SMT.L vs. WNRG.L
SMT.L (Scottish Mortgage Investment Trust plc) and WNRG.L (State Street SPDR MSCI World Energy UCITS ETF USD (Acc)) are both Global Equities funds. SMT.L is actively managed, while WNRG.L is passively managed. Over the past 10 years, SMT.L returned 17.21%/yr vs 8.51%/yr for WNRG.L. At a 0.34 correlation, their price movements are largely independent. SMT.L charges 0.31%/yr vs 0.30%/yr for WNRG.L.
Performance
SMT.L vs. WNRG.L - Performance Comparison
Loading charts...
Different Trading Currencies
SMT.L is traded in GBp, while WNRG.L is traded in USD. To make them comparable, the WNRG.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SMT.L achieves a 14.83% return, which is significantly lower than WNRG.L's 27.93% return. Over the past 10 years, SMT.L has outperformed WNRG.L with an annualized return of 17.21%, while WNRG.L has yielded a comparatively lower 8.51% annualized return.
SMT.L
- 1D
- -3.58%
- 1M
- -9.10%
- 6M
- 12.09%
- YTD
- 14.83%
- 1Y
- 27.77%
- 3Y*
- 26.51%
- 5Y*
- 1.28%
- 10Y*
- 17.21%
WNRG.L
- 1D
- 1.10%
- 1M
- 3.20%
- 6M
- 21.06%
- YTD
- 27.93%
- 1Y
- 37.02%
- 3Y*
- 15.03%
- 5Y*
- 21.10%
- 10Y*
- 8.51%
SMT.L vs. WNRG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMT.L Scottish Mortgage Investment Trust plc | 14.83% | 24.72% | 18.75% | 12.46% | -45.71% | 10.46% | 110.49% | 24.76% | 4.00% | 40.09% |
WNRG.L State Street SPDR MSCI World Energy UCITS ETF USD (Acc) | 27.93% | 6.65% | 3.85% | -1.65% | 64.04% | 40.05% | -32.40% | 5.71% | -9.95% | -4.27% |
Correlation
The correlation between SMT.L and WNRG.L is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.34 |
The correlation between SMT.L and WNRG.L shifts across timeframes, from -0.22 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SMT.L vs. WNRG.L — Risk / Return Rank
SMT.L
WNRG.L
SMT.L vs. WNRG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Scottish Mortgage Investment Trust plc (SMT.L) and State Street SPDR MSCI World Energy UCITS ETF USD (Acc) (WNRG.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.
| SMT.L | WNRG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.31 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 2.23 | +0.02 |
| Martin ratioReturn relative to average drawdown | 6.45 | 5.81 | +0.64 |
Loading charts...
Drawdowns
SMT.L vs. WNRG.L - Drawdown Comparison
The maximum SMT.L drawdown since its inception was -60.25%, roughly equal to the maximum WNRG.L drawdown of -59.34%. Use the drawdown chart below to compare losses from any high point for SMT.L and WNRG.L.
Loading charts...
Drawdown Indicators
| SMT.L | WNRG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.25% | -59.34% | -0.91% |
Max Drawdown (1Y)Largest decline over 1 year | -12.26% | -16.52% | +4.26% |
Max Drawdown (3Y)Largest decline over 3 years | -28.05% | -21.66% | -6.39% |
Max Drawdown (5Y)Largest decline over 5 years | -60.11% | -22.11% | -38.00% |
Max Drawdown (10Y)Largest decline over 10 years | -60.11% | -59.34% | -0.77% |
Current DrawdownCurrent decline from peak | -11.85% | -10.03% | -1.82% |
Average DrawdownAverage peak-to-trough decline | -14.88% | -12.66% | -2.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.29% | 6.35% | -2.06% |
Volatility
SMT.L vs. WNRG.L - Volatility Comparison
Scottish Mortgage Investment Trust plc (SMT.L) has a higher volatility of 8.19% compared to State Street SPDR MSCI World Energy UCITS ETF USD (Acc) (WNRG.L) at 6.42%. This indicates that SMT.L's price experiences larger fluctuations and is considered to be riskier than WNRG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SMT.L | WNRG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.19% | 6.42% | +1.77% |
Volatility (6M)Calculated over the trailing 6-month period | 18.04% | 18.68% | -0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.89% | 21.51% | +0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.85% | 23.88% | +5.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.82% | 33.22% | -4.40% |
SMT.L vs. WNRG.L - Expense Ratio Comparison
SMT.L has a 0.31% expense ratio, which is higher than WNRG.L's 0.30% expense ratio.
Dividends
SMT.L vs. WNRG.L - Dividend Comparison
SMT.L's dividend yield for the trailing twelve months is around 0.34%, while WNRG.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
SMT.L Scottish Mortgage Investment Trust plc | 0.34% | 0.37% | 0.44% | 0.51% | 0.51% | 0.26% | 0.27% | 0.54% |
WNRG.L State Street SPDR MSCI World Energy UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMT.L and WNRG.L have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, WNRG.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
WNRG.L is cheaper with a 0.30% expense ratio, compared with 0.31% for SMT.L.
They also come from different issuers: Baillie Gifford Funds and State Street. Their fees differ too: 0.31% for SMT.L and 0.30% for WNRG.L.
Find the right allocation for SMT.L and WNRG.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer