XMWD.L vs. MVOL.L

Last updated Jun 5, 2026

XMWD.L (Xtrackers MSCI World Swap UCITS ETF 1C) and MVOL.L (iShares Edge MSCI World Minimum Volatility UCITS) are both Global Equities funds tracking the MSCI ACWI NR USD, from Xtrackers and iShares respectively. Both are passively managed. Over the past 10 years, XMWD.L returned 13.01%/yr vs 7.05%/yr for MVOL.L. A 0.72 correlation means they provide meaningful diversification when combined. XMWD.L charges 0.45%/yr vs 0.35%/yr for MVOL.L.

Performance

XMWD.L vs. MVOL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI World Swap UCITS ETF 1C (XMWD.L) and iShares Edge MSCI World Minimum Volatility UCITS (MVOL.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XMWD.L achieves a 9.93% return, which is significantly higher than MVOL.L's 0.67% return. Over the past 10 years, XMWD.L has outperformed MVOL.L with an annualized return of 13.01%, while MVOL.L has yielded a comparatively lower 7.05% annualized return.

XMWD.L

• 1D: 0.03%
• 1M: 4.02%
• YTD: 9.93%
• 6M: 10.99%
• 1Y: 25.86%
• 3Y*: 20.70%
• 5Y*: 11.74%
• 10Y*: 13.01%

MVOL.L

• 1D: 0.04%
• 1M: 0.76%
• YTD: 0.67%
• 6M: 1.44%
• 1Y: 1.44%
• 3Y*: 9.30%
• 5Y*: 5.18%
• 10Y*: 7.05%

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

XMWD.L vs. MVOL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMWD.L Xtrackers MSCI World Swap UCITS ETF 1C	9.93%	21.37%	18.35%	23.76%	-17.92%	22.03%	16.04%	28.32%	-9.21%	22.09%
MVOL.L iShares Edge MSCI World Minimum Volatility UCITS	0.67%	11.02%	11.08%	7.28%	-9.62%	14.65%	2.56%	22.56%	-2.40%	17.41%

Correlation

The correlation between XMWD.L and MVOL.L is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Dec 14, 2012	0.72

Over the past year, the correlation between XMWD.L and MVOL.L has dropped to 0.44 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

XMWD.L vs. MVOL.L - Sectors Allocation Comparison

Sectors	XMWD.L	MVOL.L
Technology	28.3%	20.1%
Financial Services	15.7%	14.0%
Industrials	11.4%	9.2%
Consumer Cyclical	9.3%	5.6%
Communication Services	9.3%	12.1%
Healthcare	8.8%	13.8%
Consumer Defensive	5.2%	10.9%
Energy	4.2%	4.5%
Basic Materials	3.3%	1.1%
Utilities	2.7%	8.0%
Real Estate	1.9%	0.7%

Return for Risk

XMWD.L vs. MVOL.L — Risk / Return Rank

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

XMWD.L

XMWD.L Risk / Return Rank: 68
XMWD.L Sharpe Ratio Rank: 67
XMWD.L Sortino Ratio Rank: 73
XMWD.L Omega Ratio Rank: 67
XMWD.L Calmar Ratio Rank: 62
XMWD.L Martin Ratio Rank: 71

MVOL.L

MVOL.L Risk / Return Rank: 12
MVOL.L Sharpe Ratio Rank: 12
MVOL.L Sortino Ratio Rank: 11
MVOL.L Omega Ratio Rank: 11
MVOL.L Calmar Ratio Rank: 12
MVOL.L Martin Ratio Rank: 12

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.

XMWD.L vs. MVOL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI World Swap UCITS ETF 1C (XMWD.L) and iShares Edge MSCI World Minimum Volatility UCITS (MVOL.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.

	XMWD.L	MVOL.L	Difference
Sharpe ratio: Return per unit of total volatility	2.17	0.19	+1.99
Sortino ratio: Return per unit of downside risk	3.24	0.31	+2.93
Omega ratio: Gain probability vs. loss probability	1.40	1.04	+0.36
Calmar ratio: Return relative to maximum drawdown	3.03	0.25	+2.78
Martin ratio: Return relative to average drawdown	13.02	0.61	+12.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMWD.L vs. MVOL.L - Sharpe Ratio Comparison

The current XMWD.L Sharpe Ratio is 2.17, which is higher than the MVOL.L Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of XMWD.L and MVOL.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

	XMWD.L	MVOL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	0.19	+1.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.49	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.60	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.73	-0.30

Drawdowns

XMWD.L vs. MVOL.L - Drawdown Comparison

The maximum XMWD.L drawdown since its inception was -56.59%, which is greater than MVOL.L's maximum drawdown of -28.82%. Use the drawdown chart below to compare losses from any high point for XMWD.L and MVOL.L.

Drawdown Indicators

	XMWD.L	MVOL.L	Difference
Max Drawdown Largest peak-to-trough decline	-56.59%	-28.82%	-27.77%
Max Drawdown (1Y) Largest decline over 1 year	-8.50%	-5.78%	-2.72%
Max Drawdown (3Y) Largest decline over 3 years	-17.55%	-8.14%	-9.41%
Max Drawdown (5Y) Largest decline over 5 years	-25.94%	-18.52%	-7.42%
Max Drawdown (10Y) Largest decline over 10 years	-34.04%	-28.82%	-5.22%
Current Drawdown Current decline from peak	-0.44%	-3.86%	+3.42%
Average Drawdown Average peak-to-trough decline	-7.96%	-3.34%	-4.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	2.36%	-0.38%

Volatility

XMWD.L vs. MVOL.L - Volatility Comparison

Xtrackers MSCI World Swap UCITS ETF 1C (XMWD.L) has a higher volatility of 3.41% compared to iShares Edge MSCI World Minimum Volatility UCITS (MVOL.L) at 2.01%. This indicates that XMWD.L's price experiences larger fluctuations and is considered to be riskier than MVOL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMWD.L	MVOL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.41%	2.01%	+1.40%
Volatility (6M) Calculated over the trailing 6-month period	9.13%	5.58%	+3.55%
Volatility (1Y) Calculated over the trailing 1-year period	11.86%	7.74%	+4.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.17%	10.64%	+5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.70%	11.65%	+5.05%

XMWD.L vs. MVOL.L - Expense Ratio Comparison

XMWD.L has a 0.45% expense ratio, which is higher than MVOL.L's 0.35% expense ratio.

Dividends

XMWD.L vs. MVOL.L - Dividend Comparison

Neither XMWD.L nor MVOL.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XMWD.L and MVOL.L in my portfolio?

XMWD.L and MVOL.L have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XMWD.L or MVOL.L?

On fees, MVOL.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XMWD.L or MVOL.L?

MVOL.L is cheaper with a 0.35% expense ratio, compared with 0.45% for XMWD.L.

What is the main difference between XMWD.L and MVOL.L?

Both ETFs track MSCI ACWI NR USD. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.45% for XMWD.L and 0.35% for MVOL.L.