SPOL.L vs. CSWG.L

Last updated Jun 25, 2026

SPOL.L (iShares MSCI Poland UCITS ETF USD (Acc)) and CSWG.L (Amundi MSCI Switzerland UCITS ETF CHF) are both Europe Equities funds - SPOL.L tracks the MSCI Poland NR EUR while CSWG.L tracks the MSCI Switzerland NR CHF. Both are passively managed. Over the past 10 years, SPOL.L returned 9.86%/yr vs 7.19%/yr for CSWG.L. At a 0.42 correlation, their price movements are largely independent. SPOL.L charges 0.74%/yr vs 0.25%/yr for CSWG.L.

Performance

SPOL.L vs. CSWG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Poland UCITS ETF USD (Acc) (SPOL.L) and Amundi MSCI Switzerland UCITS ETF CHF (CSWG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPOL.L achieves a 11.61% return, which is significantly higher than CSWG.L's 8.82% return. Over the past 10 years, SPOL.L has outperformed CSWG.L with an annualized return of 9.86%, while CSWG.L has yielded a comparatively lower 7.19% annualized return.

SPOL.L

• 1D: -1.74%
• 1M: -2.11%
• YTD: 11.61%
• 6M: 12.04%
• 1Y: 36.23%
• 3Y*: 28.39%
• 5Y*: 14.14%
• 10Y*: 9.86%

CSWG.L

• 1D: 1.47%
• 1M: 3.63%
• YTD: 8.82%
• 6M: 8.12%
• 1Y: 22.96%
• 3Y*: 12.00%
• 5Y*: 8.19%
• 10Y*: 7.19%

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

SPOL.L vs. CSWG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPOL.L iShares MSCI Poland UCITS ETF USD (Acc)	11.61%	61.27%	-4.98%	41.52%	-17.96%	8.30%	-14.19%	-9.68%	-7.69%	40.45%
CSWG.L Amundi MSCI Switzerland UCITS ETF CHF	8.82%	23.37%	-0.59%	8.57%	-7.50%	19.77%	7.79%	26.88%	-26.62%	17.10%

Correlation

The correlation between SPOL.L and CSWG.L is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jan 21, 2011	0.42

SPOL.L vs. CSWG.L - Sectors Allocation Comparison

Sectors	SPOL.L	CSWG.L
Financial Services	47.9%	19.4%
Energy	15.3%	2.7%
Consumer Cyclical	12.2%	6.3%
Basic Materials	10.7%	5.9%
Consumer Defensive	5.2%	14.3%
Communication Services	3.0%	1.1%
Technology	2.0%	0.9%
Industrials	1.9%	13.3%
Utilities	1.8%	0.2%
Healthcare	-	37.9%
Real Estate	-	0.7%

Return for Risk

SPOL.L vs. CSWG.L — Risk / Return Rank

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

SPOL.L

SPOL.L Risk / Return Rank: 57
SPOL.L Sharpe Ratio Rank: 51
SPOL.L Sortino Ratio Rank: 50
SPOL.L Omega Ratio Rank: 45
SPOL.L Calmar Ratio Rank: 81
SPOL.L Martin Ratio Rank: 58

CSWG.L

CSWG.L Risk / Return Rank: 52
CSWG.L Sharpe Ratio Rank: 60
CSWG.L Sortino Ratio Rank: 59
CSWG.L Omega Ratio Rank: 61
CSWG.L Calmar Ratio Rank: 41
CSWG.L Martin Ratio Rank: 41

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.

SPOL.L vs. CSWG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Poland UCITS ETF USD (Acc) (SPOL.L) and Amundi MSCI Switzerland UCITS ETF CHF (CSWG.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.

	SPOL.L	CSWG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.76	-0.20
Sortino ratio: Return per unit of downside risk	2.19	2.45	-0.26
Omega ratio: Gain probability vs. loss probability	1.26	1.33	-0.07
Calmar ratio: Return relative to maximum drawdown	3.79	1.83	+1.97
Martin ratio: Return relative to average drawdown	8.99	5.83	+3.16

SPOL.L vs. CSWG.L - Sharpe Ratio Comparison

The current SPOL.L Sharpe Ratio is 1.55, which is comparable to the CSWG.L Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of SPOL.L and CSWG.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.

Drawdowns

SPOL.L vs. CSWG.L - Drawdown Comparison

The maximum SPOL.L drawdown since its inception was -67.31%, which is greater than CSWG.L's maximum drawdown of -33.48%. Use the drawdown chart below to compare losses from any high point for SPOL.L and CSWG.L.

Drawdown Indicators

	SPOL.L	CSWG.L	Difference
Max Drawdown Largest peak-to-trough decline	-67.31%	-33.48%	-33.83%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-12.52%	+3.01%
Max Drawdown (3Y) Largest decline over 3 years	-22.70%	-12.52%	-10.18%
Max Drawdown (5Y) Largest decline over 5 years	-46.27%	-16.26%	-30.01%
Max Drawdown (10Y) Largest decline over 10 years	-56.64%	-33.48%	-23.16%
Current Drawdown Current decline from peak	-5.78%	-0.07%	-5.71%
Average Drawdown Average peak-to-trough decline	-41.64%	-6.70%	-34.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	3.93%	+0.09%

Volatility

SPOL.L vs. CSWG.L - Volatility Comparison

iShares MSCI Poland UCITS ETF USD (Acc) (SPOL.L) has a higher volatility of 6.83% compared to Amundi MSCI Switzerland UCITS ETF CHF (CSWG.L) at 3.88%. This indicates that SPOL.L's price experiences larger fluctuations and is considered to be riskier than CSWG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPOL.L	CSWG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.83%	3.88%	+2.95%
Volatility (6M) Calculated over the trailing 6-month period	17.93%	10.53%	+7.40%
Volatility (1Y) Calculated over the trailing 1-year period	23.40%	13.04%	+10.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.68%	13.03%	+17.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.33%	15.86%	+11.47%

SPOL.L vs. CSWG.L - Expense Ratio Comparison

SPOL.L has a 0.74% expense ratio, which is higher than CSWG.L's 0.25% expense ratio.

Dividends

SPOL.L vs. CSWG.L - Dividend Comparison

Neither SPOL.L nor CSWG.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPOL.L and CSWG.L in my portfolio?

SPOL.L and CSWG.L have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPOL.L or CSWG.L?

On fees, CSWG.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPOL.L or CSWG.L?

CSWG.L is cheaper with a 0.25% expense ratio, compared with 0.74% for SPOL.L.

What is the main difference between SPOL.L and CSWG.L?

SPOL.L tracks MSCI Poland NR EUR, while CSWG.L tracks MSCI Switzerland NR CHF. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.74% for SPOL.L and 0.25% for CSWG.L.