SKUK.AS vs. WINC.AS

Last updated Jun 5, 2026

SKUK.AS (iShares $ Sukuk UCITS ETF USD (Dist)) and WINC.AS (iShares World Equity High Income UCITS ETF USD Inc) are both exchange-traded funds - SKUK.AS is a Emerging Markets Bonds fund tracking the J.P. Morgan EM Aggregate Sukuk Index, while WINC.AS is a Global Equity Income fund actively managed by iShares. SKUK.AS is passively managed, while WINC.AS is actively managed. Over the past year, SKUK.AS returned 4.54% vs 24.57% for WINC.AS. At a 0.27 correlation, their price movements are largely independent. SKUK.AS charges 0.40%/yr vs 0.35%/yr for WINC.AS.

Performance

SKUK.AS vs. WINC.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares $ Sukuk UCITS ETF USD (Dist) (SKUK.AS) and iShares World Equity High Income UCITS ETF USD Inc (WINC.AS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SKUK.AS achieves a 0.16% return, which is significantly lower than WINC.AS's 8.88% return.

SKUK.AS

• 1D: 0.34%
• 1M: 0.32%
• YTD: 0.16%
• 6M: 0.69%
• 1Y: 4.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WINC.AS

• 1D: 0.63%
• 1M: 2.23%
• YTD: 8.88%
• 6M: 10.29%
• 1Y: 24.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SKUK.AS vs. WINC.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SKUK.AS iShares $ Sukuk UCITS ETF USD (Dist)	0.16%	5.00%	3.65%
WINC.AS iShares World Equity High Income UCITS ETF USD Inc	8.88%	21.56%	8.92%

Correlation

The correlation between SKUK.AS and WINC.AS is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Apr 3, 2024	0.27

The correlation between SKUK.AS and WINC.AS shifts across timeframes, from 0.27 (all time) to 0.42 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SKUK.AS vs. WINC.AS — Risk / Return Rank

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

SKUK.AS

SKUK.AS Risk / Return Rank: 40
SKUK.AS Sharpe Ratio Rank: 42
SKUK.AS Sortino Ratio Rank: 47
SKUK.AS Omega Ratio Rank: 48
SKUK.AS Calmar Ratio Rank: 29
SKUK.AS Martin Ratio Rank: 36

WINC.AS

WINC.AS Risk / Return Rank: 75
WINC.AS Sharpe Ratio Rank: 72
WINC.AS Sortino Ratio Rank: 79
WINC.AS Omega Ratio Rank: 71
WINC.AS Calmar Ratio Rank: 73
WINC.AS Martin Ratio Rank: 79

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.

SKUK.AS vs. WINC.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares $ Sukuk UCITS ETF USD (Dist) (SKUK.AS) and iShares World Equity High Income UCITS ETF USD Inc (WINC.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.

	SKUK.AS	WINC.AS	Difference
Sharpe ratio: Return per unit of total volatility	1.45	2.32	-0.87
Sortino ratio: Return per unit of downside risk	2.28	3.49	-1.20
Omega ratio: Gain probability vs. loss probability	1.30	1.42	-0.12
Calmar ratio: Return relative to maximum drawdown	1.39	3.61	-2.22
Martin ratio: Return relative to average drawdown	5.33	15.27	-9.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SKUK.AS vs. WINC.AS - Sharpe Ratio Comparison

The current SKUK.AS Sharpe Ratio is 1.45, which is lower than the WINC.AS Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of SKUK.AS and WINC.AS, 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

	SKUK.AS	WINC.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	2.32	-0.87
Sharpe Ratio (All Time) Calculated using the full available price history	1.43	1.61	-0.18

Drawdowns

SKUK.AS vs. WINC.AS - Drawdown Comparison

The maximum SKUK.AS drawdown since its inception was -3.33%, smaller than the maximum WINC.AS drawdown of -14.81%. Use the drawdown chart below to compare losses from any high point for SKUK.AS and WINC.AS.

Drawdown Indicators

	SKUK.AS	WINC.AS	Difference
Max Drawdown Largest peak-to-trough decline	-3.33%	-14.81%	+11.48%
Max Drawdown (1Y) Largest decline over 1 year	-3.33%	-6.77%	+3.44%
Current Drawdown Current decline from peak	-0.61%	-0.35%	-0.26%
Average Drawdown Average peak-to-trough decline	-0.72%	-1.53%	+0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	1.60%	-0.73%

Volatility

SKUK.AS vs. WINC.AS - Volatility Comparison

The current volatility for iShares $ Sukuk UCITS ETF USD (Dist) (SKUK.AS) is 1.24%, while iShares World Equity High Income UCITS ETF USD Inc (WINC.AS) has a volatility of 3.03%. This indicates that SKUK.AS experiences smaller price fluctuations and is considered to be less risky than WINC.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SKUK.AS	WINC.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	3.03%	-1.79%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	8.26%	-5.54%
Volatility (1Y) Calculated over the trailing 1-year period	3.19%	10.59%	-7.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.53%	13.84%	-10.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.53%	13.84%	-10.31%

SKUK.AS vs. WINC.AS - Expense Ratio Comparison

SKUK.AS has a 0.40% expense ratio, which is higher than WINC.AS's 0.35% expense ratio.

Dividends

SKUK.AS vs. WINC.AS - Dividend Comparison

SKUK.AS's dividend yield for the trailing twelve months is around 4.80%, less than WINC.AS's 9.64% yield.

Position	TTM	2025	2024
SKUK.AS iShares $ Sukuk UCITS ETF USD (Dist)	4.80%	2.41%	4.00%
WINC.AS iShares World Equity High Income UCITS ETF USD Inc	9.64%	9.38%	4.88%

Frequently Asked Questions

Can I hold both SKUK.AS and WINC.AS in my portfolio?

SKUK.AS and WINC.AS have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SKUK.AS or WINC.AS?

On fees, WINC.AS is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SKUK.AS or WINC.AS?

WINC.AS is cheaper with a 0.35% expense ratio, compared with 0.40% for SKUK.AS.

What is the main difference between SKUK.AS and WINC.AS?

SKUK.AS is categorized as Emerging Markets Bonds, while WINC.AS is Global Equity Income. Their fees differ too: 0.40% for SKUK.AS and 0.35% for WINC.AS.