IWSZ.L vs. SPX4.L
IWSZ.L (iShares MSCI World Mid-Cap Equal Weight UCITS ETF) and SPX4.L (SPDR S&P 400 US Mid Cap UCITS ETF) are both Mid Cap Blend Equities funds - IWSZ.L tracks the MSCI World Mid-Cap Equal Weighted Index while SPX4.L tracks the Russell Mid Cap TR USD. Both are passively managed. Over the past 10 years, IWSZ.L returned 8.35%/yr vs 7.57%/yr for SPX4.L. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.30% expense ratio.
Performance
IWSZ.L vs. SPX4.L - Performance Comparison
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Different Trading Currencies
IWSZ.L is traded in USD, while SPX4.L is traded in GBP. To make them comparable, the SPX4.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, IWSZ.L achieves a 7.23% return, which is significantly lower than SPX4.L's 14.45% return. Over the past 10 years, IWSZ.L has outperformed SPX4.L with an annualized return of 8.35%, while SPX4.L has yielded a comparatively lower 7.57% annualized return.
IWSZ.L
- 1D
- -0.45%
- 1M
- -0.02%
- 6M
- 4.58%
- YTD
- 7.23%
- 1Y
- 15.40%
- 3Y*
- 12.64%
- 5Y*
- 6.01%
- 10Y*
- 8.35%
SPX4.L
- 1D
- 0.00%
- 1M
- 0.32%
- 6M
- 8.62%
- YTD
- 14.45%
- 1Y
- 21.21%
- 3Y*
- 12.99%
- 5Y*
- 2.07%
- 10Y*
- 7.57%
IWSZ.L vs. SPX4.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWSZ.L iShares MSCI World Mid-Cap Equal Weight UCITS ETF | 7.23% | 21.40% | 5.94% | 16.03% | -17.96% | 12.56% | 10.79% | 23.39% | -14.41% | 24.35% |
SPX4.L SPDR S&P 400 US Mid Cap UCITS ETF | 14.45% | 7.68% | 12.46% | 16.55% | -36.02% | 22.98% | 16.43% | 30.50% | -16.61% | 26.60% |
Correlation
The correlation between IWSZ.L and SPX4.L is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2014 | 0.66 |
The correlation between IWSZ.L and SPX4.L shifts across timeframes, from 0.66 (all time) to 0.78 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
IWSZ.L vs. SPX4.L — Risk / Return Rank
IWSZ.L
SPX4.L
IWSZ.L vs. SPX4.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World Mid-Cap Equal Weight UCITS ETF (IWSZ.L) and SPDR S&P 400 US Mid Cap UCITS ETF (SPX4.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IWSZ.L | SPX4.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.26 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 2.81 | -1.19 |
| Martin ratioReturn relative to average drawdown | 6.01 | 9.24 | -3.23 |
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Drawdowns
IWSZ.L vs. SPX4.L - Drawdown Comparison
The maximum IWSZ.L drawdown since its inception was -38.11%, smaller than the maximum SPX4.L drawdown of -49.07%. Use the drawdown chart below to compare losses from any high point for IWSZ.L and SPX4.L.
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Drawdown Indicators
| IWSZ.L | SPX4.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.11% | -49.07% | +10.96% |
Max Drawdown (1Y)Largest decline over 1 year | -9.49% | -7.59% | -1.90% |
Max Drawdown (3Y)Largest decline over 3 years | -14.12% | -24.80% | +10.68% |
Max Drawdown (5Y)Largest decline over 5 years | -30.13% | -44.07% | +13.94% |
Max Drawdown (10Y)Largest decline over 10 years | -38.11% | -49.07% | +10.96% |
Current DrawdownCurrent decline from peak | -0.92% | -1.27% | +0.35% |
Average DrawdownAverage peak-to-trough decline | -6.81% | -12.95% | +6.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 2.30% | +0.26% |
Volatility
IWSZ.L vs. SPX4.L - Volatility Comparison
The current volatility for iShares MSCI World Mid-Cap Equal Weight UCITS ETF (IWSZ.L) is 3.25%, while SPDR S&P 400 US Mid Cap UCITS ETF (SPX4.L) has a volatility of 4.25%. This indicates that IWSZ.L experiences smaller price fluctuations and is considered to be less risky than SPX4.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWSZ.L | SPX4.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.25% | 4.25% | -1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 10.54% | 10.95% | -0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.86% | 14.55% | -1.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.15% | 22.16% | -6.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.37% | 23.73% | -7.36% |
IWSZ.L vs. SPX4.L - Expense Ratio Comparison
Both IWSZ.L and SPX4.L have an expense ratio of 0.30%.
Dividends
IWSZ.L vs. SPX4.L - Dividend Comparison
Neither IWSZ.L nor SPX4.L has paid dividends to shareholders.
Frequently Asked Questions
IWSZ.L and SPX4.L have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IWSZ.L and SPX4.L have the same expense ratio: 0.30% per year.
IWSZ.L tracks MSCI World Mid-Cap Equal Weighted Index, while SPX4.L tracks Russell Mid Cap TR USD. They also come from different issuers: iShares and State Street.
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