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UPAD.L vs. SWDA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UPAD.L vs. SWDA.L

Last updated Jun 5, 2026

UPAD.L (iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist) and SWDA.L (iShares Core MSCI World UCITS ETF USD (Acc)) are both exchange-traded funds - UPAD.L is a S&P 500 fund tracking the S&P 500 Net Zero 2050 Paris-Aligned Sustainability Screened Index, while SWDA.L is a Global Equities fund tracking the MSCI World Index. Both are passively managed. Over the past 3 years, UPAD.L returned 20.59%/yr vs 20.71%/yr for SWDA.L. Their correlation of 0.89 suggests significant overlap in exposure. UPAD.L charges 0.07%/yr vs 0.20%/yr for SWDA.L.

Performance

UPAD.L vs. SWDA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist (UPAD.L) and iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

UPAD.L is traded in USD, while SWDA.L is traded in GBp. To make them comparable, the SWDA.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, UPAD.L achieves a 6.78% return, which is significantly lower than SWDA.L's 9.81% return.

UPAD.L

1D
0.45%
1M
4.86%
YTD
6.78%
6M
7.86%
1Y
22.18%
3Y*
20.59%
5Y*
—
10Y*
—

SWDA.L

1D
0.20%
1M
4.22%
YTD
9.81%
6M
11.17%
1Y
26.04%
3Y*
20.71%
5Y*
11.87%
10Y*
13.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UPAD.L vs. SWDA.L - Yearly Performance Comparison

2026 (YTD)2025202420232022
UPAD.L
iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist		6.78%15.19%26.23%31.08%-9.48%
SWDA.L
iShares Core MSCI World UCITS ETF USD (Acc)		9.81%21.14%19.09%23.79%-7.18%

Correlation

The correlation between UPAD.L and SWDA.L is 0.87, 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

0.87

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

0.88

Correlation (All Time)
Calculated using the full available price history since May 3, 2022

0.89

The correlation between UPAD.L and SWDA.L has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.

UPAD.L vs. SWDA.L - Sectors Allocation Comparison

Sectors
UPAD.L
SWDA.L

Technology

39.8%
30.0%

Financial Services

13.0%
15.4%

Communication Services

12.1%
9.2%

Consumer Cyclical

10.3%
9.0%

Healthcare

9.2%
8.7%

Industrials

6.1%
10.9%

Consumer Defensive

4.9%
5.2%

Real Estate

2.2%
1.8%

Basic Materials

1.7%
3.2%

Utilities

0.8%
2.5%

Energy

0.0%
4.2%

Technology

UPAD.L
39.8%
SWDA.L
30.0%

Financial Services

UPAD.L
13.0%
SWDA.L
15.4%

Communication Services

UPAD.L
12.1%
SWDA.L
9.2%

Consumer Cyclical

UPAD.L
10.3%
SWDA.L
9.0%

Healthcare

UPAD.L
9.2%
SWDA.L
8.7%

Industrials

UPAD.L
6.1%
SWDA.L
10.9%

Consumer Defensive

UPAD.L
4.9%
SWDA.L
5.2%

Real Estate

UPAD.L
2.2%
SWDA.L
1.8%

Basic Materials

UPAD.L
1.7%
SWDA.L
3.2%

Utilities

UPAD.L
0.8%
SWDA.L
2.5%

Energy

UPAD.L
0.0%
SWDA.L
4.2%

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iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist

iShares Core MSCI World UCITS ETF USD (Acc)

Often compared with UPAD.L:
UPAD.L vs. SPXP.LUPAD.L vs. SPXD.LUPAD.L vs. SDUS.LUPAD.L vs. IUES.LUPAD.L vs. BYBU.LUPAD.L vs. CNDX.LUPAD.L vs. CSPX.L
Often compared with SWDA.L:
SWDA.L vs. IWDA.LSWDA.L vs. VWRP.LSWDA.L vs. VWCE.DESWDA.L vs. SPYSWDA.L vs. IUSQ.DESWDA.L vs. EUN.LSWDA.L vs. VOO

