SWRD.AS vs. IWDL

Last updated Jun 4, 2026

SWRD.AS (SPDR MSCI World UCITS ETF) and IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) are both exchange-traded funds - SWRD.AS is a Global Equities fund tracking the MSCI ACWI NR USD, while IWDL is a Leveraged Equities fund tracking the Russell 1000 Value (200%). Both are passively managed. Over the past 5 years, SWRD.AS returned 12.98%/yr vs 14.17%/yr for IWDL. At a 0.50 correlation, their price movements are largely independent. SWRD.AS charges 0.12%/yr vs 0.95%/yr for IWDL.

Performance

SWRD.AS vs. IWDL - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR MSCI World UCITS ETF (SWRD.AS) and ETRACS 2x Leveraged US Value Factor TR ETN (IWDL). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SWRD.AS is traded in EUR, while IWDL is traded in USD. To make them comparable, the IWDL values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, SWRD.AS achieves a 11.10% return, which is significantly lower than IWDL's 28.06% return.

SWRD.AS

• 1D: -0.29%
• 1M: 5.59%
• YTD: 11.10%
• 6M: 11.67%
• 1Y: 23.98%
• 3Y*: 17.79%
• 5Y*: 12.98%
• 10Y*: —

IWDL

• 1D: 0.16%
• 1M: 8.57%
• YTD: 28.06%
• 6M: 28.16%
• 1Y: 50.21%
• 3Y*: 26.52%
• 5Y*: 14.17%
• 10Y*: —

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

SWRD.AS vs. IWDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SWRD.AS SPDR MSCI World UCITS ETF	11.10%	7.29%	27.33%	20.14%	-13.35%	25.44%
IWDL ETRACS 2x Leveraged US Value Factor TR ETN	28.06%	10.18%	28.65%	10.09%	-16.39%	48.74%

Correlation

The correlation between SWRD.AS and IWDL is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021	0.50

The correlation between SWRD.AS and IWDL has been stable across timeframes, ranging from 0.45 to 0.50 - a consistent structural relationship.

Return for Risk

SWRD.AS vs. IWDL — Risk / Return Rank

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

SWRD.AS

SWRD.AS Risk / Return Rank: 68
SWRD.AS Sharpe Ratio Rank: 63
SWRD.AS Sortino Ratio Rank: 63
SWRD.AS Omega Ratio Rank: 66
SWRD.AS Calmar Ratio Rank: 72
SWRD.AS Martin Ratio Rank: 76

IWDL

IWDL Risk / Return Rank: 73
IWDL Sharpe Ratio Rank: 72
IWDL Sortino Ratio Rank: 70
IWDL Omega Ratio Rank: 66
IWDL Calmar Ratio Rank: 78
IWDL Martin Ratio Rank: 81

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.

SWRD.AS vs. IWDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World UCITS ETF (SWRD.AS) and ETRACS 2x Leveraged US Value Factor TR ETN (IWDL). 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.

	SWRD.AS	IWDL	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.28	-0.13
Sortino ratio: Return per unit of downside risk	3.01	3.03	-0.02
Omega ratio: Gain probability vs. loss probability	1.41	1.39	+0.02
Calmar ratio: Return relative to maximum drawdown	3.65	4.27	-0.62
Martin ratio: Return relative to average drawdown	14.76	16.96	-2.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWRD.AS vs. IWDL - Sharpe Ratio Comparison

The current SWRD.AS Sharpe Ratio is 2.15, which is comparable to the IWDL Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of SWRD.AS and IWDL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SWRD.AS	IWDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.28	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.49	+0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.65	+0.21

Drawdowns

SWRD.AS vs. IWDL - Drawdown Comparison

The maximum SWRD.AS drawdown since its inception was -33.61%, roughly equal to the maximum IWDL drawdown of -34.36%. Use the drawdown chart below to compare losses from any high point for SWRD.AS and IWDL.

Drawdown Indicators

	SWRD.AS	IWDL	Difference
Max Drawdown Largest peak-to-trough decline	-33.61%	-34.36%	+0.75%
Max Drawdown (1Y) Largest decline over 1 year	-6.49%	-11.81%	+5.32%
Max Drawdown (3Y) Largest decline over 3 years	-21.51%	-34.36%	+12.85%
Max Drawdown (5Y) Largest decline over 5 years	-21.51%	-34.36%	+12.85%
Current Drawdown Current decline from peak	-0.29%	0.00%	-0.29%
Average Drawdown Average peak-to-trough decline	-4.42%	-10.01%	+5.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	2.97%	-1.36%

Volatility

SWRD.AS vs. IWDL - Volatility Comparison

The current volatility for SPDR MSCI World UCITS ETF (SWRD.AS) is 2.79%, while ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) has a volatility of 5.11%. This indicates that SWRD.AS experiences smaller price fluctuations and is considered to be less risky than IWDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWRD.AS	IWDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	5.11%	-2.32%
Volatility (6M) Calculated over the trailing 6-month period	7.65%	16.93%	-9.28%
Volatility (1Y) Calculated over the trailing 1-year period	11.06%	22.18%	-11.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.06%	29.19%	-15.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	28.93%	-12.92%

SWRD.AS vs. IWDL - Expense Ratio Comparison

SWRD.AS has a 0.12% expense ratio, which is lower than IWDL's 0.95% expense ratio.

Dividends

SWRD.AS vs. IWDL - Dividend Comparison

Neither SWRD.AS nor IWDL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SWRD.AS and IWDL in my portfolio?

SWRD.AS and IWDL have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SWRD.AS or IWDL?

On fees, SWRD.AS is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SWRD.AS or IWDL?

SWRD.AS is cheaper with a 0.12% expense ratio, compared with 0.95% for IWDL.

What is the main difference between SWRD.AS and IWDL?

SWRD.AS is categorized as Global Equities, while IWDL is Leveraged Equities. SWRD.AS tracks MSCI ACWI NR USD, while IWDL tracks Russell 1000 Value (200%). They also come from different issuers: State Street and UBS. Their fees differ too: 0.12% for SWRD.AS and 0.95% for IWDL.