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UKCO.L vs. SWLD.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UKCO.L vs. SWLD.L

Last updated Jun 5, 2026

UKCO.L (SPDR Bloomberg Sterling Corporate Bond UCITS ETF) and SWLD.L (SPDR MSCI World UCITS ETF) are both exchange-traded funds - UKCO.L is a European Corporate Bonds fund tracking the Markit iBoxx GBP NonGilts TR, while SWLD.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 5 years, UKCO.L returned -1.76%/yr vs 13.17%/yr for SWLD.L. At a 0.12 correlation, their price movements are largely independent. UKCO.L charges 0.20%/yr vs 0.12%/yr for SWLD.L.

Performance

UKCO.L vs. SWLD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR Bloomberg Sterling Corporate Bond UCITS ETF (UKCO.L) and SPDR MSCI World UCITS ETF (SWLD.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UKCO.L achieves a -2.41% return, which is significantly lower than SWLD.L's 10.05% return.

UKCO.L

1D
0.32%
1M
1.04%
YTD
-2.41%
6M
-1.98%
1Y
-0.03%
3Y*
4.33%
5Y*
-1.76%
10Y*
1.34%

SWLD.L

1D
0.09%
1M
3.80%
YTD
10.05%
6M
9.96%
1Y
27.20%
3Y*
17.80%
5Y*
13.17%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

UKCO.L vs. SWLD.L - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
UKCO.L
SPDR Bloomberg Sterling Corporate Bond UCITS ETF		-2.41%4.42%1.65%8.85%-19.34%-3.36%8.76%8.35%
SWLD.L
SPDR MSCI World UCITS ETF		10.05%12.85%21.19%17.70%-8.06%23.66%12.00%14.48%

Correlation

The correlation between UKCO.L and SWLD.L is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.26

Correlation (3Y)
Calculated over the trailing 3-year period

0.22

Correlation (5Y)
Calculated over the trailing 5-year period

0.15

Correlation (All Time)
Calculated using the full available price history since Mar 5, 2019

0.12

The correlation between UKCO.L and SWLD.L shifts across timeframes, from 0.12 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.

UKCO.L vs. SWLD.L - Sectors Allocation Comparison

Sectors
UKCO.L
SWLD.L

Financial Services

25.2%
15.7%

Communication Services

5.2%
9.2%

Real Estate

3.7%
1.9%

Consumer Defensive

2.4%
5.2%

Utilities

2.4%
2.7%

Consumer Cyclical

2.0%
9.3%

Healthcare

1.8%
8.8%

Industrials

1.7%
11.4%

Technology

0.7%
28.3%

Basic Materials

0.7%
3.3%

Energy

0.1%
4.2%

Financial Services

UKCO.L
25.2%
SWLD.L
15.7%

Communication Services

UKCO.L
5.2%
SWLD.L
9.2%

Real Estate

UKCO.L
3.7%
SWLD.L
1.9%

Consumer Defensive

UKCO.L
2.4%
SWLD.L
5.2%

Utilities

UKCO.L
2.4%
SWLD.L
2.7%

Consumer Cyclical

UKCO.L
2.0%
SWLD.L
9.3%

Healthcare

UKCO.L
1.8%
SWLD.L
8.8%

Industrials

UKCO.L
1.7%
SWLD.L
11.4%

Technology

UKCO.L
0.7%
SWLD.L
28.3%

Basic Materials

UKCO.L
0.7%
SWLD.L
3.3%

Energy

UKCO.L
0.1%
SWLD.L
4.2%

Compare stocks, funds, or ETFs

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SPDR Bloomberg Sterling Corporate Bond UCITS ETF

SPDR MSCI World UCITS ETF

Often compared with UKCO.L:
UKCO.L vs. CSH2.LUKCO.L vs. EUCO.LUKCO.L vs. IS15.LUKCO.L vs. IBCX.LUKCO.L vs. XBLC.LUKCO.L vs. IEAA.LUKCO.L vs. VECA.L
Often compared with SWLD.L:
SWLD.L vs. VWRP.LSWLD.L vs. SWDA.LSWLD.L vs. VHVG.LSWLD.L vs. IMID.LSWLD.L vs. VWRL.LSWLD.L vs. LGGG.LSWLD.L vs. SSAC.L

