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SPMD.L vs. SWDA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPMD.L vs. SWDA.L

Last updated Jun 5, 2026

SPMD.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)) and SWDA.L (iShares Core MSCI World UCITS ETF USD (Acc)) are both exchange-traded funds - SPMD.L is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index, while SWDA.L is a Global Equities fund tracking the MSCI World Index. Both are passively managed. Over the past 5 years, SPMD.L returned 8.91%/yr vs 11.87%/yr for SWDA.L. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.

Performance

SPMD.L vs. SWDA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L) and iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

SPMD.L is traded in USD, while SWDA.L is traded in GBp. To make them comparable, the SWDA.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPMD.L achieves a 4.17% return, which is significantly lower than SWDA.L's 9.81% return.

SPMD.L

1D
0.15%
1M
3.76%
YTD
4.17%
6M
5.47%
1Y
11.38%
3Y*
13.82%
5Y*
8.91%
10Y*
—

SWDA.L

1D
0.20%
1M
4.22%
YTD
9.81%
6M
11.17%
1Y
26.04%
3Y*
20.71%
5Y*
11.87%
10Y*
13.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPMD.L vs. SWDA.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
SPMD.L
iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)		4.17%11.56%18.70%9.87%-10.96%24.92%7.60%30.93%-4.56%
SWDA.L
iShares Core MSCI World UCITS ETF USD (Acc)		9.81%21.14%19.09%23.79%-18.13%22.52%15.68%27.97%-9.95%

Correlation

The correlation between SPMD.L and SWDA.L is 0.75, 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

0.75

Correlation (3Y)
Calculated over the trailing 3-year period

0.77

Correlation (5Y)
Calculated over the trailing 5-year period

0.80

Correlation (All Time)
Calculated using the full available price history since Feb 26, 2018

0.82

The correlation between SPMD.L and SWDA.L has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

SPMD.L vs. SWDA.L - Sectors Allocation Comparison

Sectors
SPMD.L
SWDA.L

Technology

29.0%
30.0%

Financial Services

17.8%
15.4%

Healthcare

13.3%
8.7%

Consumer Defensive

10.4%
5.2%

Consumer Cyclical

6.9%
9.0%

Communication Services

6.5%
9.2%

Industrials

5.7%
10.9%

Energy

5.2%
4.2%

Utilities

2.9%
2.5%

Basic Materials

2.3%
3.2%

Real Estate

0.2%
1.8%

Technology

SPMD.L
29.0%
SWDA.L
30.0%

Financial Services

SPMD.L
17.8%
SWDA.L
15.4%

Healthcare

SPMD.L
13.3%
SWDA.L
8.7%

Consumer Defensive

SPMD.L
10.4%
SWDA.L
5.2%

Consumer Cyclical

SPMD.L
6.9%
SWDA.L
9.0%

Communication Services

SPMD.L
6.5%
SWDA.L
9.2%

Industrials

SPMD.L
5.7%
SWDA.L
10.9%

Energy

SPMD.L
5.2%
SWDA.L
4.2%

Utilities

SPMD.L
2.9%
SWDA.L
2.5%

Basic Materials

SPMD.L
2.3%
SWDA.L
3.2%

Real Estate

SPMD.L
0.2%
SWDA.L
1.8%

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iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)

iShares Core MSCI World UCITS ETF USD (Acc)

Often compared with SPMD.L:
SPMD.L vs. VOOSPMD.L vs. VUAG.LSPMD.L vs. LGLVSPMD.L vs. SPYSPMD.L vs. VTISPMD.L vs. USMVSPMD.L vs. CSPX.L
Often compared with SWDA.L:
SWDA.L vs. IWDA.LSWDA.L vs. VWRP.LSWDA.L vs. VWCE.DESWDA.L vs. SPYSWDA.L vs. IUSQ.DESWDA.L vs. EUN.LSWDA.L vs. VOO

