IMID.L vs. WNRG.L

Last updated Jul 18, 2026

IMID.L (SPDR MSCI ACWI IMI UCITS ETF) and WNRG.L (State Street SPDR MSCI World Energy UCITS ETF USD (Acc)) are both Global Equities funds from State Street - IMID.L tracks the MSCI ACWI Investable Market Index while WNRG.L tracks the MSCI World Energy 35/20 Capped Index. Both are passively managed. Over the past 10 years, IMID.L returned -18.81%/yr vs 8.80%/yr for WNRG.L. At a 0.44 correlation, their price movements are largely independent. IMID.L charges 0.17%/yr vs 0.30%/yr for WNRG.L.

Performance

IMID.L vs. WNRG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI ACWI IMI UCITS ETF (IMID.L) and State Street SPDR MSCI World Energy UCITS ETF USD (Acc) (WNRG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMID.L achieves a -95.58% return, which is significantly lower than WNRG.L's 27.75% return. Over the past 10 years, IMID.L has underperformed WNRG.L with an annualized return of -18.81%, while WNRG.L has yielded a comparatively higher 8.80% annualized return.

IMID.L

• 1D: -1.22%
• 1M: -1.90%
• 6M: -95.68%
• YTD: -95.58%
• 1Y: -95.10%
• 3Y*: -59.65%
• 5Y*: -41.92%
• 10Y*: -18.81%

WNRG.L

• 1D: 0.93%
• 1M: 4.49%
• 6M: 21.77%
• YTD: 27.75%
• 1Y: 37.39%
• 3Y*: 16.24%
• 5Y*: 20.55%
• 10Y*: 8.80%

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

IMID.L vs. WNRG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMID.L SPDR MSCI ACWI IMI UCITS ETF	-95.58%	22.16%	16.31%	21.65%	-17.64%	17.85%	16.14%	25.35%	-9.83%	22.56%
WNRG.L State Street SPDR MSCI World Energy UCITS ETF USD (Acc)	27.75%	14.83%	2.07%	3.52%	46.61%	38.74%	-30.35%	9.89%	-14.99%	4.80%

Correlation

The correlation between IMID.L and WNRG.L is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since May 16, 2011	0.44

The correlation between IMID.L and WNRG.L shifts across timeframes, from -0.10 (1 year) to 0.46 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

IMID.L vs. WNRG.L — Risk / Return Rank

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

IMID.L

IMID.L Risk / Return Rank: 2
IMID.L Sharpe Ratio Rank: 2
IMID.L Sortino Ratio Rank: 4
IMID.L Omega Ratio Rank: 0
IMID.L Calmar Ratio Rank: 0
IMID.L Martin Ratio Rank: 1

WNRG.L

WNRG.L Risk / Return Rank: 66
WNRG.L Sharpe Ratio Rank: 76
WNRG.L Sortino Ratio Rank: 66
WNRG.L Omega Ratio Rank: 71
WNRG.L Calmar Ratio Rank: 63
WNRG.L Martin Ratio Rank: 53

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.

IMID.L vs. WNRG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI IMI UCITS ETF (IMID.L) and State Street SPDR MSCI World Energy UCITS ETF USD (Acc) (WNRG.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.

	IMID.L	WNRG.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	1.81	-2.79
Sortino ratio: Return per unit of downside risk	-0.78	2.32	-3.10
Omega ratio: Gain probability vs. loss probability	0.55	1.31	-0.76
Calmar ratio: Return relative to maximum drawdown	-0.99	2.33	-3.32
Martin ratio: Return relative to average drawdown	-1.43	6.70	-8.13

IMID.L vs. WNRG.L - Sharpe Ratio Comparison

The current IMID.L Sharpe Ratio is -0.98, which is lower than the WNRG.L Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of IMID.L and WNRG.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.

Drawdowns

IMID.L vs. WNRG.L - Drawdown Comparison

The maximum IMID.L drawdown since its inception was -96.27%, which is greater than WNRG.L's maximum drawdown of -68.72%. Use the drawdown chart below to compare losses from any high point for IMID.L and WNRG.L.

Drawdown Indicators

	IMID.L	WNRG.L	Difference
Max Drawdown Largest peak-to-trough decline	-96.27%	-68.72%	-27.55%
Max Drawdown (1Y) Largest decline over 1 year	-96.27%	-15.98%	-80.29%
Max Drawdown (3Y) Largest decline over 3 years	-96.27%	-18.94%	-77.33%
Max Drawdown (5Y) Largest decline over 5 years	-96.27%	-26.55%	-69.72%
Max Drawdown (10Y) Largest decline over 10 years	-96.27%	-63.92%	-32.35%
Current Drawdown Current decline from peak	-95.70%	-8.18%	-87.52%
Average Drawdown Average peak-to-trough decline	-7.92%	-17.54%	+9.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.43%	5.57%	+60.86%

Volatility

IMID.L vs. WNRG.L - Volatility Comparison

The current volatility for SPDR MSCI ACWI IMI UCITS ETF (IMID.L) is 3.46%, while State Street SPDR MSCI World Energy UCITS ETF USD (Acc) (WNRG.L) has a volatility of 5.93%. This indicates that IMID.L experiences smaller price fluctuations and is considered to be less risky than WNRG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMID.L	WNRG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	5.93%	-2.47%
Volatility (6M) Calculated over the trailing 6-month period	321.58%	17.83%	+303.75%
Volatility (1Y) Calculated over the trailing 1-year period	96.79%	20.62%	+76.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.76%	24.34%	+21.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.12%	33.35%	+2.77%

IMID.L vs. WNRG.L - Expense Ratio Comparison

IMID.L has a 0.17% expense ratio, which is lower than WNRG.L's 0.30% expense ratio.

Dividends

IMID.L vs. WNRG.L - Dividend Comparison

Neither IMID.L nor WNRG.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IMID.L and WNRG.L in my portfolio?

IMID.L and WNRG.L have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IMID.L or WNRG.L?

On fees, IMID.L is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IMID.L or WNRG.L?

IMID.L is cheaper with a 0.17% expense ratio, compared with 0.30% for WNRG.L.

What is the main difference between IMID.L and WNRG.L?

IMID.L tracks MSCI ACWI Investable Market Index, while WNRG.L tracks MSCI World Energy 35/20 Capped Index. Their fees differ too: 0.17% for IMID.L and 0.30% for WNRG.L.