TECW.L vs. IYW
TECW.L (SPDR MSCI World Technology UCITS ETF) and IYW (iShares U.S. Technology ETF) are both Technology Equities funds - TECW.L tracks the MSCI World/Information Tech NR USD while IYW tracks the Russell 1000 Technology RIC 22.5/45 Capped Index. Both are passively managed. Over the past 3 years, TECW.L returned 29.52%/yr vs 29.26%/yr for IYW. A 0.67 correlation means they provide meaningful diversification when combined. TECW.L charges 0.30%/yr vs 0.38%/yr for IYW.
Performance
TECW.L vs. IYW - Performance Comparison
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Different Trading Currencies
TECW.L is traded in GBP, while IYW is traded in USD. To make them comparable, the IYW values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, TECW.L achieves a 24.30% return, which is significantly higher than IYW's 22.08% return.
TECW.L
- 1D
- -1.91%
- 1M
- 12.81%
- YTD
- 24.30%
- 6M
- 22.10%
- 1Y
- 51.61%
- 3Y*
- 29.52%
- 5Y*
- —
- 10Y*
- —
IYW
- 1D
- -5.33%
- 1M
- 5.91%
- YTD
- 22.08%
- 6M
- 18.88%
- 1Y
- 51.93%
- 3Y*
- 29.26%
- 5Y*
- 22.73%
- 10Y*
- 26.31%
TECW.L vs. IYW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TECW.L SPDR MSCI World Technology UCITS ETF | 24.30% | 13.84% | 36.32% | 46.35% | -17.74% |
IYW iShares U.S. Technology ETF | 22.08% | 16.45% | 32.52% | 57.17% | -22.78% |
Correlation
The correlation between TECW.L and IYW is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.67 |
The correlation between TECW.L and IYW has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.
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Return for Risk
TECW.L vs. IYW — Risk / Return Rank
TECW.L
IYW
TECW.L vs. IYW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World Technology UCITS ETF (TECW.L) and iShares U.S. Technology ETF (IYW). 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.
| TECW.L | IYW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.44 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.14 | 2.94 | +0.20 |
| Martin ratioReturn relative to average drawdown | 8.04 | 8.25 | -0.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TECW.L | IYW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.71 | 2.60 | +0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.93 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.06 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.02 | 0.81 | +0.21 |
Drawdowns
TECW.L vs. IYW - Drawdown Comparison
The maximum TECW.L drawdown since its inception was -28.26%, smaller than the maximum IYW drawdown of -36.55%. Use the drawdown chart below to compare losses from any high point for TECW.L and IYW.
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Drawdown Indicators
| TECW.L | IYW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.26% | -36.55% | +8.29% |
Max Drawdown (1Y)Largest decline over 1 year | -16.66% | -17.74% | +1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -28.26% | -29.03% | +0.77% |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.91% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.91% | — |
Current DrawdownCurrent decline from peak | -2.33% | -6.30% | +3.97% |
Average DrawdownAverage peak-to-trough decline | -6.15% | -6.35% | +0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.52% | 6.32% | +0.20% |
Volatility
TECW.L vs. IYW - Volatility Comparison
The current volatility for SPDR MSCI World Technology UCITS ETF (TECW.L) is 6.85%, while iShares U.S. Technology ETF (IYW) has a volatility of 8.05%. This indicates that TECW.L experiences smaller price fluctuations and is considered to be less risky than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECW.L | IYW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.85% | 8.05% | -1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 14.32% | 15.57% | -1.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.31% | 20.07% | -0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.01% | 24.66% | -2.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.01% | 24.99% | -2.98% |
TECW.L vs. IYW - Expense Ratio Comparison
TECW.L has a 0.30% expense ratio, which is lower than IYW's 0.38% expense ratio.
Dividends
TECW.L vs. IYW - Dividend Comparison
TECW.L has not paid dividends to shareholders, while IYW's dividend yield for the trailing twelve months is around 0.11%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
TECW.L SPDR MSCI World Technology UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TECW.L and IYW have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TECW.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TECW.L is cheaper with a 0.30% expense ratio, compared with 0.38% for IYW.
TECW.L tracks MSCI World/Information Tech NR USD, while IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for TECW.L and 0.38% for IYW.
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