IWRD.AS vs. SWRD.AS
IWRD.AS (iShares MSCI World UCITS ETF) and SWRD.AS (SPDR MSCI World UCITS ETF) are both Global Equities funds tracking the MSCI ACWI NR USD, from iShares and State Street respectively. Both are passively managed. Over the past 5 years, IWRD.AS returned 12.56%/yr vs 12.97%/yr for SWRD.AS. With a 0.99 correlation, they move nearly in lockstep. IWRD.AS charges 0.50%/yr vs 0.12%/yr for SWRD.AS.
Performance
IWRD.AS vs. SWRD.AS - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with IWRD.AS having a 10.92% return and SWRD.AS slightly higher at 11.05%.
IWRD.AS
- 1D
- -0.08%
- 1M
- 4.72%
- YTD
- 10.92%
- 6M
- 11.18%
- 1Y
- 23.48%
- 3Y*
- 17.21%
- 5Y*
- 12.56%
- 10Y*
- 12.50%
SWRD.AS
- 1D
- -0.05%
- 1M
- 4.80%
- YTD
- 11.05%
- 6M
- 11.39%
- 1Y
- 23.90%
- 3Y*
- 17.68%
- 5Y*
- 12.97%
- 10Y*
- —
IWRD.AS vs. SWRD.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IWRD.AS iShares MSCI World UCITS ETF | 10.92% | 6.83% | 26.78% | 19.68% | -13.85% | 32.06% | 5.87% | 15.13% |
SWRD.AS SPDR MSCI World UCITS ETF | 11.05% | 7.29% | 27.33% | 20.14% | -13.35% | 32.60% | 6.05% | 15.56% |
Correlation
The correlation between IWRD.AS and SWRD.AS is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 5, 2019 | 0.99 |
The correlation between IWRD.AS and SWRD.AS has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
IWRD.AS vs. SWRD.AS — Risk / Return Rank
IWRD.AS
SWRD.AS
IWRD.AS vs. SWRD.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World UCITS ETF (IWRD.AS) and SPDR MSCI World UCITS ETF (SWRD.AS). 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.
| IWRD.AS | SWRD.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.41 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | 3.63 | -0.17 |
| Martin ratioReturn relative to average drawdown | 13.65 | 14.71 | -1.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IWRD.AS | SWRD.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.11 | 2.15 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.87 | 0.91 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.81 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.85 | -0.35 |
Drawdowns
IWRD.AS vs. SWRD.AS - Drawdown Comparison
The maximum IWRD.AS drawdown since its inception was -52.51%, which is greater than SWRD.AS's maximum drawdown of -33.61%. Use the drawdown chart below to compare losses from any high point for IWRD.AS and SWRD.AS.
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Drawdown Indicators
| IWRD.AS | SWRD.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.51% | -33.61% | -18.90% |
Max Drawdown (1Y)Largest decline over 1 year | -6.69% | -6.49% | -0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -21.50% | -21.51% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -21.50% | -21.51% | +0.01% |
Max Drawdown (10Y)Largest decline over 10 years | -33.71% | — | — |
Current DrawdownCurrent decline from peak | -0.32% | -0.34% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -8.84% | -4.42% | -4.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.71% | 1.61% | +0.10% |
Volatility
IWRD.AS vs. SWRD.AS - Volatility Comparison
iShares MSCI World UCITS ETF (IWRD.AS) and SPDR MSCI World UCITS ETF (SWRD.AS) have volatilities of 2.65% and 2.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWRD.AS | SWRD.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 2.65% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 7.72% | 7.65% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.98% | 11.00% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.14% | 14.06% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.16% | 16.00% | -0.84% |
IWRD.AS vs. SWRD.AS - Expense Ratio Comparison
IWRD.AS has a 0.50% expense ratio, which is higher than SWRD.AS's 0.12% expense ratio.
Dividends
IWRD.AS vs. SWRD.AS - Dividend Comparison
IWRD.AS's dividend yield for the trailing twelve months is around 0.85%, while SWRD.AS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWRD.AS iShares MSCI World UCITS ETF | 0.85% | 0.95% | 1.05% | 1.32% | 1.49% | 1.01% | 1.21% | 1.62% | 1.84% | 1.67% | 1.70% | 1.80% |
SWRD.AS SPDR MSCI World UCITS ETF | 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
With a correlation of 0.98, IWRD.AS and SWRD.AS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, SWRD.AS is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SWRD.AS is cheaper with a 0.12% expense ratio, compared with 0.50% for IWRD.AS.
Both ETFs track MSCI ACWI NR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for IWRD.AS and 0.12% for SWRD.AS.
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