X7PP.L vs. FNCE.L
X7PP.L (Invesco European Banks Sector UCITS ETF) and FNCE.L (SPDR MSCI Europe Financials UCITS ETF) are both Financials Equities funds tracking the MSCI World/Financials NR USD, from Invesco and State Street respectively. Both are passively managed. Over the past 3 years, X7PP.L returned 42.86%/yr vs 28.84%/yr for FNCE.L. Their correlation of 0.90 suggests significant overlap in exposure. X7PP.L charges 0.20%/yr vs 0.18%/yr for FNCE.L.
Performance
X7PP.L vs. FNCE.L - Performance Comparison
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Different Trading Currencies
X7PP.L is traded in GBp, while FNCE.L is traded in GBP. To make them comparable, the FNCE.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, X7PP.L achieves a 5.21% return, which is significantly higher than FNCE.L's 2.59% return.
X7PP.L
- 1D
- 0.44%
- 1M
- 6.36%
- YTD
- 5.21%
- 6M
- 11.61%
- 1Y
- 43.21%
- 3Y*
- 42.86%
- 5Y*
- 27.44%
- 10Y*
- 14.91%
FNCE.L
- 1D
- 0.44%
- 1M
- 3.72%
- YTD
- 2.59%
- 6M
- 8.72%
- 1Y
- 25.55%
- 3Y*
- 28.84%
- 5Y*
- —
- 10Y*
- —
X7PP.L vs. FNCE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
X7PP.L Invesco European Banks Sector UCITS ETF | 5.21% | 87.77% | 27.07% | 23.27% | 12.60% |
FNCE.L SPDR MSCI Europe Financials UCITS ETF | 2.59% | 54.52% | 20.29% | 18.87% | 5.67% |
Correlation
The correlation between X7PP.L and FNCE.L is 0.95, 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.90 |
The correlation between X7PP.L and FNCE.L has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.
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Return for Risk
X7PP.L vs. FNCE.L — Risk / Return Rank
X7PP.L
FNCE.L
X7PP.L vs. FNCE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco European Banks Sector UCITS ETF (X7PP.L) and SPDR MSCI Europe Financials UCITS ETF (FNCE.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.
| X7PP.L | FNCE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.27 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 2.16 | +0.54 |
| Martin ratioReturn relative to average drawdown | 9.03 | 7.52 | +1.51 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| X7PP.L | FNCE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 1.49 | +0.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.17 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 1.34 | -0.92 |
Drawdowns
X7PP.L vs. FNCE.L - Drawdown Comparison
The maximum X7PP.L drawdown since its inception was -56.28%, which is greater than FNCE.L's maximum drawdown of -14.71%. Use the drawdown chart below to compare losses from any high point for X7PP.L and FNCE.L.
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Drawdown Indicators
| X7PP.L | FNCE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.28% | -14.71% | -41.57% |
Max Drawdown (1Y)Largest decline over 1 year | -15.94% | -11.77% | -4.17% |
Max Drawdown (3Y)Largest decline over 3 years | -18.17% | -14.71% | -3.46% |
Max Drawdown (5Y)Largest decline over 5 years | -30.79% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -56.28% | — | — |
Current DrawdownCurrent decline from peak | -1.64% | -2.11% | +0.47% |
Average DrawdownAverage peak-to-trough decline | -15.39% | -3.02% | -12.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.77% | 3.39% | +1.38% |
Volatility
X7PP.L vs. FNCE.L - Volatility Comparison
Invesco European Banks Sector UCITS ETF (X7PP.L) has a higher volatility of 6.19% compared to SPDR MSCI Europe Financials UCITS ETF (FNCE.L) at 5.39%. This indicates that X7PP.L's price experiences larger fluctuations and is considered to be riskier than FNCE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| X7PP.L | FNCE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.19% | 5.39% | +0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 17.80% | 14.20% | +3.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.78% | 17.08% | +4.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.48% | 17.48% | +6.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.63% | 17.48% | +7.15% |
X7PP.L vs. FNCE.L - Expense Ratio Comparison
X7PP.L has a 0.20% expense ratio, which is higher than FNCE.L's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
X7PP.L vs. FNCE.L - Dividend Comparison
Neither X7PP.L nor FNCE.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, X7PP.L and FNCE.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, FNCE.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FNCE.L is cheaper with a 0.18% expense ratio, compared with 0.20% for X7PP.L.
Both ETFs track MSCI World/Financials NR USD. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.20% for X7PP.L and 0.18% for FNCE.L.
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