WSML.L vs. MSMLX

Last updated Jun 4, 2026

WSML.L (iShares MSCI World Small Cap UCITS ETF USD (Acc)) and MSMLX (Matthews Emerging Markets Small Companies Fund) are both funds - WSML.L is a Global Equities fund tracking the MSCI World Small Cap Index, while MSMLX is a Emerging Markets Diversified fund managed by Matthews. Over the past 5 years, WSML.L returned 6.95%/yr vs 8.65%/yr for MSMLX. At a 0.46 correlation, their price movements are largely independent. WSML.L charges 0.35%/yr vs 1.37%/yr for MSMLX.

Performance

WSML.L vs. MSMLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI World Small Cap UCITS ETF USD (Acc) (WSML.L) and Matthews Emerging Markets Small Companies Fund (MSMLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WSML.L achieves a 13.77% return, which is significantly lower than MSMLX's 25.47% return.

WSML.L

• 1D: -0.41%
• 1M: 3.09%
• YTD: 13.77%
• 6M: 15.69%
• 1Y: 32.37%
• 3Y*: 17.80%
• 5Y*: 6.95%
• 10Y*: —

MSMLX

• 1D: 0.87%
• 1M: 2.24%
• YTD: 25.47%
• 6M: 24.22%
• 1Y: 34.43%
• 3Y*: 13.33%
• 5Y*: 8.65%
• 10Y*: 11.73%

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

WSML.L vs. MSMLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
WSML.L iShares MSCI World Small Cap UCITS ETF USD (Acc)	13.77%	19.94%	7.40%	17.06%	-18.62%	15.23%	16.50%	24.35%	-12.64%
MSMLX Matthews Emerging Markets Small Companies Fund	25.47%	13.50%	-6.10%	20.04%	-16.78%	26.40%	43.69%	17.38%	-19.35%

Correlation

The correlation between WSML.L and MSMLX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Apr 2, 2018	0.46

The correlation between WSML.L and MSMLX has been stable across timeframes, ranging from 0.46 to 0.54 - a consistent structural relationship.

Return for Risk

WSML.L vs. MSMLX — Risk / Return Rank

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

WSML.L

WSML.L Risk / Return Rank: 67
WSML.L Sharpe Ratio Rank: 64
WSML.L Sortino Ratio Rank: 71
WSML.L Omega Ratio Rank: 62
WSML.L Calmar Ratio Rank: 71
WSML.L Martin Ratio Rank: 69

MSMLX

MSMLX Risk / Return Rank: 46
MSMLX Sharpe Ratio Rank: 45
MSMLX Sortino Ratio Rank: 42
MSMLX Omega Ratio Rank: 43
MSMLX Calmar Ratio Rank: 56
MSMLX Martin Ratio Rank: 45

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.

WSML.L vs. MSMLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World Small Cap UCITS ETF USD (Acc) (WSML.L) and Matthews Emerging Markets Small Companies Fund (MSMLX). 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.

	WSML.L	MSMLX	Difference
Sharpe ratio: Return per unit of total volatility	2.19	1.96	+0.23
Sortino ratio: Return per unit of downside risk	3.28	2.70	+0.58
Omega ratio: Gain probability vs. loss probability	1.38	1.35	+0.03
Calmar ratio: Return relative to maximum drawdown	3.57	2.85	+0.71
Martin ratio: Return relative to average drawdown	13.00	9.39	+3.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WSML.L vs. MSMLX - Sharpe Ratio Comparison

The current WSML.L Sharpe Ratio is 2.19, which is comparable to the MSMLX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of WSML.L and MSMLX, 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

	WSML.L	MSMLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	1.96	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.49	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.65	-0.19

Drawdowns

WSML.L vs. MSMLX - Drawdown Comparison

The maximum WSML.L drawdown since its inception was -41.14%, which is greater than MSMLX's maximum drawdown of -36.40%. Use the drawdown chart below to compare losses from any high point for WSML.L and MSMLX.

Drawdown Indicators

	WSML.L	MSMLX	Difference
Max Drawdown Largest peak-to-trough decline	-41.14%	-36.40%	-4.74%
Max Drawdown (1Y) Largest decline over 1 year	-9.03%	-12.89%	+3.86%
Max Drawdown (3Y) Largest decline over 3 years	-20.10%	-22.62%	+2.52%
Max Drawdown (5Y) Largest decline over 5 years	-30.50%	-28.00%	-2.50%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.33%	—
Current Drawdown Current decline from peak	-0.41%	-1.49%	+1.08%
Average Drawdown Average peak-to-trough decline	-8.80%	-9.24%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	3.86%	-1.38%

Volatility

WSML.L vs. MSMLX - Volatility Comparison

The current volatility for iShares MSCI World Small Cap UCITS ETF USD (Acc) (WSML.L) is 4.42%, while Matthews Emerging Markets Small Companies Fund (MSMLX) has a volatility of 7.17%. This indicates that WSML.L experiences smaller price fluctuations and is considered to be less risky than MSMLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WSML.L	MSMLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	7.17%	-2.75%
Volatility (6M) Calculated over the trailing 6-month period	11.23%	15.84%	-4.61%
Volatility (1Y) Calculated over the trailing 1-year period	14.75%	18.81%	-4.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.48%	17.74%	+0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.60%	17.18%	+2.42%

WSML.L vs. MSMLX - Expense Ratio Comparison

WSML.L has a 0.35% expense ratio, which is lower than MSMLX's 1.37% expense ratio.

Dividends

WSML.L vs. MSMLX - Dividend Comparison

WSML.L has not paid dividends to shareholders, while MSMLX's dividend yield for the trailing twelve months is around 1.19%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSMLX Matthews Emerging Markets Small Companies Fund	1.19%	1.50%	3.95%	8.36%	8.04%	9.18%	0.28%	0.51%	21.31%	8.12%	0.43%	0.13%
WSML.L iShares MSCI World Small Cap UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WSML.L and MSMLX in my portfolio?

WSML.L and MSMLX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.