WNDU.L vs. USSC.L

Last updated Jun 5, 2026

WNDU.L (SPDR MSCI World Industrials UCITS ETF) and USSC.L (SPDR MSCI USA Small Cap Value Weighted UCITS ETF) are both exchange-traded funds - WNDU.L is a Industrials Equities fund tracking the MSCI World/Materials NR USD, while USSC.L is a Small Cap Value Equities fund tracking the MSCI USA Small Cap Value Weighted Index. Both are passively managed. Over the past 10 years, WNDU.L returned 12.33%/yr vs 11.88%/yr for USSC.L. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.30% expense ratio.

Performance

WNDU.L vs. USSC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI World Industrials UCITS ETF (WNDU.L) and SPDR MSCI USA Small Cap Value Weighted UCITS ETF (USSC.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WNDU.L achieves a 11.60% return, which is significantly lower than USSC.L's 13.75% return. Both investments have delivered pretty close results over the past 10 years, with WNDU.L having a 12.33% annualized return and USSC.L not far behind at 11.88%.

WNDU.L

• 1D: 0.27%
• 1M: 0.54%
• YTD: 11.60%
• 6M: 12.72%
• 1Y: 21.80%
• 3Y*: 21.53%
• 5Y*: 11.43%
• 10Y*: 12.33%

USSC.L

• 1D: 0.73%
• 1M: 1.65%
• YTD: 13.75%
• 6M: 14.39%
• 1Y: 36.72%
• 3Y*: 19.78%
• 5Y*: 9.64%
• 10Y*: 11.88%

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

WNDU.L vs. USSC.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WNDU.L SPDR MSCI World Industrials UCITS ETF	11.60%	24.98%	13.42%	22.92%	-12.69%	16.14%	11.74%	27.43%	-14.96%	25.36%
USSC.L SPDR MSCI USA Small Cap Value Weighted UCITS ETF	13.75%	14.73%	8.33%	23.17%	-10.14%	35.22%	8.76%	23.19%	-15.30%	9.79%

Correlation

The correlation between WNDU.L and USSC.L is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since May 5, 2016	0.79

The correlation between WNDU.L and USSC.L shifts across timeframes, from 0.69 (1 year) to 0.82 (5 years), reflecting how their relationship changes across market environments.

WNDU.L vs. USSC.L - Sectors Allocation Comparison

Sectors	WNDU.L	USSC.L
Industrials	95.1%	14.7%
Technology	3.5%	9.4%
Utilities	2.8%	2.5%
Communication Services	0.6%	2.7%
Consumer Cyclical	0.3%	14.0%
Financial Services	0.3%	19.8%
Consumer Defensive	0.1%	6.0%
Basic Materials	0.1%	6.1%
Energy	0.1%	11.2%
Real Estate	0.0%	6.2%
Healthcare	-	7.5%

Return for Risk

WNDU.L vs. USSC.L — Risk / Return Rank

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

WNDU.L

WNDU.L Risk / Return Rank: 41
WNDU.L Sharpe Ratio Rank: 39
WNDU.L Sortino Ratio Rank: 42
WNDU.L Omega Ratio Rank: 40
WNDU.L Calmar Ratio Rank: 39
WNDU.L Martin Ratio Rank: 45

USSC.L

USSC.L Risk / Return Rank: 75
USSC.L Sharpe Ratio Rank: 71
USSC.L Sortino Ratio Rank: 75
USSC.L Omega Ratio Rank: 66
USSC.L Calmar Ratio Rank: 84
USSC.L Martin Ratio Rank: 76

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.

WNDU.L vs. USSC.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World Industrials UCITS ETF (WNDU.L) and SPDR MSCI USA Small Cap Value Weighted UCITS ETF (USSC.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.

	WNDU.L	USSC.L	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.29	-0.93
Sortino ratio: Return per unit of downside risk	2.10	3.34	-1.24
Omega ratio: Gain probability vs. loss probability	1.25	1.39	-0.14
Calmar ratio: Return relative to maximum drawdown	1.87	4.50	-2.63
Martin ratio: Return relative to average drawdown	7.31	14.41	-7.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WNDU.L vs. USSC.L - Sharpe Ratio Comparison

The current WNDU.L Sharpe Ratio is 1.36, which is lower than the USSC.L Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of WNDU.L and USSC.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.

Sharpe Ratios by Period

	WNDU.L	USSC.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	2.29	-0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.45	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.52	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.45	+0.25

Drawdowns

WNDU.L vs. USSC.L - Drawdown Comparison

The maximum WNDU.L drawdown since its inception was -38.99%, smaller than the maximum USSC.L drawdown of -48.99%. Use the drawdown chart below to compare losses from any high point for WNDU.L and USSC.L.

Drawdown Indicators

	WNDU.L	USSC.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.99%	-48.99%	+10.00%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-8.12%	-3.50%
Max Drawdown (3Y) Largest decline over 3 years	-15.33%	-27.47%	+12.14%
Max Drawdown (5Y) Largest decline over 5 years	-27.15%	-27.47%	+0.32%
Max Drawdown (10Y) Largest decline over 10 years	-38.99%	-48.99%	+10.00%
Current Drawdown Current decline from peak	-2.09%	0.00%	-2.09%
Average Drawdown Average peak-to-trough decline	-5.35%	-7.70%	+2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.54%	+0.43%

Volatility

WNDU.L vs. USSC.L - Volatility Comparison

SPDR MSCI World Industrials UCITS ETF (WNDU.L) has a higher volatility of 5.55% compared to SPDR MSCI USA Small Cap Value Weighted UCITS ETF (USSC.L) at 4.10%. This indicates that WNDU.L's price experiences larger fluctuations and is considered to be riskier than USSC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WNDU.L	USSC.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	4.10%	+1.45%
Volatility (6M) Calculated over the trailing 6-month period	13.35%	10.09%	+3.26%
Volatility (1Y) Calculated over the trailing 1-year period	15.92%	15.95%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.03%	21.62%	-4.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.79%	22.81%	-5.02%

WNDU.L vs. USSC.L - Expense Ratio Comparison

Both WNDU.L and USSC.L have an expense ratio of 0.30%.

Dividends

WNDU.L vs. USSC.L - Dividend Comparison

Neither WNDU.L nor USSC.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both WNDU.L and USSC.L in my portfolio?

WNDU.L and USSC.L have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, WNDU.L or USSC.L?

Both ETFs have the same 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, WNDU.L or USSC.L?

WNDU.L and USSC.L have the same expense ratio: 0.30% per year.

What is the main difference between WNDU.L and USSC.L?

WNDU.L is categorized as Industrials Equities, while USSC.L is Small Cap Value Equities. WNDU.L tracks MSCI World/Materials NR USD, while USSC.L tracks MSCI USA Small Cap Value Weighted Index.