SPX4.L vs. IWSZ.L
SPX4.L (SPDR S&P 400 US Mid Cap UCITS ETF) and IWSZ.L (iShares MSCI World Mid-Cap Equal Weight UCITS ETF) are both Mid Cap Blend Equities funds - SPX4.L tracks the Russell Mid Cap TR USD while IWSZ.L tracks the MSCI World Mid-Cap Equal Weighted Index. Both are passively managed. Over the past 10 years, SPX4.L returned 7.27%/yr vs 8.06%/yr for IWSZ.L. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.30% expense ratio.
Performance
SPX4.L vs. IWSZ.L - Performance Comparison
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Different Trading Currencies
SPX4.L is traded in GBP, while IWSZ.L is traded in USD. To make them comparable, the IWSZ.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPX4.L achieves a 14.27% return, which is significantly higher than IWSZ.L's 7.38% return. Over the past 10 years, SPX4.L has underperformed IWSZ.L with an annualized return of 7.27%, while IWSZ.L has yielded a comparatively higher 8.06% annualized return.
SPX4.L
- 1D
- 0.00%
- 1M
- -1.08%
- 6M
- 7.82%
- YTD
- 14.27%
- 1Y
- 20.65%
- 3Y*
- 11.74%
- 5Y*
- 2.49%
- 10Y*
- 7.27%
IWSZ.L
- 1D
- -0.29%
- 1M
- -1.24%
- 6M
- 3.97%
- YTD
- 7.38%
- 1Y
- 15.09%
- 3Y*
- 11.46%
- 5Y*
- 6.49%
- 10Y*
- 8.06%
SPX4.L vs. IWSZ.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPX4.L SPDR S&P 400 US Mid Cap UCITS ETF | 14.27% | 0.12% | 14.37% | 10.71% | -28.36% | 24.10% | 12.97% | 25.47% | -11.60% | 15.60% |
IWSZ.L iShares MSCI World Mid-Cap Equal Weight UCITS ETF | 7.38% | 12.75% | 7.79% | 10.23% | -8.21% | 13.62% | 7.53% | 18.70% | -9.34% | 13.60% |
Correlation
The correlation between SPX4.L and IWSZ.L is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2014 | 0.56 |
The correlation between SPX4.L and IWSZ.L shifts across timeframes, from 0.56 (all time) to 0.75 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPX4.L vs. IWSZ.L — Risk / Return Rank
SPX4.L
IWSZ.L
SPX4.L vs. IWSZ.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 400 US Mid Cap UCITS ETF (SPX4.L) and iShares MSCI World Mid-Cap Equal Weight UCITS ETF (IWSZ.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.
| SPX4.L | IWSZ.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.23 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.13 | 1.88 | +1.25 |
| Martin ratioReturn relative to average drawdown | 9.93 | 6.57 | +3.36 |
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Drawdowns
SPX4.L vs. IWSZ.L - Drawdown Comparison
The maximum SPX4.L drawdown since its inception was -42.03%, which is greater than IWSZ.L's maximum drawdown of -30.21%. Use the drawdown chart below to compare losses from any high point for SPX4.L and IWSZ.L.
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Drawdown Indicators
| SPX4.L | IWSZ.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.03% | -30.21% | -11.82% |
Max Drawdown (1Y)Largest decline over 1 year | -6.63% | -7.98% | +1.35% |
Max Drawdown (3Y)Largest decline over 3 years | -26.24% | -14.95% | -11.29% |
Max Drawdown (5Y)Largest decline over 5 years | -37.77% | -17.67% | -20.10% |
Max Drawdown (10Y)Largest decline over 10 years | -42.03% | -30.21% | -11.82% |
Current DrawdownCurrent decline from peak | -2.75% | -1.69% | -1.06% |
Average DrawdownAverage peak-to-trough decline | -8.82% | -4.71% | -4.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.09% | 2.29% | -0.20% |
Volatility
SPX4.L vs. IWSZ.L - Volatility Comparison
SPDR S&P 400 US Mid Cap UCITS ETF (SPX4.L) has a higher volatility of 4.48% compared to iShares MSCI World Mid-Cap Equal Weight UCITS ETF (IWSZ.L) at 3.59%. This indicates that SPX4.L's price experiences larger fluctuations and is considered to be riskier than IWSZ.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPX4.L | IWSZ.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.48% | 3.59% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 10.36% | 10.26% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.75% | 12.20% | +1.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.63% | 14.32% | +6.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.35% | 15.44% | +5.91% |
SPX4.L vs. IWSZ.L - Expense Ratio Comparison
Both SPX4.L and IWSZ.L have an expense ratio of 0.30%.
Dividends
SPX4.L vs. IWSZ.L - Dividend Comparison
Neither SPX4.L nor IWSZ.L has paid dividends to shareholders.
Frequently Asked Questions
SPX4.L and IWSZ.L have a correlation of 0.67, 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 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
SPX4.L and IWSZ.L have the same expense ratio: 0.30% per year.
SPX4.L tracks Russell Mid Cap TR USD, while IWSZ.L tracks MSCI World Mid-Cap Equal Weighted Index. They also come from different issuers: State Street and iShares.
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