SPOL.L vs. IPOL.L

Last updated Jul 22, 2026

SPOL.L (iShares MSCI Poland UCITS ETF USD (Acc)) and IPOL.L (iShares MSCI Poland UCITS ETF USD (Acc)) are both exchange-traded funds - SPOL.L is a Europe Equities fund tracking the MSCI Poland NR EUR, while IPOL.L is a Emerging Markets Equities fund tracking the MSCI Emerging - Poland in Net USD. Both are passively managed. Over the past 10 years, SPOL.L returned 9.66%/yr vs 9.63%/yr for IPOL.L. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.74% expense ratio.

Performance

SPOL.L vs. IPOL.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 iShares MSCI Poland UCITS ETF USD (Acc) (IPOL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPOL.L is traded in GBp, while IPOL.L is traded in USD. To make them comparable, the IPOL.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 SPOL.L having a 18.71% return and IPOL.L slightly lower at 18.29%. Both investments have delivered pretty close results over the past 10 years, with SPOL.L having a 9.66% annualized return and IPOL.L not far behind at 9.63%.

SPOL.L

• 1D: 2.66%
• 1M: 2.02%
• 6M: 16.21%
• YTD: 18.71%
• 1Y: 32.75%
• 3Y*: 28.28%
• 5Y*: 16.24%
• 10Y*: 9.66%
• ALL TIME*: 0.98%

IPOL.L

• 1D: 1.91%
• 1M: 1.64%
• 6M: 15.31%
• YTD: 18.29%
• 1Y: 31.72%
• 3Y*: 28.02%
• 5Y*: 16.17%
• 10Y*: 9.63%
• ALL TIME*: 4.05%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPOL.L iShares MSCI Poland UCITS ETF USD (Acc)	18.71%	61.27%	-4.98%	41.52%	-17.96%	8.30%	-14.19%	-9.68%	-7.69%	40.45%
IPOL.L iShares MSCI Poland UCITS ETF USD (Acc)	18.29%	60.44%	-4.46%	41.75%	-17.88%	7.85%	-13.81%	-10.35%	-7.43%	40.84%

Correlation

The correlation between SPOL.L and IPOL.L is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jan 21, 2011	0.96

The correlation between SPOL.L and IPOL.L has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

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

Sectors	SPOL.L	IPOL.L
Financial Services	48.3%	47.9%
Energy	16.9%	15.8%
Consumer Cyclical	12.1%	12.1%
Basic Materials	8.9%	10.0%
Consumer Defensive	5.1%	5.3%
Communication Services	3.1%	3.1%
Technology	2.0%	1.9%
Industrials	1.9%	2.0%
Utilities	1.7%	1.8%
Healthcare	-	-
Real Estate	-	-

Return for Risk

SPOL.L vs. IPOL.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: 60
SPOL.L Sharpe Ratio Rank: 55
SPOL.L Sortino Ratio Rank: 54
SPOL.L Omega Ratio Rank: 50
SPOL.L Calmar Ratio Rank: 84
SPOL.L Martin Ratio Rank: 60

IPOL.L

IPOL.L Risk / Return Rank: 53
IPOL.L Sharpe Ratio Rank: 46
IPOL.L Sortino Ratio Rank: 47
IPOL.L Omega Ratio Rank: 43
IPOL.L Calmar Ratio Rank: 75
IPOL.L Martin Ratio Rank: 53

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. IPOL.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 iShares MSCI Poland UCITS ETF USD (Acc) (IPOL.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	IPOL.L	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.34	+0.08
Sortino ratio: Return per unit of downside risk	2.02	1.94	+0.08
Omega ratio: Gain probability vs. loss probability	1.24	1.23	+0.01
Calmar ratio: Return relative to maximum drawdown	3.43	3.29	+0.14
Martin ratio: Return relative to average drawdown	7.85	7.45	+0.40

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

The current SPOL.L Sharpe Ratio is 1.42, which is comparable to the IPOL.L Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of SPOL.L and IPOL.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. IPOL.L - Drawdown Comparison

The maximum SPOL.L drawdown since its inception was -67.31%, which is greater than IPOL.L's maximum drawdown of -56.74%. Use the drawdown chart below to compare losses from any high point for SPOL.L and IPOL.L.

Drawdown Indicators

	SPOL.L	IPOL.L	Difference
Max Drawdown Largest peak-to-trough decline	-67.31%	-56.74%	-10.57%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-9.60%	+0.09%
Max Drawdown (3Y) Largest decline over 3 years	-22.70%	-19.63%	-3.07%
Max Drawdown (5Y) Largest decline over 5 years	-46.27%	-46.45%	+0.18%
Max Drawdown (10Y) Largest decline over 10 years	-56.64%	-56.74%	+0.10%
Current Drawdown Current decline from peak	0.00%	-1.38%	+1.38%
Average Drawdown Average peak-to-trough decline	-41.46%	-21.54%	-19.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	4.25%	-0.09%

Volatility

SPOL.L vs. IPOL.L - Volatility Comparison

iShares MSCI Poland UCITS ETF USD (Acc) (SPOL.L) and iShares MSCI Poland UCITS ETF USD (Acc) (IPOL.L) have volatilities of 5.38% and 5.31%, 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

	SPOL.L	IPOL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	5.31%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	17.77%	18.16%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	23.01%	23.58%	-0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.66%	27.89%	+2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.33%	25.85%	+1.48%

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

Both SPOL.L and IPOL.L have an expense ratio of 0.74%.

Dividends

SPOL.L vs. IPOL.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.94, SPOL.L and IPOL.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, SPOL.L or IPOL.L?

Both ETFs have the same 0.74% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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

SPOL.L and IPOL.L have the same expense ratio: 0.74% per year.

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

SPOL.L is categorized as Europe Equities, while IPOL.L is Emerging Markets Equities. SPOL.L tracks MSCI Poland NR EUR, while IPOL.L tracks MSCI Emerging - Poland in Net USD.