SWRD.AS vs. VHVE.L

Last updated Jun 4, 2026

SWRD.AS (SPDR MSCI World UCITS ETF) and VHVE.L (Vanguard FTSE Developed World UCITS ETF USD Acc) are both Global Equities funds - SWRD.AS tracks the MSCI ACWI NR USD while VHVE.L tracks the FTSE Developed. Both are passively managed. Over the past 5 years, SWRD.AS returned 12.98%/yr vs 13.17%/yr for VHVE.L. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.12% expense ratio.

Performance

SWRD.AS vs. VHVE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR MSCI World UCITS ETF (SWRD.AS) and Vanguard FTSE Developed World UCITS ETF USD Acc (VHVE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SWRD.AS is traded in EUR, while VHVE.L is traded in USD. To make them comparable, the VHVE.L 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 VHVE.L's 13.00% 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*: —

VHVE.L

• 1D: -0.38%
• 1M: 5.63%
• YTD: 13.00%
• 6M: 13.93%
• 1Y: 26.73%
• 3Y*: 18.35%
• 5Y*: 13.17%
• 10Y*: —

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

SWRD.AS vs. VHVE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SWRD.AS SPDR MSCI World UCITS ETF	11.10%	7.29%	27.33%	20.14%	-13.35%	32.60%	6.05%	5.36%
VHVE.L Vanguard FTSE Developed World UCITS ETF USD Acc	13.00%	7.68%	25.72%	20.92%	-12.99%	30.21%	6.92%	5.64%

Correlation

The correlation between SWRD.AS and VHVE.L is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019	0.91

The correlation between SWRD.AS and VHVE.L has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

SWRD.AS vs. VHVE.L — 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

VHVE.L

VHVE.L Risk / Return Rank: 73
VHVE.L Sharpe Ratio Rank: 72
VHVE.L Sortino Ratio Rank: 78
VHVE.L Omega Ratio Rank: 73
VHVE.L Calmar Ratio Rank: 68
VHVE.L Martin Ratio Rank: 76

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. VHVE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World UCITS ETF (SWRD.AS) and Vanguard FTSE Developed World UCITS ETF USD Acc (VHVE.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.

	SWRD.AS	VHVE.L	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.17	-0.02
Sortino ratio: Return per unit of downside risk	3.01	3.05	-0.05
Omega ratio: Gain probability vs. loss probability	1.41	1.41	0.00
Calmar ratio: Return relative to maximum drawdown	3.65	4.36	-0.71
Martin ratio: Return relative to average drawdown	14.76	17.02	-2.26
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. VHVE.L - Sharpe Ratio Comparison

The current SWRD.AS Sharpe Ratio is 2.15, which is comparable to the VHVE.L Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of SWRD.AS and VHVE.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.

Sharpe Ratios by Period

	SWRD.AS	VHVE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.17	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.88	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.81	+0.04

Drawdowns

SWRD.AS vs. VHVE.L - Drawdown Comparison

The maximum SWRD.AS drawdown since its inception was -33.61%, roughly equal to the maximum VHVE.L drawdown of -33.06%. Use the drawdown chart below to compare losses from any high point for SWRD.AS and VHVE.L.

Drawdown Indicators

	SWRD.AS	VHVE.L	Difference
Max Drawdown Largest peak-to-trough decline	-33.61%	-33.06%	-0.55%
Max Drawdown (1Y) Largest decline over 1 year	-6.49%	-6.11%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-21.51%	-20.20%	-1.31%
Max Drawdown (5Y) Largest decline over 5 years	-21.51%	-20.20%	-1.31%
Current Drawdown Current decline from peak	-0.29%	-0.38%	+0.09%
Average Drawdown Average peak-to-trough decline	-4.42%	-4.69%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	1.57%	+0.04%

Volatility

SWRD.AS vs. VHVE.L - Volatility Comparison

The current volatility for SPDR MSCI World UCITS ETF (SWRD.AS) is 2.79%, while Vanguard FTSE Developed World UCITS ETF USD Acc (VHVE.L) has a volatility of 3.28%. This indicates that SWRD.AS experiences smaller price fluctuations and is considered to be less risky than VHVE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWRD.AS	VHVE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	3.28%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	7.65%	9.16%	-1.51%
Volatility (1Y) Calculated over the trailing 1-year period	11.06%	12.32%	-1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.06%	14.89%	-0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	17.00%	-0.99%

SWRD.AS vs. VHVE.L - Expense Ratio Comparison

Both SWRD.AS and VHVE.L have an expense ratio of 0.12%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SWRD.AS vs. VHVE.L - Dividend Comparison

Neither SWRD.AS nor VHVE.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.90, SWRD.AS and VHVE.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, SWRD.AS or VHVE.L?

Both ETFs have the same 0.12% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SWRD.AS or VHVE.L?

SWRD.AS and VHVE.L have the same expense ratio: 0.12% per year.

What is the main difference between SWRD.AS and VHVE.L?

SWRD.AS tracks MSCI ACWI NR USD, while VHVE.L tracks FTSE Developed. They also come from different issuers: State Street and Vanguard.