UIFS.L vs. FNCW.L

Last updated Jun 5, 2026

UIFS.L (iShares S&P 500 Financials Sector UCITS ETF USD (Acc)) and FNCW.L (SPDR MSCI World Financials UCITS ETF) are both Financials Equities funds - UIFS.L tracks the S&P 500 Capped 35/20 Financials Index while FNCW.L tracks the MSCI World/Financials NR USD. Both are passively managed. Over the past 3 years, UIFS.L returned 15.44%/yr vs 20.93%/yr for FNCW.L. Their correlation of 0.92 suggests significant overlap in exposure. UIFS.L charges 0.15%/yr vs 0.30%/yr for FNCW.L.

Performance

UIFS.L vs. FNCW.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares S&P 500 Financials Sector UCITS ETF USD (Acc) (UIFS.L) and SPDR MSCI World Financials UCITS ETF (FNCW.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

UIFS.L is traded in GBp, while FNCW.L is traded in GBP. To make them comparable, the FNCW.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, UIFS.L achieves a -4.82% return, which is significantly lower than FNCW.L's 0.43% return.

UIFS.L

• 1D: 3.20%
• 1M: 2.23%
• YTD: -4.82%
• 6M: -2.63%
• 1Y: 4.61%
• 3Y*: 15.44%
• 5Y*: 9.10%
• 10Y*: 13.04%

FNCW.L

• 1D: 1.91%
• 1M: 2.90%
• YTD: 0.43%
• 6M: 3.68%
• 1Y: 15.52%
• 3Y*: 20.93%
• 5Y*: —
• 10Y*: —

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

UIFS.L vs. FNCW.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UIFS.L iShares S&P 500 Financials Sector UCITS ETF USD (Acc)	-4.82%	7.07%	32.24%	6.12%	-0.65%
FNCW.L SPDR MSCI World Financials UCITS ETF	0.43%	20.39%	28.76%	9.92%	-0.09%

Correlation

The correlation between UIFS.L and FNCW.L is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.92

The correlation between UIFS.L and FNCW.L has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

UIFS.L vs. FNCW.L - Sectors Allocation Comparison

Sectors	UIFS.L	FNCW.L
Financial Services	98.1%	98.2%
Technology	1.7%	1.3%
Industrials	0.2%	0.2%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	0.1%
Consumer Defensive	-	-
Energy	-	0.1%
Healthcare	-	0.1%
Real Estate	-	0.1%
Utilities	-	0.1%

Return for Risk

UIFS.L vs. FNCW.L — Risk / Return Rank

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

UIFS.L

UIFS.L Risk / Return Rank: 14
UIFS.L Sharpe Ratio Rank: 15
UIFS.L Sortino Ratio Rank: 14
UIFS.L Omega Ratio Rank: 14
UIFS.L Calmar Ratio Rank: 14
UIFS.L Martin Ratio Rank: 13

FNCW.L

FNCW.L Risk / Return Rank: 34
FNCW.L Sharpe Ratio Rank: 35
FNCW.L Sortino Ratio Rank: 35
FNCW.L Omega Ratio Rank: 33
FNCW.L Calmar Ratio Rank: 33
FNCW.L Martin Ratio Rank: 35

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.

UIFS.L vs. FNCW.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Financials Sector UCITS ETF USD (Acc) (UIFS.L) and SPDR MSCI World Financials UCITS ETF (FNCW.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.

	UIFS.L	FNCW.L	Difference
Sharpe ratio: Return per unit of total volatility	0.33	1.25	-0.92
Sortino ratio: Return per unit of downside risk	0.56	1.80	-1.24
Omega ratio: Gain probability vs. loss probability	1.07	1.21	-0.15
Calmar ratio: Return relative to maximum drawdown	0.36	1.62	-1.26
Martin ratio: Return relative to average drawdown	0.83	5.15	-4.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UIFS.L vs. FNCW.L - Sharpe Ratio Comparison

The current UIFS.L Sharpe Ratio is 0.33, which is lower than the FNCW.L Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of UIFS.L and FNCW.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

	UIFS.L	FNCW.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.33	1.25	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.92	-0.30

Drawdowns

UIFS.L vs. FNCW.L - Drawdown Comparison

The maximum UIFS.L drawdown since its inception was -35.31%, which is greater than FNCW.L's maximum drawdown of -16.31%. Use the drawdown chart below to compare losses from any high point for UIFS.L and FNCW.L.

Drawdown Indicators

	UIFS.L	FNCW.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.31%	-16.31%	-19.00%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-9.55%	-3.35%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	-16.31%	-2.41%
Max Drawdown (5Y) Largest decline over 5 years	-18.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.31%	—	—
Current Drawdown Current decline from peak	-6.76%	-1.13%	-5.63%
Average Drawdown Average peak-to-trough decline	-6.08%	-3.76%	-2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.53%	3.00%	+2.53%

Volatility

UIFS.L vs. FNCW.L - Volatility Comparison

iShares S&P 500 Financials Sector UCITS ETF USD (Acc) (UIFS.L) has a higher volatility of 4.41% compared to SPDR MSCI World Financials UCITS ETF (FNCW.L) at 3.46%. This indicates that UIFS.L's price experiences larger fluctuations and is considered to be riskier than FNCW.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UIFS.L	FNCW.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	3.46%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	10.58%	9.59%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	13.98%	12.41%	+1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.54%	15.02%	+2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.12%	15.02%	+5.10%

UIFS.L vs. FNCW.L - Expense Ratio Comparison

UIFS.L has a 0.15% expense ratio, which is lower than FNCW.L's 0.30% expense ratio.

Dividends

UIFS.L vs. FNCW.L - Dividend Comparison

Neither UIFS.L nor FNCW.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UIFS.L and FNCW.L in my portfolio?

With a correlation of 0.91, UIFS.L and FNCW.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, UIFS.L or FNCW.L?

On fees, UIFS.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UIFS.L or FNCW.L?

UIFS.L is cheaper with a 0.15% expense ratio, compared with 0.30% for FNCW.L.

What is the main difference between UIFS.L and FNCW.L?

UIFS.L tracks S&P 500 Capped 35/20 Financials Index, while FNCW.L tracks MSCI World/Financials NR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for UIFS.L and 0.30% for FNCW.L.