USRD vs. ENGW.L

Last updated Jun 12, 2026

USRD (Themes US R&D Champions ETF) and ENGW.L (SPDR MSCI World Energy UCITS ETF) are both exchange-traded funds - USRD is a Large Cap Blend Equities fund tracking the Solactive US R&D Champions Index, while ENGW.L is a Energy Equities fund tracking the MSCI World/Energy NR USD. Both are passively managed. Over the past year, USRD returned 21.33% vs 41.79% for ENGW.L. At a 0.09 correlation, their price movements are largely independent. USRD charges 0.29%/yr vs 0.30%/yr for ENGW.L.

Performance

USRD vs. ENGW.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US R&D Champions ETF (USRD) and SPDR MSCI World Energy UCITS ETF (ENGW.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, USRD achieves a 12.31% return, which is significantly lower than ENGW.L's 29.17% return.

USRD

• 1D: 1.76%
• 1M: 4.18%
• YTD: 12.31%
• 6M: 9.99%
• 1Y: 21.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ENGW.L

• 1D: 0.00%
• 1M: 0.33%
• YTD: 29.17%
• 6M: 29.05%
• 1Y: 41.79%
• 3Y*: 18.04%
• 5Y*: 10.79%
• 10Y*: 5.56%

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

USRD vs. ENGW.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USRD Themes US R&D Champions ETF	12.31%	12.44%	15.53%	5.32%
ENGW.L SPDR MSCI World Energy UCITS ETF	29.17%	15.28%	1.82%	4.08%

Correlation

The correlation between USRD and ENGW.L is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.09

Return for Risk

USRD vs. ENGW.L — Risk / Return Rank

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

USRD

USRD Risk / Return Rank: 37
USRD Sharpe Ratio Rank: 39
USRD Sortino Ratio Rank: 37
USRD Omega Ratio Rank: 37
USRD Calmar Ratio Rank: 37
USRD Martin Ratio Rank: 36

ENGW.L

ENGW.L Risk / Return Rank: 69
ENGW.L Sharpe Ratio Rank: 76
ENGW.L Sortino Ratio Rank: 64
ENGW.L Omega Ratio Rank: 74
ENGW.L Calmar Ratio Rank: 70
ENGW.L Martin Ratio Rank: 63

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.

USRD vs. ENGW.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US R&D Champions ETF (USRD) and SPDR MSCI World Energy UCITS ETF (ENGW.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	USRD	ENGW.L	Difference
Sharpe ratio: Return per unit of total volatility	1.21	2.03	-0.82
Sortino ratio: Return per unit of downside risk	1.72	2.57	-0.85
Omega ratio: Gain probability vs. loss probability	1.22	1.35	-0.14
Calmar ratio: Return relative to maximum drawdown	1.59	3.37	-1.78
Martin ratio: Return relative to average drawdown	4.81	11.16	-6.35

USRD vs. ENGW.L - Sharpe Ratio Comparison

The current USRD Sharpe Ratio is 1.21, which is lower than the ENGW.L Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of USRD and ENGW.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.

Drawdowns

USRD vs. ENGW.L - Drawdown Comparison

The maximum USRD drawdown since its inception was -23.79%, smaller than the maximum ENGW.L drawdown of -79.21%. Use the drawdown chart below to compare losses from any high point for USRD and ENGW.L.

Drawdown Indicators

	USRD	ENGW.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.79%	-79.21%	+55.42%
Max Drawdown (1Y) Largest decline over 1 year	-13.49%	-12.46%	-1.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.79%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-70.27%	—
Current Drawdown Current decline from peak	-7.42%	-6.85%	-0.57%
Average Drawdown Average peak-to-trough decline	-3.71%	-34.12%	+30.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	3.76%	+0.69%

Volatility

USRD vs. ENGW.L - Volatility Comparison

Themes US R&D Champions ETF (USRD) has a higher volatility of 8.08% compared to SPDR MSCI World Energy UCITS ETF (ENGW.L) at 6.43%. This indicates that USRD's price experiences larger fluctuations and is considered to be riskier than ENGW.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USRD	ENGW.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.08%	6.43%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	14.50%	17.87%	-3.37%
Volatility (1Y) Calculated over the trailing 1-year period	17.70%	20.70%	-3.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.49%	26.66%	-7.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.49%	29.32%	-9.83%

USRD vs. ENGW.L - Expense Ratio Comparison

USRD has a 0.29% expense ratio, which is lower than ENGW.L's 0.30% expense ratio.

Dividends

USRD vs. ENGW.L - Dividend Comparison

USRD's dividend yield for the trailing twelve months is around 0.38%, while ENGW.L has not paid dividends to shareholders.

Position	TTM	2025	2024
ENGW.L SPDR MSCI World Energy UCITS ETF	0.00%	0.00%	0.00%
USRD Themes US R&D Champions ETF	0.38%	0.42%	2.44%

Frequently Asked Questions

Can I hold both USRD and ENGW.L in my portfolio?

USRD and ENGW.L have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USRD or ENGW.L?

On fees, USRD is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USRD or ENGW.L?

USRD is cheaper with a 0.29% expense ratio, compared with 0.30% for ENGW.L.

What is the main difference between USRD and ENGW.L?

USRD is categorized as Large Cap Blend Equities, while ENGW.L is Energy Equities. USRD tracks Solactive US R&D Champions Index, while ENGW.L tracks MSCI World/Energy NR USD. They also come from different issuers: Themes and State Street. Their fees differ too: 0.29% for USRD and 0.30% for ENGW.L.