INFR.L vs. IGWD.L

Last updated Jun 5, 2026

INFR.L (iShares Global Infrastructure UCITS ETF USD (Dist)) and IGWD.L (iShares MSCI World GBP Hedged UCITS ETF Accumulating) are both exchange-traded funds - INFR.L is a Utilities Equities fund tracking the FTSE Global Core Infrastructure Index, while IGWD.L is a Global Equities fund tracking the MSCI World 100% Hedged to GBP Index. Both are passively managed. Over the past 10 years, INFR.L returned 8.66%/yr vs 12.23%/yr for IGWD.L. At a 0.45 correlation, their price movements are largely independent. INFR.L charges 0.65%/yr vs 0.55%/yr for IGWD.L.

Performance

INFR.L vs. IGWD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Global Infrastructure UCITS ETF USD (Dist) (INFR.L) and iShares MSCI World GBP Hedged UCITS ETF Accumulating (IGWD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

INFR.L is traded in GBp, while IGWD.L is traded in GBP. To make them comparable, the IGWD.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with INFR.L having a 9.52% return and IGWD.L slightly higher at 9.78%. Over the past 10 years, INFR.L has underperformed IGWD.L with an annualized return of 8.66%, while IGWD.L has yielded a comparatively higher 12.23% annualized return.

INFR.L

• 1D: -1.24%
• 1M: -2.23%
• YTD: 9.52%
• 6M: 8.44%
• 1Y: 16.29%
• 3Y*: 9.33%
• 5Y*: 7.61%
• 10Y*: 8.66%

IGWD.L

• 1D: 0.11%
• 1M: 4.42%
• YTD: 9.78%
• 6M: 10.82%
• 1Y: 25.97%
• 3Y*: 20.22%
• 5Y*: 11.96%
• 10Y*: 12.23%

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

INFR.L vs. IGWD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INFR.L iShares Global Infrastructure UCITS ETF USD (Dist)	9.52%	5.90%	11.49%	-4.96%	5.77%	19.54%	-4.70%	20.82%	4.39%	5.41%
IGWD.L iShares MSCI World GBP Hedged UCITS ETF Accumulating	9.78%	18.77%	21.32%	22.41%	-17.62%	24.09%	11.29%	24.33%	-8.94%	17.26%

Correlation

The correlation between INFR.L and IGWD.L is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Oct 15, 2010	0.45

The correlation between INFR.L and IGWD.L shifts across timeframes, from -0.07 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.

INFR.L vs. IGWD.L - Sectors Allocation Comparison

Sectors	INFR.L	IGWD.L
Utilities	56.0%	2.7%
Industrials	20.8%	11.4%
Energy	16.4%	4.2%
Real Estate	5.0%	1.9%
Communication Services	1.0%	9.3%
Technology	0.7%	28.3%
Financial Services	0.0%	15.7%
Basic Materials	-	3.3%
Consumer Cyclical	-	9.3%
Consumer Defensive	-	5.2%
Healthcare	-	8.8%

Return for Risk

INFR.L vs. IGWD.L — Risk / Return Rank

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

INFR.L

INFR.L Risk / Return Rank: 49
INFR.L Sharpe Ratio Rank: 45
INFR.L Sortino Ratio Rank: 44
INFR.L Omega Ratio Rank: 42
INFR.L Calmar Ratio Rank: 64
INFR.L Martin Ratio Rank: 48

IGWD.L

IGWD.L Risk / Return Rank: 73
IGWD.L Sharpe Ratio Rank: 70
IGWD.L Sortino Ratio Rank: 75
IGWD.L Omega Ratio Rank: 72
IGWD.L Calmar Ratio Rank: 69
IGWD.L Martin Ratio Rank: 78

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.

INFR.L vs. IGWD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Infrastructure UCITS ETF USD (Dist) (INFR.L) and iShares MSCI World GBP Hedged UCITS ETF Accumulating (IGWD.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.

	INFR.L	IGWD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.26	-0.71
Sortino ratio: Return per unit of downside risk	2.19	3.30	-1.11
Omega ratio: Gain probability vs. loss probability	1.27	1.42	-0.15
Calmar ratio: Return relative to maximum drawdown	3.13	3.38	-0.25
Martin ratio: Return relative to average drawdown	7.96	14.65	-6.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INFR.L vs. IGWD.L - Sharpe Ratio Comparison

The current INFR.L Sharpe Ratio is 1.55, which is lower than the IGWD.L Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of INFR.L and IGWD.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

	INFR.L	IGWD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	2.26	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.81	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.79	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.72	-0.21

Drawdowns

INFR.L vs. IGWD.L - Drawdown Comparison

The maximum INFR.L drawdown since its inception was -34.25%, roughly equal to the maximum IGWD.L drawdown of -35.37%. Use the drawdown chart below to compare losses from any high point for INFR.L and IGWD.L.

Drawdown Indicators

	INFR.L	IGWD.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.25%	-35.37%	+1.12%
Max Drawdown (1Y) Largest decline over 1 year	-5.19%	-7.65%	+2.46%
Max Drawdown (3Y) Largest decline over 3 years	-11.08%	-17.58%	+6.50%
Max Drawdown (5Y) Largest decline over 5 years	-22.87%	-23.08%	+0.21%
Max Drawdown (10Y) Largest decline over 10 years	-26.75%	-35.37%	+8.62%
Current Drawdown Current decline from peak	-3.70%	-0.33%	-3.37%
Average Drawdown Average peak-to-trough decline	-6.12%	-4.39%	-1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	1.77%	+0.27%

Volatility

INFR.L vs. IGWD.L - Volatility Comparison

iShares Global Infrastructure UCITS ETF USD (Dist) (INFR.L) has a higher volatility of 3.92% compared to iShares MSCI World GBP Hedged UCITS ETF Accumulating (IGWD.L) at 3.13%. This indicates that INFR.L's price experiences larger fluctuations and is considered to be riskier than IGWD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INFR.L	IGWD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	3.13%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	8.92%	8.63%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	10.49%	11.44%	-0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.26%	14.78%	-2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.10%	15.47%	-1.37%

INFR.L vs. IGWD.L - Expense Ratio Comparison

INFR.L has a 0.65% expense ratio, which is higher than IGWD.L's 0.55% expense ratio.

Dividends

INFR.L vs. IGWD.L - Dividend Comparison

INFR.L's dividend yield for the trailing twelve months is around 2.82%, while IGWD.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IGWD.L iShares MSCI World GBP Hedged UCITS ETF Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
INFR.L iShares Global Infrastructure UCITS ETF USD (Dist)	2.82%	2.97%	2.96%	3.02%	2.54%	2.60%	2.84%	2.70%	2.99%	3.51%	3.45%	4.75%

Frequently Asked Questions

Can I hold both INFR.L and IGWD.L in my portfolio?

INFR.L and IGWD.L have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, INFR.L or IGWD.L?

On fees, IGWD.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INFR.L or IGWD.L?

IGWD.L is cheaper with a 0.55% expense ratio, compared with 0.65% for INFR.L.

What is the main difference between INFR.L and IGWD.L?

INFR.L is categorized as Utilities Equities, while IGWD.L is Global Equities. INFR.L tracks FTSE Global Core Infrastructure Index, while IGWD.L tracks MSCI World 100% Hedged to GBP Index. Their fees differ too: 0.65% for INFR.L and 0.55% for IGWD.L.