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

UKCO.L vs. SWRD.L

Last updated Jun 5, 2026

UKCO.L (SPDR Bloomberg Sterling Corporate Bond UCITS ETF) and SWRD.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 SWRD.L is a Large Cap Growth Equities fund tracking the MSCI World Index. Both are passively managed. Over the past 5 years, UKCO.L returned -1.76%/yr vs 13.18%/yr for SWRD.L. At a 0.12 correlation, their price movements are largely independent. UKCO.L charges 0.20%/yr vs 0.12%/yr for SWRD.L.

Performance

UKCO.L vs. SWRD.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 (SWRD.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

UKCO.L is traded in GBP, while SWRD.L is traded in USD. To make them comparable, the SWRD.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, UKCO.L achieves a -2.41% return, which is significantly lower than SWRD.L's 10.32% 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%

SWRD.L

1D
0.06%
1M
3.84%
YTD
10.32%
6M
10.04%
1Y
27.16%
3Y*
17.88%
5Y*
13.18%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

UKCO.L vs. SWRD.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%
SWRD.L
SPDR MSCI World UCITS ETF		10.29%12.46%21.34%18.20%-8.04%23.27%12.48%13.94%

Correlation

The correlation between UKCO.L and SWRD.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

0.24

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

0.17

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

0.12

The correlation between UKCO.L and SWRD.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. SWRD.L - Sectors Allocation Comparison

Sectors
UKCO.L
SWRD.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%
SWRD.L
15.7%

Communication Services

UKCO.L
5.2%
SWRD.L
9.2%

Real Estate

UKCO.L
3.7%
SWRD.L
1.9%

Consumer Defensive

UKCO.L
2.4%
SWRD.L
5.2%

Utilities

UKCO.L
2.4%
SWRD.L
2.7%

Consumer Cyclical

UKCO.L
2.0%
SWRD.L
9.3%

Healthcare

UKCO.L
1.8%
SWRD.L
8.8%

Industrials

UKCO.L
1.7%
SWRD.L
11.4%

Technology

UKCO.L
0.7%
SWRD.L
28.3%

Basic Materials

UKCO.L
0.7%
SWRD.L
3.3%

Energy

UKCO.L
0.1%
SWRD.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. XBLC.LUKCO.L vs. IBCX.LUKCO.L vs. IEAA.LUKCO.L vs. VECA.L
Often compared with SWRD.L:
SWRD.L vs. EIMI.LSWRD.L vs. VOOSWRD.L vs. ACWD.LSWRD.L vs. SPY5.LSWRD.L vs. VTSWRD.L vs. SWRD.ASSWRD.L vs. IMID.L

Return for Risk

UKCO.L vs. SWRD.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
SWRD.L
SWRD.L Risk / Return Rank: 6969
Overall Rank
SWRD.L Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
SWRD.L Sortino Ratio Rank: 7474
Sortino Ratio Rank
SWRD.L Omega Ratio Rank: 6767
Omega Ratio Rank
SWRD.L Calmar Ratio Rank: 6464
Calmar Ratio Rank
SWRD.L Martin Ratio Rank: 7272
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. SWRD.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 (SWRD.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.LSWRD.LDifference
Sharpe ratioReturn per unit of total volatility
-0.01
2.35

-2.36

Sortino ratioReturn per unit of downside risk
0.03
3.23

-3.20

Omega ratioGain probability vs. loss probability

1.00

1.44

-0.43

Calmar ratioReturn relative to maximum drawdown

-0.01

4.20

-4.21

Martin ratioReturn relative to average drawdown

-0.02

15.90

-15.92

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. SWRD.L - Sharpe Ratio Comparison

The current UKCO.L Sharpe Ratio is -0.01, which is lower than the SWRD.L Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of UKCO.L and SWRD.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.LSWRD.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.01

2.35

-2.36

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.22

0.92

-1.14

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

0.85

-0.45

Drawdowns

UKCO.L vs. SWRD.L - Drawdown Comparison

The maximum UKCO.L drawdown since its inception was -30.79%, which is greater than SWRD.L's maximum drawdown of -26.90%. Use the drawdown chart below to compare losses from any high point for UKCO.L and SWRD.L.

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Drawdown Indicators

UKCO.LSWRD.LDifference

Max Drawdown

Largest peak-to-trough decline

-30.79%

-26.90%

-3.89%

Max Drawdown (1Y)

Largest decline over 1 year

-5.99%

-6.47%

+0.48%

Max Drawdown (3Y)

Largest decline over 3 years

-5.99%

-18.71%

+12.72%

Max Drawdown (5Y)

Largest decline over 5 years

-29.89%

-18.71%

-11.18%

Max Drawdown (10Y)

Largest decline over 10 years

-30.79%

—

—

Current Drawdown

Current decline from peak

-12.38%

-0.14%

-12.24%

Average Drawdown

Average peak-to-trough decline

-6.60%

-3.22%

-3.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.70%

1.71%

+0.99%

Volatility

UKCO.L vs. SWRD.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 (SWRD.L) has a volatility of 3.43%. This indicates that UKCO.L experiences smaller price fluctuations and is considered to be less risky than SWRD.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.LSWRD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.30%

3.43%

-1.13%

Volatility (6M)

Calculated over the trailing 6-month period

5.16%

8.79%

-3.63%

Volatility (1Y)

Calculated over the trailing 1-year period

6.55%

11.57%

-5.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.96%

14.37%

-6.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.29%

16.41%

-8.12%

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

UKCO.L has a 0.20% expense ratio, which is higher than SWRD.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. SWRD.L - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
SWRD.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 SWRD.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, SWRD.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SWRD.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 SWRD.L is Large Cap Growth Equities. UKCO.L tracks Markit iBoxx GBP NonGilts TR, while SWRD.L tracks MSCI World Index. Their fees differ too: 0.20% for UKCO.L and 0.12% for SWRD.L.

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