Return for Risk

UPAD.L vs. SWDA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UPAD.L
UPAD.L Risk / Return Rank: 5353
Overall Rank
UPAD.L Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
UPAD.L Sortino Ratio Rank: 6161
Sortino Ratio Rank
UPAD.L Omega Ratio Rank: 5858
Omega Ratio Rank
UPAD.L Calmar Ratio Rank: 4242
Calmar Ratio Rank
UPAD.L Martin Ratio Rank: 4949
Martin Ratio Rank
SWDA.L
SWDA.L Risk / Return Rank: 8383
Overall Rank
SWDA.L Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
SWDA.L Sortino Ratio Rank: 8383
Sortino Ratio Rank
SWDA.L Omega Ratio Rank: 8484
Omega Ratio Rank
SWDA.L Calmar Ratio Rank: 8181
Calmar Ratio Rank
SWDA.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.

UPAD.L vs. SWDA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist (UPAD.L) and iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.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.

UPAD.LSWDA.LDifference
Sharpe ratioReturn per unit of total volatility
1.91
2.27

-0.37

Sortino ratioReturn per unit of downside risk
2.81
3.37

-0.56

Omega ratioGain probability vs. loss probability

1.35

1.41

-0.06

Calmar ratioReturn relative to maximum drawdown

2.05

3.02

-0.96

Martin ratioReturn relative to average drawdown

8.12

13.29

-5.17

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

UPAD.L vs. SWDA.L - Sharpe Ratio Comparison

The current UPAD.L Sharpe Ratio is 1.91, which is comparable to the SWDA.L Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of UPAD.L and SWDA.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

UPAD.LSWDA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.91

2.27

-0.37

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.78

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.83

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.98

0.73

+0.26

Drawdowns

UPAD.L vs. SWDA.L - Drawdown Comparison

The maximum UPAD.L drawdown since its inception was -18.94%, smaller than the maximum SWDA.L drawdown of -33.62%. Use the drawdown chart below to compare losses from any high point for UPAD.L and SWDA.L.

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Drawdown Indicators

UPAD.LSWDA.LDifference

Max Drawdown

Largest peak-to-trough decline

-18.94%

-33.62%

+14.68%

Max Drawdown (1Y)

Largest decline over 1 year

-10.76%

-8.59%

-2.17%

Max Drawdown (3Y)

Largest decline over 3 years

-18.94%

-17.07%

-1.87%

Max Drawdown (5Y)

Largest decline over 5 years

—

-26.50%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.62%

—

Current Drawdown

Current decline from peak

-0.38%

-0.42%

+0.04%

Average Drawdown

Average peak-to-trough decline

-3.60%

-4.58%

+0.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.73%

1.95%

+0.78%

Volatility

UPAD.L vs. SWDA.L - Volatility Comparison

iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist (UPAD.L) has a higher volatility of 3.14% compared to iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L) at 2.81%. This indicates that UPAD.L's price experiences larger fluctuations and is considered to be riskier than SWDA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UPAD.LSWDA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.14%

2.81%

+0.33%

Volatility (6M)

Calculated over the trailing 6-month period

8.76%

8.58%

+0.18%

Volatility (1Y)

Calculated over the trailing 1-year period

11.58%

11.41%

+0.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.36%

15.30%

+1.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.36%

15.73%

+0.63%

UPAD.L vs. SWDA.L - Expense Ratio Comparison

UPAD.L has a 0.07% expense ratio, which is lower than SWDA.L's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

UPAD.L vs. SWDA.L - Dividend Comparison

UPAD.L's dividend yield for the trailing twelve months is around 0.80%, while SWDA.L has not paid dividends to shareholders.

PositionTTM2025202420232022
SWDA.L
iShares Core MSCI World UCITS ETF USD (Acc)		0.00%0.00%0.00%0.00%0.00%
UPAD.L
iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist		0.80%0.82%0.88%1.01%0.33%

Frequently Asked Questions

UPAD.L and SWDA.L have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, UPAD.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

UPAD.L is cheaper with a 0.07% expense ratio, compared with 0.20% for SWDA.L.

UPAD.L is categorized as S&P 500, while SWDA.L is Global Equities. UPAD.L tracks S&P 500 Net Zero 2050 Paris-Aligned Sustainability Screened Index, while SWDA.L tracks MSCI World Index. Their fees differ too: 0.07% for UPAD.L and 0.20% for SWDA.L.

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