MXWS.L vs. SWLD.L

Last updated Jun 5, 2026

MXWS.L (Invesco MSCI World UCITS ETF) and SWLD.L (SPDR MSCI World UCITS ETF) are both Global Equities funds tracking the MSCI ACWI NR USD, from Invesco and State Street respectively. Both are passively managed. Over the past 5 years, MXWS.L returned 13.12%/yr vs 13.17%/yr for SWLD.L. Their correlation of 0.94 suggests significant overlap in exposure. MXWS.L charges 0.19%/yr vs 0.12%/yr for SWLD.L.

Performance

MXWS.L vs. SWLD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco MSCI World UCITS ETF (MXWS.L) and SPDR MSCI World UCITS ETF (SWLD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MXWS.L is traded in GBp, while SWLD.L is traded in GBP. To make them comparable, the SWLD.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with MXWS.L having a 10.17% return and SWLD.L slightly lower at 10.05%.

MXWS.L

• 1D: 0.04%
• 1M: 5.20%
• YTD: 10.17%
• 6M: 10.37%
• 1Y: 27.42%
• 3Y*: 17.75%
• 5Y*: 13.12%
• 10Y*: 14.18%

SWLD.L

• 1D: 0.09%
• 1M: 5.11%
• YTD: 10.05%
• 6M: 10.38%
• 1Y: 27.24%
• 3Y*: 17.80%
• 5Y*: 13.17%
• 10Y*: —

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

MXWS.L vs. SWLD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MXWS.L Invesco MSCI World UCITS ETF	10.17%	12.63%	21.11%	17.73%	-8.30%	23.66%	12.37%	14.48%
SWLD.L SPDR MSCI World UCITS ETF	10.05%	12.85%	21.19%	17.70%	-8.06%	23.66%	12.00%	14.48%

Correlation

The correlation between MXWS.L and SWLD.L 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	0.94

The correlation between MXWS.L and SWLD.L has been stable across timeframes, ranging from 0.94 to 0.99 - a consistent structural relationship.

MXWS.L vs. SWLD.L - Sectors Allocation Comparison

Sectors	MXWS.L	SWLD.L
Technology	28.3%	28.3%
Financial Services	15.7%	15.7%
Industrials	11.4%	11.4%
Consumer Cyclical	9.3%	9.3%
Communication Services	9.3%	9.2%
Healthcare	8.8%	8.8%
Consumer Defensive	5.2%	5.2%
Energy	4.2%	4.2%
Basic Materials	3.3%	3.3%
Utilities	2.7%	2.7%
Real Estate	1.9%	1.9%

Return for Risk

MXWS.L vs. SWLD.L — Risk / Return Rank

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

MXWS.L

MXWS.L Risk / Return Rank: 83
MXWS.L Sharpe Ratio Rank: 83
MXWS.L Sortino Ratio Rank: 83
MXWS.L Omega Ratio Rank: 84
MXWS.L Calmar Ratio Rank: 81
MXWS.L Martin Ratio Rank: 83

SWLD.L

SWLD.L Risk / Return Rank: 83
SWLD.L Sharpe Ratio Rank: 84
SWLD.L Sortino Ratio Rank: 83
SWLD.L Omega Ratio Rank: 85
SWLD.L Calmar Ratio Rank: 81
SWLD.L Martin Ratio Rank: 83

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.

MXWS.L vs. SWLD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI World UCITS ETF (MXWS.L) and SPDR MSCI World UCITS ETF (SWLD.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.

	MXWS.L	SWLD.L	Difference
Sharpe ratio: Return per unit of total volatility	2.69	2.70	-0.01
Sortino ratio: Return per unit of downside risk	3.68	3.70	-0.02
Omega ratio: Gain probability vs. loss probability	1.51	1.51	-0.01
Calmar ratio: Return relative to maximum drawdown	4.17	4.13	+0.04
Martin ratio: Return relative to average drawdown	16.68	16.60	+0.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MXWS.L vs. SWLD.L - Sharpe Ratio Comparison

The current MXWS.L Sharpe Ratio is 2.69, which is comparable to the SWLD.L Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of MXWS.L and SWLD.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

	MXWS.L	SWLD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	2.70	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	1.00	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	0.92	+0.08

Drawdowns

MXWS.L vs. SWLD.L - Drawdown Comparison

The maximum MXWS.L drawdown since its inception was -24.29%, smaller than the maximum SWLD.L drawdown of -25.85%. Use the drawdown chart below to compare losses from any high point for MXWS.L and SWLD.L.

Drawdown Indicators

	MXWS.L	SWLD.L	Difference
Max Drawdown Largest peak-to-trough decline	-24.29%	-25.85%	+1.56%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-6.57%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-19.29%	-18.65%	-0.64%
Max Drawdown (5Y) Largest decline over 5 years	-19.29%	-18.65%	-0.64%
Max Drawdown (10Y) Largest decline over 10 years	-24.29%	—	—
Current Drawdown Current decline from peak	-0.13%	-0.19%	+0.06%
Average Drawdown Average peak-to-trough decline	-3.25%	-3.17%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	1.64%	0.00%

Volatility

MXWS.L vs. SWLD.L - Volatility Comparison

Invesco MSCI World UCITS ETF (MXWS.L) and SPDR MSCI World UCITS ETF (SWLD.L) have volatilities of 2.51% and 2.52%, 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.

Volatility by Period

	MXWS.L	SWLD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	2.52%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	7.41%	7.23%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	10.16%	10.06%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.33%	13.21%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.45%	15.25%	+0.20%

MXWS.L vs. SWLD.L - Expense Ratio Comparison

MXWS.L has a 0.19% expense ratio, which is higher than SWLD.L's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MXWS.L vs. SWLD.L - Dividend Comparison

Neither MXWS.L nor SWLD.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MXWS.L and SWLD.L in my portfolio?

With a correlation of 0.98, MXWS.L and SWLD.L 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.

Which ETF is better, MXWS.L or SWLD.L?

On fees, SWLD.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MXWS.L or SWLD.L?

SWLD.L is cheaper with a 0.12% expense ratio, compared with 0.19% for MXWS.L.

What is the main difference between MXWS.L and SWLD.L?

Both ETFs track MSCI ACWI NR USD. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.19% for MXWS.L and 0.12% for SWLD.L.