IQCY.L vs. GBDV.L

Last updated Jun 5, 2026

IQCY.L (Lyxor MSCI Smart Cities ESG Filtered (DR) UCITS ETF - Acc) and GBDV.L (SPDR S&P Global Dividend Aristocrats UCITS) are both Global Equities funds - IQCY.L tracks the MSCI ACWI SMID NR USD while GBDV.L tracks the S&P Global Dividend Aristocrats index. Both are passively managed. Over the past 5 years, IQCY.L returned 48.80%/yr vs 7.43%/yr for GBDV.L. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.45% expense ratio.

Performance

IQCY.L vs. GBDV.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Lyxor MSCI Smart Cities ESG Filtered (DR) UCITS ETF - Acc (IQCY.L) and SPDR S&P Global Dividend Aristocrats UCITS (GBDV.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IQCY.L achieves a 30.19% return, which is significantly higher than GBDV.L's 7.03% return.

IQCY.L

• 1D: -1.35%
• 1M: 11.12%
• YTD: 30.19%
• 6M: 28.29%
• 1Y: 50.00%
• 3Y*: 92.20%
• 5Y*: 48.80%
• 10Y*: —

GBDV.L

• 1D: 0.56%
• 1M: 0.73%
• YTD: 7.03%
• 6M: 7.39%
• 1Y: 19.22%
• 3Y*: 12.48%
• 5Y*: 7.43%
• 10Y*: 7.98%

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

IQCY.L vs. GBDV.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
IQCY.L Lyxor MSCI Smart Cities ESG Filtered (DR) UCITS ETF - Acc	30.19%	14.12%	342.87%	17.77%	-16.95%	17.73%	34.37%
GBDV.L SPDR S&P Global Dividend Aristocrats UCITS	7.03%	10.06%	9.77%	1.90%	5.38%	17.41%	14.56%

Correlation

The correlation between IQCY.L and GBDV.L is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since May 1, 2020	0.56

The correlation between IQCY.L and GBDV.L shifts across timeframes, from 0.36 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

IQCY.L vs. GBDV.L - Sectors Allocation Comparison

Sectors	IQCY.L	GBDV.L
Industrials	46.5%	11.5%
Technology	45.0%	2.2%
Utilities	3.2%	15.9%
Communication Services	2.7%	9.5%
Basic Materials	1.4%	2.0%
Consumer Cyclical	0.7%	2.4%
Financial Services	0.5%	24.9%
Healthcare	0.1%	4.2%
Consumer Defensive	0.0%	8.0%
Energy	0.0%	7.3%
Real Estate	0.0%	12.1%

Return for Risk

IQCY.L vs. GBDV.L — Risk / Return Rank

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

IQCY.L

IQCY.L Risk / Return Rank: 88
IQCY.L Sharpe Ratio Rank: 91
IQCY.L Sortino Ratio Rank: 91
IQCY.L Omega Ratio Rank: 88
IQCY.L Calmar Ratio Rank: 89
IQCY.L Martin Ratio Rank: 81

GBDV.L

GBDV.L Risk / Return Rank: 65
GBDV.L Sharpe Ratio Rank: 67
GBDV.L Sortino Ratio Rank: 68
GBDV.L Omega Ratio Rank: 67
GBDV.L Calmar Ratio Rank: 65
GBDV.L Martin Ratio Rank: 57

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.

IQCY.L vs. GBDV.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lyxor MSCI Smart Cities ESG Filtered (DR) UCITS ETF - Acc (IQCY.L) and SPDR S&P Global Dividend Aristocrats UCITS (GBDV.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.

	IQCY.L	GBDV.L	Difference
Sharpe ratio: Return per unit of total volatility	3.10	2.17	+0.93
Sortino ratio: Return per unit of downside risk	4.28	3.04	+1.24
Omega ratio: Gain probability vs. loss probability	1.54	1.39	+0.15
Calmar ratio: Return relative to maximum drawdown	5.29	3.17	+2.13
Martin ratio: Return relative to average drawdown	15.92	9.91	+6.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IQCY.L vs. GBDV.L - Sharpe Ratio Comparison

The current IQCY.L Sharpe Ratio is 3.10, which is higher than the GBDV.L Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of IQCY.L and GBDV.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

	IQCY.L	GBDV.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.10	2.17	+0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.63	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.65	-0.26

Drawdowns

IQCY.L vs. GBDV.L - Drawdown Comparison

The maximum IQCY.L drawdown since its inception was -22.65%, smaller than the maximum GBDV.L drawdown of -34.77%. Use the drawdown chart below to compare losses from any high point for IQCY.L and GBDV.L.

Drawdown Indicators

	IQCY.L	GBDV.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.65%	-34.77%	+12.12%
Max Drawdown (1Y) Largest decline over 1 year	-9.40%	-6.04%	-3.36%
Max Drawdown (3Y) Largest decline over 3 years	-21.98%	-13.42%	-8.56%
Max Drawdown (5Y) Largest decline over 5 years	-22.65%	-15.84%	-6.81%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.77%	—
Current Drawdown Current decline from peak	-1.35%	-1.64%	+0.29%
Average Drawdown Average peak-to-trough decline	-6.23%	-5.16%	-1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	1.93%	+1.20%

Volatility

IQCY.L vs. GBDV.L - Volatility Comparison

Lyxor MSCI Smart Cities ESG Filtered (DR) UCITS ETF - Acc (IQCY.L) has a higher volatility of 6.49% compared to SPDR S&P Global Dividend Aristocrats UCITS (GBDV.L) at 2.26%. This indicates that IQCY.L's price experiences larger fluctuations and is considered to be riskier than GBDV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IQCY.L	GBDV.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.49%	2.26%	+4.23%
Volatility (6M) Calculated over the trailing 6-month period	12.58%	6.52%	+6.06%
Volatility (1Y) Calculated over the trailing 1-year period	16.06%	8.81%	+7.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	131.45%	11.74%	+119.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	119.50%	14.13%	+105.37%

IQCY.L vs. GBDV.L - Expense Ratio Comparison

Both IQCY.L and GBDV.L have an expense ratio of 0.45%.

Dividends

IQCY.L vs. GBDV.L - Dividend Comparison

IQCY.L has not paid dividends to shareholders, while GBDV.L's dividend yield for the trailing twelve months is around 4.50%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBDV.L SPDR S&P Global Dividend Aristocrats UCITS	4.50%	4.91%	4.49%	4.87%	5.05%	4.26%	4.41%	4.41%	5.18%	4.26%	4.74%	5.72%
IQCY.L Lyxor MSCI Smart Cities ESG Filtered (DR) UCITS ETF - 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%

Frequently Asked Questions

Can I hold both IQCY.L and GBDV.L in my portfolio?

IQCY.L and GBDV.L have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IQCY.L or GBDV.L?

Both ETFs have the same 0.45% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IQCY.L or GBDV.L?

IQCY.L and GBDV.L have the same expense ratio: 0.45% per year.

What is the main difference between IQCY.L and GBDV.L?

IQCY.L tracks MSCI ACWI SMID NR USD, while GBDV.L tracks S&P Global Dividend Aristocrats index. They also come from different issuers: Amundi and State Street.