.L:
EXCS.L vs. EMIM.LEXCS.L vs. EIMI.LEXCS.L vs. XDEM.LEXCS.L vs. QQQEXCS.L vs. EEMEXCS.L vs. ^GSPCEXCS.L vs. VFEG.L

Return for Risk

IGF vs. EXCS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IGF
IGF Risk / Return Rank: 4545
Overall Rank
IGF Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
IGF Sortino Ratio Rank: 4141
Sortino Ratio Rank
IGF Omega Ratio Rank: 4040
Omega Ratio Rank
IGF Calmar Ratio Rank: 5353
Calmar Ratio Rank
IGF Martin Ratio Rank: 4747
Martin Ratio Rank
EXCS.L
EXCS.L Risk / Return Rank: 9292
Overall Rank
EXCS.L Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
EXCS.L Sortino Ratio Rank: 9292
Sortino Ratio Rank
EXCS.L Omega Ratio Rank: 9393
Omega Ratio Rank
EXCS.L Calmar Ratio Rank: 9191
Calmar Ratio Rank
EXCS.L Martin Ratio Rank: 9191
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.

IGF vs. EXCS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Infrastructure ETF (IGF) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.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.

IGFEXCS.LDifference
Sharpe ratioReturn per unit of total volatility
1.32
2.86

-1.54

Sortino ratioReturn per unit of downside risk
1.91
3.60

-1.69

Omega ratioGain probability vs. loss probability

1.23

1.51

-0.28

Calmar ratioReturn relative to maximum drawdown

2.38

4.40

-2.02

Martin ratioReturn relative to average drawdown

7.08

16.49

-9.41

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

IGF vs. EXCS.L - Sharpe Ratio Comparison

The current IGF Sharpe Ratio is 1.32, which is lower than the EXCS.L Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of IGF and EXCS.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

IGFEXCS.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.32

2.86

-1.54

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.70

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.49

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.26

-0.02

Drawdowns

IGF vs. EXCS.L - Drawdown Comparison

The maximum IGF drawdown since its inception was -58.33%, which is greater than EXCS.L's maximum drawdown of -44.14%. Use the drawdown chart below to compare losses from any high point for IGF and EXCS.L.

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Drawdown Indicators

IGFEXCS.LDifference

Max Drawdown

Largest peak-to-trough decline

-58.33%

-44.14%

-14.19%

Max Drawdown (1Y)

Largest decline over 1 year

-5.87%

-14.02%

+8.15%

Max Drawdown (3Y)

Largest decline over 3 years

-14.28%

-19.69%

+5.41%

Max Drawdown (5Y)

Largest decline over 5 years

-20.83%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-42.11%

—

—

Current Drawdown

Current decline from peak

-5.29%

-7.31%

+2.02%

Average Drawdown

Average peak-to-trough decline

-11.87%

-24.42%

+12.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.97%

3.75%

-1.78%

Volatility

IGF vs. EXCS.L - Volatility Comparison

The current volatility for iShares Global Infrastructure ETF (IGF) is 3.61%, while iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a volatility of 10.52%. This indicates that IGF experiences smaller price fluctuations and is considered to be less risky than EXCS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IGFEXCS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.61%

10.52%

-6.91%

Volatility (6M)

Calculated over the trailing 6-month period

8.68%

19.09%

-10.41%

Volatility (1Y)

Calculated over the trailing 1-year period

10.56%

21.59%

-11.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.00%

25.81%

-11.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.84%

25.81%

-8.97%

IGF vs. EXCS.L - Expense Ratio Comparison

IGF has a 0.39% expense ratio, which is higher than EXCS.L's 0.18% expense ratio.

Dividends

IGF vs. EXCS.L - Dividend Comparison

IGF's dividend yield for the trailing twelve months is around 3.01%, while EXCS.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EXCS.L
iShares MSCI EM ex-China UCITS ETF USD (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
IGF
iShares Global Infrastructure ETF		3.01%3.23%3.21%3.36%2.67%2.42%2.33%3.27%3.52%2.95%2.98%3.25%

Frequently Asked Questions

IGF and EXCS.L have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EXCS.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EXCS.L is cheaper with a 0.18% expense ratio, compared with 0.39% for IGF.

IGF is categorized as Industrials Equities, while EXCS.L is Emerging Markets Equities. IGF tracks S&P Global Infrastructure Index, while EXCS.L tracks MSCI EM NR USD. Their fees differ too: 0.39% for IGF and 0.18% for EXCS.L.

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