XUSE.AS vs. XMMS.L
XUSE.AS (iShares MSCI World ex-USA UCITS ETF) and XMMS.L (Xtrackers MSCI Emerging Markets UCITS ETF 1C) are both exchange-traded funds - XUSE.AS is a Global Equities fund tracking the MSCI World ex USA Index, while XMMS.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past year, XUSE.AS returned 22.24% vs 52.26% for XMMS.L. A 0.67 correlation means they provide meaningful diversification when combined. XUSE.AS charges 0.25%/yr vs 0.18%/yr for XMMS.L.
Performance
XUSE.AS vs. XMMS.L - Performance Comparison
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Different Trading Currencies
XUSE.AS is traded in USD, while XMMS.L is traded in GBp. To make them comparable, the XMMS.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, XUSE.AS achieves a 8.38% return, which is significantly lower than XMMS.L's 26.41% return.
XUSE.AS
- 1D
- 0.27%
- 1M
- 0.21%
- YTD
- 8.38%
- 6M
- 11.50%
- 1Y
- 22.24%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XMMS.L
- 1D
- -1.54%
- 1M
- 5.43%
- YTD
- 26.41%
- 6M
- 28.87%
- 1Y
- 52.26%
- 3Y*
- 24.06%
- 5Y*
- 7.31%
- 10Y*
- —
XUSE.AS vs. XMMS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
XUSE.AS iShares MSCI World ex-USA UCITS ETF | 8.38% | 25.69% |
XMMS.L Xtrackers MSCI Emerging Markets UCITS ETF 1C | 26.42% | 30.64% |
Correlation
The correlation between XUSE.AS and XMMS.L is 0.65, 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 | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2025 | 0.67 |
The correlation between XUSE.AS and XMMS.L has been stable across timeframes, ranging from 0.65 to 0.67 - a consistent structural relationship.
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Return for Risk
XUSE.AS vs. XMMS.L — Risk / Return Rank
XUSE.AS
XMMS.L
XUSE.AS vs. XMMS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World ex-USA UCITS ETF (XUSE.AS) and Xtrackers MSCI Emerging Markets UCITS ETF 1C (XMMS.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.
| XUSE.AS | XMMS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.25 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.50 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 3.97 | -1.86 |
| Martin ratioReturn relative to average drawdown | 7.72 | 14.67 | -6.95 |
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
| XUSE.AS | XMMS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.52 | 2.77 | -1.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.40 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.56 | 0.40 | +1.16 |
Drawdowns
XUSE.AS vs. XMMS.L - Drawdown Comparison
The maximum XUSE.AS drawdown since its inception was -12.97%, smaller than the maximum XMMS.L drawdown of -40.33%. Use the drawdown chart below to compare losses from any high point for XUSE.AS and XMMS.L.
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Drawdown Indicators
| XUSE.AS | XMMS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.97% | -40.33% | +27.36% |
Max Drawdown (1Y)Largest decline over 1 year | -10.54% | -13.11% | +2.57% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.69% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.60% | — |
Current DrawdownCurrent decline from peak | -1.23% | -2.73% | +1.50% |
Average DrawdownAverage peak-to-trough decline | -1.72% | -14.30% | +12.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.90% | 3.55% | -0.65% |
Volatility
XUSE.AS vs. XMMS.L - Volatility Comparison
The current volatility for iShares MSCI World ex-USA UCITS ETF (XUSE.AS) is 4.32%, while Xtrackers MSCI Emerging Markets UCITS ETF 1C (XMMS.L) has a volatility of 8.15%. This indicates that XUSE.AS experiences smaller price fluctuations and is considered to be less risky than XMMS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XUSE.AS | XMMS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.32% | 8.15% | -3.83% |
Volatility (6M)Calculated over the trailing 6-month period | 12.35% | 16.08% | -3.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.62% | 18.81% | -4.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.45% | 19.14% | -2.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.45% | 20.86% | -4.41% |
XUSE.AS vs. XMMS.L - Expense Ratio Comparison
XUSE.AS has a 0.25% expense ratio, which is higher than XMMS.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
XUSE.AS vs. XMMS.L - Dividend Comparison
Neither XUSE.AS nor XMMS.L has paid dividends to shareholders.
Frequently Asked Questions
XUSE.AS and XMMS.L have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XMMS.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XMMS.L is cheaper with a 0.18% expense ratio, compared with 0.25% for XUSE.AS.
XUSE.AS is categorized as Global Equities, while XMMS.L is Emerging Markets Equities. XUSE.AS tracks MSCI World ex USA Index, while XMMS.L tracks MSCI EM NR USD. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.25% for XUSE.AS and 0.18% for XMMS.L.
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