IWRD.AS vs. XUSE.AS
IWRD.AS (iShares MSCI World UCITS ETF) and XUSE.AS (iShares MSCI World ex-USA UCITS ETF) are both Global Equities funds from iShares - IWRD.AS tracks the MSCI ACWI NR USD while XUSE.AS tracks the MSCI World ex USA Index. Both are passively managed. Over the past year, IWRD.AS returned 23.56% vs 20.43% for XUSE.AS. A 0.75 correlation means they provide meaningful diversification when combined. IWRD.AS charges 0.50%/yr vs 0.25%/yr for XUSE.AS.
Performance
IWRD.AS vs. XUSE.AS - Performance Comparison
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Different Trading Currencies
IWRD.AS is traded in EUR, while XUSE.AS is traded in USD. To make them comparable, the XUSE.AS values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, IWRD.AS achieves a 11.01% return, which is significantly higher than XUSE.AS's 9.38% return.
IWRD.AS
- 1D
- -0.25%
- 1M
- 5.53%
- YTD
- 11.01%
- 6M
- 11.58%
- 1Y
- 23.56%
- 3Y*
- 17.32%
- 5Y*
- 12.58%
- 10Y*
- 12.57%
XUSE.AS
- 1D
- -0.47%
- 1M
- 3.97%
- YTD
- 9.38%
- 6M
- 12.31%
- 1Y
- 20.43%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IWRD.AS vs. XUSE.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IWRD.AS iShares MSCI World UCITS ETF | 11.01% | 3.81% |
XUSE.AS iShares MSCI World ex-USA UCITS ETF | 9.38% | 11.20% |
Correlation
The correlation between IWRD.AS and XUSE.AS is 0.75, 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 | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2025 | 0.75 |
The correlation between IWRD.AS and XUSE.AS has been stable across timeframes, ranging from 0.75 to 0.75 - a consistent structural relationship.
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Return for Risk
IWRD.AS vs. XUSE.AS — Risk / Return Rank
IWRD.AS
XUSE.AS
IWRD.AS vs. XUSE.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World UCITS ETF (IWRD.AS) and iShares MSCI World ex-USA UCITS ETF (XUSE.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 | XUSE.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.28 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.48 | 2.35 | +1.12 |
| Martin ratioReturn relative to average drawdown | 13.70 | 9.07 | +4.63 |
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 | XUSE.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.12 | 1.51 | +0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.88 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.82 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 1.02 | -0.52 |
Drawdowns
IWRD.AS vs. XUSE.AS - Drawdown Comparison
The maximum IWRD.AS drawdown since its inception was -52.51%, which is greater than XUSE.AS's maximum drawdown of -15.66%. Use the drawdown chart below to compare losses from any high point for IWRD.AS and XUSE.AS.
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Drawdown Indicators
| IWRD.AS | XUSE.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.51% | -15.66% | -36.85% |
Max Drawdown (1Y)Largest decline over 1 year | -6.69% | -8.57% | +1.88% |
Max Drawdown (3Y)Largest decline over 3 years | -21.50% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.50% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.71% | — | — |
Current DrawdownCurrent decline from peak | -0.25% | -1.21% | +0.96% |
Average DrawdownAverage peak-to-trough decline | -8.84% | -2.17% | -6.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.71% | 2.23% | -0.52% |
Volatility
IWRD.AS vs. XUSE.AS - Volatility Comparison
The current volatility for iShares MSCI World UCITS ETF (IWRD.AS) is 2.81%, while iShares MSCI World ex-USA UCITS ETF (XUSE.AS) has a volatility of 4.33%. This indicates that IWRD.AS experiences smaller price fluctuations and is considered to be less risky than XUSE.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWRD.AS | XUSE.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.81% | 4.33% | -1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 7.72% | 11.23% | -3.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.04% | 13.38% | -2.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.14% | 15.29% | -1.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.16% | 15.29% | -0.13% |
IWRD.AS vs. XUSE.AS - Expense Ratio Comparison
IWRD.AS has a 0.50% expense ratio, which is higher than XUSE.AS's 0.25% expense ratio.
Dividends
IWRD.AS vs. XUSE.AS - Dividend Comparison
IWRD.AS's dividend yield for the trailing twelve months is around 0.85%, while XUSE.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% |
XUSE.AS iShares MSCI World ex-USA 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
IWRD.AS and XUSE.AS have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XUSE.AS is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XUSE.AS is cheaper with a 0.25% expense ratio, compared with 0.50% for IWRD.AS.
IWRD.AS tracks MSCI ACWI NR USD, while XUSE.AS tracks MSCI World ex USA Index. Their fees differ too: 0.50% for IWRD.AS and 0.25% for XUSE.AS.
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