Return for Risk

UKCO.L vs. SWLD.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UKCO.L
UKCO.L Risk / Return Rank: 99
Overall Rank
UKCO.L Sharpe Ratio Rank: 99
Sharpe Ratio Rank
UKCO.L Sortino Ratio Rank: 88
Sortino Ratio Rank
UKCO.L Omega Ratio Rank: 88
Omega Ratio Rank
UKCO.L Calmar Ratio Rank: 99
Calmar Ratio Rank
UKCO.L Martin Ratio Rank: 99
Martin Ratio Rank
SWLD.L
SWLD.L Risk / Return Rank: 8383
Overall Rank
SWLD.L Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
SWLD.L Sortino Ratio Rank: 8383
Sortino Ratio Rank
SWLD.L Omega Ratio Rank: 8585
Omega Ratio Rank
SWLD.L Calmar Ratio Rank: 8181
Calmar Ratio Rank
SWLD.L Martin Ratio Rank: 8383
Martin Ratio Rank
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.

UKCO.L vs. SWLD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Sterling Corporate Bond UCITS ETF (UKCO.L) and SPDR MSCI World UCITS ETF (SWLD.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.

UKCO.LSWLD.LDifference
Sharpe ratioReturn per unit of total volatility
-0.01
2.70

-2.70

Sortino ratioReturn per unit of downside risk
0.03
3.70

-3.67

Omega ratioGain probability vs. loss probability

1.00

1.51

-0.51

Calmar ratioReturn relative to maximum drawdown

-0.01

4.13

-4.14

Martin ratioReturn relative to average drawdown

-0.02

16.60

-16.63

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UKCO.L vs. SWLD.L - Sharpe Ratio Comparison

The current UKCO.L Sharpe Ratio is -0.01, which is lower than the SWLD.L Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of UKCO.L and SWLD.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.

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Sharpe Ratios by Period

UKCO.LSWLD.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.01

2.70

-2.70

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.22

1.00

-1.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.16

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.92

-0.52

Drawdowns

UKCO.L vs. SWLD.L - Drawdown Comparison

The maximum UKCO.L drawdown since its inception was -30.79%, which is greater than SWLD.L's maximum drawdown of -25.85%. Use the drawdown chart below to compare losses from any high point for UKCO.L and SWLD.L.

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Drawdown Indicators

UKCO.LSWLD.LDifference

Max Drawdown

Largest peak-to-trough decline

-30.79%

-25.85%

-4.94%

Max Drawdown (1Y)

Largest decline over 1 year

-5.99%

-6.57%

+0.58%

Max Drawdown (3Y)

Largest decline over 3 years

-5.99%

-18.65%

+12.66%

Max Drawdown (5Y)

Largest decline over 5 years

-29.89%

-18.65%

-11.24%

Max Drawdown (10Y)

Largest decline over 10 years

-30.79%

—

—

Current Drawdown

Current decline from peak

-12.38%

-0.19%

-12.19%

Average Drawdown

Average peak-to-trough decline

-6.60%

-3.17%

-3.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.70%

1.64%

+1.06%

Volatility

UKCO.L vs. SWLD.L - Volatility Comparison

The current volatility for SPDR Bloomberg Sterling Corporate Bond UCITS ETF (UKCO.L) is 2.30%, while SPDR MSCI World UCITS ETF (SWLD.L) has a volatility of 2.52%. This indicates that UKCO.L experiences smaller price fluctuations and is considered to be less risky than SWLD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UKCO.LSWLD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.30%

2.52%

-0.22%

Volatility (6M)

Calculated over the trailing 6-month period

5.16%

7.23%

-2.07%

Volatility (1Y)

Calculated over the trailing 1-year period

6.55%

10.06%

-3.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.96%

13.21%

-5.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.29%

15.25%

-6.96%

UKCO.L vs. SWLD.L - Expense Ratio Comparison

UKCO.L has a 0.20% expense ratio, which is higher than SWLD.L's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

UKCO.L vs. SWLD.L - Dividend Comparison

Neither UKCO.L nor SWLD.L has paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
SWLD.L
SPDR MSCI World 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%
UKCO.L
SPDR Bloomberg Sterling Corporate Bond UCITS ETF		0.00%2.16%4.11%3.30%2.79%2.28%2.40%2.51%2.69%3.09%3.17%3.50%

Frequently Asked Questions

UKCO.L and SWLD.L have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

SWLD.L is cheaper with a 0.12% expense ratio, compared with 0.20% for UKCO.L.

UKCO.L is categorized as European Corporate Bonds, while SWLD.L is Global Equities. UKCO.L tracks Markit iBoxx GBP NonGilts TR, while SWLD.L tracks MSCI ACWI NR USD. Their fees differ too: 0.20% for UKCO.L and 0.12% for SWLD.L.

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