IWSZ.L vs. WSML.L

Last updated Jun 5, 2026

IWSZ.L (iShares MSCI World Mid-Cap Equal Weight UCITS ETF) and WSML.L (iShares MSCI World Small Cap UCITS ETF USD (Acc)) are both exchange-traded funds - IWSZ.L is a Mid Cap Blend Equities fund tracking the MSCI World Mid-Cap Equal Weighted Index, while WSML.L is a Global Equities fund tracking the MSCI World Small Cap Index. Both are passively managed. Over the past 5 years, IWSZ.L returned 5.43%/yr vs 7.07%/yr for WSML.L. Their correlation of 0.93 suggests significant overlap in exposure. IWSZ.L charges 0.30%/yr vs 0.35%/yr for WSML.L.

Performance

IWSZ.L vs. WSML.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI World Mid-Cap Equal Weight UCITS ETF (IWSZ.L) and iShares MSCI World Small Cap UCITS ETF USD (Acc) (WSML.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWSZ.L achieves a 6.23% return, which is significantly lower than WSML.L's 14.39% return.

IWSZ.L

• 1D: 0.37%
• 1M: 1.26%
• YTD: 6.23%
• 6M: 8.11%
• 1Y: 16.93%
• 3Y*: 14.68%
• 5Y*: 5.43%
• 10Y*: 8.20%

WSML.L

• 1D: 0.54%
• 1M: 3.24%
• YTD: 14.39%
• 6M: 15.51%
• 1Y: 32.35%
• 3Y*: 18.08%
• 5Y*: 7.07%
• 10Y*: —

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

IWSZ.L vs. WSML.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IWSZ.L iShares MSCI World Mid-Cap Equal Weight UCITS ETF	6.23%	21.40%	5.93%	16.04%	-17.96%	12.56%	10.79%	23.39%	-12.83%
WSML.L iShares MSCI World Small Cap UCITS ETF USD (Acc)	14.39%	19.94%	7.40%	17.06%	-18.62%	15.23%	16.50%	24.35%	-12.64%

Correlation

The correlation between IWSZ.L and WSML.L is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Apr 3, 2018	0.93

The correlation between IWSZ.L and WSML.L has been stable across timeframes, ranging from 0.84 to 0.93 - a consistent structural relationship.

IWSZ.L vs. WSML.L - Sectors Allocation Comparison

Sectors	IWSZ.L	WSML.L
Industrials	21.7%	20.5%
Financial Services	14.1%	13.5%
Technology	11.5%	13.5%
Consumer Cyclical	9.8%	10.9%
Healthcare	7.2%	9.6%
Basic Materials	7.1%	8.2%
Real Estate	6.9%	8.2%
Consumer Defensive	6.6%	4.1%
Utilities	6.5%	2.9%
Communication Services	4.7%	3.0%
Energy	3.8%	5.5%

Return for Risk

IWSZ.L vs. WSML.L — Risk / Return Rank

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

IWSZ.L

IWSZ.L Risk / Return Rank: 41
IWSZ.L Sharpe Ratio Rank: 42
IWSZ.L Sortino Ratio Rank: 44
IWSZ.L Omega Ratio Rank: 41
IWSZ.L Calmar Ratio Rank: 36
IWSZ.L Martin Ratio Rank: 42

WSML.L

WSML.L Risk / Return Rank: 70
WSML.L Sharpe Ratio Rank: 67
WSML.L Sortino Ratio Rank: 74
WSML.L Omega Ratio Rank: 64
WSML.L Calmar Ratio Rank: 72
WSML.L Martin Ratio Rank: 70

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.

IWSZ.L vs. WSML.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 iShares MSCI World Small Cap UCITS ETF USD (Acc) (WSML.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.

	IWSZ.L	WSML.L	Difference
Sharpe ratio: Return per unit of total volatility	1.45	2.19	-0.73
Sortino ratio: Return per unit of downside risk	2.16	3.28	-1.12
Omega ratio: Gain probability vs. loss probability	1.26	1.38	-0.12
Calmar ratio: Return relative to maximum drawdown	1.76	3.56	-1.81
Martin ratio: Return relative to average drawdown	6.67	12.99	-6.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWSZ.L vs. WSML.L - Sharpe Ratio Comparison

The current IWSZ.L Sharpe Ratio is 1.45, which is lower than the WSML.L Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of IWSZ.L and WSML.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

	IWSZ.L	WSML.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	2.19	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.38	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.47	0.00

Drawdowns

IWSZ.L vs. WSML.L - Drawdown Comparison

The maximum IWSZ.L drawdown since its inception was -38.11%, smaller than the maximum WSML.L drawdown of -41.14%. Use the drawdown chart below to compare losses from any high point for IWSZ.L and WSML.L.

Drawdown Indicators

	IWSZ.L	WSML.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.11%	-41.14%	+3.03%
Max Drawdown (1Y) Largest decline over 1 year	-9.59%	-9.03%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-14.12%	-20.10%	+5.98%
Max Drawdown (5Y) Largest decline over 5 years	-30.13%	-30.50%	+0.37%
Max Drawdown (10Y) Largest decline over 10 years	-38.11%	—	—
Current Drawdown Current decline from peak	-0.96%	0.00%	-0.96%
Average Drawdown Average peak-to-trough decline	-6.93%	-8.80%	+1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	2.48%	+0.05%

Volatility

IWSZ.L vs. WSML.L - Volatility Comparison

The current volatility for iShares MSCI World Mid-Cap Equal Weight UCITS ETF (IWSZ.L) is 3.55%, while iShares MSCI World Small Cap UCITS ETF USD (Acc) (WSML.L) has a volatility of 4.43%. This indicates that IWSZ.L experiences smaller price fluctuations and is considered to be less risky than WSML.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWSZ.L	WSML.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	4.43%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	8.91%	11.23%	-2.32%
Volatility (1Y) Calculated over the trailing 1-year period	11.61%	14.74%	-3.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.01%	18.48%	-2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.53%	19.60%	-3.07%

IWSZ.L vs. WSML.L - Expense Ratio Comparison

IWSZ.L has a 0.30% expense ratio, which is lower than WSML.L's 0.35% expense ratio.

Dividends

IWSZ.L vs. WSML.L - Dividend Comparison

Neither IWSZ.L nor WSML.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IWSZ.L and WSML.L in my portfolio?

IWSZ.L and WSML.L have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IWSZ.L or WSML.L?

On fees, IWSZ.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IWSZ.L or WSML.L?

IWSZ.L is cheaper with a 0.30% expense ratio, compared with 0.35% for WSML.L.

What is the main difference between IWSZ.L and WSML.L?

IWSZ.L is categorized as Mid Cap Blend Equities, while WSML.L is Global Equities. IWSZ.L tracks MSCI World Mid-Cap Equal Weighted Index, while WSML.L tracks MSCI World Small Cap Index. Their fees differ too: 0.30% for IWSZ.L and 0.35% for WSML.L.