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ISWD.L vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ISWD.L vs. SPY

Last updated Jun 4, 2026

ISWD.L (iShares MSCI World Islamic UCITS ETF USD (Dist)) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ISWD.L is a Global Equities fund tracking the MSCI World Islamic Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ISWD.L returned 12.78%/yr vs 16.44%/yr for SPY. At a 0.46 correlation, their price movements are largely independent. ISWD.L charges 0.60%/yr vs 0.09%/yr for SPY.

Performance

ISWD.L vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI World Islamic UCITS ETF USD (Dist) (ISWD.L) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ISWD.L is traded in GBp, while SPY is traded in USD. To make them comparable, the SPY values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, ISWD.L achieves a 20.37% return, which is significantly higher than SPY's 11.74% return. Over the past 10 years, ISWD.L has underperformed SPY with an annualized return of 12.78%, while SPY has yielded a comparatively higher 16.44% annualized return.

ISWD.L

1D
0.65%
1M
11.25%
YTD
20.37%
6M
20.71%
1Y
38.83%
3Y*
16.15%
5Y*
13.73%
10Y*
12.78%

SPY

1D
0.00%
1M
6.30%
YTD
11.74%
6M
10.75%
1Y
29.36%
3Y*
19.47%
5Y*
15.14%
10Y*
16.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ISWD.L vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ISWD.L
iShares MSCI World Islamic UCITS ETF USD (Dist)		20.37%11.58%7.85%17.25%-0.87%23.70%5.11%17.98%-3.81%9.22%
SPY
State Street SPDR S&P 500 ETF		11.32%9.33%27.07%19.87%-8.45%29.95%14.86%26.23%1.09%11.18%

Correlation

The correlation between ISWD.L and SPY is 0.59, 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

0.59

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

0.53

Correlation (5Y)
Calculated over the trailing 5-year period

0.51

Correlation (10Y)
Calculated over the trailing 10-year period

0.56

Correlation (All Time)
Calculated using the full available price history since Jan 7, 2008

0.46

The correlation between ISWD.L and SPY shifts across timeframes, from 0.46 (all time) to 0.59 (1 year), reflecting how their relationship changes across market environments.

ISWD.L vs. SPY - Sectors Allocation Comparison

Sectors
ISWD.L
SPY

Technology

42.8%
35.9%

Industrials

12.9%
7.8%

Energy

11.6%
3.6%

Healthcare

10.4%
8.4%

Basic Materials

9.6%
1.8%

Consumer Cyclical

6.9%
10.3%

Consumer Defensive

3.7%
4.8%

Utilities

1.1%
2.4%

Communication Services

0.4%
11.3%

Real Estate

0.2%
1.9%

Financial Services

0.0%
11.8%

Technology

ISWD.L
42.8%
SPY
35.9%

Industrials

ISWD.L
12.9%
SPY
7.8%

Energy

ISWD.L
11.6%
SPY
3.6%

Healthcare

ISWD.L
10.4%
SPY
8.4%

Basic Materials

ISWD.L
9.6%
SPY
1.8%

Consumer Cyclical

ISWD.L
6.9%
SPY
10.3%

Consumer Defensive

ISWD.L
3.7%
SPY
4.8%

Utilities

ISWD.L
1.1%
SPY
2.4%

Communication Services

ISWD.L
0.4%
SPY
11.3%

Real Estate

ISWD.L
0.2%
SPY
1.9%

Financial Services

ISWD.L
0.0%
SPY
11.8%

Compare stocks, funds, or ETFs

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

iShares MSCI World Islamic UCITS ETF USD (Dist)

State Street SPDR S&P 500 ETF

Often compared with ISWD.L:
ISWD.L vs. IGDA.LISWD.L vs. SPUSISWD.L vs. HLALISWD.L vs. VOOISWD.L vs. SPWOISWD.L vs. UMMAISWD.L vs. HIWS.L
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

