WIND.AS vs. XZHE.L

Last updated Jun 4, 2026

WIND.AS (SPDR MSCI World Industrials UCITS ETF) and XZHE.L (Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C) are both exchange-traded funds - WIND.AS is a Industrials Equities fund tracking the MSCI World/Materials NR USD, while XZHE.L is a European High Yield Bonds fund tracking the Bloomberg Pan Euro HY Euro TR EUR. Both are passively managed. A 0.54 correlation means they provide meaningful diversification when combined. WIND.AS charges 0.30%/yr vs 0.25%/yr for XZHE.L.

Performance

WIND.AS vs. XZHE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR MSCI World Industrials UCITS ETF (WIND.AS) and Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C (XZHE.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

WIND.AS

• 1D: 0.50%
• 1M: 2.23%
• YTD: 12.26%
• 6M: 14.77%
• 1Y: 20.04%
• 3Y*: 18.24%
• 5Y*: 12.43%
• 10Y*: 12.19%

XZHE.L

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WIND.AS vs. XZHE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
WIND.AS SPDR MSCI World Industrials UCITS ETF	12.26%	11.18%	20.83%	19.00%	4.33%
XZHE.L Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C	-0.54%	5.46%	5.93%	9.90%	3.05%

Correlation

The correlation between WIND.AS and XZHE.L is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jul 12, 2022	0.54

The correlation between WIND.AS and XZHE.L has been stable across timeframes, ranging from 0.51 to 0.54 - a consistent structural relationship.

Return for Risk

WIND.AS vs. XZHE.L — Risk / Return Rank

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

WIND.AS

WIND.AS Risk / Return Rank: 41
WIND.AS Sharpe Ratio Rank: 39
WIND.AS Sortino Ratio Rank: 40
WIND.AS Omega Ratio Rank: 39
WIND.AS Calmar Ratio Rank: 43
WIND.AS Martin Ratio Rank: 46

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.

WIND.AS vs. XZHE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World Industrials UCITS ETF (WIND.AS) and Xtrackers ESG EUR High Yield Corporate Bond UCITS ETF 1C (XZHE.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.

	WIND.AS	XZHE.L	Difference
Sharpe ratio: Return per unit of total volatility	1.38	—	—
Sortino ratio: Return per unit of downside risk	2.06	—	—
Omega ratio: Gain probability vs. loss probability	1.25	—	—
Calmar ratio: Return relative to maximum drawdown	2.13	—	—
Martin ratio: Return relative to average drawdown	7.69	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	WIND.AS	XZHE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	—	—

Drawdowns

Drawdown Indicators

	WIND.AS	XZHE.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.13%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-9.31%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.94%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.13%	—	—
Current Drawdown Current decline from peak	-0.92%	—	—
Average Drawdown Average peak-to-trough decline	-5.28%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	—	—

Volatility

Volatility by Period

	WIND.AS	XZHE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.34%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.18%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.73%	—	—

WIND.AS vs. XZHE.L - Expense Ratio Comparison

WIND.AS has a 0.30% expense ratio, which is higher than XZHE.L's 0.25% expense ratio.

Dividends

WIND.AS vs. XZHE.L - Dividend Comparison

Neither WIND.AS nor XZHE.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both WIND.AS and XZHE.L in my portfolio?

WIND.AS and XZHE.L have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, WIND.AS or XZHE.L?

On fees, XZHE.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, WIND.AS or XZHE.L?

XZHE.L is cheaper with a 0.25% expense ratio, compared with 0.30% for WIND.AS.

What is the main difference between WIND.AS and XZHE.L?

WIND.AS is categorized as Industrials Equities, while XZHE.L is European High Yield Bonds. WIND.AS tracks MSCI World/Materials NR USD, while XZHE.L tracks Bloomberg Pan Euro HY Euro TR EUR. They also come from different issuers: State Street and DWS. Their fees differ too: 0.30% for WIND.AS and 0.25% for XZHE.L.