Return for Risk

SPMD.L vs. SWDA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPMD.L
SPMD.L Risk / Return Rank: 4040
Overall Rank
SPMD.L Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
SPMD.L Sortino Ratio Rank: 4141
Sortino Ratio Rank
SPMD.L Omega Ratio Rank: 3838
Omega Ratio Rank
SPMD.L Calmar Ratio Rank: 3737
Calmar Ratio Rank
SPMD.L Martin Ratio Rank: 4444
Martin Ratio Rank
SWDA.L
SWDA.L Risk / Return Rank: 8383
Overall Rank
SWDA.L Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
SWDA.L Sortino Ratio Rank: 8383
Sortino Ratio Rank
SWDA.L Omega Ratio Rank: 8484
Omega Ratio Rank
SWDA.L Calmar Ratio Rank: 8181
Calmar Ratio Rank
SWDA.L Martin Ratio Rank: 8383
Martin Ratio Rank
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.

SPMD.L vs. SWDA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L) and iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.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.

SPMD.LSWDA.LDifference
Sharpe ratioReturn per unit of total volatility
1.36
2.27

-0.92

Sortino ratioReturn per unit of downside risk
2.05
3.37

-1.32

Omega ratioGain probability vs. loss probability

1.24

1.41

-0.17

Calmar ratioReturn relative to maximum drawdown

1.82

3.02

-1.20

Martin ratioReturn relative to average drawdown

7.13

13.29

-6.16

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPMD.L vs. SWDA.L - Sharpe Ratio Comparison

The current SPMD.L Sharpe Ratio is 1.36, which is lower than the SWDA.L Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of SPMD.L and SWDA.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.

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Sharpe Ratios by Period

SPMD.LSWDA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.36

2.27

-0.92

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.71

0.78

-0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.83

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.71

0.73

-0.02

Drawdowns

SPMD.L vs. SWDA.L - Drawdown Comparison

The maximum SPMD.L drawdown since its inception was -33.34%, roughly equal to the maximum SWDA.L drawdown of -33.62%. Use the drawdown chart below to compare losses from any high point for SPMD.L and SWDA.L.

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Drawdown Indicators

SPMD.LSWDA.LDifference

Max Drawdown

Largest peak-to-trough decline

-33.34%

-33.62%

+0.28%

Max Drawdown (1Y)

Largest decline over 1 year

-6.23%

-8.59%

+2.36%

Max Drawdown (3Y)

Largest decline over 3 years

-12.11%

-17.07%

+4.96%

Max Drawdown (5Y)

Largest decline over 5 years

-18.68%

-26.50%

+7.82%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.62%

—

Current Drawdown

Current decline from peak

0.00%

-0.42%

+0.42%

Average Drawdown

Average peak-to-trough decline

-4.20%

-4.58%

+0.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.59%

1.95%

-0.36%

Volatility

SPMD.L vs. SWDA.L - Volatility Comparison

The current volatility for iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L) is 2.06%, while iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L) has a volatility of 2.81%. This indicates that SPMD.L experiences smaller price fluctuations and is considered to be less risky than SWDA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPMD.LSWDA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.06%

2.81%

-0.75%

Volatility (6M)

Calculated over the trailing 6-month period

5.98%

8.58%

-2.60%

Volatility (1Y)

Calculated over the trailing 1-year period

8.35%

11.41%

-3.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.56%

15.30%

-2.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.63%

15.73%

-1.10%

SPMD.L vs. SWDA.L - Expense Ratio Comparison

Both SPMD.L and SWDA.L have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SPMD.L vs. SWDA.L - Dividend Comparison

SPMD.L's dividend yield for the trailing twelve months is around 1.16%, while SWDA.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
SPMD.L
iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)		1.16%1.15%1.28%1.46%1.35%1.27%1.54%1.52%1.13%
SWDA.L
iShares Core MSCI World UCITS ETF USD (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

SPMD.L and SWDA.L have a correlation of 0.75, 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 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

SPMD.L and SWDA.L have the same expense ratio: 0.20% per year.

SPMD.L is categorized as S&P 500, while SWDA.L is Global Equities. SPMD.L tracks S&P 500 Minimum Volatility Index, while SWDA.L tracks MSCI World Index.

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