ISWD.L vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ISWD.L
ISWD.L Risk / Return Rank: 9292
Overall Rank
ISWD.L Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
ISWD.L Sortino Ratio Rank: 9292
Sortino Ratio Rank
ISWD.L Omega Ratio Rank: 9292
Omega Ratio Rank
ISWD.L Calmar Ratio Rank: 9393
Calmar Ratio Rank
ISWD.L Martin Ratio Rank: 9292
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 7070
Overall Rank
SPY Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6969
Sortino Ratio Rank
SPY Omega Ratio Rank: 7070
Omega Ratio Rank
SPY Calmar Ratio Rank: 6262
Calmar Ratio Rank
SPY Martin Ratio Rank: 7575
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.

ISWD.L vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World Islamic UCITS ETF USD (Dist) (ISWD.L) and State Street SPDR S&P 500 ETF (SPY). 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.

ISWD.LSPYDifference
Sharpe ratioReturn per unit of total volatility
3.42
2.57

+0.84

Sortino ratioReturn per unit of downside risk
4.60
3.33

+1.27

Omega ratioGain probability vs. loss probability

1.63

1.48

+0.15

Calmar ratioReturn relative to maximum drawdown

7.02

3.84

+3.18

Martin ratioReturn relative to average drawdown

24.08

14.68

+9.39

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

ISWD.L vs. SPY - Sharpe Ratio Comparison

The current ISWD.L Sharpe Ratio is 3.42, which is higher than the SPY Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of ISWD.L and SPY, 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

ISWD.LSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.42

2.57

+0.84

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.03

0.95

+0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.89

0.92

-0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.74

0.69

+0.05

Drawdowns

ISWD.L vs. SPY - Drawdown Comparison

The maximum ISWD.L drawdown since its inception was -31.52%, smaller than the maximum SPY drawdown of -34.68%. Use the drawdown chart below to compare losses from any high point for ISWD.L and SPY.

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Drawdown Indicators

ISWD.LSPYDifference

Max Drawdown

Largest peak-to-trough decline

-31.52%

-34.68%

+3.16%

Max Drawdown (1Y)

Largest decline over 1 year

-5.51%

-7.69%

+2.18%

Max Drawdown (3Y)

Largest decline over 3 years

-21.00%

-21.94%

+0.94%

Max Drawdown (5Y)

Largest decline over 5 years

-21.00%

-21.94%

+0.94%

Max Drawdown (10Y)

Largest decline over 10 years

-24.90%

-25.78%

+0.88%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-3.61%

-4.77%

+1.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.61%

2.01%

-0.40%

Volatility

ISWD.L vs. SPY - Volatility Comparison

iShares MSCI World Islamic UCITS ETF USD (Dist) (ISWD.L) has a higher volatility of 3.64% compared to State Street SPDR S&P 500 ETF (SPY) at 2.53%. This indicates that ISWD.L's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ISWD.LSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.64%

2.53%

+1.11%

Volatility (6M)

Calculated over the trailing 6-month period

8.40%

8.13%

+0.27%

Volatility (1Y)

Calculated over the trailing 1-year period

11.34%

11.48%

-0.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.27%

16.02%

-2.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.33%

18.02%

-3.69%

ISWD.L vs. SPY - Expense Ratio Comparison

ISWD.L has a 0.60% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

ISWD.L vs. SPY - Dividend Comparison

ISWD.L's dividend yield for the trailing twelve months is around 1.27%, more than SPY's 0.98% yield.

PositionTTM20252024202320222021202020192018201720162015
ISWD.L
iShares MSCI World Islamic UCITS ETF USD (Dist)		1.27%1.50%1.74%1.99%2.43%1.98%1.88%2.37%2.39%2.09%2.09%2.62%
SPY
State Street SPDR S&P 500 ETF		0.98%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

ISWD.L and SPY have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPY is cheaper with a 0.09% expense ratio, compared with 0.60% for ISWD.L.

ISWD.L is categorized as Global Equities, while SPY is S&P 500. ISWD.L tracks MSCI World Islamic Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.60% for ISWD.L and 0.09% for SPY.

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